Ugi Corp 10-Q for FY2024 Q3

Ugi Corp (UGI)

10-Q 2024-08-08 For: 2024-06-30

Added on April 07, 2026

About this 10-Q

Ugi Corp filed this 10-Q on August 8, 2024, covering the quarter ended June 30, 2024 (FY2024 Q3).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.38B; down 16.8% from $1.66B a year earlier
Net loss: $48M; compared with a net loss of $789M a year earlier
Diluted EPS: -$0.23; compared with -$3.76 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


			Page

Glossary of Terms and Abbreviations			1

Part I Financial Information

Item 1. Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of June 3 0 , 2024, September 30, 2023 and June 3 0 , 2023			5

Condensed Consolidated Statements of Income for the three and nine months ended June 3 0 , 2024 and 2023			6

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended June 3 0 , 2024 and 2023			7

Condensed Consolidated Statements of Cash Flows for the nine months ended June 3 0 , 2024 and 2023			8

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended June 3 0 , 2024 and 2023			9

Notes to Condensed Consolidated Financial Statements			10

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			40

Item 3. Quantitative and Qualitative Disclosures About Market Risk			61

Item 4. Controls and Procedures			63

Part II Other Information

Item 1. Legal Proceedings			64

Item 1A. Risk Factors			64





Item 6. Exhibits			64

Signatures			67


	June 30, 2024		September 30, 2023		June 30, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	183	$	241	$	260
Restricted cash	28		99		78
Accounts receivable (less allowances for doubtful accounts of $87, $71 and $87, respectively)	827		878		955
Accrued utility revenues	38		33		29

Inventories	379		433		410


Derivative instruments	39		75		31

Prepaid expenses and other current assets	222		286		272
Total current assets	1,716		2,045		2,035
Property, plant and equipment, (less accumulated depreciation of $4,861, $4,581 and $4,536, respectively)	8,571		8,547		8,394
Goodwill	3,030		3,027		3,060
Intangible assets, net	400		443		460
Utility regulatory assets	298		302		310
Derivative instruments	17		49		59


Other assets	1,034		988		925
Total assets	$	15,066	$	15,401	$	15,243
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt	$	286	$	57	$	56

Short-term borrowings	347		649		481
Accounts payable	462		613		541


Derivative instruments	32		60		120

Other current liabilities	759		895		885
Total current liabilities	1,886		2,274		2,083
Long-term debt	6,288		6,543		6,579

Deferred income taxes	1,019		928		905

Derivative instruments	18		27		47
Other noncurrent liabilities	1,165		1,235		1,256
Total liabilities	10,376		11,007		10,870
Commitments and contingencies (Note 9)
Equity:
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0, 220,000 and 220,000 Series A shares, respectively)	—		167		167
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,119,814, 210,906,052 and 210,882,552 shares, respectively)	1,675		1,503		1,500
Retained earnings	3,331		3,027		2,974
Accumulated other comprehensive loss	(269)		(256)		(222)
Treasury stock, at cost	(56)		(55)		(55)
Total UGI Corporation stockholders’ equity	4,681		4,386		4,364
Noncontrolling interests	9		8		9
Total equity	4,690		4,394		4,373
Total liabilities and equity	$	15,066	$	15,401	$	15,243


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Revenues	$	1,380	$	1,659	$	5,968	$	7,524
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	639		1,104		2,871		6,358
Operating and administrative expenses	501		523		1,622		1,639


Depreciation and amortization	139		134		414		397

Impairment of goodwill	—		656		—		656
Impairment of held-for-sale assets	62		—		62		—
Loss on disposal of UGI International energy marketing business	1		—		29		215
Other operating income, net	(29)		(26)		(46)		(60)
	1,313		2,391		4,952		9,205
Operating income (loss)	67		(732)		1,016		(1,681)
(Loss) income from equity investees	(24)		1		(22)		2
Loss on extinguishments of debt	(7)		(9)		(7)		(9)

Other non-operating income (expense), net	5		1		3		(25)
Interest expense	(96)		(96)		(296)		(281)
(Loss) income before income taxes	(55)		(835)		694		(1,994)
Income tax benefit (expense)	7		46		(152)		361


Net (loss) income attributable to UGI Corporation	$	(48)	$	(789)	$	542	$	(1,633)
(Loss) earnings per common share attributable to UGI Corporation stockholders:
Basic	$	(0.23)	$	(3.76)	$	2.58	$	(7.78)
Diluted	$	(0.23)	$	(3.76)	$	2.52	$	(7.78)
Weighted-average common shares outstanding (thousands):
Basic	210,679		209,706		210,090		209,811
Diluted	210,679		209,706		215,218		209,811


☒			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 June 30, 2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	136	$	—	$	136	$	—	$	—	$	—	$	—
Commercial & Industrial	53		—		53		—		—		—		—
Large delivery service	41		—		41		—		—		—		—
Off-system sales and capacity releases	7		(6)		13		—		—		—		—
Other	9		(1)		10		—		—		—		—
Total Utility	246		(7)		253		—		—		—		—
Non-Utility:
LPG:
Retail	742		—		—		—		378		364		—
Wholesale	54		—		—		—		36		18		—
Energy Marketing	172		(16)		—		176		12		—		—
Midstream:
Pipeline	61		—		—		61		—		—		—
Peaking	—		(5)		—		5		—		—		—
Other	5		—		—		5		—		—		—
Electricity Generation	6		—		—		6		—		—		—
Other	66		—		—		—		21		45		—
Total Non-Utility	1,106		(21)		—		253		447		427		—
Total revenues from contracts with customers	1,352		(28)		253		253		447		427		—
Other revenues (c)	28		—		4		—		8		18		(2)
Total revenues	$	1,380	$	(28)	$	257	$	253	$	455	$	445	$	(2)


Three Months Ended June 30, 2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	151	$	—	$	151	$	—	$	—	$	—	$	—
Commercial & Industrial	60		—		60		—		—		—		—
Large delivery service	39		—		39		—		—		—		—
Off-system sales and capacity releases	7		(7)		14		—		—		—		—
Other	8		—		8		—		—		—		—
Total Utility	265		(7)		272		—		—		—		—
Non-Utility:
LPG:
Retail	799		—		—		—		376		423		—
Wholesale	76		—		—		—		52		24		—
Energy Marketing	336		(14)		—		194		156		—		—
Midstream:
Pipeline	58		—		—		58		—		—		—
Peaking	1		(5)		—		6		—		—		—
Other	3		—		—		3		—		—		—
Electricity Generation	17		—		—		17		—		—		—
Other	65		—		—		—		18		47		—
Total Non-Utility	1,355		(19)		—		278		602		494		—
Total revenues from contracts with customers	1,620		(26)		272		278		602		494		—
Other revenues (c)	39		1		6		1		9		20		2
Total revenues	$	1,659	$	(25)	$	278	$	279	$	611	$	514	$	2


Nine Months Ended June 30, 2024	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	771	$	—	$	771	$	—	$	—	$	—	$	—
Commercial & Industrial	305		—		305		—		—		—		—

Large delivery service	144		—		144		—		—		—		—
Off-system sales and capacity releases	60		(42)		102		—		—		—		—
Other	29		(1)		30		—		—		—		—
Total Utility	1,309		(43)		1,352		—		—		—		—
Non-Utility:
LPG:
Retail	3,066		—		—		—		1,472		1,594		—
Wholesale	214		—		—		—		145		69		—
Energy Marketing (b)	810		(80)		—		780		152		—		(42)
Midstream:
Pipeline	191		—		—		191		—		—		—
Peaking	11		(116)		—		127		—		—		—
Other	12		—		—		12		—		—		—
Electricity Generation	20		—		—		20		—		—		—
Other	204		—		—		—		56		148		—
Total Non-Utility	4,528		(196)		—		1,130		1,825		1,811		(42)
Total revenues from contracts with customers	5,837		(239)		1,352		1,130		1,825		1,811		(42)
Other revenues (c)	131		—		44		—		28		58		1
Total revenues	$	5,968	$	(239)	$	1,396	$	1,130	$	1,853	$	1,869	$	(41)

























































Nine Months Ended June 30, 2023	Total		Eliminations (a)		Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other
Revenues from contracts with customers:
Utility:
Core Market:
Residential	$	911	$	—	$	911	$	—	$	—	$	—	$	—
Commercial & Industrial	369		—		369		—		—		—		—
Large delivery service	139		—		139		—		—		—		—
Off-system sales and capacity releases	84		(68)		152		—		—		—		—
Other	34		(1)		35		—		—		—		—
Total Utility	1,537		(69)		1,606		—		—		—		—
Non-Utility:
LPG:
Retail	3,243		—		—		—		1,431		1,812		—
Wholesale	287		—		—		—		167		120		—
Energy Marketing	1,854		(130)		—		1,229		755		—		—
Midstream:
Pipeline	189		—		—		189		—		—		—
Peaking	28		(102)		—		130		—		—		—
Other	10		—		—		10		—		—		—
Electricity Generation	27		—		—		27		—		—		—
Other	207		—		—		—		56		151		—
Total Non-Utility	5,845		(232)		—		1,585		2,409		2,083		—
Total revenues from contracts with customers	7,382		(301)		1,606		1,585		2,409		2,083		—
Other revenues (c)	142		(1)		38		1		27		64		13
Total revenues	$	7,524	$	(302)	$	1,644	$	1,586	$	2,436	$	2,147	$	13



	Pension Benefits
Three Months Ended June 30,	2024		2023
Service cost	$	2	$	2
Interest cost	9		9
Expected return on assets	(11)		(11)

Amortization of:

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



Nine Months Ended June 30,	2024		2023
Service cost	$	6	$	7
Interest cost	27		26
Expected return on plan assets	(33)		(34)

Amortization of:

Actuarial loss (gain)	1		(2)
Net benefit cost (income)	$	1	$	(3)


	Asset (Liability)
	Level 1		Level 2		Level 3		Total
June 30, 2024:
Derivative instruments:
Assets:
Commodity contracts	$	92	$	45	$	—	$	137
Foreign currency contracts	$	—	$	18	$	—	$	18
Interest rate contracts	$	—	$	7	$	—	$	7

Liabilities:
Commodity contracts	$	(148)	$	(26)	$	—	$	(174)
Foreign currency contracts	$	—	$	(2)	$	—	$	(2)


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
June 30, 2023:
Derivative instruments:
Assets:
Commodity contracts (b)	$	146	$	111	$	—	$	257
Foreign currency contracts	$	—	$	18	$	—	$	18
Interest rate contracts	$	—	$	30	$	—	$	30

Liabilities:
Commodity contracts (b)	$	(242)	$	(224)	$	—	$	(466)
Foreign currency contracts	$	—	$	(4)	$	—	$	(4)
Interest rate contracts	$	—	$	(4)	$	—	$	(4)

Non-qualified supplemental postretirement grantor trust investments (a)	$	40	$	—	$	—	$	40


	June 30, 2024		September 30, 2023		June 30, 2023
Carrying amount	$	6,633	$	6,647	$	6,682
Estimated fair value	$	6,312	$	6,238	$	6,318


			Notional Amounts (in millions)
Type	Units	Settlements Extending Through	June 30, 2024		September 30, 2023		June 30, 2023
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option contracts	Dekatherms	February 2025	14		38		24


Non-utility Operations
LPG swaps	Gallons	December 2026	416		727		734
Natural gas futures, forward, basis swap, options and pipeline contracts (a)	Dekatherms	March 2028	320		338		357




Electricity forward and futures contracts	Kilowatt hours	December 2027	651		1,260		1,586

Interest Rate Risk:
Interest rate swaps	Euro	March 2026	€	300	€	300	€	300
Interest rate swaps	USD	September 2026	$	1,260	$	1,270	$	1,274

Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts	USD	September 2027	$	367	$	425	$	434
Net investment hedge forward foreign exchange contracts	Euro	December 2026	€	181	€	256	€	256


	June 30, 2024		September 30, 2023		June 30, 2023
Regulatory assets (a):
Income taxes recoverable	$	91	$	94	$	95
Underfunded pension plans	109		111		118
Environmental costs	28		28		28
Deferred fuel and power costs	—		27		30
Removal costs, net	26		23		22
Other	57		64		57
Total regulatory assets	$	311	$	347	$	350
Regulatory liabilities (a):
Postretirement benefit overcollections	$	11	$	12	$	10

Deferred fuel and power refunds	33		55		63
State tax benefits — distribution system repairs	44		43		40

Excess federal deferred income taxes	248		254		260
Other	5		2		3
Total regulatory liabilities	$	341	$	366	$	376


	Carrying Value						Ownership Interest

Investees	June 30, 2024		September 30, 2023		June 30, 2023		June 30, 2024	September 30, 2023	June 30, 2023
Midstream & Marketing:
Aurum Renewables	$	46	$	45	$	31	40%	40%	40%
Pine Run	83		77		75		49%	49%	49%
MBL Bioenergy	190		122		93		99.99%	99.99%	99.99%
Other	20		20		18		various	various	various
Total Midstream & Marketing	339		264		217
UGI International (a)	10		35		35		various	various	various

Total investments in equity method investees	$	349	$	299	$	252


Three Months Ended June 30,:
	Gain (Loss) Recognized in AOCI				Gain Reclassified from AOCI into Income				Location of Gain Reclassified from AOCI into Income
Cash Flow Hedges:	2024		2023		2024		2023



Interest rate contracts	$	7	$	32	$	13	$	14	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	2	$	(5)

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2024		2023		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	—	$	1	Revenues
Commodity contracts	77		(224)		Cost of sales

Commodity contracts	—		(10)		Other operating income, net
Foreign currency contracts	1		(2)		Other non-operating income (expense), net
Total	$	78	$	(235)

Nine Months Ended June 30,:
	Loss Recognized in AOCI				Gain Reclassified from AOCI into Income				Location of Gain Reclassified from AOCI into Income
Cash Flow Hedges:	2024		2023		2024		2023



Interest rate contracts	$	2	$	15	$	40	$	28	Interest expense


Net Investment Hedges:
Foreign currency contracts	$	—	$	(28)

	Gain (Loss) Recognized in Income
Derivatives Not Designated as Hedging Instruments:	2024		2023		Location of Gain (Loss) Recognized in Income
Commodity contracts	$	1	$	11	Revenues
Commodity contracts	(52)		(1,893)		Cost of sales

Commodity contracts	2		(5)		Other operating income, net
Foreign currency contracts	(7)		(36)		Other non-operating income (expense), net
Total	$	(56)	$	(1,923)


Three Months Ended June 30, 2024	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — March 31, 2024	$	16	$	4	$	(274)	$	(254)
Other comprehensive income (loss) before reclassification adjustments	—		4		(10)		(6)
Amounts reclassified from AOCI	—		(9)		—		(9)
Other comprehensive loss attributable to UGI	—		(5)		(10)		(15)
AOCI — June 30, 2024	$	16	$	(1)	$	(284)	$	(269)

Three Months Ended June 30, 2023	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — March 31, 2023	$	14	$	15	$	(270)	$	(241)
Other comprehensive income before reclassification adjustments	—		22		8		30
Amounts reclassified from AOCI	(1)		(10)		—		(11)
Other comprehensive (loss) income attributable to UGI	(1)		12		8		19
AOCI — June 30, 2023	$	13	$	27	$	(262)	$	(222)

Nine Months Ended June 30, 2024	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2023	$	17	$	26	$	(299)	$	(256)
Other comprehensive income before reclassification adjustments	—		1		15		16
Amounts reclassified from AOCI	(1)		(28)		—		(29)
Other comprehensive (loss) income attributable to UGI	(1)		(27)		15		(13)
AOCI — June 30, 2024	$	16	$	(1)	$	(284)	$	(269)

Nine Months Ended June 30, 2023	Postretirement Benefit Plans		Derivative Instruments		Foreign Currency		Total
AOCI — September 30, 2022	$	14	$	37	$	(431)	$	(380)
Other comprehensive income before reclassification adjustments	—		10		169		179
Amounts reclassified from AOCI	(1)		(20)		—		(21)
Other comprehensive (loss) income attributable to UGI	(1)		(10)		169		158
AOCI — June 30, 2023	$	13	$	27	$	(262)	$	(222)


Three Months Ended June 30, 2024	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	1,380	$	—		$	250	$	231	$	455	$	445	$	(1)
Intersegment revenues	$	—	$	(28)	(b)	$	7	$	22	$	—	$	—	$	(1)
Cost of sales	$	639	$	(28)	(b)	$	89	$	167	$	244	$	217	$	(50)
Operating income (loss)	$	67	$	—		$	37	$	41	$	57	$	(27)	$	(41)
(Loss) income from equity investees	$	(24)	$	—		$	—	$	2	$	(1)	$	—	$	(25)
Loss on extinguishments of debt	(7)		—			—		—		—		—		(7)
Other non-operating income, net	5		—			2		—		1		—		2
Earnings (loss) before interest expense and income taxes	41		—			39		43		57		(27)		(71)
Interest expense	(96)		—			(22)		(9)		(11)		(41)		(13)
(Loss) income before income taxes	$	(55)	$	—		$	17	$	34	$	46	$	(68)	$	(84)

Depreciation and amortization	$	139	$	—		$	42	$	22	$	29	$	46	$	—
Capital expenditures (including the effects of accruals)	$	211	$	—		$	126	$	40	$	24	$	21	$	—

Three Months Ended June 30, 2023	Total		Eliminations			Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corporate & Other (a)
Revenues from external customers	$	1,659	$	—		$	270	$	260	$	611	$	514	$	4
Intersegment revenues	$	—	$	(25)	(b)	$	8	$	19	$	—	$	—	$	(2)
Cost of sales	$	1,104	$	(26)	(b)	$	118	$	192	$	418	$	251	$	151
Operating (loss) income	$	(732)	$	—		$	32	$	40	$	21	$	(8)	$	(817)

Income from equity investees	1		—			—		1		—		—		—
Loss on extinguishments of debt	(9)		—			—		—		—		—		(9)

Other non-operating income (expense), net	1		—			2		—		1		—		(2)
(Loss) earnings before interest expense and income taxes	(739)		—			34		41		22		(8)		(828)
Interest expense	(96)		—			(20)		(11)		(10)		(40)		(15)
(Loss) income before income taxes	$	(835)	$	—		$	14	$	30	$	12	$	(48)	$	(843)

Depreciation and amortization	$	134	$	—		$	38	$	22	$	30	$	43	$	1
Capital expenditures (including the effects of accruals)	$	255	$	—		$	146	$	40	$	27	$	42	$	—



Three Months Ended June 30, 2024	Location on Income Statement	Midstream & Marketing		UGI International		AmeriGas Propane
Net losses on commodity derivative instruments not associated with current-period transactions	Revenues	$	(1)	$	—	$	—
Net gains on commodity derivative instruments not associated with current-period transactions	Cost of sales	$	26	$	20	$	3

Restructuring costs	Operating and administrative expenses	$	—	$	(4)	$	(2)
AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(12)
Loss on extinguishments of debt	Loss on extinguishments of debt	$	(1)	$	—	$	(6)
Unrealized gains on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	1	$	—
Costs associated with exit of the UGI International energy marketing business	Operating and administrative expenses	$	—	$	(1)	$	—
Costs associated with exit of the UGI International energy marketing business	Loss on disposal of UGI International energy marketing business	$	—	$	(1)	$	—
Impairment of held-for-sale assets	Impairment of held-for-sale assets	$	(62)	$	—	$	—

Impairment associated with equity method investments	(Loss) income from equity investees	$	—	$	(25)	$	—


Three Months Ended June 30, 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	$	(14)	$	(87)	$	(51)
Net losses on commodity derivative instruments not associated with current-period transactions	Other operating income, net	$	—	$	(1)	$	—

AmeriGas operations enhancement for growth project	Operating and administrative expenses	$	—	$	—	$	(6)
Unrealized losses on foreign currency derivative instruments	Other non-operating income (expense), net	$	—	$	(2)	$	—


Loss on extinguishments of debt	Loss on extinguishments of debt	$	—	$	—	$	(9)
Loss associated with impairment of AmeriGas Propane goodwill	Impairment of goodwill	$	—	$	—	$	(656)


Adjusted net income (loss) attributable to UGI Corporation	Three Months Ended June 30,				Nine Months Ended June 30,
(Dollars in millions)	2024		2023		2024		2023
Utilities	$	13	$	10	$	254	$	234
Midstream & Marketing	22		22		234		165
UGI International	39		13		213		150
AmeriGas Propane	(36)		(35)		17		87
Corporate & Other (a)	(86)		(799)		(176)		(2,269)
Net (loss) income attributable to UGI Corporation	(48)		(789)		542		(1,633)
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (net of tax of $15, $(36), $16 and $(465), respectively)	(33)		115		(66)		1,349
Unrealized losses on foreign currency derivative instruments (net of tax of $1, $(1), $(5) and $(15), respectively)	—		1		13		37
Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $0, $4, $0 and $4 respectively)	—		660		—		660
Loss on extinguishments of debt (net of tax of $(2), $(2), $(2) and $(2), respectively)	5		7		5		7

Business transformation expenses (net of tax of $0, $(1), $0 and $(2), respectively)	—		1		—		4
AmeriGas operations enhancement for growth project (net of tax of $(3), $(2), $(6) and $(5) respectively)	9		4		19		14


Restructuring costs (net of tax of $(2), $0, $(12) and $0, respectively)	7		—		37		—
Costs associated with exit of UGI International energy marketing business (net of tax of $0, $0, $(14) and $(64), respectively)	2		—		68		170
Impairment of held-for-sale assets (net of tax of $(17), $0, $(17), and $0, respectively)	45		—		45		—
Impairment of assets (net of tax of $0, $0, $(2) and $0, respectively)	—		—		5		—
Impairment associated with equity method investments (net of tax of $0, $0, $0, and $0, respectively)	25		—		25		—
Total adjustments (a) (b)	60		788		151		2,241
Adjusted net income (loss) attributable to UGI Corporation	$	12	$	(1)	$	693	$	608


	Three Months Ended June 30,				Nine Months Ended June 30,
Adjusted diluted earnings per share	2024		2023		2024		2023
Utilities	$	0.06	$	0.05	$	1.18	$	1.08
Midstream & Marketing	0.10		0.10		1.09		0.76
UGI International	0.19		0.06		0.99		0.69
AmeriGas Propane	(0.17)		(0.17)		0.08		0.40
Corporate & Other (a)	(0.41)		(3.80)		(0.82)		(10.71)
Diluted (loss) earnings per share (c)	(0.23)		(3.76)		2.52		(7.78)
Net (gains) losses on commodity derivative instruments not associated with current-period transactions (c)	(0.14)		0.55		(0.31)		6.34
Unrealized losses on foreign currency derivative instruments	—		0.01		0.06		0.18
Loss associated with impairment of AmeriGas Propane goodwill	—		3.14		—		3.14
Loss on extinguishments of debt	0.02		0.03		0.02		0.03

Business transformation expenses	—		0.01		—		0.02
AmeriGas operations enhancement for growth project	0.04		0.02		0.09		0.07


Restructuring costs	0.03		—		0.17		—
Costs associated with exit of UGI International energy marketing business	0.01		—		0.32		0.81
Impairment of held-for-sale assets	0.21		—		0.21		—
Impairment of assets	—		—		0.02		—
Impairment associated with equity method investments	0.12		—		0.12		—
Total adjustments (a)	0.29		3.76		0.70		10.59
Adjusted diluted earnings per share (c)	$	0.06	$	—	$	3.22	$	2.81


For the three months ended June 30,	2024			2023			Increase (Decrease)
(Dollars in millions)
Revenues	$	257		$	278		$	(21)	(8)	%
Total margin (a)	$	164		$	156		$	8	5	%
Operating and administrative expenses (a)	$	86		$	87		$	(1)	(1)	%
Operating income	$	37		$	32		$	5	16	%
Earnings before interest expense and income taxes	$	39		$	34		$	5	15	%
Gas Utility system throughput—bcf
Core market	12			12			—		—	%
Total	78			77			1		1	%
Electric Utility distribution sales - gwh	225			209			16		8	%
Gas Utility heating degree days—% (warmer) than normal (b)	(26.1)		%	(11.2)		%	—		—


For the nine months ended June 30,	2024			2023			Increase (Decrease)
(Dollars in millions)
Revenues	$	1,396		$	1,644		$	(248)	(15)	%
Total margin (a)	$	792		$	750		$	42	6	%
Operating and administrative expenses (a)	$	271		$	275		$	(4)	(1)	%
Operating income	$	396		$	361		$	35	10	%
Earnings before interest expense and income taxes	$	400		$	367		$	33	9	%
Gas Utility system throughput—bcf
Core market	87			90			(3)		(3)	%
Total	303			296			7		2	%
Electric Utility distribution sales - gwh	732			712			20		3	%
Gas Utility heating degree days—% (warmer) than normal (b)	(15.5)		%	(11.6)		%	—		—


	June 30, 2024												September 30, 2023
(Millions of dollars)	Utilities		Midstream & Marketing		UGI International		AmeriGas Propane		Corp & Other		Total		Total
Short-term borrowings	$	99	$	—	$	198	$	50	$	—	$	347	$	649

Long-term debt (including current maturities):
Senior notes	$	1,755	$	—	$	429	$	1,887	$	700	$	4,771	$	4,329
Term loans	124		788		322		—		515		1,749		1,967
Other long-term debt	19		41		13		—		40		113		351
Unamortized debt issuance costs	(7)		(15)		(7)		(10)		(20)		(59)		(47)
Total long-term debt	$	1,891	$	814	$	757	$	1,877	$	1,235	$	6,574	$	6,600
Total debt	$	1,990	$	814	$	955	$	1,927	$	1,235	$	6,921	$	7,249


(Currency in millions)	Total Capacity		Borrowings Outstanding		Letters of Credit and Guarantees Outstanding		Available Borrowing Capacity
As of June 30, 2024
AmeriGas OLP (c)	$	400	$	50	$	2	$	348
UGI International, LLC (a)	€	500	€	185	€	—	€	315
Energy Services	$	300	$	—	$	—	$	300
UGI Utilities	$	375	$	35	$	—	$	340
Mountaineer	$	150	$	64	$	—	$	86
UGI Corporation (b)	$	300	$	40	$	—	$	260
As of June 30, 2023
AmeriGas OLP	$	600	$	—	$	2	$	598
UGI International, LLC (a)	€	500	€	225	€	—	€	275
Energy Services	$	260	$	25	$	—	$	235
UGI Utilities	$	425	$	108	$	—	$	317
Mountaineer	$	150	$	58	$	—	$	92
UGI Corporation (b)	$	300	$	283	$	—	$	17


	For the nine months ended				For the nine months ended
	June 30, 2024				June 30, 2023
(Millions of dollars or euros)	Average		Peak		Average		Peak
AmeriGas OLP	$	7	$	157	$	105	$	242
UGI International, LLC	€	175	€	229	€	194	€	300
Energy Services	$	20	$	62	$	9	$	82
UGI Utilities	$	139	$	316	$	202	$	340
Mountaineer	$	77	$	104	$	74	$	101
UGI Corporation	$	216	$	289	$	239	$	292


	Asset (Liability)
(Millions of dollars)	Fair Value		Change in Fair Value
June 30, 2024
Commodity price risk (1)	$	(36)	$	(100)
Interest rate risk (2)	$	7	$	(11)
Foreign currency exchange rate risk (3)	$	16	$	(41)



31.1						Certification by the Interim Chief Executive Officer relating to the Registrant’s Report on Form 10-Q for the quarter ended June 30 , 2024, 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 June 30 , 2024, 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 June 30 , 2024, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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104						Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		UGI Corporation
		(Registrant)

Date:	August 8, 2024	By:	/s/ Sean P. O’Brien
			Sean P. O’Brien
			Chief Financial Officer


Date:	August 8, 2024	By:	/s/ Jean Felix Tematio Dontsop
			Jean Felix Tematio Dontsop
			Vice President, Chief Accounting Officer
			and Corporate Controller


Date:	August 8, 2024
		/s/ Mario Longhi
		Mario Longhi Interim President and Chief Executive Officer of UGI Corporation