Ugi Corp 10-Q for FY2024 Q1

Ugi Corp (UGI)

10-Q 2024-02-01 For: 2023-12-31

Added on April 07, 2026

About this 10-Q

Ugi Corp filed this 10-Q on February 1, 2024, covering the quarter ended December 31, 2023 (FY2024 Q1).

Headline figures

Quarter ended December 31, 2023, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $2.12B; down 23.1% from $2.76B a year earlier
Net income: $94M; compared with a net loss of $954M a year earlier
Diluted EPS: $0.44; compared with -$4.54 a year earlier

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Pennsylvania						23-2668356
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class:	Trading Symbol(s):	Name of each exchange on which registered:
Common Stock, without par value	UGI	New York Stock Exchange
Corporate Units	UGIC	New York Stock Exchange


			Page

Glossary of Terms and Abbreviations			1

Part I Financial Information

Item 1. Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of December 31, 2023, September 30, 2023 and December 31, 2022			5

Condensed Consolidated Statements of Income for the three months ended December 31, 2023 and 2022			6

Condensed Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and 2022			7

Condensed Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022			8

Condensed Consolidated Statements of Changes in Equity for the three months ended December 31, 2023 and 2022			9

Notes to Condensed Consolidated Financial Statements			10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32

Item 3. Quantitative and Qualitative Disclosures About Market Risk			46

Item 4. Controls and Procedures			48

Part II Other Information

Item 1. Legal Proceedings			49

Item 1A. Risk Factors			49





Item 6. Exhibits			49

Signatures			51


	December 31, 2023		September 30, 2023		December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents	$	204	$	241	$	317
Restricted cash	98		99		227
Accounts receivable (less allowances for doubtful accounts of $77, $71 and $69, respectively)	1,188		878		1,578
Accrued utility revenues	120		33		147

Inventories	441		433		618


Derivative instruments	41		75		238

Prepaid expenses and other current assets	193		286		331
Total current assets	2,285		2,045		3,456
Property, plant and equipment, (less accumulated depreciation of $4,709, $4,581 and $4,344, respectively)	8,601		8,547		8,176
Goodwill	3,070		3,027		3,697
Intangible assets, net	430		443		488
Utility regulatory assets	298		302		314
Derivative instruments	15		49		187


Other assets	1,017		988		810
Total assets	$	15,716	$	15,401	$	17,128
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	54	$	57	$	402

Short-term borrowings	557		649		991
Accounts payable	741		613		1,014


Derivative instruments	124		60		133

Other current liabilities	865		895		840
Total current liabilities	2,341		2,274		3,380
Long-term debt	6,769		6,543		6,323

Deferred income taxes	913		928		958

Derivative instruments	49		27		36
Other noncurrent liabilities	1,212		1,235		1,243
Total liabilities	11,284		11,007		11,940
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 220,000, 220,000 and 220,000 Series A shares, respectively)	167		167		167
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 210,908,238, 210,906,052 and 210,621,970 shares, respectively)	1,501		1,503		1,482
Retained earnings	3,042		3,027		3,808
Accumulated other comprehensive loss	(232)		(256)		(231)
Treasury stock, at cost	(55)		(55)		(46)
Total UGI Corporation stockholders’ equity	4,423		4,386		5,180
Noncontrolling interests	9		8		8
Total equity	4,432		4,394		5,188
Total liabilities and equity	$	15,716	$	15,401	$	17,128


	Three Months Ended December 31,
		2023		2022
Revenues		$	2,121	$	2,759
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)		1,202		3,106
Operating and administrative expenses		530		529


Depreciation and amortization		137		131


Loss on disposal of UGI International energy marketing business		28		215
Other operating income, net		(8)		(18)
		1,889		3,963
Operating income (loss)		232		(1,204)
Income from equity investees		1		1


Other non-operating expense, net		(13)		(28)
Interest expense		(100)		(92)
Income (loss) before income taxes		120		(1,323)
Income tax (expense) benefit		(26)		369


Net income (loss) attributable to UGI Corporation		$	94	$	(954)
Earnings (loss) per common share attributable to UGI Corporation stockholders:
Basic		$	0.45	$	(4.54)
Diluted		$	0.44	$	(4.54)
Weighted-average common shares outstanding (thousands):
Basic		209,782		209,934
Diluted		215,570		209,934


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

























































Three Months Ended December 31, 2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	282	$	—	$	282	$	—	$	—	$	—	$	—
Commercial & Industrial	108		—		108		—		—		—		—

Large delivery service	49		—		49		—		—		—		—
Off-system sales and capacity releases	21		(12)		33		—		—		—		—
Other	9		—		9		—		—		—		—
Total Utility	469		(12)		481		—		—		—		—
Non-Utility:
LPG:
Retail	1,057		—		—		—		524		533		—
Wholesale	71		—		—		—		49		22		—
Energy Marketing (b)	327		(26)		—		272		123		—		(42)
Midstream:
Pipeline	65		—		—		65		—		—		—
Peaking	3		(42)		—		45		—		—		—
Other	3		—		—		3		—		—		—
Electricity Generation	8		—		—		8		—		—		—
Other	71		—		—		—		19		52		—
Total Non-Utility	1,605		(68)		—		393		715		607		(42)
Total revenues from contracts with customers	2,074		(80)		481		393		715		607		(42)
Other revenues (c)	47		—		12		1		10		22		2
Total revenues	$	2,121	$	(80)	$	493	$	394	$	725	$	629	$	(40)

























































Three Months Ended December 31, 2022	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	336	$	—	$	336	$	—	$	—	$	—	$	—
Commercial & Industrial	132		—		132		—		—		—		—
Large delivery service	47		—		47		—		—		—		—
Off-system sales and capacity releases	32		(33)		65		—		—		—		—
Other	10		—		10		—		—		—		—
Total Utility	557		(33)		590		—		—		—		—
Non-Utility:
LPG:
Retail	1,116		—		—		—		482		634		—
Wholesale	102		—		—		—		51		51		—
Energy Marketing	778		(77)		—		537		318		—		—
Midstream:
Pipeline	65		—		—		65		—		—		—
Peaking	17		(39)		—		56		—		—		—
Other	3		—		—		3		—		—		—
Electricity Generation	8		—		—		8		—		—		—
Other	75		—		—		—		18		57		—
Total Non-Utility	2,164		(116)		—		669		869		742		—
Total revenues from contracts with customers	2,721		(149)		590		669		869		742		—
Other revenues (c)	38		—		2		—		8		24		4
Total revenues	$	2,759	$	(149)	$	592	$	669	$	877	$	766	$	4



	Pension Benefits












Three Months Ended December 31,	2023		2022
Service cost	$	2	$	2
Interest cost	9		9
Expected return on plan assets	(11)		(11)

Amortization of:

Actuarial gain	—		(1)
Net benefit	$	—	$	(1)


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
December 31, 2023:
Derivative instruments:
Assets:
Commodity contracts	$	112	$	50	$	—	$	162
Foreign currency contracts	$	—	$	12	$	—	$	12
Interest rate contracts	$	—	$	15	$	—	$	15

Liabilities:
Commodity contracts	$	(227)	$	(104)	$	—	$	(331)
Foreign currency contracts	$	—	$	(6)	$	—	$	(6)
Interest rate contracts	$	—	$	(16)	$	—	$	(16)

Non-qualified supplemental postretirement grantor trust investments (a)	$	42	$	—	$	—	$	42
September 30, 2023:
Derivative instruments:
Assets:
Commodity contracts (b)	$	117	$	115	$	—	$	232
Foreign currency contracts	$	—	$	38	$	—	$	38
Interest rate contracts	$	—	$	28	$	—	$	28

Liabilities:
Commodity contracts (b)	$	(193)	$	(81)	$	—	$	(274)
Foreign currency contracts	$	—	$	(2)	$	—	$	(2)


Non-qualified supplemental postretirement grantor trust investments (a)	$	39	$	—	$	—	$	39
December 31, 2022:
Derivative instruments:
Assets:
Commodity contracts	$	345	$	329	$	—	$	674
Foreign currency contracts	$	—	$	35	$	—	$	35
Interest rate contracts	$	—	$	63	$	—	$	63

Liabilities:
Commodity contracts	$	(297)	$	(152)	$	—	$	(449)
Foreign currency contracts	$	—	$	(4)	$	—	$	(4)


Non-qualified supplemental postretirement grantor trust investments (a)	$	46	$	—	$	—	$	46


	December 31, 2023		September 30, 2023		December 31, 2022
Carrying amount	$	6,866	$	6,647	$	6,759
Estimated fair value	$	6,644	$	6,238	$	6,350


			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	December 31, 2023		September 30, 2023		December 31, 2022
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	September 2024	16		38		15


Non-utility Operations
LPG swaps	Gallons	September 2026	638		727		844
Natural gas futures, forward, basis swap, options and pipeline contracts (a)	Dekatherms	December 2027	331		338		371




Electricity forward and futures contracts	Kilowatt hours	October 2027	634		1,260		2,270

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300	€	—
Interest rate swaps	USD	September 2026	$	1,267	$	1,270	$	1,354

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2026	$	348	$	425	$	390
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	256	€	256	€	331























Three Months Ended December 31,:
	Gain (Loss) Recognized in AOCI				Gain Reclassified from AOCI into Income				Location of Gain Reclassified from AOCI into Income
Cash Flow Hedges:	2023		2022		2023		2022



Interest rate contracts	$	(22)	$	4	$	13	$	7	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	(10)	$	(23)

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2023		2022		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	2	$	4	Revenues
Commodity contracts	(155)		(1,326)		Cost of sales

Commodity contracts	3		3		Other operating income, net
Foreign currency contracts	(16)		(32)		Other non-operating expense, net
Total	$	(166)	$	(1,351)
















Three Months Ended December 31, 2023	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive (loss) income before reclassification adjustments	—		(15)		49		34
Amounts reclassified from AOCI	—		(10)		—		(10)
Other comprehensive (loss) income attributable to UGI	—		(25)		49		24
AOCI — December 31, 2023	$	17	$	1	$	(250)	$	(232)

Three Months Ended December 31, 2022	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2022	$	14	$	37	$	(431)	$	(380)
Other comprehensive income before reclassification adjustments	—		3		151		154
Amounts reclassified from AOCI	—		(5)		—		(5)
Other comprehensive (loss) income attributable to UGI	—		(2)		151		149
AOCI — December 31, 2022	$	14	$	35	$	(280)	$	(231)


	December 31, 2023		September 30, 2023		December 31, 2022
Regulatory assets (a):
Income taxes recoverable	$	94	$	94	$	93
Underfunded pension plans	110		111		114
Environmental costs	26		28		36
Deferred fuel and power costs	17		27		71
Removal costs, net	23		23		25
Other	58		64		54
Total regulatory assets	$	328	$	347	$	393
Regulatory liabilities (a):
Postretirement benefit overcollections	$	11	$	12	$	11

Deferred fuel and power refunds	59		55		3
State tax benefits — distribution system repairs	43		43		39

Excess federal deferred income taxes	252		254		264
Other	2		2		3
Total regulatory liabilities	$	367	$	366	$	320


For the three months ended December 31,	2023			2022			Increase (Decrease)
(Dollars in millions)
Revenues	$	629		$	766		$	(137)	(18)	%
Total margin (a)	$	346		$	380		$	(34)	(9)	%
Operating and administrative expenses	$	243		$	235		$	8	3	%
Operating income/earnings before interest expense and income taxes	$	71		$	110		$	(39)	(35)	%
Retail gallons sold (millions)	206			236			(30)		(13)	%
Heating degree days—% (warmer) colder than normal (b)	(6.4)		%	6.2		%	—		—



31.1						Certification by the Interim Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended December 31 , 2023, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2						Certification by the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended December 31 , 2023, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32						Certification by the Interim Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended December 31 , 2023, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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	Carrying Value						Ownership Interest

Investees	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023	September 30, 2023	December 31, 2022
Midstream & Marketing:
Aurum Renewables	$	46	$	45	$	—	40%	40%	N/A
Pine Run	80		77		71		49%	49%	49%
MBL Bioenergy	147		122		56		99.99%	99.99%	99.99%
Other	21		20		18		various	various	various
Total Midstream & Marketing	294		264		145
UGI International	35		35		30		various	various	various

Total investments in equity method investees	$	329	$	299	$	175


































Three Months Ended December 31, 2023	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,121	$	—		$	480	$	327	$	725	$	629	$	(40)
Intersegment revenues	$	—	$	(80)	(b)	$	13	$	67	$	—	$	—	$	—
Cost of sales	$	1,202	$	(80)	(b)	$	221	$	239	$	446	$	283	$	93
Operating income (loss)	$	232	$	(1)		$	134	$	99	$	113	$	71	$	(184)
Income (loss) from equity investees	1		—			—		3		(2)		—		—

Other non-operating (loss) income, net	(13)		—			1		—		6		—		(20)
Earnings (loss) before interest expense and income taxes	220		(1)			135		102		117		71		(204)
Interest expense	(100)		—			(23)		(11)		(11)		(41)		(14)
Income (loss) before income taxes	$	120	$	(1)		$	112	$	91	$	106	$	30	$	(218)

Depreciation and amortization	$	137	$	—		$	41	$	22	$	30	$	44	$	—
Capital expenditures (including the effects of accruals)	$	133	$	—		$	82	$	19	$	12	$	20	$	—
As of December 31, 2023
Total assets	$	15,716	$	(190)		$	5,855	$	3,236	$	3,150	$	3,460	$	205

Three Months Ended December 31, 2022	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	2,759	$	—		$	559	$	554	$	877	$	766	$	3
Intersegment revenues	$	—	$	(149)	(b)	$	33	$	115	$	—	$	—	$	1
Cost of sales	$	3,106	$	(149)	(b)	$	329	$	514	$	662	$	386	$	1,364
Operating (loss) income	$	(1,204)	$	1		$	126	$	106	$	56	$	110	$	(1,603)
Income (loss) from equity investees	1		—			—		1		—		—		—

Other non-operating (loss) income, net	(28)		—			2		—		10		—		(40)
(Loss) earnings before interest expense and income taxes	(1,231)		1			128		107		66		110		(1,643)
Interest expense	(92)		—			(21)		(11)		(7)		(43)		(10)
(Loss) income before income taxes	$	(1,323)	$	1		$	107	$	96	$	59	$	67	$	(1,653)

Depreciation and amortization	$	131	$	—		$	37	$	21	$	28	$	44	$	1
Capital expenditures (including the effects of accruals)	$	178	$	—		$	117	$	11	$	27	$	23	$	—
As of December 31, 2022
Total assets	$	17,128	$	(252)		$	5,680	$	3,298	$	3,889	$	4,331	$	182
























Three Months Ended December 31, 2023	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactions	Revenues	$	1	$	1	$	—
Net losses on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(47)	$	(41)	$	(6)
Net losses on commodity derivative instruments not associated with current-period transactions	Other operating income, net	$	—	$	(3)	$	—


Unrealized losses on foreign currency derivative instruments	Other non-operating expense, net	$	—	$	(20)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(7)
Costs associated with exit of the UGI International energy marketing business	Revenues	$	—	$	(42)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses/Other operating income, net	$	—	$	(8)	$	—
Costs associated with exit of the UGI International energy marketing business	Loss on disposal of UGI International energy marketing business	$	—	$	(28)	$	—



Three Months Ended December 31, 2022	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net gains on commodity derivative instruments not associated with current-period transactions	Revenues	$	2	$	2	$	—
Net losses on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	(183)	$	(1,169)	$	(12)
Net gains on commodity derivative instruments not associated with current-period transactions	Other operating income, net	$	—	$	(2)	$	—
Unrealized losses on foreign currency derivative instruments	Other non-operating expense, net	$	—	$	(40)	$	—
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(7)

Costs associated with exit of the UGI International energy marketing business	Loss on disposal of UGI International energy marketing business	$	—	$	(215)	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses	$	—	$	(19)	$	—


Adjusted net income attributable to UGI Corporation	Three Months Ended December 31,
(Dollars in millions)		2023		2022
Utilities		$	86	$	81
Midstream & Marketing		92		77
UGI International		83		45
AmeriGas Propane		16		49
Corporate & Other (a)		(183)		(1,206)
Net income (loss) attributable to UGI Corporation		94		(954)
Net losses on commodity derivative instruments not associated with current-period transactions (net of tax of $(18) and $(363), respectively)		77		999
Unrealized losses on foreign currency derivative instruments (net of tax of $(6) and $(11), respectively)		14		29



Business transformation expenses (net of tax of $0 and $(1), respectively)		—		1
AmeriGas operations enhancement for growth project (net of tax of $(2) and $(2), respectively)		5		5


Restructuring costs (net of tax of $(1) and $0, respectively)		3		—
Costs associated with exit of UGI International energy marketing business (net of tax of $(13) and $(68), respectively)		65		166

Total adjustments (a) (b)		164		1,200
Adjusted net income attributable to UGI Corporation		$	258	$	246


	Three Months Ended December 31,
Adjusted diluted earnings per share		2023		2022
Utilities		$	0.40	$	0.38
Midstream & Marketing		0.43		0.35
UGI International		0.39		0.21
AmeriGas Propane		0.07		0.23
Corporate & Other (a)		(0.85)		(5.71)
Diluted earnings (loss) per share (c)		0.44		(4.54)
Net losses on commodity derivative instruments not associated with current-period transactions (c)		0.37		4.73
Unrealized losses on foreign currency derivative instruments		0.06		0.14




AmeriGas operations enhancement for growth project		0.02		0.02


Restructuring costs		0.01		—
Costs associated with exit of UGI International energy marketing business		0.30		0.79


Total adjustments (a)		0.76		5.68
Adjusted diluted earnings per share (c)		$	1.20	$	1.14


	December 31, 2023												September 30, 2023
(Millions of dollars)	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corp & Other		Total		Total
Short-term borrowings	$	280	$	95	$	182	$	—	$	—	$	557	$	649

Long-term debt (including current maturities):
Senior notes	$	1,755	$	—	$	443	$	2,400	$	—	$	4,598	$	4,329
Term loans	127		792		331		—		718		1,968		1,967
Other long-term debt	20		41		7		—		232		300		351
Unamortized debt issuance costs	(7)		(14)		(7)		(14)		(1)		(43)		(47)
Total long-term debt	$	1,895	$	819	$	774	$	2,386	$	949	$	6,823	$	6,600
Total debt	$	2,175	$	914	$	956	$	2,386	$	949	$	7,380	$	7,249


(Currency in millions)	Total Capacity		Borrowings Outstanding		Letters of Credit and Guarantees Outstanding		Available Borrowing Capacity
As of December 31, 2023
AmeriGas OLP	$	400	$	—	$	2	$	398
UGI International, LLC (a)	€	500	€	165	€	—	€	335
Energy Services	$	260	$	35	$	30	$	195
UGI Utilities	$	375	$	180	$	—	$	195
Mountaineer	$	150	$	100	$	—	$	50
UGI Corporation (b)	$	300	$	232	$	—	$	68
As of December 31, 2022
AmeriGas OLP	$	600	$	148	$	2	$	450
UGI International, LLC (a)	€	300	€	300	€	—	€	—
Energy Services	$	260	$	—	$	—	$	260
UGI Utilities	$	425	$	294	$	—	$	131
Mountaineer	$	150	$	101	$	—	$	49
UGI Corporation (b)	$	300	$	292	$	—	$	8


	For the three months ended				For the three months ended
	December 31, 2023				December 31, 2022
(Millions of dollars or euros)	Average		Peak		Average		Peak
AmeriGas OLP	$	1	$	25	$	199	$	242
UGI International, LLC	€	204	€	229	€	168	€	300
Energy Services	$	49	$	62	$	1	$	25
UGI Utilities	$	247	$	316	$	229	$	307
Mountaineer	$	94	$	102	$	89	$	101
UGI Corporation	$	245	$	289	$	199	$	292


	Asset (Liability)
(Millions of dollars)	Fair Value		Change in Fair Value
December 31, 2023
Commodity price risk (1)	$	(158)	$	(106)
Interest rate risk (2)	$	(1)	$	(14)
Foreign currency exchange rate risk (3)	$	6	$	(40)


		UGI Corporation
		(Registrant)

Date:	February 1, 2024	By:	/s/ Sean P. O’Brien
			Sean P. O’Brien
			Chief Financial Officer


Date:	February 1, 2024	By:	/s/ Jean Felix Tematio Dontsop
			Jean Felix Tematio Dontsop
			Vice President, Chief Accounting Officer
			and Corporate Controller


Date:	February 1, 2024
		/s/ Mario Longhi
		Mario Longhi Interim President and Chief Executive Officer of UGI Corporation