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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ________ to ________  
Commission file number 1-11071
UGI CORPORATION
(Exact name of registrant as specified in its charter)
Pennsylvania 23-2668356
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
460 North Gulph Road, King of Prussia, PA 19406
(Address of Principal Executive Offices) (Zip Code)

(610) 337-1000
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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 UnitsUGICNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ý  No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ý  No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerýAccelerated filerNon-accelerated filer
Smaller reporting companyEmerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  ý
At April 30, 2022, there were 209,993,488 shares of UGI Corporation Common Stock, without par value, outstanding.


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UGI CORPORATION AND SUBSIDIARIES
TABLE OF CONTENTS
 
 Page
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GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this Form 10-Q are defined below:

UGI Corporation and Related Entities

AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners
AmeriGas Partners - AmeriGas Partners, L.P., a Delaware limited partnership and an indirect wholly-owned subsidiary of UGI; also referred to as the “Partnership”
AmeriGas Propane - Reportable segment comprising AmeriGas Propane, Inc. and its subsidiaries, including AmeriGas Partners and AmeriGas OLP
AmeriGas Propane, Inc. - A wholly owned second-tier subsidiary of UGI and the general partner of AmeriGas Partners
AvantiGas - AvantiGas Limited, an indirect wholly owned subsidiary of UGI International, LLC
Company - UGI and its consolidated subsidiaries collectively
DVEP - DVEP Investeringen B.V., an indirect wholly owned subsidiary of UGI International, LLC
Electric Utility - UGI Utilities’ regulated electric distribution utility located in Pennsylvania
Energy Services - UGI Energy Services, LLC, a wholly owned second-tier subsidiary of UGI
ESFC - Energy Services Funding Corporation, a wholly owned subsidiary of Energy Services
Flaga - Flaga GmbH, an indirect wholly owned subsidiary of UGI International, LLC
Gas Utility - UGI’s regulated natural gas businesses, inclusive of PA Gas Utility and WV Gas Utility
GHI - GHI Energy, LLC, a Houston-based RNG company and indirect wholly owned subsidiary of Energy Services
Midstream & Marketing - Reportable segment comprising Energy Services and UGID
Mountaineer - Mountaineer Gas Company, a natural gas distribution company in West Virginia and an indirect wholly owned subsidiary of Mountaintop Energy Holdings, LLC
Mountaintop Energy Holdings, LLC - Indirect parent company of Mountaineer and wholly owned subsidiary of UGI, acquired on September 1, 2021
PA Gas Utility - UGI Utilities’ regulated natural gas distribution business, primarily located in Pennsylvania
Partnership - AmeriGas Partners and its consolidated subsidiaries, including AmeriGas OLP
Stonehenge - Stonehenge Appalachia, LLC, a midstream natural gas gathering business, which includes 47 miles of pipeline and associated compression assets
UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries
UGI France - UGI France SAS (a Société par actions simplifiée), an indirect wholly owned subsidiary of UGI International, LLC
UGI International - Reportable segment principally comprising UGI’s foreign operations
UGI International, LLC - UGI International, LLC, a wholly owned second-tier subsidiary of UGI
UGI Utilities - UGI Utilities, Inc., a wholly owned subsidiary of UGI comprising PA Gas Utility and Electric Utility
UGID - UGI Development Company, a wholly owned subsidiary of Energy Services
UniverGas - UniverGas Italia S.r.l, an indirect wholly owned subsidiary of UGI International, LLC
1

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Utilities - Reportable segment comprising UGI Utilities and Mountaintop Energy Holdings, LLC
WV Gas Utility - Mountaineer’s regulated natural gas distribution business, located in West Virginia
Other Terms and Abbreviations
2021 Annual Report - UGI Annual Report on Form 10-K for the fiscal year ended September 30, 2021
2021 six-month period - Six months ended March 31, 2021
2021 three-month period - Three months ended March 31, 2021
2022 six-month period - Six months ended March 31, 2022
2022 three-month period - Three months ended March 31, 2022
2024 Purchase Contract - A forward stock purchase contract issued by UGI Corporation as a part of the issuance of Equity Units which obligates holders to purchase a number of shares of UGI common stock from the Company on June 1, 2024
AOCI - Accumulated Other Comprehensive Income (Loss)
ASC - Accounting Standards Codification
ASC 606 - ASC 606, “Revenue from Contracts with Customers”
ASC 980 - ASC 980, “Regulated Operations”
ASU - Accounting Standards Update
Bcf - Billions of cubic feet
CARES Act - Coronavirus Aid, Relief, and Economic Security Act
CDC - Centers for Disease Control and Prevention
COA - Consent Order and Agreement
CODM - Chief Operating Decision Maker as defined in ASC 280, “Segment Reporting”
Common Stock - shares of UGI common stock
Convertible Preferred Stock - Preferred stock of UGI titled 0.125% series A cumulative perpetual convertible preferred stock without par value and having a liquidation preference of $1,000 per share
COVID-19 - A novel strain of coronavirus disease discovered in 2019
DS - Default service
DSIC - Distribution System Improvement Charge
Energy Services Credit Agreement - Third amended and restated credit agreement entered into by Energy Services, as borrower, providing for borrowings up to $260 million, including a letter or credit subfacility of up to $50 million, scheduled to expire in March 2025
Equity Unit - A corporate unit consisting of a 2024 Purchase Contract and 1/10th or 10% undivided interest in one share of Convertible Preferred Stock
Exchange Act - Securities Exchange Act of 1934, as amended
FASB - Financial Accounting Standards Board
FDIC - Federal Deposit Insurance Corporation
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FERC - Federal Energy Regulatory Commission
Fiscal 2019 - The fiscal year ended September 30, 2019
Fiscal 2020 - The fiscal year ended September 30, 2020
Fiscal 2021 - The fiscal year ended September 30, 2021
Fiscal 2022 - The fiscal year ending September 30, 2022
Fiscal 2023 - The fiscal year ending September 30, 2023
GAAP - U.S. generally accepted accounting principles
Gwh - Millions of kilowatt hours
ICE - Intercontinental Exchange
IRPA - Interest rate protection agreement
LNG - Liquefied natural gas
LPG - Liquefied petroleum gas
MDPSC - Maryland Public Service Commission
MGP - Manufactured gas plant
Mountaineer Acquisition - Acquisition of Mountaintop Energy Holdings LLC, which closed on September 1, 2021
NOAA - National Oceanic and Atmospheric Administration
NPNS - Normal purchase and normal sale
NYDEC - New York State Department of Environmental Conservation
NYMEX - New York Mercantile Exchange
PADEP - Pennsylvania Department of Environmental Protection
PAPUC - Pennsylvania Public Utility Commission
PGC - Purchased gas costs
PRP - Potentially Responsible Party
Purchase Contracts - Forward stock purchase contracts issued by UGI Corporation in May 2021, which obligate holders to purchase a number of shares of UGI common stock from the Company on June 1, 2024
Receivables Facility - A receivables purchase facility of Energy Services with an issuer of receivables-backed commercial paper
Retail core-market - Comprises firm residential, commercial and industrial customers to whom Utilities has a statutory obligation to provide service that purchase their natural gas from Utilities
RNG - Renewable natural gas
ROD - Record of Decision
SEC - U.S. Securities and Exchange Commission
Stonehenge Acquisition - Acquisition of Stonehenge Appalachia, LLC, which closed January 27, 2022
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UGI Corporation Senior Credit Facility - An amended unsecured senior facilities agreement entered into on May 4, 2021, by UGI comprising (1) a $250 million term loan due August 2024; (2) a $300 million term loan due May 2025; (3) a $215 million term loan due May 2025 and (3) a five-year $300 million revolving credit facility (including a $10 million sublimit for letters of credit)
UGI International 2.50% Senior Notes - An underwritten private placement of €400 million principal amount of senior unsecured notes due December 1, 2029, issued by UGI International, LLC
UGI International 3.25% Senior Notes - An underwritten private placement of €350 million principal amount of senior unsecured notes due November 1, 2025, issued by UGI International, LLC
UGI International Credit Facilities Agreement - A five-year unsecured senior facilities agreement entered into in October 2018, by UGI International, LLC comprising a €300 million term loan facility and a €300 million revolving credit facility, scheduled to expire in October 2023
U.S. - United States of America
USD - U.S. dollar
WHO - World Health Organization
WVPSC - Public Service Commission of West Virginia
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UGI CORPORATION AND SUBSIDIARIES
PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited)
(Millions of dollars)
March 31,
2022
September 30,
2021
March 31,
2021
ASSETS
Current assets:
Cash and cash equivalents$718 $855 $444 
Restricted cash55 22 28 
Accounts receivable (less allowances for doubtful accounts of $70, $53 and $52, respectively)
1,690 880 1,183 
Accrued utility revenues77 15 32 
Income taxes receivable128 128 127 
Inventories398 469 268 
Derivative instruments877 665 127 
Prepaid expenses and other current assets211 236 175 
Total current assets4,154 3,270 2,384 
Property, plant and equipment, (less accumulated depreciation of $4,117, $3,950 and $3,869, respectively)
7,812 7,558 7,020 
Goodwill3,722 3,770 3,524 
Intangible assets, net545 583 640 
Utility regulatory assets372 373 392 
Derivative instruments340 338 61 
Other assets832 831 924 
Total assets$17,777 $16,723 $14,945 
LIABILITIES AND EQUITY
Current liabilities:
Current maturities of long-term debt$130 $110 $51 
Short-term borrowings447 367 340 
Accounts payable915 837 627 
Derivative instruments69 60 42 
Other current liabilities938 923 832 
Total current liabilities2,499 2,297 1,892 
Long-term debt6,390 6,339 5,953 
Deferred income taxes1,306 1,137 833 
Derivative instruments40 38 46 
Other noncurrent liabilities1,332 1,381 1,393 
Total liabilities11,567 11,192 10,117 
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 0 Series A shares, respectively)
161 213  
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 210,127,957, 209,843,296 and 209,636,619 shares, respectively)
1,465 1,394 1,428 
Retained earnings4,757 4,081 3,557 
Accumulated other comprehensive loss(178)(140)(126)
Treasury stock, at cost(5)(26)(40)
Total UGI Corporation stockholders’ equity6,200 5,522 4,819 
Noncontrolling interests10 9 9 
Total equity6,210 5,531 4,828 
Total liabilities and equity$17,777 $16,723 $14,945 
See accompanying notes to condensed consolidated financial statements.
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UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(Millions of dollars, except per share amounts)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Revenues$3,466 $2,581 $6,139 $4,513 
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)1,470 1,274 3,590 2,107 
Operating and administrative expenses553 515 1,067 1,004 
Depreciation and amortization128 126 257 250 
Other operating income, net(17)(5)(39)(21)
2,134 1,910 4,875 3,340 
Operating income1,332 671 1,264 1,173 
Income from equity investees5 10 13 17 
Loss on extinguishment of debt  (11) 
Other non-operating income (expense), net11 18 21 (1)
Interest expense(82)(78)(163)(156)
Income before income taxes1,266 621 1,124 1,033 
Income tax expense(332)(132)(286)(241)
Net income including noncontrolling interests934 489 838 792 
Deduct net income attributable to noncontrolling interests(1) (2) 
Net income attributable to UGI Corporation$933 $489 $836 $792 
Earnings per common share attributable to UGI Corporation stockholders:
Basic$4.44 $2.34 $3.98 $3.79 
Diluted$4.32 $2.33 $3.87 $3.77 
Weighted-average common shares outstanding (thousands):
Basic210,163 208,930 209,919 208,849 
Diluted215,928 210,092 215,936 209,863 
See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(unaudited)
(Millions of dollars)
Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Net income including noncontrolling interests$934 $489 $838 $792 
Other comprehensive income (loss):
Net gains on derivative instruments (net of tax of $(12), $(2), $(14) and $(2), respectively)
24 4 34 4 
Reclassifications of net losses on derivative instruments (net of tax of $(1), $(2), $(3) and $(4), respectively)
6 4 10 9 
Foreign currency adjustments (net of tax of $(9), $(10), $(13) and $2, respectively)
(53)(56)(85)7 
Benefit plans (net of tax of $0, $0, $(1) and $0, respectively)
1 1 3 1 
Other comprehensive (loss) income(22)(47)(38)21 
Comprehensive income including noncontrolling interests912 442 800 813 
Deduct comprehensive income attributable to noncontrolling interests(1) (2) 
Comprehensive income attributable to UGI Corporation$911 $442 $798 $813 

See accompanying notes to condensed consolidated financial statements.

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UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
(Millions of dollars)
Six Months Ended
March 31,
 20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income including noncontrolling interest$838 $792 
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:
Depreciation and amortization257 250 
Deferred income tax expense, net160 191 
Provision for uncollectible accounts33 19 
Changes in unrealized gains and losses on derivative instruments(341)(185)
Loss on extinguishment of debt11  
Income from equity investees(13)(17)
Other, net15 32 
Net change in:
Accounts receivable and accrued utility revenues(943)(573)
Income taxes receivable (47)
Inventories64 (27)
Utility deferred fuel and power costs, net of changes in unsettled derivatives (6)
Accounts payable106 181 
Derivative instruments collateral deposits received138 44 
Other current assets38 (29)
Other current liabilities37 21 
Net cash provided by operating activities400 646 
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment(355)(304)
Acquisitions of businesses and assets, net of cash and restricted cash acquired(188)(12)
Investments in equity method investees(10)(61)
Other, net38 20 
Net cash used by investing activities(515)(357)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock(145)(138)
Issuances of long-term debt, net of issuance costs644 30 
Repayments of long-term debt and finance leases, including redemption premiums(552)(65)
Increase (decrease) in short-term borrowings80 (5)
Receivables Facility net repayments (2)
Payments on Purchase Contracts(8) 
Issuances of UGI Common Stock6 6 
Net cash provided (used) by financing activities25 (174)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(14) 
Cash, cash equivalents and restricted cash (decrease) increase$(104)$115 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period$773 $472 
Cash, cash equivalents and restricted cash at beginning of period877 357 
Cash, cash equivalents and restricted cash (decrease) increase$(104)$115 
See accompanying notes to condensed consolidated financial statements.
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UGI CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(unaudited)
(Millions of dollars, except per share amounts)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2022202120222021
Preferred stock, without par value
Balance, beginning of period$214 $ $213 $ 
Other(53)— (52)— 
Balance, end of period $161 $ $161 $ 
Common stock, without par value  
Balance, beginning of period$1,402 $1,419 $1,394 $1,416 
Common Stock issued in connection with employee and director plans, net of tax withheld3 2 8 3 
Equity-based compensation expense7 7 10 9 
Other53 — 53 — 
Balance, end of period$1,465 $1,428 $1,465 $1,428 
Retained earnings  
Balance, beginning of period$3,908 $3,139 $4,081