Suburban Propane Partners LP (SPH) delivered a Q3 2024 that reflected the seasonality of the business and the impact of exceptionally warm weather. Reported revenue of $254.6 million and an adjusted EBITDA of $27.0 million contrasted with a year-ago Adjusted EBITDA of $33.0 million, while the quarter produced a net loss of $17.2 million or $0.27 per unit. The near-term earnings trajectory was influenced by 8.6% lower retail propane volumes (71.7 million gallons) and a 14% warmer-than-normal heating-degreed environment, which reduced heating demand but supported counter-seasonal growth and RNG contributions. Notably, propane unit margins rose by $0.07 per gallon (+3.8%), underscoring effective unit-margin management amid volume softness. Growth in the RNG segment contributed to higher tipping fees and elevated feedstock intake, though LCFS credit prices and broader natural gas price dynamics presented headwinds. The company used excess cash flow to acquire two small retail propane businesses (~$13 million) andReduced revolving debt by $10.5 million, reinforcing balance-sheet discipline. Management maintained a long-term growth thesis centered on core propane expansion and a scalable RNG platform, with RNG-related capex guidance and completion timelines for 2025. Distribution coverage remained healthy at 1.91x trailing twelve months, providing a degree of income visibility despite the near-term earnings headwinds. Overall, SPH is progressing on its Go Green with Suburban Propane strategy, balancing near-term profitability with capital deployment in RNG and strategic acquisitions to fortify its long-term energy transition narrative.