UGI Corporation

Last updated
UGI Corporation
FormerlyUnited Gas Improvement Co.
Company type Public company
NYSE:  UGI
S&P 400 component
Industry Energy industry
Founded1882;143 years ago (1882)
Headquarters
Area served
United States
Europe
Key people
Mario Longhi, Chairperson
Mario Longhi, Interim President & CEO
Sean O'Brien, CFO
RevenueIncrease2.svg $7.651 billion (2018)
Increase2.svg $0.718 billion (2018)
Total assets Increase2.svg $11.980 billion (2018)
Total equity Increase2.svg $3.681 billion (2018)
Number of employees
7,700 (2018)
Subsidiaries UGI Utilties
UGI Energy Services
Mountaineer Gas Co.
AmeriGas
UGI International
Website www.ugicorp.com
Footnotes /references
[1]
AmeriGas, Ypsilanti, MI AmeriGas Ypsilanti.JPG
AmeriGas, Ypsilanti, MI

UGI Corporation (formerly UnitedGasImprovement Corp.) is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe. [1]

Contents

UGI owns AmeriGas, the largest propane marketer in the United States. UGI also owns AvantiGas, Antargaz and Flaga in Europe. [1]

UGI also operates interstate and intrastate transmission and natural gas storage assets in the Marcellus Shale. [1]

History

UGI was incorporated in 1882 as United Gas Improvement Co.

In 1903, the company owned the majority of the stock of the Equitable Illuminating Gas Light Company, which operated the Philadelphia Gas Works. [2]

The company formed the United Electric Company of New Jersey in 1899. United Electric consolidated several electric and lighting utilities into a single holding company. [3]

Public Service Corporation of New Jersey took over United Electric in 1907. [4] [5] United Electric was ultimately merged into Public Service Enterprise Group.

In October 1964, Industrial Gases, Inc., of Pittsburgh, Pennsylvania, filed an antitrust suit in United States district court charging the company with attempting to eliminate competition in sales of bottled propane gas in Pittsburgh. [6] The Philadelphia Gas Works division of UGI challenged a ruling of the Federal Power Commission. The FPC lowered the maximum price that natural gas producers could charge to $0.16 per 1,000 cubic feet (28 m3) of gas. This mandate was upheld by the Supreme Court of the United States in May 1968. [7]

In February 1968, the company changed its name to UGI Corporation. [8] [9]

In 1993, through its AmeriGas subsidiary, the company acquired Petrolane, which was in bankruptcy. [10]

In 1999, the company offered to acquire Unisource Worldwide, a distributor of office paper, but it was outbid by Georgia-Pacific. [11]

On April 1, 2013, John Walsh succeeded Lon Greenberg as president and chief executive officer. [12]

In May 2015, the company acquired Totalgaz S.A.'s liquefied petroleum gas distribution operations in France for €423 million. [13]

In October 2017, the company acquired Totalgaz Italia, a liquefied petroleum gas distribution business, and renamed it UniverGas Italia. [14]

In December 2018, the company acquired South Jersey Industries’s retail natural gas business. [15]

On August 1, 2019, the company acquired Columbia Midstream Group for approximately $1.275 billion. [16]

On August 21, 2019, the company acquired the portion of AmeriGas that it did not already own. [17]

On July 10, 2020, the company acquired GHI Energy LLC, a Houston-based renewable natural gas company. [18]

On January 5, 2020, the company acquired Mountaineer Gas Company of West Virginia for $540 million. [19]

Notable people

Related Research Articles

<span class="mw-page-title-main">Sunoco</span> American energy company

Sunoco LP is an American master limited partnership organized under Delaware state law and headquartered in Dallas, Texas. Dating back to 1886, the company has transitioned from a vertically integrated energy company to a distributor of fuels and operator of energy infrastructure. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses.

<span class="mw-page-title-main">Ovintiv</span> American energy company

Ovintiv Inc. is an American petroleum company based in Denver. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana.

<span class="mw-page-title-main">Public Service Corporation</span>

The Public Service Corporation (PSC) was an energy and transportation company in New Jersey. It was formed to shore up financing and development of New Jersey's streetcar and power companies at a time when they were growing but exhausting capital. It did this by leasing their operations or buying them outright, and using the size and integration of the systems to get favorable financing for improvements.

Expand Energy Corporation is a natural gas exploration and production company headquartered in Oklahoma City. It was previously known as Chesapeake Energy Corporation.

<span class="mw-page-title-main">Ferrellgas</span> American company

Ferrellgas Partners, L.P. is an American supplier of propane founded 84–85 years ago in Atchison, Kansas by A.C. Ferrell. The nationwide company is headquartered in Liberty, Missouri.

<span class="mw-page-title-main">Exelon</span> American utility company

Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.

<span class="mw-page-title-main">DTE Energy</span> Energy company based in Detroit

DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.

<span class="mw-page-title-main">Devon Energy</span> American energy company

Devon Energy Corporation is a company engaged in hydrocarbon exploration in the United States. It is organized in Delaware with operational headquarters in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.

<span class="mw-page-title-main">Anadarko Petroleum</span> American energy company

Anadarko Petroleum Corporation was a company engaged in hydrocarbon exploration. It was organized in Delaware and headquartered in two skyscrapers in The Woodlands, Texas: the Allison Tower and the Hackett Tower, both named after former CEOs of the company. In 2019, the company was acquired by Occidental Petroleum.

Energy Transfer LP is an American company engaged in the pipeline transportation, storage, and terminaling for natural gas, crude oil, NGLs, refined products and liquid natural gas. It is organized under Delaware state laws and headquartered in Dallas, Texas. It was founded in 1996 by Ray Davis and Kelcy Warren, who remains Executive Chairman.

SCANA Corporation was an American regulated electric and natural gas public utility. The company was based in Cayce, South Carolina, a suburb of Columbia, South Carolina. Following the Nukegate scandal, the company's stock fell and the company was in disrepair. In January 2019, SCANA was acquired by Dominion Energy. The corporate name SCANA was not an acronym, but was taken from the letters in South Carolina.

AmeriGas Partners, L.P. is the largest retail propane distributor in the United States based on the volume of propane gallons distributed annually. It serves over 1.7 million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 1,900 propane distribution locations. It is headquartered in King of Prussia, Pennsylvania and is a subsidiary of UGI Corporation.

<span class="mw-page-title-main">SemGroup</span>

SemGroup Corporation was a publicly-traded company engaged in natural gas, petroleum, and propane pipeline transport. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In December 2019, the company was acquired by Energy Transfer LP.

<span class="mw-page-title-main">Chesapeake Utilities</span> American corporation

Chesapeake Utilities Corporation is an American corporation formed in 1947. Chesapeake Utilities Corporation is a diversified energy company engaged, through our operating divisions and subsidiaries, in various energy and other businesses. Headquartered in Delaware, Chesapeake Utilities Corporation operates primarily within the Middle-Atlantic, Southeast and Midwest regions, providing natural gas distribution and transmission, natural gas supply, gathering and processing, electric distribution and propane distribution service.

<span class="mw-page-title-main">EQT Corporation</span> American energy company

EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.

Noble Energy, Inc. was a company engaged in hydrocarbon exploration headquartered in Houston, Texas. In October 2020, the company was acquired by Chevron Corporation.

Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operated in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company was the largest acreage holder. In May 2024, the company was acquired by ExxonMobil.

Inergy, L.P. is an American supplier of propane based in Kansas City, Missouri that claims to be the fourth-largest propane retailer in the United States. Serving 800,000 customers in 28 states. It is also a major salt miner via its U.S. Salt LLC subsidiary with its salt caverns later being used for natural gas storage.

<span class="mw-page-title-main">Whiting Petroleum</span> American Energy Production Company

Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.

<span class="mw-page-title-main">Oil Price Information Service</span>

Oil Price Information Service (OPIS) is a price reporting agency which provides information that is used for commercial contracts and trade settlement related to petroleum, gasoline, diesel, ethanol, biodiesel, LP-gas, jet fuel, crude, natural gas, petrochemicals, recycled plastics, refinery feedstocks, residual fuel, and kerosene. It is based in Rockville, Maryland and has offices in New Jersey, Houston, Texas, Minnesota, and internationally in Sweden, Romania, Singapore, and Japan.

References

  1. 1 2 3 4 "UGI Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. "United Gas Improvement: What the Company Did Last Year". The Wall Street Journal . April 17, 1903 via Newspapers.com.
  3. "United Gas Improvement: Important Suit Involving United Electric". The Wall Street Journal . October 8, 1904 via Newspapers.com.
  4. "Gold Bonds offered by United Electric Company of New Jersey". The New York Times . January 1, 1910 via Newspapers.com.
  5. "Leased By Public Service: United Electric Company to be Taken Over for a Term of 999 Years". The New York Times . June 30, 1907 via Newspapers.com.
  6. Pittsburgh Firm Sues United Gas Improvement On Antitrust Charges, Wall Street Journal, October 7, 1964, p. 18.
  7. FPC Steps To Regulate Natural Gas Rates Are Approved in full by the Supreme Court, Wall Street Journal, May 7, 1968, pg. 4.
  8. UGI Corp., The Wall Street Journal, November 15, 1968, p. 35.
  9. United Gas Improvement Proposes Name Change, The Wall Street Journal, February 28, 1968, p. 25.
  10. "AmeriGas to acquire Petrolane stake by August". United Press International . May 18, 1993.
  11. Hagerty, James R. (May 11, 1999). "Georgia-Pacific Bids $851 Million To Snatch Unisource from UGI". The Wall Street Journal .
  12. "UGI announces that Lon R. Greenberg will retire as Chief Executive Officer effective April 1, 2013" (Press release). Business Wire. March 5, 2013.
  13. "UGI Completes Acquisition of Total LPG Distribution Business in France" (Press release). Business Wire. May 29, 2015.
  14. "UGI Corporation Acquires Totalgaz Italia S.r.l." (Press release). Business Wire. October 5, 2017.
  15. "UGI Energy Services Acquires South Jersey Energy's Retail Natural Gas Business" (Press release). Business Wire. December 3, 2018.
  16. "UGI Subsidiary Completes Acquisition of Columbia Midstream Group, LLC" (Press release). Business Wire. August 1, 2019.
  17. "UGI and AmeriGas Partners, L.P. Complete Merger Transaction" (Press release). Business Wire. August 21, 2019.
  18. "UGI Energy Services Acquires RNG Company" (Press release). ngtnews.com. July 10, 2020.
  19. "UGI acquires Mountaineer Gas for USD 540 million" . Retrieved 2021-01-05.
  20. "Arthur Otis Granger Dies". The New York Times . New York, New York. July 31, 1914. p. 9. Lock-green.svg