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Table of ContentsUNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549FORM 10-K Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934For the fiscal year ended September 25, 2021 Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934Commission File Number: 1-14222SUBURBAN PROPANE PARTNERS, L.P.(Exact name of registrant as specified in its charter)Delaware22-3410353(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)240 Route 10 WestWhippany, NJ 07981(973) 887-5300(Address, including zip code, and telephone number,including area code, of registrant’s principal executive offices)Securities registered pursuant to Section 12(b) of the Act:Title of each classCommon UnitsTrading SymbolSPHName of exchange on which registeredNew York Stock ExchangeSecurities registered pursuant to Section 12(g) of the Act: NoneIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.Yes Yes No No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities ExchangeAct of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant wasrequired to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,”and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Non-accelerated filerEmerging growth company Accelerated filerSmaller reporting company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complyingwith any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of itsinternal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accountingfirm that prepared or issued its audit report. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes No The aggregate market value as of March 26, 2021 of the registrant’s Common Units held by non-affiliates of the registrant, based on the reportedclosing price of such units on the New York Stock Exchange on such date ( 15.06 per unit), was approximately 941,690,000. As of November22, 2021, there were 62,963,712 Common Units of Suburban Propane Partners, L.P. outstanding.Documents Incorporated by Reference: NoneTotal number of pages (excluding Exhibits): 128

Table of ContentsSUBURBAN PROPANE PARTNERS, L.P. AND SUBSIDIARIESINDEX TO ANNUAL REPORT ON FORM 10-KPART IPageITEM 1.BUSINESS .1ITEM 1A.RISK FACTORS.13ITEM 1B.UNRESOLVED STAFF COMMENTS.27ITEM 2.PROPERTIES .27ITEM 3.LEGAL PROCEEDINGS .27ITEM 4.MINE SAFETY DISCLOSURES .27PART IIITEM 5.MARKET FOR THE REGISTRANT’S COMMON UNITS, RELATED UNITHOLDER MATTERS ANDISSUER PURCHASES OF UNITS .28ITEM 6.[RESERVED] .28ITEM 7.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS .28ITEM 7A.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.ITEM 8.FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA .41ITEM 9.CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIALDISCLOSURE .43ITEM 9A.CONTROLS AND PROCEDURES .43ITEM 9B.OTHER INFORMATION .4339PART IIIITEM 10.DIRECTORS, EXECUTIVE OFFICERS AND PARTNERSHIP GOVERNANCE .44ITEM 11.EXECUTIVE COMPENSATION .51ITEM 12.SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATEDUNITHOLDER MATTERS . 82ITEM 13.CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE .84ITEM 14.PRINCIPAL ACCOUNTING FEES AND SERVICES .85PART IVITEM 15.EXHIBITS, FINANCIAL STATEMENT SCHEDULES .86ITEM 16.FORM 10-K SUMMARY.86SIGNATURES.90

Table of ContentsDISCLOSURE REGARDING FORWARD-LOOKING STATEMENTSThis Annual Report on Form 10-K contains forward-looking statements (“Forward-Looking Statements”) as defined in the PrivateSecurities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended, relating to future business expectations and predictions and financial condition and results of operations of SuburbanPropane Partners, L.P. (the “Partnership”). Some of these statements can be identified by the use of forward-looking terminology such as“prospects,” “outlook,” “believes,” “estimates,” “intends,” “may,” “will,” “should,” “could,” “anticipates,” “expects” or “plans” or the negativeor other variation of these or similar words, or by discussion of trends and conditions, strategies or risks and uncertainties. These ForwardLooking Statements involve certain risks and uncertainties that could cause actual results to differ materially from those discussed or impliedin such Forward-Looking Statements (statements contained in this Annual Report identifying such risks and uncertainties are referred to as“Cautionary Statements”). The risks and uncertainties and their impact on the Partnership’s results include, but are not limited to, the followingrisks: The impact of weather conditions on the demand for propane, fuel oil and other refined fuels, natural gas and electricity; The impact of the COVID-19 pandemic and the corresponding government response, including the impact across the Partnership’sbusinesses on demand and operations, as well as on the operations of the Partnership’s suppliers, customers and other businesspartners, and the effectiveness of the Partnership’s actions taken in response to these risks; Volatility in the unit cost of propane, fuel oil and other refined fuels, natural gas and electricity, the impact of the Partnership’s hedgingand risk management activities, and the adverse impact of price increases on volumes sold as a result of customer conservation; The ability of the Partnership to compete with other suppliers of propane, fuel oil and other energy sources; The impact on the price and supply of propane, fuel oil and other refined fuels from the political, military or economic instability ofthe oil producing nations, global terrorism and other general economic conditions, including the economic instability resulting fromnatural disasters such as pandemics, including the COVID-19 pandemic; The ability of the Partnership to acquire sufficient volumes of, and the costs to the Partnership of acquiring, transporting and storing,propane, fuel oil and other refined fuels; The ability of the Partnership to acquire and maintain reliable transportation for its propane, fuel oil and other refined fuels; The ability of the Partnership to attract and retain employees and key personnel to support the growth of our business; The ability of the Partnership to retain customers or acquire new customers; The impact of customer conservation, energy efficiency and technology advances on the demand for propane, fuel oil and other refinedfuels, natural gas and electricity; The ability of management to continue to control expenses; The impact of changes in applicable statutes and government regulations, or their interpretations, including those relating to theenvironment and climate change, derivative instruments and other regulatory developments on the Partnership’s business; The impact of changes in tax laws that could adversely affect the tax treatment of the Partnership for income tax purposes; The impact of legal proceedings on the Partnership’s business; The impact of operating hazards that could adversely affect the Partnership’s operating results to the extent not covered by insurance; The Partnership’s ability to make strategic acquisitions and successfully integrate them; The ability of the Partnership to continue to combat cybersecurity threats to its networks and information technology; The impact of current conditions in the global capital and credit markets, and general economic pressures; The operating, legal and regulatory risks the Partnership may face; and Other risks referenced from time to time in filings with the Securities and Exchange Commission (“SEC”) and those factors listed orincorporated by reference into this Annual Report under “Risk Factors.”Some of these Forward-Looking Statements are discussed in more detail in “Management’s Discussion and Analysis of Financial Conditionand Results of Operations” in this Annual Report. Reference is also made to the risk factors discussed in Item 1A of this Annual Report. Ondifferent occasions, the Partnership or its representatives have made or may make Forward-Looking Statements in other filings with the SEC, pressreleases or oral statements made by or with the approval of one of the Partnership’s authorized executive officers. Readers are cautioned not toplace undue reliance on Forward-Looking Statements, which reflect management’s view only as of the date made. The Partnership undertakes noobligation to update any Forward-Looking Statement or Cautionary Statement, except as required by law. All subsequent written and oral ForwardLooking Statements attributable to the Partnership or persons acting on its behalf are expressly qualified in their entirety by the CautionaryStatements in this Annual Report and in future SEC reports. For a more complete discussion of specific factors which could cause actual resultsto differ from those in the Forward-Looking Statements or Cautionary Statements, see “Risk Factors” in this Annual Report.

Table of ContentsPART IITEM 1.BUSINESSDevelopment of BusinessSuburban Propane Partners, L.P. (the “Partnership”), a publicly traded Delaware limited partnership, is a nationwide marketer anddistributor of a diverse array of products meeting the energy needs of our customers. We specialize in the distribution of propane,renewable propane, fuel oil and refined fuels, as well as the marketing of natural gas and electricity in deregulated markets and are aninvestor in low carbon fuel alternatives. In support of our core marketing and distribution operations, we install and service a variety ofhome comfort equipment, particularly in the areas of heating and ventilation. We believe, based on LP/Gas Magazine dated February2021, that we are the third-largest retail marketer of propane in the United States, measured by retail gallons sold in the calendar year2020. As of September 25, 2021, we were serving the energy needs of approximately 1.0 million residential, commercial, industrialand agricultural customers through approximately 700 locations in 41 states with operations principally concentrated in the east andwest coast regions of the United States, as well as portions of the midwest region of the United States and Alaska. We sold approximately419.8 million gallons of propane and 24.0 million gallons of fuel oil and refined fuels to retail customers during the year ended September25, 2021. Together with our predecessor companies, we have been continuously engaged in the retail propane business since 1928.We conduct our business principally through Suburban Propane, L.P., a Delaware limited partnership, which operates our propanebusiness and assets (the “Operating Partnership”), and its direct and indirect subsidiaries. Our general partner, and the general partnerof our Operating Partnership, is Suburban Energy Services Group LLC (the “General Partner”), a Delaware limited liability companywhose sole member is the Chief Executive Officer of the Partnership. Since October 19, 2006, the General Partner has no economicinterest in either the Partnership or the Operating Partnership (which means that the General Partner is not entitled to any cashdistributions of either partnership, nor to any cash payment upon the liquidation of either partnership, nor any other economic rights ineither partnership) other than as a holder of 784 Common Units of the Partnership. Additionally, under the Third Amended and RestatedAgreement of Limited Partnership (the “Partnership Agreement”) of the Partnership, there are no incentive distribution rights for thebenefit of the General Partner. The Partnership owns (directly and indirectly) all of the limited partner interests in the OperatingPartnership. The Common Units represent 100% of the limited partner interests in the Partnership.Direct and indirect subsidiaries of the Operating Partnership include Suburban Heating Oil Partners, LLC, which owns andoperates the assets of our fuel oil and refined fuels business; Agway Energy Services, LLC, which owns and operates the assets of ournatural gas and electricity business; and Suburban Sales and Service, Inc., which conducts a portion of our service work and applianceand parts business. Our fuel oil and refined fuels, natural gas and electricity and services businesses are structured as either limitedliability companies that are treated as corporations or corporate entities (collectively referred to as “Corporate Entities”) and, as such,are subject to corporate level income tax.During fiscal 2020, our Operating Partnership acquired a 39% equity interest in Oberon Fuels, Inc. (“Oberon”), which is adevelopment-stage producer of an innovative, low carbon renewable dimethyl ether (“rDME”) transportation fuel. Oberon is focusedon the research and development of practical and affordable pathways to zero-emission transportation through its proprietary productionprocess. Oberon's rDME fuel is a cost-effective, low-carbon, zero-soot alternative to petroleum diesel, and when blended with propanecan significantly reduce its carbon intensity. In addition, rDME is also a cost-effective carrier for hydrogen, making it easy to deliverthis renewable fuel for the growing hydrogen fuel cell industry.Suburban Energy Finance Corp., a direct 100%-owned subsidiary of the Partnership, was formed on November 26, 2003 to serveas co-issuer, jointly and severally with the Partnership, of the Partnership’s senior notes. Suburban Energy Finance Corp. has nominalassets and conducts no business operations.In this Annual Report, unless otherwise indicated, the terms “Partnership,” “Suburban,” “we,” “us,” and “our” are used to refer toSuburban Propane Partners, L.P. and its consolidated subsidiaries, including the Operating Partnership. The Partnership and theOperating Partnership commenced operations in March 1996 in connection with the Partnership’s initial public offering of CommonUnits.We currently file Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and current reports on Form 8-K with the SEC.You may read and print copies of any materials that we file with the SEC on the SEC’s EDGAR database at www.sec.gov.1

Table of ContentsUpon written request or through an information request link from our website at www.suburbanpropane.com, we will provide,without charge, copies of our Annual Report on Form 10-K for the year ended September 25, 2021, each of the Quarterly Reports onForm 10-Q, current reports filed or furnished on Form 8-K and all amendments to such reports as soon as is reasonably practicable aftersuch reports are electronically filed with or furnished to the SEC. Requests should be directed to: Suburban Propane Partners, L.P.,Investor Relations, P.O. Box 206, Whippany, New Jersey 07981-0206. The information contained on our website is not included aspart of, or incorporated by reference into, this Annual Report on Form 10-K.Our StrategyOur business strategy is to deliver increasing value to our unitholders through initiatives, both internal and external, that are gearedtoward achieving sustainable profitable growth. In advancing this strategy, we consider the interests of our employees, customers andthe comm

100 percent of Suburban Propane's supply from North American producers. As one of the largest retail marketers of propane in the United States, Suburban Propane had retail propane sales of 419.8 million gallons in fiscal 2021. It is the mission of Suburban Propane to serve our customers,