Propane Industry News

CAI Capital Partners (CAI) has completed the sale of the operating assets of Canadian Heating Products Inc., doing business as Montigo Fireplaces (Montigo), to Empire Comfort Systems (Empire Group). Terms of the transaction were not disclosed.

NATIONAL — Emerson Bernard Deese Jr., former Gas Equipment Co. employee and longtime propane industry consultant, passed away Aug. 17, 2023, in his home of Cary, North Carolina.

The following was taken from his obituary on his tenure in propane: 

WHIPPANY, N.J. (Aug. 30, 2023) — Suburban Propane Partners L.P. and Suburban Renewable Energy LLC announced it will sponsor the Horizon Hydrogen Grand Prix (H2GP) World Final in Las Vegas, Nevada, at the RE+ Expo, September 11-14, 2023. 

RICHLAND, Wash. (Aug. 18, 2023) — Christensen Inc. has announced its debut on Inc. Magazine's annual 5000 list – the most prestigious compilation of the nation's fastest-growing and most successful private companies. Securing its place at No. 4586, Christensen boasts impressive three-year revenue growth of 90%.

LIBERTY, Mo. (Aug. 24, 2023) — College students across the country will begin their fall semester this month. Fourteen students are doing so through the help of scholarships from Ferrellgas.

VALLEY FORGE, Pa. — UGI Corporation announced that its Board of Directors has initiated a process to evaluate potential strategic alternatives with the intent to unlock and maximize shareholder value. In consultation with financial and legal advisors, the strategic review, focused on the LPG businesses, will consider a range of strategic, operational and financial alternatives.

During the latest mid-month period, prices at Mont Belvieu, Texas, decreased as summer begins wrapping up. The posted prices decreased 3.167 cents/gal, from July mid-month to August mid-month while the spot prices decreased 3.75 cents. Conway, Kan., postings remained flat at 68.748 and spots decreased 0.5 cents over the month.

Canada's primary underground propane inventories increased by 18.94% in August, according to the Canada Energy Regulator. The total represented a month-to-month increase of 220.1 Mcm. Compared to a year earlier, stocks were lower, with 30 Mcm, or 2.12%, less product on hand. 

DALLAS & HOUSTON (Aug. 16, 2023) — Energy Transfer LP and Crestwood Equity Partners LP announced that the parties have entered into a definitive merger agreement pursuant to which Energy Transfer will acquire Crestwood in an all-equity transaction valued at approximately $7.1 billion, including the assumption of $3.3 billion of debt, based on the closing price on Aug. 15, 2023.

STAMFORD, Conn. (Aug. 09, 2023) — Star Group L.P., a home energy distributor and services provider, announced it has completed the purchase of a privately held propane company for approximately $18.4 million.

The entity, with operations in Long Island, will enhance the company’s footprint across the area.

Additional terms were not disclosed.

NEW MILFORD, Conn. (Aug. 15, 2023) — Cetane Associates announced that American Lease Inc., a Delaware corporation, has acquired certain tangible and intangible assets related to the residential distillates delivery and service business of Sperr’s Fuel & Heating Co., a corporation based in Glen Mills, Pennsylvania. The transaction closed on June 28, 2023.

CANTON, Mass. (Aug. 16, 2023) — Gray, Gray & Gray LLP, a business consulting and accounting firm based in Canton, Massachusetts, has announced the promotion of 12 team members to new positions:

Chicago, Illinois (Aug. 9, 2023) — DCC Propane, the seventh largest propane provider in the United States, has announced the acquisition of San Isabel Services Propane, a locally operated propane provider founded in 2002, that has accrued over 100 years of industry experience. San Isabel Services has earned a reputation as a trusted name in residential and commercial propane services throughout southern Colorado.

The U.S. Energy Information Administration (EIA) expects United States crude oil production to surpass 12.9 million barrels per day for the first time in late 2023 and to exceed 13 million barrels per day in early 2024.

In its August "Short-Term Energy Outlook" (STEO), EIA forecasts U.S. crude oil production to average 12.8 million barrels per day in 2023, which is 200,000 barrels per day more than in its July forecast.