Suburban Propane Partners is a publicly traded MLP and the third-largest retail propane distributor in the U.S. by gallons sold. The company purchases propane from wholesalers and delivers it by truck into storage tanks at roughly 950,000 residential and commercial customers' homes and businesses across 42 states, operating through around 750 local service centers concentrated on the east and west coasts and portions of the Midwest and Alaska. Customers primarily use propane for space heating, water heating, cooking, and drying, with commercial uses including motor fuel, agricultural applications, and industrial processes. Suburban Propane earns a per-gallon margin between the wholesale cost of propane and its retail selling price, with volume heavily driven by weather — roughly two-thirds of propane volume is sold during the October–March heating season. Suburban Propane owns the tanks on most customers' premises, creating meaningful switching costs, and roughly 60% of residential customers are on an automatic delivery program, further entrenching the relationship. Beyond its core propane business, Suburban Propane has invested ~$320M in a renewable energy platform through its Suburban Renewable Energy subsidiary, which includes anaerobic digester facilities that convert organic waste into renewable natural gas (RNG), renewable propane supply contracts, and minority stakes in early-stage clean energy companies focused on renewable dimethyl ether and hydrogen. Suburban Propane also grows its core business through acquisitions of smaller local propane distributors.