Star Group, L.P. (NYSE:SGU) Q2 2022 Earnings Conference Call May 5, 2022 11:00 AM ET

Company Participants

Alison Ziegler – Investor Relations Adviser

Jeff Woosnam – President and Chief Executive Officer

Rich Ambury – Chief Financial Officer

Conference Call Participants

Michael Prouting – 10K Capital

Tim Mullen – Laurelton Management

Operator

Good day, and welcome to the Star Group Fiscal 2022 Second Quarter Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Alison Ziegler, Investor Relations Adviser. Please go ahead.

Alison Ziegler

Thank you, and good morning. With me on the call today are Jeff Woosnam, President and Chief Executive Officer; and Rich Ambury, Chief Financial Officer. I would now like to provide a brief safe harbor statement. This conference call may include forward-looking statements that represent the company's expectations and beliefs concerning future events that involve risks and uncertainties and may cause the company's actual performance to be materially different from the performance indicated or implied by such statements. All statements other than statements of historical facts included in this conference call are forward-looking statements. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct.

Important factors that could cause actual results to differ materially from the company's expectations are disclosed in this conference call, the company's annual report on Form 10-K for the fiscal year ended September 30, 2021, and the company's other filings with the SEC. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the cautionary statements. Unless otherwise required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this conference call.

I'd now like to turn the call over to Jeff Woosnam. Jeff?

Jeff Woosnam

Thanks, Alison, and good morning, everyone. Thank you for joining us to discuss our second quarter and fiscal year-to-date results. The second quarter was rather challenging due to extreme volatility in the wholesale cost of home heating oil, which varied from $2.36 per gallon to as high as $4.44 per gallon during the period. It should come as no surprise that our working capital needs increased substantially, but fortunately, we were able to access $100 million of our seasonal working capital line, bringing the total to $400 million.