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Green Living with Propane Partnership Profile 2020 ANNUAL REPORT Green Living with Propane Partnership Profile A Master Limited Partnership since 1996, Michael A. Stivala Suburban Propane Partners, L.P. (NYSE: SPH) has President & been in the customer service business since 1928. Chief Executive Officer A value and growth-oriented company headquartered in Despite tremendous headwinds from near record Whippany, New Jersey, Suburban Propane is managed for “ warm temperatures during the heating season, long-term, consistent performance. followed by the unprecedented health and economic crisis from Covid-19, fiscal 2020 was Suburban Propane is a nationwide marketer and distributor of a a very successful year for Suburban Propane. diverse array of energy-related products, specializing in propane, We adapted our business practices and protocols fuel oil and refined fuels, as well as marketing natural gas and to help protect the health and safety of our electricity in deregulated markets. With approximately 3,200 employees, adjusted to the shifting customer demand patterns and continued to deliver the full-time employees, Suburban Propane maintains business essential services that our customers and local operations in 41 states, providing dependable service to communities count on. As an organization, we approximately 1 million residential, commercial, industrial and delivered the strongest second half performance agricultural customers through approximately 700 locations. in our history and continued to execute on our longterm strategic growth initiatives. In particular, According to Department of Energy statistics, approximately we invested excess cash flow in a balanced way 5 percent of U.S. households depend on propane as their primary to strengthen our balance sheet with total debt space heating fuel. Propane is an abundant, clean-burning, reduction of nearly $19 million, and funded $27 environmentally safe fuel with 100 percent of Suburban Propane’s million in strategic acquisitions. This included our first step toward building a renewable energy supply produced in North America. As one of the largest retail platform – a strategic transformation that is in line marketers of propane in the United States, Suburban Propane with the commitment within our Go Green with had retail propane sales of 402.9 million gallons in fiscal 2020. Suburban Propane pillar to innovate and invest in the transition to a sustainable energy future. We continue to manage the business for long-term It is the mission of Suburban Propane to serve our sustainability and growth. With the successful end customers, employees and communities by maintaining to fiscal 2020, our business is very well positioned to the highest level of safety standards, ethical principles, carry that momentum in fiscal 2021 and build on satisfaction & total value in all that we do. our successes for the next phase of growth for Suburban Propane and our valued Unitholders. KEY INVESTMENT CONSIDERATIONS ” WA ND • Attractive tax-advantaged current yield MT MN NH WI VT ME SD • Investor-friendly partnership structure OR MI ID NY WY • MLP is controlled by Unitholders through IA MA NE CT OH PA RI independently elected Board of Supervisors NV IL IN NJ UT MD CO • No incentive distribution rights (IDRs) KS MO WV DE KY VA OK NC • Streamlined capital structure enhances cost of capital CA AR TN AZ NM SC AL GA • Leading propane MLP with relatively stable cash flows TX MS • Diversity of geography and customer base LA AK • Flexible cost structure FL • Strong financial position and balanced approach to distribution policy • Experienced and proven management team Proudly Serving Customers Since 1928 Advancements in our Corporate Environmental, Social and Governance (ESG) Initiatives: The Three Pillars of the Suburban Propane Experience Go Green with Suburban Propane Pillar: “Serving communities today, leading the way to a sustainable tomorrow.” Suburban Propane is committed to leading the way in advocating for the versatile, affordable and clean-burning attributes of propane, and investing in innovative solutions that contribute to the goals of reducing the nation’s carbon footprint and greenhouse gas emissions. Recognized for its low environmental impact by the Clean Air Act Amendments, propane can offer immediate opportunities to reduce carbon emissions over other traditional fossil fuels. Propane is non-toxic, doesn’t produce sulfur dioxide (a primary cause of the greenhouse effect) and emits 60% to 70% fewer smog producing hydrocarbons than gasoline and diesel when used in the transportation sector. Propane has proven to be a positive contributor to the goal of lowering the carbon footprint given its versatile, clean burning qualities, and is a necessary part of the transition to a low carbon economy. With advancements in new technologies for the production of propane from renewable sources, propane is also on a pathway to carbon neutrality. During fiscal 2020, Suburban Propane advanced our efforts to lead the way in the propane industry toward solutions that can further reduce the carbon intensity of propane. First, we arranged for the supply of approximately 1.0 million gallons of renewable propane, produced from waste fats and oils, to meet customer demand for a renewable energy source. Second, we acquired a 39% equity stake in Oberon Fuels, a development-stage producer of a low carbon transportation fuel which, when blended with propane, can significantly reduce its carbon intensity. With this investment, Suburban Propane will have the exclusive rights to market and sellthe Oberon-produced fuel known as renewable dimethyl ether, or rDME, in North America. Advancements in our Corporate Environmental, Social and Governance (ESG) Initiatives: The Three Pillars of the Suburban Propane Experience SuburbanCares Pillar: “SuburbanCares about our people and the communities we serve.” This pillar highlights our continued dedication to giving back to the local communities throughout our 41-state operating footprint, as well as the many employee-focused initiatives that make Suburban Propane a great place to work. Suburban Propane has an unparalleled record of employee longevity supported by its devotion to career development, and a rich tradition of community involvement demonstrated through our national partnership with the American Red Cross and countless local community sponsorships and events. The SuburbanCares Pillar also encompasses our efforts to hire and support our Military Veterans community through our Heroes Hired Here initiative. During fiscal 2020, Suburban Propane had so many proud moments in which we were called upon to support frontline activities associated with COVID-19 by providing vital temporary heat and power generation for makeshift testing tents, hospital sites, shelters and food distribution centers. We also partnered with a number of major regional food service brands to provide support to frontline health care workers and first responders in multiple locations throughout the country. Our efforts were recognized by S&P Global as a finalist in their 2020 Corporate Social Responsibility category. We also expanded our efforts to support the American Red Cross, especially given the need for blood donations during the pandemic. Most importantly, we put the health and safety of our employees at the forefront of our decision making process, and continue to advance our efforts around career development and diversity. Our Commitment to Excellence Pillar: “Delivering excellence locally, backed by our strong national presence.” This pillar showcases Suburban Propane’s 90-year plus legacy, our unwavering commitment to the highest standards for safety and the peace of mind that comes from the flexibility, reliability and dependability that underscores our commitment to excellence in customer service. We are dedicated to providing the highest quality service to our customers and the local communities we serve, and adhering to the highest ethical and safety standards in every interaction. During fiscal 2020, we delivered on that commitment to excellence as we adapted our business model and operating protocols due to the COVID-19 pandemic to ensure safe, seamless and outstanding service to our cus- tomers when they needed us most. We also made investments in new technology for our drivers and service technicians to drive incremental operating efficiencies and enhance the overall customer experience. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☒ For the fiscal year ended September 26, 2020 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 ☐ Commission File Number: 1-14222 SUBURBAN PROPANE PARTNERS, L.P. (Exact name of registrant as specified in its charter) Delaware 22-3410353 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 240 Route 10 West Whippany, NJ 07981 (973) 887-5300 (Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of exchange on which registered Common Units SPH New York Stock Exchange Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐ Indicate by check mark if the registrant is not required to file reports
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