UGI Corporation (UGI)

UGI Corporation amended its main credit agreement on October 28, 2026, raising its revolving commitments from $475 million to $700 million 4. The amendment also adds a new $300 million secured facility to pay any cash due if holders convert the company's 2028 convertible notes 4.

On October 1, 2026, the Pennsylvania Public Utility Commission voted 3 to 1 to approve a settlement giving UGI's gas utility $65 million in added annual revenue, against $99.368 million first requested 5. The first $40 million took effect October 1, 2026, and $25 million more follows on October 1, 2027 5.

For the quarter ended June 30, 2026, UGI reported a loss of $0.62 per diluted share on August 5, 2026, and reaffirmed adjusted earnings guidance of $2.75 to $2.90 per share for fiscal 2026 1.

In April 2026, UGI Utilities agreed to divest its electric utility for $470 million to funds managed by Argo Infrastructure Partners 26. The company expects the closing in the second quarter of fiscal 2027 2.

UGI was incorporated in Pennsylvania in 1991 3. It describes itself as a holding company that, through subsidiaries, distributes, stores, transports and markets energy products and related services 3.

A step into regulated gas came on September 1, 2021, when UGI closed its purchase of Mountaintop Energy Holdings, the parent of the West Virginia gas utility now called Mountaineer 3.

Fiscal 2024 net income attributable to UGI was $269 million, or $1.25 per diluted share 3. That year included a $192 million write-down of AmeriGas goodwill, $69 million of costs to exit European energy marketing and $56 million of restructuring 3.

Robert Flexon became president and chief executive on November 1, 2024 3. Fiscal 2025 net income attributable to UGI rose to $678 million, or $3.09 per diluted share 3.

The company said its aims that year included operational improvements at AmeriGas Propane and pursuing opportunities to optimize its portfolio 3. It completed the divestiture of its Italian LPG business and, in September 2025, the sale of AmeriGas's Hawaii propane business 3.

UGI International revenue fell $160 million to $2,119 million in fiscal 2025 3. The report ties the drop mainly to leaving energy marketing in Belgium, France and the Netherlands in fiscal 2024 3.

AmeriGas Propane earned $166 million before interest and taxes in fiscal 2025, up $24 million, on higher average retail propane unit margins and lower operating costs 3. Retail gallons slipped from 737 million to 733 million 3.

The pruning of the European LPG business continued in fiscal 2026 2. UGI International completed the sale of its UK cylinder business in October 2025, Austria's Flaga in November 2025 and Romania in February 2026 2.

The sale of the Czech Republic, Hungary, Poland and Slovakia businesses closed in May 2026 2. The company has received or expects net cash proceeds of about $145 million from these divestitures 2.

Utilities

The Utilities segment is the regulated gas and electric distribution business 3. PA Gas Utility serves about 694,000 customers in 46 Pennsylvania counties, and Mountaineer serves about 210,000 customers in West Virginia 3.

The segment earned $403 million before interest and taxes in fiscal 2025, up $3 million, as higher gas margin was mostly offset by higher costs 3. The electric division is held for sale, with about 2,700 miles of lines and 14 substations 2.

Midstream & Marketing

UGI Energy Services sells natural gas, renewable natural gas, liquid fuels and electricity to about 9,700 customers at about 37,000 locations 3. It also owns liquefied natural gas plants in Temple and Mehoopany, Pennsylvania 3.

Segment earnings before interest and taxes were $293 million in fiscal 2025, down $20 million, as gathering and processing margin fell 3.

UGI International

The unit distributes propane and butane for heating, cooking and farm use under five LPG brands, and sold about 820 million gallons in fiscal 2025 3. The report says it is the largest LPG distributor in France, Belgium, Denmark and Luxembourg 3.

After the divestitures, retail gallons fell 10 percent to 125 million in the June 2026 quarter, which the company attributes to the sold businesses in Italy, Austria and Eastern Europe 1.

AmeriGas Propane

AmeriGas is the nation's largest retail propane distributor by volume, serving over 1.0 million customers in all 50 states from about 1,390 locations 3. ACE cylinders are available at over 41,500 retail locations 3.

In the June 2026 quarter AmeriGas lost $53 million before interest and taxes, against a $28 million loss a year earlier 1. The company blamed warm April weather and continuing customer attrition for a 10 percent drop in retail gallons 1.

Chief executive Bob Flexon said the AmeriGas transformation is taking hold, citing improved volume retention 1.

People, rivals and problems

Robert Flexon is president and chief executive, Sean O'Brien chief financial officer, Hans Bell president of UGI Utilities, Julie Fazio of UGI International, Joseph Hartz of UGI Energy Services and Michael Sharp of AmeriGas Propane 3.

Propane competes with electricity, fuel oil and natural gas, mainly on price, service, availability and portability 3. European LPG markets are mature, with modest declines in total demand 3.

The umbrella, in words

UGI runs four segments through wholly owned subsidiaries, among them Mountaineer Gas Company, UGI Energy Services, LLC and AmeriGas, Inc., which are listed at 100 percent in Exhibit 21 to the annual report 7. The same exhibit lists Pine Run Gathering, LLC at 49 percent 7.

The general partner of AmeriGas Partners is UGI's wholly owned subsidiary AmeriGas Propane, Inc. 3. On control, FMR LLC reported owning 6.7 percent of UGI's common stock as of March 31, 2026 8.

UGI expects fiscal 2026 adjusted diluted earnings of $2.75 to $2.90 per share, a range it reaffirmed with its June 2026 quarter results 1.

The annual report estimated fiscal 2026 capital spending at $1,053 million, with $629 million at Utilities 3.

The Electric Utility sale is expected to close in the second quarter of fiscal 2027, subject to customary conditions and regulatory approvals 2.

Under the Pennsylvania gas settlement, PA Gas Utility may not file a general rate increase request before January 15, 2029 2. The second $25 million step takes effect October 1, 2027 5.

In West Virginia, WV Gas Utility asked in February 2026 for a net revenue increase of $27 million 2. Its 2026 infrastructure filing asks to recover $14 million, with an order expected in December 2.

The new $300 million facility matures June 30, 2027, and its commitments end if less than $210 million of the 2028 notes remains outstanding 4. UGI also committed to replace all cast iron gas mains by 2027 and bare steel by 2041 3.