Suburban Propane Partners L P : 2023 Annual Report

Partnership Profile

A Master Limited Partnership since 1996, Suburban Propane Partners, L.P. (NYSE: SPH) has been in the customer service business since 1928.

A value and growth-oriented company headquartered in Whippany, New Jersey, Suburban Propane is managed for long- term, sustainable performance. The Partnership is a nationwide marketer and distributor of a diverse array of energy-related products, specializing in propane, renewable propane, renewable natural gas, fuel oil and refined fuels, as well as marketing natural gas and electricity in deregulated markets and an investor in low carbon fuel alternatives. With approximately 3,250 full-time employees, Suburban Propane maintains business operations in 42 states, providing dependable service to approximately 1 million residential, commercial, industrial and agricultural customers through approximately 700 locations. According to Department of Energy statistics, approximately 5% of U.S. households depend on propane as their primary space heating fuel. Propane is an abundant, versatile, clean-burning, environmentally safe fuel with 100 percent of Suburban Propane's supply from North American producers.

As one of the largest retail marketers of propane in the United States, Suburban Propane had retail propane sales of 396.4 million gallons in fiscal 2023.

• In 2023, Suburban Propane celebrated 95-years serving the energy needs of local communities across the United States. Our success and longevity as an organization are due to the hard work and dedication of our people. They are guided by our three corporate pillars: Suburban Commitment to Excellence in safety and customer service, our devotion to giving back to the local communities through our SuburbanCares® platform and our innovation for the future through the Go Green with Suburban Propane pillar. Through the decades, we have expanded our role as a trusted, local provider of energy with our commitment to the highest standards for safety, exceptional customer satisfaction and reliability.

Suburban Propane continues its legacy as the true pioneer in the U.S. propane industry with a comprehensive growth strategy built on the low-carbon attributes of propane, and our investments in renewable energy products and technologies through our wholly- owned subsidiary, Suburban Renewable Energy, LLC. As society continues to transition to lower carbon energy alternatives to tackle the effects of climate change, propane will continue to be relied upon as a versatile, affordable and available clean energy source for decades to come. Suburban Propane is committed to being a leader in this energy transition.

Our long-term strategic growth plan is to continue to foster the growth and cash flow generating capacity of our core propane business, while making strategic investments in lower carbon renewable energy alternatives. Our core propane business is the engine that helps provide the cash flow to support our strategic investments. During fiscal year 2023, we had a number of noteworthy accomplishments to advance our strategic growth plan. To highlight a few:

We acquired a renewable natural gas ("RNG") production platform, which includes a large-scale facility in Stanfield, Arizona with manure rights from approximately 55,000 dairy cattle and an interconnect to an interstate pipeline, as well as a facility in Columbus, Ohio that currently receives tipping fees from several large food and beverage providers for processing food waste into fertilizer and biogas;

We advanced the engineering and construction activities for our anaerobic digester project in upstate New York to produce RNG from dairy cow manure;

We continued to support our unconsolidated affiliates, Oberon Fuels and Independence Hydrogen, as they begin to scale their platforms for the production and sale of ultra-low carbon renewable dimethyl ether ("rDME") and low carbon intensity hydrogen, respectively; and

In our core propane business, we acquired a well-run propane business in a strategic market in our upper Northwest operating territory, continued to foster the growth of our greenfield market expansion efforts in seven markets around the country, and executed on our customer base growth and retention initiatives to deliver net organic growth.

We deployed nearly $230.0 million on investments to support our strategic growth initiatives and capital expansion in our RNG business in fiscal 2023. Although the investments were initially funded with debt, our total debt outstanding increased by just $123.0 million compared to where we ended fiscal 2022, as we were able to utilize excess cash flows to repay a substantial portion of the borrowings. We have continually been focused on maintaining a strong balance sheet in order to provide financial flexibility to execute our strategic initiatives, and we continue to be patient and disciplined in how we deploy capital.

Under our SuburbanCares® platform, our support for the American Red Cross spanned numerous blood drives throughout our operating territories, with specific activities targeted at Sickle Cell awareness, as well as fire safety and disaster relief efforts. And our unwavering commitment to the military veteran's community received recognition in several states; including the prestigious New Jersey Governor's "We Value Our Veterans" Award. For the third-year in a row, we have been named a finalist for Corporate Citizen of the Year in the S&P Global Energy Awards for our philanthropic efforts in 2023.

Suburban Propane is leveraging our 95-year legacy of an unwavering commitment to safety and excellence in customer service, and our reputation as a trusted distributor of energy to local communities in order to position the business for long-term growth and sustainability in a lower carbon economy. In just the last three years, we have diversified our offerings for our customers and the communities we serve beyond propane, with the introduction of renewable propane, RNG, rDME, and an investment in the production of low carbon intensity hydrogen. As we execute on our long-term strategic growth plan, we are also enhancing the career development opportunities for our valued employees and creating long-term value for our Unitholders and all of our key stakeholders.

We thank you for your trust in Suburban Propane and your support as we embrace the opportunities and challenges of an evolving energy landscape."

Michael A. Stivala

President & Chief Executive Officer

Suburban Propane Partners, L.P

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 remains committed to advocating and promoting the versatile, affordable, low carbon intensity, and clean air qualities of propane as a solution to achieving sustainability goals. We lead the propane industry in the energy transition to a low carbon future through continued investments in the next generation of even cleaner and lower carbon renewable energy products; such as renewable propane, renewable natural gas (RNG), renewable dimethyl ether (rDME), and our ongoing pursuit of additional emerging renewable energy technologies. Through this dual approach of advocacy and innovation, we drive engagement in particularly hard to abate segments; including transportation, materials handling, and backup power generation.

With advancements in new technologies for the production of propane from renewable sources, as well as other advances to reduce the carbon intensity of traditional propane, our Go Green with Suburban Propane corporate pillar underscores our commitment to invest in innovative solutions that contribute to a sustainable energy future. As a company with a 95-year legacy of being a trusted and reliable provider of energy and exceptional customer service, we are a leader in the transition to a renewable energy future in a way that provides value to our customers, Unitholders, employees, and the communities we serve and helps ensure we continue to thrive in a carbon constrained world for the future.

Through our dedicated sales efforts, we sold approximately 30.0 million gallons of propane in fiscal 2023 to the over-the-road vehicle and forklift markets, which helped reduce carbon emissions compared to diesel and gasoline. We also advanced our work to bring lower carbon intensity, Propane+rDME blends to market through continued testing of the blended product and additional investments in blending infrastructure. During fiscal year 2023, we increased the volume of renewable propane purchased from existing suppliers, and are actively seeking additional renewable propane supplies to help our customers achieve their carbon reduction targets.

Over the past three years, we continued to make investments in the build out of our renewable energy platform, which is strategically focused on the production of RNG from various waste streams via anaerobic digesters, the distribution of renewable propane and the introduction of low carbon intensity propane blends, and investments in the production of low carbon intensity hydrogen, through our wholly owned subsidiary, Suburban Renewable Energy, LLC.

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."

The SuburbanCares® corporate pillar underscores a longstanding dedication to serving the communities in which we live and operate through our national partnership with the American Red Cross and countless local events and sponsorships. Suburban Propane's devotion to career development and rich tradition of community involvement yields an unparalleled record of employee longevity.

In the fiscal year concluding September 30, 2023, Suburban Propane emphasized its collaboration with organizations that offer critical support to individuals and families facing adversity in disadvantaged communities across our operational footprint, including fundamental provisions such as food, housing, educational resources, and various essential supplies. Furthermore, we have a longstanding commitment to supporting our troops and military veterans through our initiative called "Heroes Hired Here," providing a range of employment advantages to those who have served, in addition to volunteering at community events and various outreach initiatives. In our continued collaboration with our national partner, the American Red Cross, we hosted blood-drives, specifically focused on raising awareness around sickle cell disease, fire-safety programs, provided disaster relief efforts, and supported various campaigns that make a positive difference in the lives of those in need.

Commitment to

Excellence Pillar:

"Delivering excellence locally, backed by our strong national presence."

This corporate pillar showcases Suburban Propane's 95-year 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.

We continue to deliver on our commitment by adapting our business model to the changing circumstances and making it easier for our customers to do business with us. We continue to make 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 30, 2023

• 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

[phone]

(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			Yes ☒	No ☐
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.	Yes ☐	No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during

the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for
the past 90 days. Yes ☒	No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☒	Accelerated filer	☐	Emerging growth company	☐
Non-accelerated filer	☐	Smaller reporting company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive- based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

The aggregate market value as of March 24, 2023 of the registrant's Common Units held by non-affiliates of the registrant, based on the reported closing price of such units on the New York Stock Exchange on such date ($14.84 per unit), was approximately $942,193,000. As of November 20, 2023, there were 64,015,004 Common Units of Suburban Propane Partners, L.P. outstanding.

Documents Incorporated by Reference: None	Total number of pages (excluding Exhibits): 145

	SUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIES
	INDEX TO ANNUAL REPORT ON FORM 10-K
		Page
	PART I
ITEM 1.	BUSINESS	1
ITEM 1A.	RISK FACTORS	14
ITEM 1B.	UNRESOLVED STAFF COMMENTS	31
ITEM 2.	PROPERTIES	31
ITEM 3.	LEGAL PROCEEDINGS	32
ITEM 4.	MINE SAFETY DISCLOSURES	32
	PART II
ITEM 5.	MARKET FOR THE REGISTRANT'S COMMON UNITS, RELATED UNITHOLDER MATTERS AND
	ISSUER PURCHASES OF UNITS	33
ITEM 6.	[RESERVED]	33
ITEM 7.	MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
	OPERATIONS	33
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	43
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	45
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
	DISCLOSURE	46
ITEM 9A.	CONTROLS AND PROCEDURES	46
ITEM 9B.	OTHER INFORMATION	47
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	47
	PART III
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND PARTNERSHIP GOVERNANCE	48
ITEM 11.	EXECUTIVE COMPENSATION	55
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
	UNITHOLDER MATTERS	94
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	95
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	96
	PART IV
ITEM 15.	EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	97
ITEM 16.	FORM 10-KSUMMARY	97
SIGNATURES	.....................................................................................................................................................................................	100

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains forward-looking statements ("Forward-Looking Statements") as defined in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to future business expectations and predictions, project developments, and financial condition and results of operations of Suburban Propane Partners, L.P. (the "Partnership"). Some of these statements can be identified by the use of forward-looking terminology such as "prospects," "outlook," "believes," "estimates," "intends," "may," "will," "should," "could," "anticipates," "expects" or "plans" or the negative or other variation of these or similar words, or by discussion of trends and conditions, strategies or risks and uncertainties. These Forward-Looking Statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed or implied in such Forward-Looking Statements (statements contained in this Annual Report identifying such risks and uncertainties are referred to as "Cautionary Statements"). The risks and uncertainties that could impact the Partnership's results include, but are not limited to, the following:

• The impact of weather conditions on the demand for propane, renewable propane, fuel oil and other refined fuels, natural gas, renewable natural gas ("RNG") and electricity;
• The impact of climate change and potential climate change legislation on the Partnership and demand for propane, fuel oil and other refined fuels, natural gas, RNG and electricity;
• Volatility in the unit cost of propane, renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity, the impact of the Partnership's hedging and risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation;
• The ability of the Partnership to compete with other suppliers of propane, renewable propane, fuel oil, RNG and other energy sources;
• The impact on the price and supply of propane, fuel oil and other refined fuels from the political, military or economic instability of the oil producing nations, including hostilities in the Middle East, Russian military action in Ukraine, global terrorism and other general economic conditions, including the economic instability resulting from natural disasters;
• The ability of the Partnership to acquire and maintain sufficient volumes of, and the costs to the Partnership of acquiring, reliably transporting and storing, propane, renewable propane, fuel oil and other refined fuels;
• The ability of the Partnership to attract and retain employees and key personnel to support the growth of our business;
• The ability of the Partnership to retain customers or acquire new customers;
• The impact of customer conservation, energy efficiency, general economic conditions and technology advances on the demand for propane, fuel oil and other refined fuels, natural gas, RNG and electricity;
• The ability of management to continue to control expenses and manage inflationary increases in fuel, labor and other operating costs;
• Risks related to the Partnership's renewable fuel projects and investments, including the willingness of customers to purchase fuels generated by the projects, the permitting, financing, construction, development and operation of supporting facilities, the Partnership's ability to generate a sufficient return on its renewable fuel projects, the Partnership's dependence on third-party partners to help manage and operate renewable fuel investment projects, and increased regulation and dependence on government funding for commercial viability of renewable fuel investment projects;
• The generation and monetization of environmental attributes produced by the Partnership's renewable fuel projects, changes to legislation and/or regulations concerning the generation and monetization of environmental attributes and pricing volatility in the open markets where environmental attributes are traded;
• The impact of changes in applicable statutes and government regulations, or their interpretations, including those relating to the environment and climate change, human health and safety laws and regulations, derivative instruments, the sale or marketing of propane and renewable propane, fuel oil and other refined fuels, natural gas, RNG and electricity and other regulatory developments that could impose costs and liabilities on the Partnership's business;
• The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes;
• The impact of legal risks and proceedings on the Partnership's business;
• The impact of operating hazards that could adversely affect the Partnership's reputation and its operating results to the extent not covered by insurance;
• The Partnership's ability to make strategic acquisitions, successfully integrate them and realize the expected benefits of those acquisitions;
• The ability of the Partnership and any third-party service providers on which it may rely for support or services to continue to combat cybersecurity threats to their respective and shared networks and information technology;
• Risks relating to the Partnership's plans to diversify its business;
• The impact of current conditions in the global capital, credit and environmental attribute markets, and general economic pressures; and

• Other risks referenced from time to time in filings with the Securities and Exchange Commission ("SEC") and those factors listed or incorporated by reference into this Annual Report under "Risk Factors."

Some of these Forward-Looking Statements are discussed in more detail in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Annual Report. Reference is also made to the risk factors discussed in Item 1A of this Annual Report. On different occasions, the Partnership or its representatives have made or may make Forward-Looking Statements in other filings with the SEC, press releases or oral statements made by or with the approval of one of the Partnership's authorized executive officers. Readers are cautioned not to place undue reliance on Forward-Looking Statements, which reflect management's view only as of the date made. The Partnership undertakes no obligation to update any Forward-Looking Statement or Cautionary Statement, except as required by law. All subsequent written and oral Forward-Looking Statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements in this Annual Report and in future SEC reports. For a more complete discussion of specific factors which could cause actual results to differ from those in the Forward-Looking Statements or Cautionary Statements, see "Risk Factors" in this Annual Report.

PART I

ITEM 1. BUSINESS

Development of Business

Suburban Propane Partners, L.P. (the "Partnership"), a publicly traded Delaware limited partnership, is a nationwide marketer and distributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane, renewable propane, renewable natural gas ("RNG"), fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and production of and investor in low-carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety of home comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February 2023, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in calendar year 2022. As of September 30, 2023, we were serving the energy needs of approximately 1.0 million residential, commercial, industrial and agricultural customers through approximately 700 locations in 42 states with operations principally concentrated in the east and west coast regions of the United States, as well as portions of the midwest region of the United States and Alaska. We sold approximately 396.4 million gallons of propane and 19.1 million gallons of fuel oil and refined fuels to retail customers during the year ended September 30, 2023. Together with our predecessor companies, we have been continuously engaged in the retail propane business since 1928.

We conduct our business principally through Suburban Propane, L.P., a Delaware limited partnership, which operates our propane business and assets (the "Operating Partnership"), and its direct and indirect subsidiaries. Our general partner, and the general partner of our Operating Partnership, is Suburban Energy Services Group LLC (the "General Partner"), a Delaware limited liability company whose sole member is the Chief Executive Officer of the Partnership. Since October 19, 2006, the General Partner has no economic interest in either the Partnership or the Operating Partnership (which means that the General Partner is not entitled to any cash distributions of either partnership, nor to any cash payment upon the liquidation of either partnership, nor any other economic rights in either partnership) other than as a holder of 784 Common Units of the Partnership. Additionally, under the Third Amended and Restated Agreement of Limited Partnership (as amended, the "Partnership Agreement") of the Partnership, there are no incentive distribution rights for the benefit of the General Partner. The Partnership owns (directly and indirectly) all of the limited partner interests in the Operating Partnership. The Common Units represent 100% of the limited partner interests in the Partnership.

Direct and indirect subsidiaries of the Operating Partnership include Suburban Heating Oil Partners, LLC, which owns and operates the assets of our fuel oil and refined fuels business; Agway Energy Services, LLC, which owns and operates the assets of our natural gas and electricity business; Suburban Sales and Service, Inc., which conducts a portion of our service work and appliance and parts business; and Suburban Renewable Energy, LLC ("Suburban Renewable Energy"), which serves as the platform for our investments in innovative renewable energy technologies and businesses. Our fuel oil and refined fuels, natural gas and electricity, services and renewable energy businesses are structured as either limited liability companies that are treated as corporations or corporate entities (collectively referred to as "Corporate Entities") and, as such, are subject to corporate level income tax.

On December 28, 2022, Suburban Renewable Energy acquired a platform of RNG production assets from Equilibrium Capital Group ("Equilibrium"), a leading sustainability-driven asset management firm. In addition, the parties formed a partnership to serve as a long-term growth platform for the identification, development and operation of additional RNG projects, including an existing pipeline of identified RNG projects that are in various stages of evaluation (the "RNG Acquisition"). The RNG platform includes the following:

1. a large-scale RNG production facility in Stanfield, Arizona that is currently operating and includes seven anaerobic digesters, manure rights from approximately 55,000 dairy cattle and an interconnect with an interstate pipeline; (2) an operating facility in Columbus, Ohio that is currently receiving tipping fees from several large food and beverage providers for processing food waste into fertilizer and biogas, and has an active development project to upgrade the biogas into RNG for sale; (3) rights of first offer for a third RNG facility in the Midwest that is currently being developed by Equilibrium; and (4) the creation of a joint venture to invest in and develop approximately $155.0 million of future RNG projects, of which Suburban Renewable Energy will own approximately 70% and Equilibrium will own approximately 30% once such projects are fully funded.

During fiscal 2022, Suburban Renewable Energy acquired a 25% equity interest in Independence Hydrogen, Inc. ("IH"), a veteran- owned and operated, privately held company developing a gaseous hydrogen ecosystem to deliver locally sourced hydrogen to local markets, with a primary focus on material handling and backup power applications. Also in fiscal 2022, Suburban Renewable Energy entered into an agreement to construct, own and operate a new biodigester system with Adirondack Farms, a family dairy farm located in Clinton County, New York ("Adirondack Farms") for the production of RNG. Construction of the assets began during fiscal 2023, and is expected to be completed by the end of the 2024 calendar year.

During fiscal 2020, our Operating Partnership acquired a 38% equity interest in Oberon Fuels, Inc. ("Oberon"), which is a development-stage producer of low carbon renewable dimethyl ether ("rDME") transportation fuel. Oberon is focused on the research and development of practical and affordable pathways to zero-emission transportation through its proprietary production process. Oberon's rDME fuel is a low carbon, zero-soot alternative to petroleum diesel, and when blended with propane can significantly reduce

1

the carbon intensity ("CI") of propane. Additionally, rDME is a carrier for hydrogen, making it easy to deliver this renewable fuel for the growing hydrogen fuel cell industry.

Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serve as co-issuer, jointly and severally with the Partnership, of the Partnership's senior notes. Suburban Energy Finance Corp. has no assets and conducts no business operations.

In this Annual Report, unless otherwise indicated, the terms "Partnership," "Suburban," "we," "us" and "our" are used to refer to Suburban Propane Partners, L.P. and its consolidated subsidiaries, including the Operating Partnership. The Partnership and the Operating Partnership commenced operations in March 1996 in connection with the Partnership's initial public offering of Common Units.

We currently file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K with the SEC. You may read and print copies of any materials that we file with the SEC on the SEC's EDGAR database at www.sec.gov.

Upon written request or through an information request link from our website at www.suburbanpropane.com, we will provide, without charge, copies of our Annual Report on Form 10-K for the year ended September 30, 2023, each of the Quarterly Reports on Form 10-Q, current reports filed or furnished on Form 8-K and all amendments to such reports as soon as is reasonably practicable after such reports are electronically filed with or furnished to the SEC. Requests should be directed to: Suburban Propane Partners, L.P., Investor Relations, P.O. Box 206, Whippany, New Jersey 07981-0206. The information contained on our website is not included as part of, or incorporated by reference into, this Annual Report on Form 10-K.

Our Strategy

Our business strategy is to deliver increasing value to our Unitholders through initiatives, both internal and external, that are geared toward achieving sustainable profitable growth. In advancing this strategy, we consider the interests of our employees, customers and the communities in which we operate, as exemplified by our three corporate pillars; Go Green with Suburban Propane, SuburbanCares, and Suburban Commitment to Excellence. The following are key elements of our strategy:

Strategic Investments in the Continued Build Out of Our Renewable Energy Platform. The economy-wide energy transition to a low-carbon world offers an opportunity for us to realize top-line organic growth through advancing the significant air quality and climate benefits of traditional propane, and through continued investments in the next generation of even cleaner and lower CI renewable energy products. This dual approach has driven our engagement in particularly hard to abate segments, including heavy duty transportation and rural heating and cooking. Through our RNG Acquisition, strategic investments in Oberon and IH, our collaboration with Adirondack Farms, and collaborations with key participants in the renewable energy sector, we have begun to develop an interconnected portfolio of renewable energy assets that are focused on the distribution of renewable fuels, including hydrogen and RNG. These investments and partnerships allow us to leverage our logistics expertise as local distributors of energy, support the country's clean energy transition, and helps position the company for long-term growth and sustainability. As a company with a 95- year legacy of being a trusted and reliable provider of energy and exceptional customer service, our goal is to lead the propane industry in the transition to a renewable energy future that provides value to our customers, Unitholders, employees, and the communities we serve in a way that ensures that we can thrive in a carbon constrained world for the next 95 years and beyond.

Growing Our Customer Base by Improving Customer Retention and Acquiring New Customers. We set clear objectives to focus our employees on seeking new customers and retaining existing customers by providing highly responsive customer service. We believe that customer satisfaction is a critical factor in the growth and success of our operations. "Our Business is Customer Satisfaction" is one of our core operating philosophies. We measure and reward our customer service centers based on a combination of profitability of the individual customer service center and net customer growth. We have made investments in training our people both on techniques to provide exceptional customer service to our existing customer base, as well as advanced sales training focused on growing our customer base.

Selective Acquisitions of Complementary Businesses or Assets. We supplement our organic customer base growth and retention initiatives with selective acquisitions of high-quality propane businesses in strategic markets, as well as identifying and fostering new market expansion efforts to establish or extend our presence and expand market share. Our acquisition strategy is to focus on businesses with a relatively steady or predictable cash flow that will extend our presence in strategically attractive markets, complement our existing business segments or provide an opportunity to diversify our operations. We are very patient, disciplined and deliberate in evaluating both traditional and renewable energy acquisition opportunities.

Internal Focus on Driving Operating Efficiencies, Right-Sizing Our Cost Structure and Enhancing Our Customer Mix. We focus internally on improving the efficiency of our existing operations, customer support, managing our cost structure, improving our customer mix, and hardening our cybersecurity defenses. Through investments in our technology infrastructure, we continue to seek to improve operating efficiencies and the return on assets employed. We have developed a streamlined operating footprint and management

2