{"product_id":"sgu-vrio-analysis","title":"Star Group, L.P. (SGU): VRIO Analysis [Mar-2026 Updated]","description":"\u003cbr\u003e\u003cp\u003eUnlocking the secrets to Star Group, L.P. (SGU)'s success starts here: this VRIO analysis distills whether their core assets are truly valuable, rare, inimitable, and perfectly organized to secure a sustainable competitive advantage. Don't just take their success for granted - read on below to see the definitive breakdown of what truly sets Star Group, L.P. (SGU) apart from the competition.\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 1. Nation's Largest Retail Home Heating Oil Distribution Network\n\u003c\/h2\u003e\n\n\u003cp\u003eYou’re looking at the core of Star Group, L.P.’s moat: its sheer size in a fragmented, regional business. This network scale isn't just a number; it’s the engine for their cost structure and market presence. It definitely underpins their entire operation.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue: Significant Economies of Scale\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe scale allows for significant economies of scale in procurement and delivery, which is key in a commodity-like business.\u003c\/li\u003e\n\u003cli\u003eThis scale underpinned their total revenue reaching \u003cstrong\u003e$743.0 million\u003c\/strong\u003e in Q2 Fiscal 2025.\u003c\/li\u003e\n\u003cli\u003eThe volume sold in that quarter hit \u003cstrong\u003e143.9 million gallons\u003c\/strong\u003e of home heating oil and propane.\u003c\/li\u003e\n\u003cli\u003eFor the first six months of Fiscal 2025, total volume was \u003cstrong\u003e226.3 million gallons\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity: Market Leader Status\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eStar Group, L.P. believes it is the nation's largest retail distributor of home heating oil based upon sales volume.\u003c\/li\u003e\n\u003cli\u003eThis scale is rare among pure-play regional competitors in this mature segment.\u003c\/li\u003e\n\u003cli\u003eThe network serves more than \u003cstrong\u003e500,000\u003c\/strong\u003e residential and commercial customers.\u003c\/li\u003e\n\u003cli\u003eOperations span states across the Northeast and Mid-Atlantic, including CT, NY, PA, and MA.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability: High Barrier to Entry\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eReplicating this established logistical footprint requires massive capital outlay and years of route development.\u003c\/li\u003e\n\u003cli\u003eCompetitors would need to acquire numerous smaller, established players or build out delivery infrastructure from scratch.\u003c\/li\u003e\n\u003cli\u003eThe inertia of existing customer contracts and supplier relationships adds to the difficulty of imitation.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization: Fully Integrated Operations\u003c\/strong\u003e\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe company’s entire logistics, procurement, and operational structure is explicitly built around servicing this large, established customer base.\u003c\/li\u003e\n\u003cli\u003eThey actively use acquisitions to enhance this footprint, having completed \u003cstrong\u003e$126.5 million\u003c\/strong\u003e of transactions in the quarter ending March 31, 2025.\u003c\/li\u003e\n\u003cli\u003eThe organizational design prioritizes efficiency across this wide geographic spread.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage: Sustained\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eThe combination of scale, regional dominance, and the difficulty for others to catch up creates a durable cost and brand advantage. This is definitely a source of sustained competitive advantage in this specific market niche.\u003c\/p\u003e\n\n\u003cp\u003eHere’s the quick math on how the VRIO dimensions score this resource:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eVRIO Dimension\u003c\/td\u003e\n\u003ctd\u003eAssessment\u003c\/td\u003e\n\u003ctd\u003eScore Implication\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eCompetitive Parity or Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eRarity\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eImitability (Costly to Imitate)\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eCompetitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eOrganization (Exploited)\u003c\/td\u003e\n\u003ctd\u003eYes\u003c\/td\u003e\n\u003ctd\u003eSustained Competitive Advantage\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cp\u003eWhat this estimate hides is the risk associated with weather dependency, which can cause revenue volatility, as seen in the Q1 FY2025 revenue dip to \u003cstrong\u003e$488.1 million\u003c\/strong\u003e.\u003c\/p\u003e\n\n\u003cp\u003eFinance: draft 13-week cash view by Friday\u003c\/p\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 2. Strategic Integration of Less-Seasonal Propane Assets\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Propane assets are described as “slightly less seasonal,” supporting resiliency during non-heating periods and providing positive Adjusted EBITDA contribution even in Q3 2025, which had an Adjusted EBITDA loss of $(10.6)M.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. The strategic focus is evidenced by management highlighting the quality of acquired propane assets.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Moderate. Competitors are also pursuing this, but Star Group closed on four deals fiscal year-to-date (as of Q3 2025). An acquisition in January 2025 was for approximately $68 million before working capital adjustments.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. Management explicitly emphasizes the quality of these acquired propane assets in earnings calls, showing organization to leverage this diversification.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. The strategy is sound, but if competitors rapidly close similar deals, the advantage narrows.\u003c\/p\u003e\n\u003cp\u003eKey financial and volume metrics related to the acquisition strategy:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eFiscal 2025 YTD (9 Months Ended June 30, 2025)\u003c\/th\u003e\n\u003cth\u003eFiscal 2024 YTD (Implied)\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Volume Change (vs. Prior Year)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+11.8%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Volume (Gallons)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e262.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$\\approx 234.9$ million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYTD Adjusted EBITDA Change (vs. Prior Year)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e+$28.2M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eYTD Adjusted EBITDA Amount\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$169.5M\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e$141.3 million\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eAcquisition activity highlights:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eTotal acquisitions since February 2024 reached \u003cstrong\u003e$126.5 million\u003c\/strong\u003e as of Q2 2025.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eThe company completed four deals fiscal year-to-date as of Q3 2025.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eQ2 2025 volume increased 23% to 144 million gallons due to acquisitions and colder weather.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eQ1 2025 volume increased 2.8% to 82.4 million gallons driven by acquisitions.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 3. Proven Acquisition Integration Capability\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue\u003c\/strong\u003e: The ability to successfully close and integrate deals, adding \u003cstrong\u003e$126.5 million\u003c\/strong\u003e in transactions since February 2024, directly boosting Adjusted EBITDA. Recent acquisitions contributed a \u003cstrong\u003e$4 million\u003c\/strong\u003e increase in Adjusted EBITDA for the Third Quarter of Fiscal 2024.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity\u003c\/strong\u003e: Moderate. Many companies struggle with M\u0026amp;A integration; Star Group’s consistent execution is a key skill. The company completed a transaction valued at approximately \u003cstrong\u003e$68 million\u003c\/strong\u003e before working capital adjustments in December 2024\/January 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability\u003c\/strong\u003e: Moderate. The process of identifying, valuing, and integrating is imitable, but the specific regional relationships and deal flow are harder to copy.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization\u003c\/strong\u003e: High. The company actively maintains an acquisition pipeline and management discusses integration progress regularly. During the second quarter of fiscal 2025, the company closed on \u003cstrong\u003etwo\u003c\/strong\u003e business acquisitions and \u003cstrong\u003eone\u003c\/strong\u003e small transaction.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage\u003c\/strong\u003e: Temporary. Execution excellence in M\u0026amp;A is hard to maintain consistently over long periods.\u003c\/p\u003e\n\u003cp\u003eThe following table summarizes recent acquisition activity and related financial impacts:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\/Detail\u003c\/th\u003e\n\u003cth\u003ePeriod\/Context\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Transactions Value\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$126.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSince February 2024 (as of Q2 FY2025 Earnings Call)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eSingle Acquisition Value (Approximate)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$68 million\u003c\/strong\u003e (before working capital adjustments)\u003c\/td\u003e\n\u003ctd\u003eAnnounced December 2024, Completed January 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisitions Completed (Count)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eTwo\u003c\/strong\u003e business acquisitions and \u003cstrong\u003eone\u003c\/strong\u003e small transaction\u003c\/td\u003e\n\u003ctd\u003eDuring Q2 Fiscal 2025\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisitions in FY2024 (Count)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003eOne\u003c\/strong\u003e propane and \u003cstrong\u003efour\u003c\/strong\u003e heating oil businesses\u003c\/td\u003e\n\u003ctd\u003eFiscal Year ended September 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Purchase Price (FY2024 Acquisitions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$49.4 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eFiscal Year ended September 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA Contribution from Acquisitions\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$4 million\u003c\/strong\u003e increase\u003c\/td\u003e\n\u003ctd\u003eThird Quarter Fiscal 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eManagement commentary highlights the ongoing focus on inorganic growth:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe company has an \u003cstrong\u003eactive acquisition pipeline\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eAcquisitions are expected to further strengthen the competitive position across the Company's footprint.\u003c\/li\u003e\n\u003cli\u003eThe company continues to focus on acquisitions to maintain or grow its customer base in the declining home heating oil industry.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 4. Enhanced Service and Installation Profitability Focus\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Improving the service and installation segment provides a higher-margin, less commodity-driven revenue stream, contributing positively to gross profit even when product sales are down.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Most competitors offer these services, but Star Group’s recent, measurable improvement is the key differentiator.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. Competitors can focus on training and pricing in their service arms.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. Management highlights specific operational initiatives driving this segment’s gross profit improvement of \u003cstrong\u003e~$4.8 million\u003c\/strong\u003e year-to-date (9 months FY2025).\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. This is an operational focus that can be matched by diligent competitors.\u003c\/p\u003e\n\u003cp\u003eThe focus on service and installation profitability is evidenced by year-to-date financial performance metrics for the nine months ended June 30, 2025, compared to the prior year period.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eNine Months Ended June 30, 2025\u003c\/td\u003e\n\u003ctd\u003eNine Months Ended June 30, 2024\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.5 billion\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eModest rise (less than \u003cstrong\u003e1.0 percent\u003c\/strong\u003e)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHHO\/Propane Volume Sold\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e262.6 million gallons\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e27.7 million gallons\u003c\/strong\u003e (\u003cstrong\u003e11.8 percent\u003c\/strong\u003e)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$102.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A (Net income increased by \u003cstrong\u003e$31.9 million\u003c\/strong\u003e for the 9 months)\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$169.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eIncreased by \u003cstrong\u003e$28.2 million\u003c\/strong\u003e\n\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe increase in Adjusted EBITDA for the nine months ended June 30, 2025, was driven by higher home heating oil and propane per gallon margins, higher volume sold due to colder weather, and an improvement in service and installation profitability.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFor the six months of fiscal 2025 (ended March 31, 2025), the improvement in service and installation profitability contributed an increase in Adjusted EBITDA of \u003cstrong\u003e$4.1 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFor the six months of fiscal 2025, Product gross profit rose by \u003cstrong\u003e$58 million\u003c\/strong\u003e or \u003cstrong\u003e17%\u003c\/strong\u003e to \u003cstrong\u003e$409 million\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eFor the nine months ended June 30, 2025, the total Adjusted EBITDA increase of \u003cstrong\u003e$28.2 million\u003c\/strong\u003e included \u003cstrong\u003e$21.1 million\u003c\/strong\u003e higher Adjusted EBITDA in the base business.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 5. Established, Long-Term Distribution Commitment\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e A \u003cstrong\u003e13-year\u003c\/strong\u003e streak of raising the annual distribution (now at \u003cstrong\u003e$0.74\u003c\/strong\u003e per unit as of the latest announced rate) attracts and retains income-focused investors, supporting the unit price floor. The latest declared quarterly distribution was \u003cstrong\u003e$0.1850\u003c\/strong\u003e per unit.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. A long, unbroken streak is rare in cyclical industries, signaling management confidence and financial discipline. The \u003cstrong\u003e13\u003c\/strong\u003e consecutive years of increases is a notable achievement.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. It requires over a decade of consistent performance and capital allocation decisions to build this track record. Replicating this history is impossible for competitors.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The Board consistently approves the increases, showing alignment between capital allocation and shareholder expectations. The dividend payout ratio has been maintained at levels considered sustainable by analysts, such as \u003cstrong\u003e43.85%\u003c\/strong\u003e and \u003cstrong\u003e46.7%\u003c\/strong\u003e in recent periods.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Sustained. The history itself is a barrier to entry for replicating investor trust. The 1-year dividend growth rate was reported at \u003cstrong\u003e6.99%\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003eFinancial Metrics Supporting Distribution Commitment:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eContext\/Date Reference\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eAnnual Distribution (Current Rate)\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$0.74\u003c\/strong\u003e per unit\u003c\/td\u003e\n\u003ctd\u003eLatest Announced Rate\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eConsecutive Annual Increases\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e13\u003c\/strong\u003e Years\u003c\/td\u003e\n\u003ctd\u003eConfirmed Streak Length\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eLatest Quarterly Distribution Amount\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$0.1850\u003c\/strong\u003e per unit\u003c\/td\u003e\n\u003ctd\u003eLatest Declared Amount\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReported Payout Ratio (Example 1)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e43.85%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRecent Financial Data Point\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eReported Payout Ratio (Example 2)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e46.7%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRecent Financial Data Point\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003ePast Year Earnings Per Share (EPS)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1.56\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eSupporting Earnings Data\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003e1-Year Dividend Growth Rate\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e6.99%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eRecent Growth Metric\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eKey Distribution Milestones:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe annual distribution increased by \u003cstrong\u003e$0.05\u003c\/strong\u003e to reach the current \u003cstrong\u003e$0.74\u003c\/strong\u003e rate.\u003c\/li\u003e\n\u003cli\u003eThe latest quarterly distribution payment date was \u003cstrong\u003eNovember 5, 2025\u003c\/strong\u003e, for the amount of \u003cstrong\u003e$0.1850\u003c\/strong\u003e per share.\u003c\/li\u003e\n\u003cli\u003eThe latest ex-dividend date was \u003cstrong\u003eOctober 27, 2025\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eThe current dividend yield was cited around \u003cstrong\u003e6.16%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 6. Active Weather Risk Management Program\n\u003c\/h2\u003e\n\u003cp\u003eThe program utilizes derivative instruments to manage the financial volatility introduced by weather fluctuations.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The use of derivative instruments (weather hedges) mitigates the immediate, sharp impact of unpredictable weather swings on earnings, as seen by the \u003cstrong\u003e$20.2 million\u003c\/strong\u003e favorable change in the fair value of derivative instruments for the first nine months of fiscal 2025. This contrasts with the specific weather hedge contracts resulting in a $3.1 million expense for the hedge period ending March 31, 2025, and a $10.6 million increase in expense year-to-date for the first nine months of fiscal 2025 related to the weather hedge contracts.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Moderate. The company has $15 million of weather hedges in place for FY2026, indicating an ongoing, specific level of risk mitigation strategy.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. The financial instruments and counterparties are accessible to any large player with the right treasury function.\u003c\/p\u003e\n\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. The company actively reports on hedge performance and sets forward hedges, showing it’s integrated into financial planning.\u003c\/p\u003e\n\u003cp\u003eThe integration is evidenced by specific reporting metrics:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eWeather hedge expense for Q2 FY2025: $3.1 million.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eYear-to-date (Nine Months FY2025) weather hedge expense: $10.6 million increase in expense versus the prior year period.\u003c\/li\u003e\n\u003cli\u003e\n\u003c\/li\u003e\n\u003cli\u003eFavorable change in fair value of derivative instruments (Total) for Nine Months FY2025: $20.2 million.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It’s a financial tool, not a core operational asset; its value fluctuates with market conditions.\u003c\/p\u003e\n\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003ePeriod\/Reference\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eFY2026 Hedges in Place\u003c\/td\u003e\n\u003ctd\u003eForward Planning\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e~$15 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWeather Hedge Expense (Q2 FY2025)\u003c\/td\u003e\n\u003ctd\u003eThree Months Ended March 31, 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$3.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDerivative Instruments Favorable Change (Total)\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months FY2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$20.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eWeather Hedge Impact on YTD Adj. EBITDA\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months FY2025\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e$10.6 million\u003c\/strong\u003e increase in expense\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 7. Significant Customer Density in Key Regions\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eServing customers in the Northeast and Mid-Atlantic U.S. means high density, which lowers the cost-to-serve per customer compared to widely dispersed operations.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eValue\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Residential and Commercial Customers\u003c\/td\u003e\n\u003ctd\u003e\n\u003cstrong\u003e500,000\u003c\/strong\u003e+\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eDesignated Service States (Heating Oil\/Propane)\u003c\/td\u003e\n\u003ctd\u003eConnecticut, Delaware, Maryland, Massachusetts, Michigan, New Jersey, New York, Pennsylvania, Rhode Island, Vermont, Virginia, West Virginia, and the District of Columbia\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eModerate. While regional, their status as the largest player means their density is superior to smaller, scattered competitors.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eNation's largest retail distributor of home heating oil based upon sales volume.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFiscal Period\u003c\/th\u003e\n\u003cth\u003eHome Heating Oil and Propane Volume\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eNine Months FY2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e235 million gallons\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eQ2 Fiscal 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e144 million gallons\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eLow. These service territories are often protected by long-standing customer relationships and local infrastructure.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eHigh. The logistics network is optimized for these specific, often colder, geographic areas.\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eQ1 Fiscal 2025 Home heating oil and propane volume increased by \u003cstrong\u003e2.8%\u003c\/strong\u003e to \u003cstrong\u003e82.4 million gallons\u003c\/strong\u003e, driven by colder temperatures.\u003c\/li\u003e\n\u003cli\u003eQ2 Fiscal 2025 Volume increased by \u003cstrong\u003e22.9%\u003c\/strong\u003e to \u003cstrong\u003e143.9 million gallons\u003c\/strong\u003e, benefiting from colder weather.\u003c\/li\u003e\n\u003c\/ul\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e\u003c\/p\u003e\n\u003cp\u003eSustained. Geographic market share in essential services is sticky.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eFinancial Metric (FY Ended Sept 30, 2024)\u003c\/th\u003e\n\u003cth\u003eAmount\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Sales\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$1,766.1 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eGross Profit\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$501.8 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eNet Income\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$35.2 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$111.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Assets\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$939.6 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 8. Ability to Drive Volume Growth Through Weather and Acquisitions\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e The capacity to increase product volume, evidenced by an 11.8% rise (to \u003cstrong\u003e262.6 million gallons\u003c\/strong\u003e) in the first nine months of Fiscal 2025, directly boosting gross profit. The volume of home heating oil and propane sold during the first nine months of fiscal 2025 increased by \u003cstrong\u003e27.7 million gallons\u003c\/strong\u003e, or \u003cstrong\u003e11.8 percent\u003c\/strong\u003e, to \u003cstrong\u003e262.6 million gallons\u003c\/strong\u003e.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Volume growth is a function of external factors (weather) and strategy (acquisitions), both of which are accessible.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e Low. You can’t control the weather, and acquisitions are a choice. The company completed \u003cstrong\u003e$126.5 million\u003c\/strong\u003e of transactions to enhance market presence.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e Moderate. The organization is clearly geared to capitalize on volume spikes, but the driver isn't purely internal.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. It relies heavily on external factors and the pace of M\u0026amp;A activity.\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003ctd\u003eMetric\u003c\/td\u003e\n\u003ctd\u003ePeriod\u003c\/td\u003e\n\u003ctd\u003eValue\u003c\/td\u003e\n\u003ctd\u003eDriver Context\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eHome Heating Oil and Propane Volume Increase\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months Fiscal 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e27.7 million gallons\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eColder temperatures and acquisitions\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHome Heating Oil and Propane Volume\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months Fiscal 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e262.6 million gallons\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eResulting volume\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVolume Increase Percentage\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months Fiscal 2025\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e11.8 percent\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eYear-over-year growth\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAcquisition Spending\u003c\/td\u003e\n\u003ctd\u003eRecent Period\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$126.5 million\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eTransactions completed\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eVolume Increase Percentage\u003c\/td\u003e\n\u003ctd\u003eFirst Nine Months Fiscal 2024\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e12%\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eOver prior year period\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eSupporting statistical and financial data related to volume growth drivers:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eFor the first half of fiscal 2025, home heating oil and propane volumes increased by \u003cstrong\u003e14.7%\u003c\/strong\u003e.\u003c\/li\u003e\n\u003cli\u003eIn Q2 FY25, home heating oil and propane volume increased by \u003cstrong\u003e23%\u003c\/strong\u003e, totaling \u003cstrong\u003e144 million gallons\u003c\/strong\u003e for the quarter, attributed to acquisitions and colder weather.\u003c\/li\u003e\n\u003cli\u003eIn Q1 FY25, home heating oil and propane volume increased by \u003cstrong\u003e2.8%\u003c\/strong\u003e to \u003cstrong\u003e82.4 million gallons\u003c\/strong\u003e, driven by acquisitions and colder temperatures.\u003c\/li\u003e\n\u003cli\u003eIn Q3 Fiscal 2024, home heating oil and propane volume sold reached \u003cstrong\u003e37.7 million gallons\u003c\/strong\u003e, up \u003cstrong\u003e25.3%\u003c\/strong\u003e from \u003cstrong\u003e30.1 million gallons\u003c\/strong\u003e in the prior-year quarter, attributable to recent acquisitions.\u003c\/li\u003e\n\u003cli\u003eIn the first nine months of fiscal 2024, average temperatures in operating areas were \u003cstrong\u003e8% lower\u003c\/strong\u003e than the prior year's period, coinciding with a \u003cstrong\u003e12%\u003c\/strong\u003e volume growth.\u003c\/li\u003e\n\u003c\/ul\u003e\n\n\u003cbr\u003e\u003ch2\u003eStar Group, L.P. (SGU) - VRIO Analysis: 9. Operational Focus on Margin Expansion\n\u003c\/h2\u003e\n\u003cp\u003e\u003cstrong\u003eValue:\u003c\/strong\u003e Increasing per-gallon margins in the core business helps offset revenue pressure from falling wholesale costs, as seen when selling prices dropped due to lower wholesale costs. Selling prices in Q3 FY2025 decreased due to a decline in wholesale product costs of $0.3525 per gallon, or 14.3 percent, year-over-year. Service and installation gross profit improved by ~$0.6 million year-over-year in Q3. Year-to-date product gross profit rose by $55 million or 13% to $480 million for the first nine months of fiscal 2025.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eRarity:\u003c\/strong\u003e Low. Every competitor aims for this, but Star Group achieved higher margins alongside volume growth in the first half of FY2025. Year-to-date Adjusted EBITDA increased by $28.2 million to $169.5 million for the first nine months of fiscal 2025, driven by higher per-gallon margins and increased volumes from colder weather and acquisitions.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eImitability:\u003c\/strong\u003e High. This is achieved through pricing power, operational efficiency, and contract negotiation - all imitable business practices. The combined gross profit from service and installation was $14 million in Q3 FY2025, or $600,000 higher than the prior year's comparable quarter due to initiatives in the base business.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eOrganization:\u003c\/strong\u003e High. Management specifically calls out higher per-gallon margins as a driver of higher Adjusted EBITDA year-to-date. The Company reported a third quarter Adjusted EBITDA loss of $(10.6) million in Q3 FY2025, versus a loss of $(4.1) million in fiscal 2024, with positive Adjusted EBITDA from recent acquisitions partially offsetting the base business performance.\u003c\/p\u003e\n\u003cp\u003e\u003cstrong\u003eCompetitive Advantage:\u003c\/strong\u003e Temporary. Operational excellence in pricing and cost control is a constant competitive battle. The Operating Margin (TTM) as of October 2025 is 2.74%, compared to 2.75% at the end of 2024.\u003c\/p\u003e\n\u003cp\u003eKey financial metrics illustrating the margin focus and operational performance:\u003c\/p\u003e\n\u003ctable\u003e\n\u003cthead\u003e\n\u003ctr\u003e\n\u003cth\u003eMetric\u003c\/th\u003e\n\u003cth\u003eQ3 FY2025\u003c\/th\u003e\n\u003cth\u003eQ3 FY2024\u003c\/th\u003e\n\u003cth\u003eYear-to-Date (9 Months) FY2025\u003c\/th\u003e\n\u003cth\u003eYear-to-Date (9 Months) FY2024\u003c\/th\u003e\n\u003c\/tr\u003e\n\u003c\/thead\u003e\n\u003ctbody\u003e\n\u003ctr\u003e\n\u003ctd\u003eTotal Revenue (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$305.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$331.6\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eAdjusted EBITDA (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$(10.6)\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$(4.1)\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$169.5\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$141.3\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eProduct Gross Profit (Millions)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$72\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003eN\/A\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$480\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e$425\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003ctr\u003e\n\u003ctd\u003eHHO\/Propane Volume (Millions of Gallons)\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e36.2\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e37.7\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e263\u003c\/strong\u003e\u003c\/td\u003e\n\u003ctd\u003e\u003cstrong\u003e235\u003c\/strong\u003e\u003c\/td\u003e\n\u003c\/tr\u003e\n\u003c\/tbody\u003e\n\u003c\/table\u003e\n\u003cp\u003eThe operational focus is further evidenced by key organizational and shareholder actions:\u003c\/p\u003e\n\u003cul\u003e\n\u003cli\u003eThe annual distribution was raised by $0.05 to $0.74 per unit.\u003c\/li\u003e\n\u003cli\u003eThe trailing payout ratio is 45% based on a distribution of $0.74 per unit and a trailing figure of $1.66.\u003c\/li\u003e\n\u003cli\u003eHome heating oil and propane volume increased by 28 million gallons or 12% year-to-date in FY2025.\u003c\/li\u003e\n\u003cli\u003eNet customer attrition was reported as 'roughly flat' year-over-year in Q3 FY2025.\u003c\/li\u003e\n\u003cli\u003eFY2026 weather hedges of approximately $15 million are in place.\u003c\/li\u003e\n\u003c\/ul\u003e","brand":"dcf.fm","offers":[{"title":"Default Title","offer_id":45516249694357,"sku":"sgu-vrio-analysis","price":7.0,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0630\/5189\/0837\/files\/sgu-vrio-analysis.png?v=1740217930","url":"https:\/\/dcf-model.com\/pt\/products\/sgu-vrio-analysis","provider":"AI-Powered Discounted Cash Flow Model Templates","version":"1.0","type":"link"}