Suburban Propane Partners LP reported Q2 2024 revenue of $498.1 million and delivered adjusted EBITDA of $147 million, with net income of $111.5 million and earnings per share of $1.73. The quarter was characterized by an unusually warm heating season, which weighed on residential heating demand and volumes, yet the company benefitted from stronger RNG contributions and a growing customer base. Retail propane gallons sold declined 2.7% year over year to 140.2 million, reflecting weather-driven volume softness, while propane unit margins rose about 4.2% to support margin resilience. Management emphasized disciplined cost control and ongoing RNG enhancements, including the Stanfield, AZ RNG facility, where average daily RNG injections rose 8.4% versus the prior quarter to 1,139 MMBtu/d. The RNG strategy, together with tuck-in propane acquisitions and capital investment in renewable energy platforms, remains a core growth vector as Suburban Propane balances near-term weather impacts with a longer-term transition to lower-carbon energy sources. Liquidity remained solid; the revolving credit facility was extended, and debt leverage improved to 4.61x on a trailing-12-month basis, well within a covenant cap of 5.75x. The company reiterated its distributions, maintaining a quarterly payout of $0.325 per common unit and a healthy distribution coverage of 1.99x. Looking ahead, management framed a balanced capital allocation path: de-leveraging, modest growth capex in propane and RNG, and selective strategic investments in Oberon Fuels and Independence Hydrogen, with RNG facility upgrades targeted for completion in 2H 2025. Overall, SPH is navigating a softer near-term heating season while advancing a diversified, lower-carbon growth thesis that could support EBITDA and cash flow expansion over the medium term.