WHIPPANY, N.J., Jan. 24 /PRNewswire-FirstCall/ -- Suburban Propane
Partners, L.P. (NYSE: SPH), a distributor of propane gas, fuel oil and
related products and services, as well as a marketer of natural gas and
electricity, today announced that its Board of Supervisors declared the
sixteenth increase (since the Partnership's recapitalization in 1999) in
the Partnership's quarterly distribution from $0.75 to $0.7625 per Common
Unit for the three months ended December 29, 2007. The distribution equates
to $3.05 per Common Unit annualized, an increase of $0.05 per Common Unit
from the previous distribution rate, and a growth rate of 10.9% since the
first quarter of fiscal 2007. The distribution at this increased rate is
payable on February 12, 2008 to Common Unitholders of record as of February
5, 2008.
In announcing the increase in the distribution rate, Chief Executive
Officer Mark A. Alexander said, "In this period of historically high energy
prices and extreme commodity price volatility, we are very pleased to
continue to grow our distributions to our Unitholders. This latest
increase, the seventh consecutive quarterly increase, represents nearly 11%
growth year- over-year. Our ability to continue to deliver distribution
growth is a testament to the financial strength and stability of our
operating platform. We are excited about the future prospects for
continuing to deliver sustainable, profitable growth in spite of the
general economic uncertainty and challenging price environment."
Suburban Propane Partners, L.P. is a publicly traded Master Limited
Partnership listed on the New York Stock Exchange. Headquartered in
Whippany, New Jersey, Suburban has been in the customer service business
since 1928. The Partnership serves the energy needs of approximately
1,000,000 residential, commercial, industrial and agricultural customers
through approximately 300 locations in 30 states.
SOURCE Suburban Propane Partners, L.P.
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Related links:
http://suburbanpropane.com
http://www.prnewswire.com/comp/112074.html /
CONTACT:
Michael Stivala, Chief Financial Officer &
Chief Accounting Officer of Suburban Propane Partners, L.P.,
+1-973-503-9252
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