Star Gas Partners, L.P.
Thesis
Star Gas Partners is a heating oil distributor that has consistently generated quality returns on capital despite being in a mature and declining industry. The company has been effectively managed by Yorktown Energy Partners, which has allocated capital well into acquisitions and share repurchases, leading to a strong operational performance.
Did it work?
The pitch is a qualitative long thesis on Star Gas Partners' capital allocation and returns on capital, but no price performance is available and the time elapsed since the pitch is unknown. Without either a return figure or evidence that the thesis's specific dynamics (sustained quality returns on capital, effective Yorktown stewardship, accretive acquisitions and buybacks) were confirmed or broken, there is no basis to judge success or failure. The verdict must remain open pending price data or confirmation of the thesis events.