Star Group, L.P.: management transactions · United States · SEC (Form 4)

About Star Group, L.P.

Star Group, L.P. (ticker: SGU) is a U.S.-based company listed on the NYSE in the United States, focused on the distribution of home heating fuel and related energy services. Its core business is the sale of home heating oil and propane to residential and commercial customers, along with smaller volumes of diesel, gasoline and delivery-only heating oil. The company also provides installation, maintenance and repair services for heating and air conditioning equipment, which adds a more recurring service component to an otherwise seasonal fuel distribution model. ([investors.stargrouplp.com](https://investors.stargrouplp.com/node/15166/pdf)) Star Group’s business model has been shaped by decades of consolidation in a highly fragmented local market. The company operates through Petro Holdings, Inc. and a portfolio of regional brands including Petro Home Services, Meenan and Griffith Energy Services. Its corporate headquarters are in Stamford, Connecticut, reflecting its strong footprint in the colder Northeast corridor, where heating fuel demand is structurally relevant. ([investors.stargrouplp.com](https://investors.stargrouplp.com/node/15166/pdf)) Operationally, the group serves customers across the Northeast and Mid-Atlantic regions of the United States. Management states that Star is the nation’s largest retail distributor of home heating oil by sales volume, a position that gives it meaningful scale in a market that remains locally driven and relationship-based. The company’s revenue mix typically combines fuel delivery, service contracts and HVAC-related work, with winter weather, wholesale fuel costs and acquisition activity all influencing quarterly performance. ([investors.stargrouplp.com](https://investors.stargrouplp.com/node/15166/pdf)) From a competitive standpoint, Star Group competes with numerous regional and local distributors rather than a small number of national peers. Its advantages lie in route density, customer retention, installed equipment relationships, brand familiarity and the ability to absorb smaller operators. In this type of business, scale matters, but so do logistics execution, field service quality and the ability to manage working capital through commodity price cycles. The company’s emphasis on expanding its HVAC business also suggests a strategy to reduce dependence on pure fuel margins over time. ([investors.stargrouplp.com](https://investors.stargrouplp.com/node/15166/pdf)) Recent developments have been constructive. In its fiscal 2025 second-quarter report, Star said revenue increased to $743.0 million, driven by higher volumes sold and recent acquisitions. Management disclosed $126.5 million of acquisitions completed since February 1, 2024, and announced a $0.05 increase in the annual distribution to $0.74 per unit. For investors, those updates highlight a company that is still actively consolidating its niche, while prioritizing operating efficiency, customer service and incremental growth in service-based offerings. ([investors.stargrouplp.com](https://investors.stargrouplp.com/node/15166/pdf))