UGI
Annual Report 2024

2024 Annual Report

CORPORATEPROFILE
International distributor and marketer of energy products and services, 
including natural gas, LPG, electricity and renewable energy solutions, 
with robust infrastructure in key markets.
MISSION
To provide best-in-class energy solutions by striving for the highest safety 
standards, operational excellence, and outstanding customer satisfaction. 
Essential to the achievement of our vision, we consistently deliver strong, 
reliable financial results while providing an environment where all our 
people can thrive, develop their potential, and positively impact the 
communities we serve.
UGI Corporation 2024 Annual Report
2
CORE
VALUES
Safety
Respect
Integrity
Sustainability
Excellence
Reliability
Accountability

OURBUSINESSES
FYADJUSTEDDILUTEDEPS
BUSINESSCONTRIBUTION
FYCAPITAL
EXPENDITURES
UGI Corporation 2024 Annual Report
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• Second largest regulated gas utility in Pennsylvania1
• Largest regulated gas utility in West Virginia1 
• Aractive historical rate base CAGR and ROE
• Strategic midstream assets and energy marketing business
• Significant fee-based income
• Largest retail LPG distributor in the US based on 
  the volume of propane gallons distributed annually
• Broad geographic footprint with ~1,360 distribution 
  locations serving customers in all 50 states 
• LPG distributor in 16 countries throughout Europe
• Largest LPG distributor in France, Austria, Belgium, 
   Denmark, and Luxembourg 
Global LPG
Natural Gas
1. Based on total customers
Includes investments in
equity method investees.
17
Countries
~9,750
Employees
2.5+M
Customers
$4.2B
Rate Base
~19,000
Miles of Gas Mains
~4.6 bcf/day
Natural Gas Pipeline Capacity
Natural
Gas
67%
Global
LPG
33%
$897M
N
a
t
u
r
a
l
 
G
a
s
 
G
l
o
b
a
l 
L
P
G
 
2
0
%
8
0
%

Dividends Per Share 1 ($)
YEARSOFCONSECUTIVELYPAYINGDIVIDENDS
10 Year CAGR: 6%
UGI Corporation 2024 Annual Report
4
2014
$0.87
$0.91
$0.95
$1.00
$1.04
$1.30
$1.32
$1.38
$1.44
$1.50
$1.50
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
1. Adjusted for stock splits. Dividend figures represent annualized dividends based on the last dividend issued in that fiscal year.

AMESSAGETOOURSHAREHOLDERS
Fiscal 2024 was a pivotal year for UGI as we 
embarked on a multi-year journey to drive beer 
business performance in order to enhance our 
financial profile. We took decisive actions to enhance 
our leadership team, create greater operational 
efficiencies and strengthen our balance sheet. 
Amongst that backdrop, the company realized the 
highest adjusted diluted earnings per share in its 
history, which is reflective of the resiliency of our 
business, our highly aractive asset base, and the 
hard work of our dedicated employees. 
Solid financial performance. Three of our business 
segments delivered their strongest earnings before 
interest expense and taxes driven by higher margins 
and greater operational efficiencies, which helped to 
offset the impact of lower financial results at 
AmeriGas Propane where there is continued focus 
on stabilizing operations and improving customer 
service. We recognize that improvement in these 
areas is critical to unlocking greater value for our 
shareholders.
Also, crucial to our success as an organization is 
disciplined capital allocation that aligns with our 
business strategy. In Fiscal 2024, approximately 80% 
of the capital deployed was invested in the natural 
gas businesses, primarily in infrastructure replacement 
and beerment at our regulated utilities. At the 
Midstream business, we began construction of two 
facilities that will expand our LNG storage, 
vaporization, and liquefaction capacity, and strengthen 
our position for increasing natural gas demand. 
Today, the runway and depth of opportunities to 
grow our natural gas businesses is unparalleled in 
our history and so we are focused on balance sheet 
management so that we can capitalize on these 
opportunities.  
Creating value for our shareholders remains top of 
mind. This year, we proudly continued UGI’s strong 
track record of returning value to shareholders 
through dividend payments. Over our 142-year 
history, we have paid dividends for 140 consecutive 
years and provided a 10-year dividend compound 
annual growth rate of 6%.  
ADJUSTEDDILUTEDEPS
2019
2020
2021
2022
2023
2024
Adjusted diluted earnings per share (EPS) is a non-GAAP measure. 
For reconciliation, see UGI Corporation's Annual Reports on Form 10-K. 
6%
556 bcf
Natural Gas Delivered
980 gwh
Electricity Delivered
FYENERGYDELIVERED
1.7B
LPG Gallons Sold
$2.28
$2.67
$2.96
$2.90
$2.84
$3.06
UGI Corporation 2024 Annual Report
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In the community. As a company, we also have a 
deep commitment to the communities in which we 
operate as we strive to help in improving the lives 
and well-being of those around us. To that effect, 
we are proud of our employees who volunteered 
countless hours, serving and partnering with various 
organizations to meet the needs within our 
community. 
In addition, UGI was recognized by several respected 
publications and institutions during the year. Most 
notably, UGI was listed among the Fortune 500, 
which is comprised of the 500 largest companies in 
the United States as compiled by Fortune, for the 
20th time. In addition, UGI was recognized by The 
Forum for Executive Women as a Champion of 
Board Diversity, which is awarded to top public 
companies in the Philadelphia region with 30% or 
more women on their respective boards.
Looking ahead. When we look at the pathway to 
driving UGI’s overall performance, at the core is our 
talent, working environment and culture. In Fiscal 
2025, we will focus on establishing the environment 
that drives the desired performance and outcomes 
across the enterprise, along with the natural gas and 
propane businesses managing their own financial 
needs and balance sheets. While there is a lot of 
work ahead, we are excited for the opportunity to 
drive the company forward.  
We appreciate your investment and support of UGI 
and look forward to keeping you updated on our 
progress in Fiscal 2025.
UGI Corporation 2024 Annual Report
6
Mario Longhi
Board Chair
Bob Flexon
President and
Chief Executive Officer

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K 
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
FOR THE FISCAL YEAR ENDED SEPTEMBER 30, 2024 
☐
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.)
500 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
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☑
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 ☑ 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 such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 filer
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its 
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public 
accounting firm that prepared or issued its audit report. ☑ 
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant 
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based 
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑
The aggregate market value of UGI Corporation Common Stock held by non-affiliates of the registrant on March 28, 2024 was 
$5,134,363,782.
At November 15, 2024, there were 214,698,169 shares of UGI Corporation Common Stock issued and outstanding.
Portions of the Proxy Statement for the Annual Meeting of Shareholders to be held on January 31, 2025 are incorporated by reference into 
Part III of this Form 10-K.
Table of Contents

TABLE OF CONTENTS
 
Page
Glossary of Terms and Abbreviations
2
Forward-Looking Information
9
PART I:
Items 1. and 2. Business and Properties
10
Item 1A. Risk Factors
32
Item 1B. Unresolved Staff Comments
44
Item 1C. Cybersecurity
44
Item 3. Legal Proceedings
44
Item 4. Mine Safety Disclosures
44
PART II:
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity 
Securities
45
Item 6. Reserved
46
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
46
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
69
Item 8. Financial Statements and Supplementary Data
69
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
70
Item 9A. Controls and Procedures
70
Item 9B. Other Information
73
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
73
PART III:
Item 10. Directors, Executive Officers and Corporate Governance
74
Item 11. Executive Compensation
74
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
74
Item 13. Certain Relationships and Related Transactions and Director Independence
74
Item 14. Principal Accounting Fees and Services
74
PART IV:
Item 15. Exhibits and Financial Statement Schedules
77
Item 16. Form 10-K Summary
89
Signatures
90
 
Index to Financial Statements and Financial Statement Schedules
F-2
 
 
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1

GLOSSARY OF TERMS AND ABBREVIATIONS
 
Terms and abbreviations used in this Form 10-K are defined below:
UGI Corporation and Related Entities
 
AmeriGas Finance Corp. - A wholly owned subsidiary of AmeriGas Partners
AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners
AmeriGas Partners - AmeriGas Partners, L.P., an indirect wholly owned subsidiary of UGI; also referred to, together with its 
consolidated subsidiaries, 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; also 
referred to as the “General Partner”
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 northeastern Pennsylvania
Energy Services - UGI Energy Services, LLC, a wholly owned subsidiary of Enterprises
Enterprises - UGI Enterprises, LLC, a wholly owned 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
General Partner - AmeriGas Propane, Inc., the general partner of AmeriGas Partners
GHI - GHI Energy, LLC, a Houston-based renewable natural gas company and indirect wholly owned subsidiary of Energy 
Services
MBL Bioenergy - MBL Bioenergy, LLC
Midstream & Marketing - Reportable segment comprising Energy Services and its subsidiaries including UGID
Mountaineer - Mountaineer Gas Company, a natural gas distribution company in West Virginia and a wholly owned subsidiary 
of Mountaintop Energy Holdings, LLC
Mountaintop Energy Holdings, LLC - Parent company of Mountaineer and wholly owned subsidiary of UGI
PA Gas Utility - UGI Utilities’ regulated natural gas distribution business, primarily located in Pennsylvania
Partnership - AmeriGas Partners and its consolidated subsidiaries, including AmeriGas OLP; also referred to as “AmeriGas 
Partners”
Pennant - Pennant Midstream, LLC, an indirect wholly owned subsidiary of Energy Services
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Pine Run - Pine Run Gathering, LLC
Stonehenge - Stonehenge Appalachia, LLC, a midstream natural gas gathering business
UGI - UGI Corporation or, collectively, UGI Corporation and its consolidated subsidiaries
UGI Appalachia - UGI Appalachia, LLC, a wholly owned subsidiary of Energy Services
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 International, LLC and its foreign operations
UGI International Holdings, B.V. - An indirect wholly owned subsidiary of UGI International, LLC
UGI International, LLC - UGI International, LLC, a wholly owned subsidiary of Enterprises
UGI Moraine East - UGI Moraine East Gathering LLC, a wholly owned subsidiary comprising the assets acquired in the 
Stonehenge Acquisition
UGI Pine Run, LLC - A wholly owned subsidiary of Energy Services that holds a 49% membership interest in Pine Run
Utilities - Reportable segment comprising UGI Utilities and Mountaintop Energy Holdings, LLC
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 prior to its sale on September 30, 2024
UniverGas - UniverGas Italia S.r.l, an indirect wholly owned subsidiary of UGI International, LLC
WV Gas Utility - Mountaineer’s regulated natural gas distribution business, located in West Virginia
Other Terms and Abbreviations
2013 OICP - UGI Corporation 2013 Omnibus Incentive Compensation Plan 
5.625% Senior Notes - An underwritten public offering of $675 million aggregate principal amount of notes due May 2024, 
issued by AmeriGas Partners. Pursuant to the tender offer, dated May 22, 2023, AmeriGas Partners, in June 2023, redeemed all 
outstanding 5.625% Senior Notes due May 2024 and in so doing was released from the obligations with respect to the indenture 
for the 5.625% Senior Notes
5.50% Senior Notes - An underwritten private offering of senior notes due May 2025, co-issued by AmeriGas Partners and 
AmeriGas Finance Corp
5.875% Senior Notes - An underwritten private offering of senior notes due August 2026, co-issued by AmeriGas Partners and 
AmeriGas Finance Corp
5.75% Senior Notes - An underwritten private offering of senior notes due May 2027, co-issued by AmeriGas Partners and 
AmeriGas Finance Corp
6.02% Senior Note - A private placement of $25 million principal amount of senior notes due November 2030, issued by UGI 
Utilities
6.10% Senior Note - A private placement of $150 million principal amount of senior notes due November 2033, issued by UGI 
Utilities
6.40% Senior Note - A private placement of $75 million principal amount of senior notes due November 2053, issued by UGI 
Utilities
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3

5.24% Senior Note - A private placement of $50 million principal amount of senior notes due November 30, 2029, issued by 
UGI Utilities
5.52% Senior Note - A private placement of $125 million principal amount of senior notes due November 30, 2034, issued by 
UGI Utilities
9.375% Senior Notes - An underwritten private offering of senior notes due May 2028, co-issued by AmeriGas Partners and 
AmeriGas Finance Corp.
2021 IAP - UGI Corporation 2021 Incentive Award Plan
2022 AmeriGas OLP Credit Agreement - Revolving credit agreement entered into by AmeriGas OLP on September 28, 2022, 
terminated concurrently with the execution of the AmeriGas Senior Secured Revolving Credit Facility
2024 Purchase Contract - A forward stock purchase contract issued by UGI Corporation in May 2021, as a part of the issuance 
of Equity Units which obligated holders to purchase a number of shares of UGI Common Stock from the Company on June 1, 
2024
ABO - Accumulated Benefit Obligation
ACE - AmeriGas Cylinder Exchange
AFUDC - Allowance for Funds Used During Construction
AmeriGas Senior Secured Revolving Credit Facility - Revolving credit agreement entered into by AmeriGas OLP on August 
2, 2024 and scheduled to expire in August 2029
AOCI - Accumulated Other Comprehensive Income (Loss)
ASC - Accounting Standards Codification
ASC 606 - ASC 606, “Revenue from Contracts with Customers”
ASC 820 - ASC 820, “Fair Value Measurement” 
ASC 980 - ASC 980, “Regulated Operations”
ASU - Accounting Standards Update
ASU 2020-06 - An amendment of FASB ASC, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and 
Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40)”
Bcf - Billions of cubic feet
Board of Directors - The board of directors of UGI
Btu - British thermal unit
CARES - Coronavirus Aid, Relief, and Economic Security Act
CERCLA - Comprehensive Environmental Response, Compensation and Liability Act
CFTC - Commodity Futures Trading Commission
COA - Consent Order and Agreement
CODM - Chief Operating Decision Maker as defined in ASC 280, “Segment Reporting”
Common Stock - Shares of UGI common stock
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4

Common Units - Limited partnership ownership interests in AmeriGas Partners
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
Core market - Comprises (1) firm residential, commercial and industrial customers to whom Utilities has a statutory obligation 
to provide service who purchase their natural gas or electricity from Utilities; and (2) residential, commercial and industrial 
customers to whom Utilities has a statutory obligation to provide service who purchase their natural gas or electricity from 
others
DOT - U.S. Department of Transportation
DS - Delivery Service 
 
DSIC - Distribution System Improvement Charge
EBITDA - Earnings before Interest, Taxes, Depreciation and Amortization
Energy Services Credit Agreement - Revolving credit agreement entered into by Energy Services on March 6, 2020, as 
amended, scheduled to expire in May 2028  
Energy Services Term Loan Credit Agreement - Term loan credit agreement entered into by Energy Services in August 2019, 
as amended, with a final maturity of February 2030
EPACT 2005 - Energy Policy Act of 2005
ERISA - Employee Retirement Income Security Act of 1974
ERO - Electric Reliability Organization
EU - European Union
Equity Unit Agreements - Collection of agreements governing the rights, privileges and obligations of the holders of the Equity 
Units and UGI as issuer of the Equity Units, which were filed with the SEC on Form 8-K on May 25, 2021
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
FDIC - Federal Deposit Insurance Corporation
FERC - Federal Energy Regulatory Commission
FIFO - First-in, first-out inventory valuation method
Fiscal 2021 - The fiscal year ended September 30, 2021
Fiscal 2022 - The fiscal year ended September 30, 2022
Fiscal 2023 - The fiscal year ended September 30, 2023
Fiscal 2024 - The fiscal year ended September 30, 2024
Fiscal 2025 - The fiscal year ending September 30, 2025
Fiscal 2026 - The fiscal year ending September 30, 2026
Fiscal 2027 - The fiscal year ending September 30, 2027
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5

Fiscal 2028 - The fiscal year ending September 30, 2028
Fiscal 2029 - The fiscal year ending September 30, 2029
FTC - Foreign Tax Credit
GAAP - U.S. generally accepted accounting principles
GDPR - General Data Protection Regulation
GHG - Greenhouse gas
GILTI - Global Intangible Low Taxed Income
Gwh - Millions of kilowatt hours
Hunlock - Hunlock Creek Energy Center located near Wilkes-Barre, Pennsylvania, a 174-megawatt natural gas-fueled 
electricity generating station
ICE - Intercontinental Exchange
IRC - Internal Revenue Code
IREP - Infrastructure Replacement and Expansion Plan 
IRPA - Interest rate protection agreement
IRS - Internal Revenue Service
IT - Information technology
LIBOR - London Inter-bank Offered Rate
LNG - Liquefied natural gas
LPG - Liquefied petroleum gas
LTIIP - Long-term infrastructure improvement plans
MD&A - Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDPSC - Maryland Public Service Commission
MGP - Manufactured gas plant
Mountaineer Acquisition - Acquisition of Mountaintop Energy Holdings LLC, which closed on September 1, 2021  
Mountaineer 2023 Credit Agreement - Revolving credit agreement entered into by Mountaineer on November 26, 2019, as 
amended, scheduled to expire in December 2025
NAV - Net asset value
NOAA - National Oceanic and Atmospheric Administration
NOL - Net operating loss
NPNS - Normal purchase and normal sale
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6

NTSB - National Transportation Safety Board
NYDEC - New York State Department of Environmental Conservation
NYMEX - New York Mercantile Exchange
OSHA - Occupational Safety and Health Administration
PADEP - Pennsylvania Department of Environmental Protection
PAPUC - Pennsylvania Public Utility Commission
Partnership Agreement - Fourth amended and restated agreement of Limited Partnership of AmeriGas Partners, L.P. dated as 
of July 27, 2009, as amended
PBO - Projected benefit obligation
Pennant Acquisition - Energy Services’ Fiscal 2022 acquisition of the remaining 53% equity interest in Pennant
PennEnergy - PennEnergy Resources, LLC
PGA - Purchased gas adjustment
PGC - Purchased gas costs
PJM - PJM Interconnection, LLC
PRP - Potentially responsible party
PUHCA 2005 - Public Utility Holding Company Act of 2005
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
ROU - Right-of-use
ROD - Record of Decision
SARs - Stock Appreciation Rights
SEC - U.S. Securities and Exchange Commission
SERC - Safety, Environmental, and Regulatory Compliance
Series B preferred stock - Preferred stock of UGI titled 0.125% series B cumulative perpetual preferred stock with terms 
substantially identical to the Convertible Preferred Stock, except that it will not be convertible
SOFR - Secured Overnight Financing Rate
Stonehenge - Stonehenge Energy Resources III, LLC, a portfolio company of Energy Spectrum Partners VIII, L.P.
Stonehenge Acquisition - Acquisition of Stonehenge Appalachia, LLC, which closed January 27, 2022
Stock Unit - Unit awards that entitle the grantee to shares of UGI Common Stock or cash subject to service conditions
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7

TCJA - Tax Cuts and Jobs Act
TSR - Total Shareholder Return
U.K. - United Kingdom
U.S. - United States of America
UGI comparator group - The Russell Midcap Utility Index, excluding telecommunications companies, and beginning in Fiscal 
2021, a custom UGI performance peer group
UGI Corporation Senior Notes - Aggregate $700 million convertible senior notes entered into by UGI Corporation on June 11, 
2024, with a final maturity date of June 2028
UGI Corporation 2025 Credit Agreement - Unsecured senior facilities agreement entered into by UGI Corporation on October 
11, 2024, comprising a $475 million revolving credit facility, with a maturity date of October, 11, 2028, and a $400 million 
term loan facility with a maturity date of October 11, 2027.
UGI Corporation Credit Facility Agreement - An amended and restated unsecured senior credit facilities agreement entered 
into by UGI Corporation on May 4, 2021, comprising (1) a $250 million term loan facility, (2) a $300 million term loan facility, 
(3) a $300 million delayed draw term loan facility, and (4) a $300 million revolving credit facility, paid off in full and 
terminated in October 2024
UGI International 2023 Credit Agreement - A five-year unsecured senior facilities agreement entered into in March 2023, as 
amended, comprising a €300 million variable-rate term loan facility and a €500 million multicurrency revolving credit facility 
scheduled to expire in March 2028
UGI Performance Units - Unit awards that entitle the grantee to shares of UGI Common Stock or cash subject to service and 
market performance conditions
UGI Utilities 2023 Credit Agreement - Revolving credit agreement entered into by UGI Utilities on November 9, 2023, as 
amended, scheduled to expire in November 2028
UGI Utilities Credit Agreement - Revolving credit agreement entered into by UGI Utilities on June 27, 2019, as amended, 
repaid in full and terminated concurrently with the execution of the UGI Utilities 2023 Credit Agreement
USD - U.S. dollar
U.S. Pension Plans - Consists of (1) a defined benefit pension plan for employees hired prior to January 1, 2009 of UGI, UGI 
Utilities and certain of UGI’s other domestic wholly owned subsidiaries; and (2) a defined benefit pension plan for employees 
of Mountaineer hired prior to January 1, 2023
VDP - Voluntary Departure Plan 
VEBA - Voluntary Employees’ Beneficiary Association
WVPSC - Public Service Commission of West Virginia
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8

FORWARD-LOOKING INFORMATION
Information contained in this Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 
27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  Such 
statements use forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” or other 
similar words and terms of similar meaning, although not all forward-looking statements contain such words.  These statements 
discuss plans, strategies, events or developments that we expect or anticipate will or may occur in the future. All forward-
looking statements made in this Report rely upon the safe harbor protections provided under the Private Securities Litigation 
Reform Act of 1995.
A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. 
We believe that we have chosen these assumptions or bases in good faith and that they are reasonable.  However, we caution 
you against relying on any forward-looking statement as these statements are subject to risks and uncertainties that may cause 
actual results to vary from assumed facts or bases, and the differences between actual results and assumed facts or bases can be 
material, depending on the circumstances.  When considering forward-looking statements, you should keep in mind our Risk 
Factors included in Item 1A herein and the following important factors that could affect our future results and could cause those 
results to differ materially from those expressed in our forward-looking statements: (1) weather conditions (including 
increasingly uncertain weather patterns due to climate change) resulting in reduced demand, the seasonal nature of our business, 
and disruptions in our operations and supply chain; (2) cost volatility and availability of energy products, including propane and 
other LPG, natural gas, and electricity, as well as the availability of LPG cylinders, and the capacity to transport product to our 
customers; (3) changes in domestic and foreign laws and regulations, including safety, health, tax, transportation, consumer 
protection, data privacy, accounting, and environmental matters, such as regulatory responses to climate change; (4) inability to 
timely recover costs through utility rate proceedings; (5) increased customer conservation measures due to high energy prices 
and improvements in energy efficiency and technology resulting in reduced demand; (6) adverse labor relations and our ability 
to address existing or potential workforce shortages; (7) the impact of pending and future legal or regulatory proceedings, 
inquiries or investigations; (8) competitive pressures from the same and alternative energy sources; (9) failure to acquire new 
customers or retain current customers, thereby reducing or limiting any increase in revenues; (10) liability for environmental 
claims;  (11) customer, counterparty, supplier, or vendor defaults; (12) liability for uninsured claims and for claims in excess of 
insurance coverage, including those for personal injury and property damage arising from explosions, acts of war, terrorism, 
natural disasters, pandemics, and other catastrophic events that may result from operating hazards and risks incidental to 
generating and distributing electricity and transporting, storing and distributing natural gas and LPG in all forms; (13) 
transmission or distribution system service interruptions; (14) political, regulatory and economic conditions in the United 
States, Europe and other foreign countries, including uncertainties related to the war between Russia and Ukraine, the conflict 
in the Middle East, the European energy crisis, and foreign currency exchange rate fluctuations (particularly the euro); (15) 
credit and capital market conditions, including reduced access to capital markets and interest rate fluctuations; (16) changes in 
commodity market prices resulting in significantly higher cash collateral requirements; (17) impacts of our indebtedness and the 
restrictive covenants in our debt agreements; (18) reduced distributions from subsidiaries impacting the ability to pay dividends 
or service debt; (19) changes in Marcellus and Utica Shale gas production; (20) the success of our strategic initiatives and 
investments intended to advance our business strategy; (21) our ability to successfully integrate acquired businesses and achieve 
anticipated synergies; (22) the interruption, disruption, failure, malfunction, or breach of our information technology systems, 
and those of our third-party vendors or service providers, including due to cyber attack; (23) the inability to complete pending 
or future energy infrastructure projects; (24) our ability to attract, develop, retain and engage key employees; (25) uncertainties 
related to global pandemics; (26) the impact of a material impairment of our assets; (27) the impact of proposed or future tax 
legislation; (28) the impact of declines in the stock market or bond market, and a low interest rate environment, on our pension 
liability; (29) our ability to protect our intellectual property; (30) our ability to overcome supply chain issues that may result in 
delays or shortages in, as well as increased costs of, equipment, materials or other resources that are critical to our business 
operations; and (31) our ability to control operating costs and realize cost savings.
These factors are not necessarily all of the important factors that could cause actual results to differ materially from those 
expressed in any of our forward-looking statements. Other unknown or unpredictable factors could also have material adverse 
effects on future results.  Any forward-looking statement speaks only as of the date on which such statement is made. We 
undertake no obligation (and expressly disclaim any obligation) to update publicly any forward-looking statement whether as a 
result of new information or future events except as required by the federal securities laws.
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PART I:
ITEMS 1. AND 2. BUSINESS AND PROPERTIES
CORPORATE OVERVIEW
UGI Corporation is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets 
energy products and related services.  In the U.S., we own and operate (1) natural gas and electric distribution utilities, (2) 
energy marketing (including RNG), midstream infrastructure, storage, natural gas gathering and processing, natural gas 
production and energy services businesses, and (3) a retail propane marketing and distribution business. In Europe, we market 
and distribute propane and other LPG, and market other energy products and services. Our subsidiaries and affiliates operate 
principally in the following four business segments: 
• Utilities
• Midstream & Marketing
• UGI International 
• AmeriGas Propane 
The Utilities segment consists of the regulated natural gas (PA Gas Utility) and electric (Electric Utility) distribution businesses 
of our wholly owned subsidiary, UGI Utilities, and the regulated natural gas distribution business of our indirect, wholly owned 
subsidiary, Mountaineer.  PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland 
county, and Mountaineer serves customers in West Virginia.  Electric Utility serves customers in portions of Luzerne and 
Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with 
respect to its customers in Maryland, the MDPSC. Mountaineer is subject to regulation by the WVPSC and FERC.  Electric 
Utility is subject to regulation by the PAPUC and FERC.
The Midstream & Marketing segment consists of energy-related businesses conducted by our indirect, wholly owned 
subsidiary, Energy Services.  These businesses (i) conduct energy marketing, including RNG, in the Mid-Atlantic region of the 
United States, (ii) own and operate natural gas liquefaction, storage and vaporization facilities and propane-air mixing assets, 
(iii) manage natural gas pipeline and storage contracts, (iv) develop, own and operate pipelines, gathering infrastructure and gas 
storage facilities in the Marcellus and Utica Shale regions of Pennsylvania, eastern Ohio, and the panhandle of West Virginia, 
and (v) develop, own and operate RNG production facilities. Energy Services and its subsidiaries’ storage, LNG and portions of 
its midstream transmission operations are subject to regulation by FERC.  
The UGI International segment consists of LPG distribution businesses conducted by our subsidiaries and affiliates in Austria, 
Belgium, the Czech Republic, Denmark, Finland, France, Hungary, Italy, Luxembourg, the Netherlands, Norway, Poland, 
Romania, Slovakia, Sweden and the United Kingdom. Based on reported market volumes for 2023, which is the most recent 
information available, UGI International believes that it is the largest distributor of LPG in France, Austria, Belgium, Denmark 
and Luxembourg and one of the largest distributors of LPG in Hungary, Norway, Poland, the Czech Republic, Slovakia, the 
Netherlands, Sweden and Finland. During Fiscal 2024, we completed our previously announced exit of substantially all of our 
non-core European energy marketing business, which had primarily marketed natural gas and electricity to customers in France, 
Belgium, the Netherlands and the United Kingdom.  In addition, we divested all of our LPG business in Switzerland.
The AmeriGas Propane segment consists of the propane distribution business of AmeriGas Partners, an indirect, wholly owned 
subsidiary of UGI. The Partnership conducts its domestic propane distribution business through its principal operating 
subsidiary, AmeriGas OLP, and is the nation’s largest retail propane distributor based on the volume of propane gallons 
distributed annually. The general partner of AmeriGas Partners is our wholly owned subsidiary, AmeriGas Propane, Inc.
Business Strategy
Our business strategy is to grow the Company by focusing on our core competencies of distributing, storing, transporting and 
marketing energy products.  We utilize our core competencies from our existing diversified businesses and our international 
experience, extensive asset base and access to customers to accelerate both organic growth in our existing businesses as well as 
in related and complementary businesses.  
In Fiscal 2024, the Company embarked on a journey to enhance its financial profile and unlock greater value for shareholders.  
Our journey ahead is a multi-year process to optimize our Company’s operating model, establish a culture of high performance, 
pursue operational excellence through continuous improvement, and drive reliable earnings growth. Accordingly, we are 
focused on (1) pursuing opportunities to optimize our portfolio and drive reliable earnings growth in the base businesses; (2) 
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executing on an operational improvement plan at AmeriGas Propane; (3) creating operational efficiencies to improve cost 
agility and deliver sustainable cost savings; and (4) enhancing our capital structure and credit metrics to provide greater 
financial flexibility.  
We are committed to pursuing opportunities to optimize our portfolio and drive reliable earnings growth in our regulated 
utilities businesses, primarily through robust investments in our regulated utilities businesses, optimizing our cost structure, and 
effectively managing our global LPG businesses, which generate significant free cash flow.  We strive to be the preferred 
provider in all markets we serve and to return value to our shareholders.
Environmental Strategy
We believe that corporate sustainability is critical to our overall business success and we are committed to growing the 
Company in an environmentally responsible way. UGI’s environmental strategy is focused on three main areas: reducing our 
emissions; reducing our customers’ emissions affordably, reliably, and responsibly; and investing in renewable solutions. To 
support our strategy, we have made the following environmental commitments discussed below while also committing to 
continue to grow our earnings per share and dividends.
•
Scope 1 Emissions Reduction Commitment – Reduce Scope 1 GHG emissions by 55% by 2025 (using Fiscal 2020 as 
a baseline). Our Scope 1 emissions reduction target does not include emissions from the Mountaineer Acquisition, 
which closed in September 2021. The target also excluded the Stonehenge Acquisition and only accounts for our 
ownership interest in Pennant at the time we set the target. The emissions from the Pine Run acquisition were included 
in the baseline 2020 number as this investment contributed to our goal. The 2020 base number also takes a five-year 
emissions average from the Hunlock generation facility to account for year-over-year differences in run time.
•
Methane Emissions Reduction Commitment – 92% reduction by 2030, and 95% reduction by 2040.
•
Pipeline Replacement and Betterment Commitment – Replace all cast iron pipelines by 2027 and all bare steel by 
2041. Our pipeline replacement and betterment activities better enable us to achieve our emissions reductions goals.
We report our progress on the environmental goals and commitments annually in our Sustainability Reports, including our 
Scope 1, 2 and 3 emissions, air quality impact, and water management efforts. Our Scope 3 emissions stem primarily from the 
extraction (upstream) and combustion (downstream) of the molecules we distribute, and from our supply chain. Our 
Sustainability Reports may be accessed on our website under “ESG - Resources - Sustainability Reports.” Information 
published in our Sustainability Reports is not incorporated by reference in this Report.
In formulating our environmental strategy, our management and Board of Directors consider certain risks and uncertainties that 
may materially impact our financial condition and results of operations.  For more information on these risks and uncertainties, 
see “Risk Factors - The potential effects of climate change may affect our business, operations, supply chain and customers, 
which could adversely impact our financial condition and results of operations.”
Corporate Information
UGI was incorporated in Pennsylvania in 1991. The Company is not subject to regulation by the PAPUC but, following 
completion of the Mountaineer Acquisition, is a regulated “holding company” under PUHCA 2005.  PUHCA 2005 and the 
implementing regulations of FERC give FERC access to certain holding company books and records and impose certain 
accounting, record-keeping, and reporting requirements on holding companies.  PUHCA 2005 also provides state utility 
regulatory commissions with access to holding company books and records in certain circumstances.  
Our executive offices are located at 500 North Gulph Road, King of Prussia, Pennsylvania 19406, and our telephone number is 
(610) 337-1000.  In this Report, the terms “Company” and “UGI,” as well as the terms “our,” “we,” “us,” and “its” are 
sometimes used as abbreviated references to UGI Corporation or, collectively, UGI Corporation and its consolidated 
subsidiaries.  For further information on the meaning of certain terms used in this Report, see “Glossary of Terms and 
Abbreviations.”
The Company’s corporate website can be found at www.ugicorp.com. Information on our website, including the information 
published in our Sustainability Reports, is not incorporated by reference in this Report. The Company makes available free of 
charge at this website (under the “Investors - Financial Reports - SEC Filings and Proxies” caption) copies of its reports filed or 
furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, including its Annual Reports on Form 10-K, its Quarterly 
Reports on Form 10-Q, and its Current Reports on Form 8-K.  The Company’s Principles of Corporate Governance, Code of 
Business Conduct and Ethics, Supplier Code of Business Conduct and Ethics, and Information Security Program Policy are 
available on the Company’s website under the caption “Company - Leadership and Governance - Governance Documents.”  
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The charters of the Audit, Corporate Governance, Compensation and Management Development, and Safety, Environmental 
and Regulatory Compliance Committees of the Board of Directors are available on the Company’s website under the caption 
“Company - Leadership and Governance - Committees & Charters.”  All of these documents are also available free of charge 
by writing to Senior Director, Investor Relations, UGI Corporation, P.O. Box 858, Valley Forge, PA 19482.
 UTILITIES
PA GAS UTILITY
PA Gas Utility consists of the regulated natural gas distribution business of our subsidiary, UGI Utilities.  PA Gas Utility serves 
customers in eastern and central Pennsylvania and in portions of one Maryland county, and therefore is regulated by the 
PAPUC and, with respect to its customers in Maryland, the MDPSC.
Service Area; Revenue Analysis
PA Gas Utility provides natural gas distribution services to approximately 689,000 customers in certificated portions of 46 
eastern and central Pennsylvania counties through its distribution system.  Contemporary materials, such as plastic or coated 
steel, comprise approximately 93% of PA Gas Utility’s 12,700 miles of gas mains, with bare steel pipe comprising 
approximately 6% and cast and wrought iron pipe comprising approximately 1% of PA Gas Utility’s gas mains.  In accordance 
with PA Gas Utility’s agreement with the PAPUC, PA Gas Utility will replace the cast iron portion of its gas mains by March 
2027 and the bare steel portion of its gas mains by September 2041. Located in PA Gas Utility’s service area are major 
production centers for basic industries such as specialty metals, aluminum, glass, paper product manufacturing and several 
power generation facilities.  PA Gas Utility also distributes natural gas to more than 550 customers in portions of one Maryland 
county. 
System throughput (the total volume of gas sold to or transported for customers within PA Gas Utility’s distribution system) for 
Fiscal 2024 was approximately 327 Bcf. System sales of gas accounted for approximately 17% of system throughput, while gas 
transported for residential, commercial and industrial customers who bought their gas from others accounted for approximately 
83% of system throughput.
Sources of Supply and Pipeline Capacity
PA Gas Utility is permitted to recover all prudently incurred costs of natural gas it sells to its customers.  See “Management’s 
Discussion and Analysis of Financial Condition and Results of Operations - Market Risk Disclosures” and Note 9 to 
Consolidated Financial Statements.  PA Gas Utility meets its service requirements by utilizing a diverse mix of natural gas 
purchase contracts with marketers and producers, along with storage and transportation service contracts.  These arrangements 
enable PA Gas Utility to purchase gas from Marcellus, Gulf Coast, Mid-Continent, and Appalachian sources. For its 
transportation and storage functions, PA Gas Utility has long-term agreements with a number of pipeline companies, including 
Texas Eastern Transmission, LP, Columbia Gas Transmission, LLC, Transcontinental Gas Pipeline Company, LLC, Eastern 
Gas Transmission and Storage, Inc., Tennessee Gas Pipeline Company, L.L.C., and Energy Services and its subsidiaries 
(including UGI Storage Company and UGI Sunbury, LLC). 
Gas Supply Contracts
During Fiscal 2024, PA Gas Utility purchased approximately 82 Bcf of natural gas for sale to retail core-market customers 
(principally comprised of firm residential, commercial and industrial customers that purchase their gas from PA Gas Utility) 
and off-system sales customers. Approximately 97% of the volumes purchased were supplied under agreements with ten 
suppliers, with the remaining volumes supplied primarily by 21 producers and marketers.  Gas supply contracts for PA Gas 
Utility vary in length by counterparty and type of supply. Typically, pipeline and storage contracts range from one to five years 
in length. PA Gas Utility also has long-term contracts with suppliers for natural gas peaking supply during the months of 
November through March.
Seasonality
Because many of its customers use natural gas for heating purposes, PA Gas Utility’s sales are seasonal. For Fiscal 2024, 
approximately 58% of PA Gas Utility’s sales volume was supplied, and approximately 89% of PA Gas Utility’s operating 
income was earned, during the peak heating season from October through March.  
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Competition
Natural gas is a fuel that competes with electricity and oil and, to a lesser extent, with propane and coal. Competition among 
these fuels is primarily a function of their comparative price and the relative cost and efficiency of the equipment. Natural gas 
generally benefits from a competitive price advantage over oil, electricity and propane.  Fuel oil dealers compete for customers 
in all categories, including industrial customers. PA Gas Utility responds to this competition with marketing and sales efforts 
designed to retain, expand and grow its customer base.
In substantially all of its service territories, PA Gas Utility is the only regulated gas distribution utility having the right, granted 
by the PAPUC or by law, to provide gas distribution services. All of PA Gas Utility’s customers, including core-market 
customers, have the right to purchase gas supplies from entities other than natural gas distribution utility companies.
A number of PA Gas Utility’s commercial and industrial customers have the ability to switch to an alternate fuel at any time 
and, therefore, are served on an interruptible basis under rates that are competitively priced with respect to the alternate fuel.  
Margin from these customers, therefore, is affected by the difference or “spread” between the customers’ delivered cost of gas 
and the customers’ delivered cost of the alternate fuel, the frequency and duration of interruptions, and alternative firm service 
options. See “Utilities Regulation - State Utility Regulation - PA Gas Utility.”
Approximately 75% of PA Gas Utility’s annual throughput volume for commercial and industrial customers includes customers 
at locations that afford them the opportunity of seeking transportation service directly from interstate pipelines, thereby 
bypassing PA Gas Utility. During Fiscal 2024, PA Gas Utility had 17 such customers, 13 of which have transportation contracts 
extending beyond Fiscal 2025. The majority of these customers are served under transportation contracts having three to 20-
year terms and all are among the largest customers for PA Gas Utility in terms of annual volumes. No single customer 
represents, or is anticipated to represent, more than five percent of PA Gas Utility’s total revenues.
Outlook for Gas Service and Supply
PA Gas Utility anticipates having adequate pipeline capacity, peaking services and other sources of supply available to it to 
meet the full requirements of all firm customers on its system through Fiscal 2025.  Supply mix is diversified, market priced 
and delivered pursuant to a number of long-term and short-term primary firm transportation and storage arrangements, 
including transportation contracts held by some of PA Gas Utility’s larger customers and natural gas suppliers serving 
customers on PA Gas Utility’s distribution system.
During Fiscal 2024, PA Gas Utility supplied transportation service to 11 electric generation facilities and 28 major co-
generation facilities.  PA Gas Utility continues to seek new residential, commercial and industrial customers for both firm and 
interruptible service. In Fiscal 2024, PA Gas Utility connected more than 1,250 new commercial and industrial customers. In 
the residential market sector, PA Gas Utility added more than 9,800 residential heating customers during Fiscal 2024.  
Approximately 50% of these customers converted to natural gas heating from other energy sources, mainly oil and electricity.  
New home construction and existing non-heating gas customers who added gas heating systems to replace other energy sources 
primarily accounted for the other residential heating connections in Fiscal 2024.
PA Gas Utility continues to monitor and participate, where appropriate, in rulemaking and individual rate and tariff proceedings 
before FERC affecting the rates and the terms and conditions under which PA Gas Utility transports and stores natural gas 
using interstate natural gas pipelines.  Among these proceedings are those arising out of certain FERC orders and/or pipeline 
filings that relate to (i) the pricing of pipeline services in a competitive energy marketplace, (ii) the flexibility of the terms and 
conditions of pipeline service tariffs and contracts, and (iii) pipelines’ requests to increase their base rates, or change the terms 
and conditions of their storage and transportation services.
PA Gas Utility’s objective in negotiations with providers of gas supply resources, and in proceedings before regulatory 
agencies, is to ensure availability of supply, transportation and storage alternatives to serve market requirements at the lowest 
cost possible, taking into account the need for safety, security and reliability of supply.  Consistent with that objective, PA Gas 
Utility negotiates certain terms of firm transportation capacity on all pipelines serving it, arranges for appropriate storage and 
peak-shaving resources, negotiates with producers for competitively priced gas purchases and participates in regulatory 
proceedings related to transportation rights and costs of service.
At September 30, 2024, PA Gas Utility had approximately 1,550 employees.
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MOUNTAINEER
Mountaineer provides a regulated natural gas distribution business to approximately 210,000 customers in 50 of West 
Virginia’s 55 counties.  Mountaineer’s system is comprised of approximately 6,200 miles of distribution, transmission and 
gathering pipelines. Contemporary materials, such as plastic or coated steel, comprise approximately 77% of Mountaineer’s gas 
mains, with bare steel pipe comprising the remaining 23%.  
As of September 30, 2024, Mountaineer’s customer base was approximately 90% residential, and 10% commercial and 
industrial customers, with throughput volumes consisting of approximately 23% residential, 32% commercial and 45% 
industrial and other. Because many of its customers use gas for heating purposes, Mountaineer’s sales are seasonal.  For Fiscal 
2024, approximately 66% of Mountaineer’s sales volume (including transport volumes) was supplied, and all of Mountaineer’s 
operating income was earned, during the peak heating season from October through March.  No single customer represents, or 
is anticipated to represent, more than five percent of Mountaineer’s total revenues. 
System throughput (the total volume of gas sold to or transported for customers within Mountaineer’s distribution system) for 
Fiscal 2024 was approximately 51 Bcf.  Retail core-market sales of gas accounted for approximately 37% of system throughput, 
while gas transported for commercial and industrial customers who bought their gas from others accounted for approximately 
63% of system throughput.  Mountaineer anticipates having adequate pipeline capacity, peaking services and other sources of 
supply available to it to meet the full requirements of all firm customers on its system through Fiscal 2025.  
Approximately 51% of Mountaineer’s annual throughput volume for commercial and industrial customers represents customers 
who are served under interruptible rates and are also in a location near an interstate pipeline.  As of September 30, 2024, 
Mountaineer had 19 such customers, one of which has a transportation contract extending beyond September 30, 2025.  The 
majority of these customers, including 10 of Mountaineer’s largest customers in terms of annual volumes, are served under 
evergreen transportation contracts having a 30- to 180-day termination notice.
Mountaineer meets its service requirements by utilizing a diverse mix of natural gas purchase contracts with marketers and 
producers, along with storage and transportation service contracts. During Fiscal 2024, Mountaineer purchased approximately 
20 Bcf of natural gas for sale to retail core-market customers (principally comprised of firm- residential, commercial and 
industrial customers that purchase their gas from Mountaineer). Approximately 83% of the volume purchased was supplied 
under agreements with 10 suppliers, with the remaining volumes supplied by various producers and marketers.  Gas supply 
contracts for Mountaineer are generally evergreen agreements with a 30-day termination notice.  
At September 30, 2024, Mountaineer had approximately 470 employees.
ELECTRIC UTILITY
Electric Utility supplies electric service to approximately 62,900 customers in portions of Luzerne and Wyoming counties in 
northeastern Pennsylvania through a system consisting of approximately 2,700 miles of transmission and distribution lines and 
14 substations. For Fiscal 2024, approximately 56% of sales volume came from residential customers, 33% from commercial 
customers and 11% from industrial and other customers. During Fiscal 2024, 11 retail electric generation suppliers provided 
energy for customers representing approximately 23% of Electric Utility’s sales volume.  At September 30, 2024, UGI Utilities’ 
electric utility operations had approximately 80 employees. 
UTILITIES REGULATION
State Utility Regulation 
PA Gas Utility 
PA Gas Utility is subject to regulation by the PAPUC as to rates, terms and conditions of service, accounting matters, issuance 
of securities, contracts and other arrangements with affiliated entities, gas safety and various other matters.  Rates that PA Gas 
Utility may charge for gas service come in two forms: (i) rates designed to recover PGCs; and (ii) rates designed to recover 
costs other than PGCs.  Rates designed to recover PGCs are reviewed in PGC proceedings.  Rates designed to recover costs 
other than PGCs are primarily established in general base rate proceedings.  
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Act 11 of 2012 authorized the PAPUC to permit electric and gas distribution companies, between base rate cases and subject to 
certain conditions, to recover reasonable and prudent costs incurred to repair, improve or replace eligible property through a 
DSIC assessed to customers.  Among other requirements, DSICs are subject to quarterly reconciliation of over-/under- 
collection and are capped at five percent of total customer charges absent a PAPUC-granted exception.  In addition, Act 11 
requires affected utilities to obtain approval of LTIIPs from the PAPUC.  Act 11 also authorized electric and gas distribution 
companies to utilize a fully projected future test year when establishing rates in base rate cases before the PAPUC.
On August 16, 2024, PA Gas Utility filed its third LTIIP covering calendar years 2025-2029. PA Gas Utility projects spending 
approximately $1.7 billion on DSIC-eligible property identified within the five year LTIIP period. A Commission Order on the 
LTIIP is anticipated prior to December 31, 2024.
On September 15, 2022, the PAPUC issued a final order approving a settlement of a base rate proceeding by PA Gas Utility 
that permitted PA Gas Utility to implement a $49 million annual base distribution rate increase through a phased approach, with 
$38 million beginning October 29, 2022 and an additional $11 million beginning October 1, 2023. In accordance with the terms 
of the final order, PA Gas Utility was not permitted to file a rate case prior to January 1, 2024. Also in accordance with the 
terms of the final order, PA Gas Utility implemented a weather normalization adjustment rider as a five-year pilot program 
beginning on November 1, 2022. Under this rider, customer billings for distribution services are adjusted monthly to reflect 
normal weather conditions where weather deviates more than three percent from normal.  Additionally, under the terms of the 
final order, PA Gas Utility is authorized to implement a DSIC once its total property, plant and equipment less accumulated 
depreciation reached $3.368 billion. This threshold was achieved in September 2022 and PA Gas Utility implemented a new 
DSIC effective January 1, 2023.  
In addition to base distribution rates and various surcharges designed to recover specified types of costs, PA Gas Utility’s tariff 
also includes a uniform PGC rate applicable to firm retail rate schedules for customers who do not obtain natural gas supply 
service from an alternative supplier.  The PGC rate permits recovery of all prudently incurred costs of natural gas that PA Gas 
Utility sells to its retail customers.  PGC rates are reviewed and approved annually by the PAPUC.  PA Gas Utility may request 
quarterly or, under certain conditions, monthly adjustments to reflect the actual cost of gas.  Quarterly adjustments become 
effective on one day’s notice to the PAPUC and are subject to review during the next annual PGC filing.  Each proposed annual 
PGC rate is required to be filed with the PAPUC six months prior to its effective date.  During this period, the PAPUC 
investigates and may hold hearings to determine whether the proposed rate reflects a least-cost fuel procurement policy 
consistent with the obligation to provide safe, adequate and reliable service.  After completion of these hearings, the PAPUC 
issues an order permitting the collection of gas costs at levels that meet such standard.  The PGC mechanism also provides for 
an annual reconciliation and for the payment or collection of interest on over and under collections. On October 10, 2024, the 
PAPUC entered an Order approving a settlement of PA Gas Utility’s recent annual PGC filing. 
PA Gas Utility’s gas service tariff also contains a state tax surcharge clause.  The surcharge is recomputed whenever any of the 
tax rates included in their calculation are changed.  These clauses protect PA Gas Utility from the effects of increases in certain 
of the Pennsylvania taxes to which it is subject.
Mountaineer 
Mountaineer is subject to regulation of rates and other aspects of its business by the WVPSC.  When necessary, Mountaineer 
seeks general base rate increases to recover increased operating costs and a fair return on rate base investments.  Base rates are 
determined by the cost-of-service by rate class, and the rate design methodology allocates the majority of operating costs 
through volumetric charges.  
Mountaineer makes routine filings with the WVPSC to reflect changes in the costs of purchased gas. These purchased gas costs 
are subject to rate recovery through a mechanism that provides dollar-for-dollar recovery of prudently incurred costs. Costs in 
excess of revenues that are expected to be recovered in future rates are deferred as regulatory assets; conversely, revenues in 
excess of costs are deferred as a regulatory liability. The PGA filings generally cover a prospective 12-month period.  By orders 
issued on November 29, 2022 and December 1, 2022 the WVPSC created for Mountaineer’s residential customers only, a new 
monthly fixed charge of $11.08 to levelize the collection of the pipeline demand charges. The WVPSC issued a final order and 
a further final order on April 12, 2023 and April 14, 2023, respectively, which established final purchased gas rates, keeping in 
place the residential pipeline demand charge of $11.08 and permitted partial recovery of interest on the unrecovered balance 
that was deferred. In July 2023, Mountaineer filed a PGA case, and an interim rate order was issued on October 5, 2023 that 
established new reduced interim rates effective November 1, 2023.  On April 5, 2024, the WVPSC entered a final order 
adopting the purchased gas cost recovery rate increments approved by the recommended decision entered March 1, 2024 but 
rejected the recommended decision’s requirement for Mountaineer to eliminate the monthly residential pipeline demand charge 
in the next annual PGA proceeding.  On July 31, 2024, Mountaineer filed its current PGA proceeding including the pipeline 
demand charge of $11.08 for residential customers and reflecting a decrease in purchased gas costs associated with lower 
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natural gas costs.  On October 4, 2024, an interim recommended decision was entered approving Mountaineer’s proposed rates 
as filed to be effective as interim rates on November 1, 2024.  The final PGA rate order is not expected until the first quarter of 
2025.    
As permitted by West Virginia law, the WVPSC has also approved a standalone cost recovery rider to recover specified costs 
and a return on infrastructure projects between general base rate cases in accordance with its IREP. Mountaineer makes an 
annual IREP filing, which is subject to an over/under-recovery mechanism similar to purchased gas costs.  In December 2023, 
the WVPSC issued a final order approving a settlement in Mountaineer’s 2024 IREP filing, including a revenue requirement of 
$9.6 million effective January 1, 2024.  In July 2024, Mountaineer submitted its annual IREP filing to the WVPSC requesting a 
revenue increase of $8.9 million effective January 1, 2025, based on the forecasted 2025 calendar year IREP-eligible capital 
investments of $74 million and recovery of eligible costs.  On October 28, 2024, the WVPSC issued a final order approving 
Mountaineer’s requested IREP rates.
Mountaineer filed a base rate proceeding on March 6, 2023. By statute, the WVPSC suspended the rate increase until December 
31, 2023. On October 6, 2023, Mountaineer filed a joint stipulation and agreement for settlement of the base rate case, which 
included a net revenue increase of approximately $13.9 million.  On December 21, 2023, the WVPSC issued a final order 
approving the stipulated net revenue increase that provided an overall increase in total revenues of 4.16%.  The WVPSC also 
approved Mountaineer’s filed five-year Weather Normalization Adjustment Program with the requirement that Mountaineer 
provide further justification or modification for some elements of the program.  On March 28, 2024, Mountaineer filed its 
response recommending limited modifications to the program.  By order entered April 11, 2024, the WVPSC approved 
Mountaineer’s WNA incorporating the proposed modifications and revised tariff language filed by Mountaineer. Mountaineer’s 
WNA was implemented for service rendered on and after October 1, 2024.
Electric Utility
Electric Utility is permitted to recover prudently incurred electricity costs, including costs to obtain supply to meet its 
customers’ energy requirements, pursuant to a supply plan filed with and approved by the PAPUC.  Electric Utility distributes 
electricity that it purchases from wholesale markets and electricity that customers purchase from other suppliers. 
On January 27, 2023, Electric Utility filed for a base rate increase with the PAPUC. On July 14, 2023, Electric Utility filed a 
joint petition for settlement of the rate case, which included a revenue increase of approximately $8.5 million. In an order dated 
September 21, 2023, the PAPUC approved the settlement and authorized the increased rate to become effective October 1, 
2023.
Electric Utility’s tariff includes rates, applicable to so-called “default service” customers who do not obtain electric generation 
service from an alternative supplier, incurred pursuant to a PAPUC-approved supply plan.  These default service rates are 
reconcilable, may be adjusted quarterly, and are designed to permit Electric Utility to recover the full costs of providing default 
service in a full and timely manner.  Electric Utility’s default service rates include recovery of costs associated with compliance 
with the AEPS Act, which requires Electric Utility to directly or indirectly acquire certain percentages of its supplies from 
designated alternative energy sources.  In an order dated January 14, 2021, the PAPUC authorized Electric Utility to implement 
its current Default Service plan for the period June 1, 2021 through May 31, 2025, in accordance with a settlement filed in that 
proceeding on October 23, 2020. 
On May 31, 2024, Electric Utility filed its next default service plan with the PAPUC for the period June 1, 2025 through May 
31, 2029, which is pending before the PAPUC.
Electric Utility’s tariff also includes a DSIC surcharge mechanism that was authorized by the PAPUC in 2019.  Electric 
Utility’s first LTIIP, approved in 2017, provided the basis for its current DSIC charges through September 30, 2022.  That 
authority was extended by order of the PAPUC issued August 25, 2022, in which Electric Utility’s second LTIIP filing was 
approved, authorizing the expenditure of $50.6 million of DSIC-eligible plant over the five-year period ending September 30, 
2027.  
With the implementation of new base rates on October 1, 2023 pursuant to the PAPUC’s September 21, 2023 order in the 2023 
Electric Utility base rate case, Electric Utility’s DSIC-eligible plant associated revenue requirement was rolled into Electric 
Utility’s base rates. The final order issued by the PAPUC approved the settlement of the base rate proceeding and authorized 
Electric Utility to implement a new DSIC surcharge once Electric Utility’s total gross plant balance exceeds $275 million. 
 
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Utility Franchises
PA Gas Utility and Electric Utility hold certificates of public convenience issued by the PAPUC and certain “grandfather 
rights” predating the adoption of the Pennsylvania Public Utility Code and its predecessor statutes, which authorize it to carry 
on its business in the territories in which it renders gas service.  Under applicable Pennsylvania law, PA Gas Utility and Electric 
Utility also have certain rights of eminent domain as well as the right to maintain their facilities in public streets and highways 
in their respective territories. PA Gas Utility also holds certain franchise rights issued by the Maryland Public Service 
Commission, which authorizes it to carry on its business in Maryland.
Similarly, Mountaineer holds certificates of public convenience issued by the WVPSC, which authorize it to carry on its 
business in substantially all of the territories in which it now renders gas service.  Under applicable West Virginia law, 
Mountaineer also has certain rights of eminent domain as well as the right to maintain its facilities in public streets and 
highways in its territories.
Federal Energy Regulation
With the acquisition of Mountaineer on September 1, 2021, UGI and its subsidiaries became subject to FERC regulation under 
PUHCA 2005 pertaining to record-keeping and affiliate service pricing requirements.  UGI provided notice of its non-exempt 
status on September 17, 2021. 
Utilities is subject to Section 4A of the Natural Gas Act, which prohibits the use or employment of any manipulative or 
deceptive devices or contrivances in connection with the purchase or sale of natural gas or natural gas transportation subject to 
the jurisdiction of FERC, and FERC regulations that are designed to promote the transparency, efficiency, and integrity of gas 
markets.  
Similarly, UGI Utilities is also subject to Section 222 of the Federal Power Act, which prohibits the use or employment of any 
manipulative or deceptive devices or contrivances in connection with the purchase or sale of electric energy or transmission 
service subject to the jurisdiction of FERC, and FERC regulations that are designed to promote the transparency, efficiency, and 
integrity of electric markets. 
FERC has jurisdiction over the rates and terms and conditions of service of electric transmission facilities used for wholesale or 
retail choice transactions.  Electric Utility owns electric transmission facilities that are within the control area of PJM and are 
dispatched in accordance with a FERC-approved open access tariff and associated agreements administered by PJM.  PJM is a 
regional transmission organization that regulates and coordinates generation, supply and the wholesale delivery of electricity. 
Electric Utility receives certain revenues collected by PJM, determined under a formulary rate schedule that is adjusted in June 
of each year to reflect annual changes in Electric Utility’s electric transmission revenue requirements, when its transmission 
facilities are used by third parties.  FERC has jurisdiction over the rates and terms and conditions of service of wholesale sales 
of electric capacity and energy.  Electric Utility has a tariff on file with FERC pursuant to which it may make power sales to 
wholesale customers at market-based rates.  
Under provisions of EPACT 2005, Electric Utility is subject to certain electric reliability standards established by FERC and 
administered by an ERO.  Electric Utility anticipates that substantially all the costs of complying with the ERO standards will 
be recoverable through its PJM formulary electric transmission rate schedule. 
EPACT 2005 also granted FERC authority to impose substantial civil penalties for the violation of any regulations, orders or 
provisions under the Federal Power Act and Natural Gas Act and clarified FERC’s authority over certain utility or holding 
company mergers or acquisitions of electric utilities or electric transmitting utility property valued at $10 million or more.
Other Government Regulation
In addition to state and federal regulation discussed above, Utilities is subject to various federal, state and local laws governing 
environmental matters, occupational health and safety, pipeline safety and other matters.  Each is subject to the requirements of 
the Resource Conservation and Recovery Act, CERCLA and comparable state statutes with respect to the release of hazardous 
substances.  See Note 16 to Consolidated Financial Statements.  
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MIDSTREAM & MARKETING
Retail Energy Marketing
Our retail energy marketing business is conducted through Energy Services and its subsidiaries, and sells natural gas, RNG, 
liquid fuels and electricity to approximately 10,800 residential, commercial, and industrial customers at approximately 40,000 
locations. In Fiscal 2024, we (i) served customers in all or portions of Pennsylvania, New Jersey, Delaware, New York, Ohio, 
Maryland, Virginia, North Carolina, South Carolina, Massachusetts, New Hampshire, Rhode Island, California, and the District 
of Columbia, (ii) distributed natural gas through the use of the distribution systems of 47 local gas utilities, and (iii) supplied 
power to customers through the use of the transmission and distribution lines of 20 utility systems. 
Historically, a majority of Energy Services’ commodity sales have been made under fixed-price agreements, which typically 
contain a take-or-pay arrangement that permits customers to purchase a fixed amount of product for a fixed price during a 
specified period, and requires payment even if the customer does not take delivery of the product.  However, a growing number 
of Energy Services’ commodity sales are currently being made under requirements contracts, under which Energy Services is 
typically an exclusive supplier and will supply as much product at a fixed price as the customer requires.  Energy Services 
manages supply cost volatility related to these agreements by (i) entering into fixed-price supply arrangements with a diverse 
group of suppliers, (ii) holding its own interstate pipeline transportation and storage contracts to efficiently utilize gas supplies, 
(iii) entering into exchange-traded futures contracts on NYMEX and ICE, (iv) entering into over-the-counter derivative 
arrangements with major international banks and major suppliers, (v) utilizing supply assets that it owns or manages, and (vi) 
utilizing financial transmission rights to hedge price risk against certain transmission costs.  Energy Services also bears the risk 
for balancing and delivering natural gas and power to its customers under various gas pipeline and utility company tariffs.  See 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations - Market Risk Disclosures.”
Midstream Assets
LNG
Our LNG assets, which are owned by Energy Services and its subsidiaries, comprise a natural gas liquefaction, storage and 
vaporization facility in Temple, Pennsylvania, a natural gas liquefaction and storage facility in Mehoopany, Pennsylvania, 
liquefied natural gas vaporization and storage facilities in Steelton and Bethlehem, Pennsylvania, and three small mobile 
facilities located in Reading, Mount Carmel and Stroudsburg, Pennsylvania. 
In addition, Energy Services sells LNG to customers for use by trucks, drilling rigs, other motor vehicles and facilities located 
off the natural gas grid. In Fiscal 2024, Energy Services sold LNG to Mountaineer under a WVPSC-approved contract. Further, 
in Fiscal 2024, our Midstream & Marketing segment also managed natural gas pipeline and storage contracts for utility 
company customers, including UGI Utilities.
Natural Gas and Propane Storage
Energy Services and its subsidiaries own propane storage and propane-air mixing stations in Bethlehem, Reading, Hunlock 
Creek and White Deer, Pennsylvania. Energy Services and its subsidiaries also operate propane storage, rail transshipment 
terminals and propane-air mixing stations in Steelton and Williamsport, Pennsylvania. These assets are used in Midstream & 
Marketing’s energy peaking business that provides supplemental energy, primarily LNG and propane-air mixtures, to gas 
utilities at times of high demand (generally during periods of coldest winter weather). 
A wholly owned subsidiary of Energy Services owns and operates underground natural gas storage and related high pressure 
pipeline facilities, which have FERC approval to sell storage services at market-based rates. The storage facilities are located in 
the Marcellus Shale region of north-central Pennsylvania and have a total storage capacity of 15 million dekatherms and a 
maximum daily withdrawal quantity of 224,000 dekatherms. In Fiscal 2024, Energy Services leased approximately 72% of the 
firm capacity at its underground natural gas facilities to third parties. 
Gathering Systems and Pipelines
Energy Services operates the Auburn gathering system in the Marcellus Shale region of northeastern Pennsylvania with a total 
pipeline system capacity of 635,000 dekatherms per day. The gathering system delivers into both the Tennessee Gas and 
Transcontinental Gas pipelines and receives gas from Tennessee Gas Pipeline as part of a capacity lease with UGI Utilities.  
Energy Services also operates a 6.5-mile pipeline, known as the Union Dale pipeline, that gathers gas in Susquehanna County 
and has a capacity of 100,000 dekatherms per day.  In addition, Energy Services owns and operates approximately 95 miles of 
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natural gas gathering lines, dehydration and compression facilities, known as Texas Creek, Marshlands, and Ponderosa, located 
in Bradford, Tioga, Lycoming, Potter and Clinton Counties, Pennsylvania.  The combined capacity of these three systems is 
more than 250,000 dekatherms per day.  
Energy Services and its subsidiaries also own and operate a 35-mile, 20-inch pipeline, known as the Sunbury pipeline, with 
related facilities located in Snyder, Union, Northumberland, Montour, and Lycoming Counties, Pennsylvania, which has a 
design capacity of 200,000 dekatherms per day.  In addition, Energy Services owns and operates the Mt. Bethel pipeline, which 
runs 12.5 miles in Northampton County, Pennsylvania and is designed to provide 72,000 dekatherms per day.  
Including its joint venture with Stonehenge Energy Holdings III LLC in Pine Run Midstream, Energy Services’ subsidiary, UGI 
Appalachia, consists of seven natural gas gathering systems with approximately 330 miles of natural gas gathering pipelines 
and gas compressors and one processing plant in southwestern Pennsylvania, eastern Ohio, and the panhandle of West Virginia. 
The UGI Appalachia assets provide natural gas gathering and processing services in the Appalachian Basin with gathering 
capacity of approximately 3,110,000 dekatherms per day and processing capacity of approximately 240,000 dekatherms per 
day. 
Electric Generation Assets
During Fiscal 2024, Midstream & Marketing held electric generation facilities conducted by Energy Services’ wholly owned 
subsidiary, UGID. Energy Services sold all of its ownership interest in UGID in September 2024. Accordingly, UGID’s 
ownership interest in the Hunlock Creek Energy Center located in Wilkes-Barre, Pennsylvania, a natural gas-fueled electricity 
generating station, was also disposed of in September 2024. UGID Solar, a wholly owned subsidiary of Energy Services, 
continues to own and operate 13.5 megawatts of solar-powered generation capacity in Pennsylvania, Maryland and New Jersey. 
Renewable Natural Gas 
GHI, a wholly owned subsidiary of Energy Services, purchases gas produced from landfills and biodigesters and resells the gas 
to fleet operators.  Environmental credits are generated through this process, which are then sold to various third parties for an 
additional revenue stream. See “Business Strategy – Investment in Renewable Energy” in this Item 1. and 2. Business and 
Properties for information on transactions Energy Services completed to further UGI’s foundation for growth within the 
renewable energy space.
Competition
Our Midstream & Marketing segment competes with other midstream operators to sell gathering, compression, storage and 
pipeline transportation services. Our Midstream & Marketing segment competes in both the regulated and non-regulated 
environment against interstate and intrastate pipelines that gather, compress, process, transport and market natural gas.  Our 
Midstream & Marketing segment sells midstream services primarily to producers, marketers and utilities on the basis of price, 
customer service, flexibility, reliability and operational experience.  The competition in the midstream segment is significant as 
more competitors seek opportunities offered by the development of the Marcellus and Utica Shales. 
Our Midstream & Marketing segment also competes with other marketers, consultants and local utilities to sell natural gas, 
liquid fuels, electric power and related services to customers in its service area principally on the basis of price, customer 
service and reliability. Midstream & Marketing’s midstream asset base is relatively well-established, though still faces 
competition from large, national competitors that can offer a suite of services across all customer segments. 
Prior to the disposition of UGID, our electricity generation assets competed with other generation stations on the interface of 
PJM, a regional transmission organization that coordinates the movement of wholesale electricity in certain states, including the 
states in which we operate, and bases sales on bid pricing.  
Through our wholly owned subsidiary, GHI, Energy Services has the capability to source and deliver RNG to customers 
throughout the U.S. GHI currently delivers RNG to transportation fleets for utilization in their compressed natural gas and LNG 
fueled vehicles, resulting in the creation and monetization of California Low Carbon Fuel Standard credits and Renewable Fuel 
Standard Renewable Identification Number credits. GHI competes with other RNG marketers and brokers on the basis of price, 
customer service and reliability. Further, our Midstream & Marketing segment competes with other RNG project developers, 
which is a more competitive environment. We compete to acquire the projects from the feedstock generators, which are 
typically farmers (for manure digesters) and landfill operators, including through offerings of joint venture ownership interests, 
feedstock payments and royalties. In addition, there has been significant consolidation over the past few years with both 
agricultural and landfill RNG project owners/developers. 
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Government Regulation
FERC has jurisdiction over the rates and terms and conditions of service of wholesale sales of electric capacity and energy, as 
well as the sales for resale of natural gas and related storage and transportation services.  Energy Services has a tariff on file 
with FERC, pursuant to which it may make power sales to wholesale customers at market-based rates, to the extent that Energy 
Services purchases power in excess of its retail customer needs.  Two subsidiaries of Energy Services, UGI LNG, Inc. and UGI 
Storage Company, currently operate natural gas storage facilities under FERC certificate approvals and offer services to 
wholesale customers at FERC-approved market-based rates. Two other Energy Services subsidiaries operate natural gas 
pipelines that are subject to FERC regulation.  UGI Mt. Bethel Pipeline Company, LLC operates a 12.5-mile, 12-inch pipeline 
located in Northampton County, Pennsylvania, and UGI Sunbury, LLC operates the Sunbury Pipeline, a 35-mile, 20-inch 
diameter pipeline located in central Pennsylvania.  Both pipelines offer open-access transportation services at cost-based rates 
approved by FERC.  Energy Services and its subsidiaries undertake various activities to maintain compliance with the FERC 
Standards of Conduct with respect to pipeline operations.  Energy Services is also subject to FERC reporting requirements, 
market manipulation rules and other FERC enforcement and regulatory powers with respect to its wholesale commodity 
business. 
Midstream & Marketing’s midstream assets include natural gas gathering pipelines and compression and processing in 
northeastern Pennsylvania, southwestern Pennsylvania, eastern Ohio and the panhandle of West Virginia that are regulated 
under federal pipeline safety laws and subject to operational oversight by both the Pipeline and Hazardous Materials Safety 
Administration and the state public utility commissions for the states in which the specific pipelines are located.  
Certain of our Midstream & Marketing and RNG businesses are subject to various federal, state and local environmental, safety 
and transportation laws and regulations governing the storage, distribution and transportation of propane and the operation of 
bulk storage LPG terminals.  These laws include, among others, the Resource Conservation and Recovery Act, CERCLA, the 
Clean Air Act, OSHA, the Homeland Security Act of 2002, the Emergency Planning and Community Right-to-Know Act, the 
Clean Water Act and comparable state statutes.  CERCLA imposes joint and several liability on certain classes of persons 
considered to have contributed to the release or threatened release of a “hazardous substance” into the environment without 
regard to fault or the legality of the original conduct.  With respect to the operation of natural gas gathering and transportation 
pipelines, Energy Services also is required to comply with the provisions of the Pipeline Safety Improvement Act of 2002 and 
the regulations of the DOT.
Our Midstream & Marketing’s electricity generation assets own electric generation facilities that are within the control area of 
PJM and are dispatched in accordance with a FERC-approved open access tariff and associated agreements administered by 
PJM.  Prior to the disposition of UGID in September 2024, UGID was the entity designated for dispatching and financially 
settling all company owned generation and receives certain revenues collected by PJM, determined under an approved rate 
schedule.   
Employees
At September 30, 2024, Midstream & Marketing had approximately 360 employees.
UGI INTERNATIONAL
UGI International, through its subsidiaries and affiliates, conducts an LPG distribution business in 16 countries throughout 
Europe (Austria, Belgium, the Czech Republic, Denmark, Finland, France, Hungary, Italy, Luxembourg, the Netherlands, 
Norway, Poland, Romania, Slovakia, Sweden and the United Kingdom). Based on reported market volumes for 2023, which is 
the most recent information available, UGI International believes that it is the largest distributor of LPG in France, Austria, 
Belgium, Denmark and Luxembourg and one of the largest distributors of LPG in Hungary, Norway, Poland, the Czech 
Republic, Slovakia, the Netherlands, Sweden and Finland. 
During Fiscal 2024, we completed our previously announced exit of substantially all of our non-core European energy 
marketing business, which had primarily marketed natural gas and electricity to customers in France, Belgium, the Netherlands 
and the United Kingdom.  In addition, we divested all of our LPG business in Switzerland.
Products, Services and Marketing 
LPG Distribution Business
During Fiscal 2024, UGI International sold approximately 875 million gallons of LPG throughout Europe. UGI International 
operates under six distinct LPG brands, and its customer base primarily consists of residential, commercial, industrial, 
agricultural, wholesale and automobile fuel (“autogas”) customers that use LPG for space heating, cooking, water heating, 
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motor fuel, leisure activities, crop drying, irrigation, construction, power generation, manufacturing and as an aerosol 
propellant. For Fiscal 2024, approximately 49% of UGI International’s LPG volume was sold to commercial and industrial 
customers, 15% was sold to residential, 11% was sold to agricultural and 25% was sold to wholesale and other customers 
(including autogas). UGI International supplies LPG to its customers in small, medium and large bulk tanks at their locations.  
In addition to bulk sales, UGI International sells LPG in cylinders through retail outlets, such as supermarkets, individually 
owned stores and gas stations and directly to businesses that operate LPG-powered forklifts. Sales of LPG are also made to 
service stations to fuel vehicles that run on LPG. UGI International’s Fiscal 2024 LPG sales were attributed to bulk, cylinder, 
wholesale and autogas. For Fiscal 2024, no single customer represented more than 5% of UGI International’s revenues.  
Bulk
Approximately 63% of UGI International’s Fiscal 2024 LPG sales (based on volumes) were attributed to bulk customers. UGI 
International classifies its bulk customers as small, medium or large bulk, depending upon volume consumed annually at the 
customer locations.  Based on volumes consumed, small bulk customers are primarily residential and small business users, such 
as restaurants, that use LPG mainly for heating and cooking. Medium bulk customers consist mainly of large residential 
housing developments, hospitals, hotels, municipalities, medium-sized industrial enterprises and poultry brooders.  Large bulk 
customers include agricultural customers (including crop drying) and companies that use LPG in their industrial processes. UGI 
International had approximately 477,000 bulk LPG customers and sold 554 million gallons of bulk LPG during Fiscal 2024.
Cylinder
Approximately 15% of UGI International’s Fiscal 2024 LPG sales (based on volumes) were attributed to cylinder customers. 
UGI International sells LPG in both steel and composite cylinders and typically owns the cylinders in which the LPG is sold. 
The principal end-users of cylinders are residential customers who use LPG for domestic applications, such as cooking and 
heating.  Non-residential uses include fuel for forklift trucks, road construction and welding. At September 30, 2024, UGI 
International had more than 21 million cylinders in circulation and sold approximately 132 million gallons of LPG in cylinders 
during Fiscal 2024. UGI International also delivers LPG to wholesale and retail customers in cylinders, including through the 
use of vending machines.
Wholesale, Autogas and Other Services
Approximately 17% of UGI International’s Fiscal 2024 LPG sales (based on volumes) were to wholesale customers (including 
small competitors and large industrial customers), and approximately 4% of Fiscal 2024 LPG sales (based on volumes) were to 
autogas customers.  UGI International also provides logistics, storage and other services to third-party LPG distributors. 
Energy Marketing Business
During Fiscal 2024, we completed our previously announced exit of substantially all of our non-core European energy 
marketing business, which had primarily marketed natural gas and electricity to customers in France, Belgium, the Netherlands 
and the United Kingdom. For further information, see “Management’s Discussion and Analysis of Financial Condition and 
Results of Operations - Executive Overview – Recent Developments.”
LPG Supply, Storage and Transportation
UGI International is typically party to term contracts, with approximately 30 different suppliers, including producers and 
international oil and gas trading companies, to meet LPG supply requirements throughout Europe.  LPG supply is transported 
via rail and sea, and by road for shorter distances. Agreements are generally one-year terms with pricing based on 
internationally quoted market prices. Additionally, LPG is purchased on the European spot markets to manage supply needs.  In 
certain geographic areas, such as Austria, Czech Republic, Denmark, Finland, France and Poland a single supplier may provide 
nearly 50% or more of UGI International’s requirements. Because UGI International’s profitability is sensitive to changes in 
wholesale LPG costs, UGI International generally seeks to pass on increases in the cost of LPG to its customers. There can be 
no assurance, however, that UGI International will always be able to pass on product cost increases fully, or keep pace with 
such increases, particularly when product costs rise rapidly. Product cost increases can be triggered by periods of severe cold 
weather, supply interruptions, increases in the prices of base commodities such as crude oil and natural gas, or other unforeseen 
events. 
The significant increase in European natural gas prices have resulted in refineries substituting a portion of their natural gas 
refinery fuels with LPG, leading to a decrease in some areas in the availability of LPG. In addition, gas processing plants 
supplying the United Kingdom and Norway markets are injecting LPG into the natural gas grid, decreasing the overall supply 
of LPG from the gas processing plants. 
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UGI International stores LPG at various storage facilities and terminals located across Europe and has interests in both primary 
storage facilities and secondary storage facilities.  LPG stored in primary storage facilities is transported by rail and road to 
secondary storage facilities where LPG is loaded into cylinders or trucks equipped with tanks and then is delivered to 
customers. UGI International also manages an extensive logistics and transportation network and has access to seaborne import 
facilities. 
UGI International transports LPG to customers primarily through outsourced transportation providers to serve both bulk and 
cylinder markets. UGI International has long-term relationships with many providers of logistics and transportation services in 
most of its markets, and is not dependent on the services of any single transportation provider. 
Trade Names, Trade and Service Marks
UGI International protects its intellectual property rights through tradenames, trade and service marks and foreign intellectual 
property laws. UGI International and its subsidiaries utilize a variety of tradenames, including, but not limited to, AmeriGas 
(Poland), Antargaz, AvantiGas, FLAGA, Kosan Gas and UniverGas, and related service marks to market its LPG products and 
services. UGI International and its subsidiaries currently have tradenames, trade and service marks registered in various 
countries. UGI International’s trademarks, tradenames and other proprietary rights are valuable assets and we believe that they 
have significant value in the marketing of our products and services.
Competition and Seasonality
The LPG markets in western and northern Europe are mature, with modest declines in total demand due to competition with 
other fossil fuels and other energy sources, conservation and macroeconomic conditions.  Sales volumes are affected principally 
by the severity of the weather and customer migration to alternative energy forms, including natural gas, electricity, heating oil 
and wood. High LPG prices also may result in slower than expected growth due to customer conservation and customers 
seeking less expensive alternative energy sources. Conversely, high natural gas prices versus LPG prices over a period of time 
will result in customers seeking to migrate to LPG. In addition, government policies and incentives that favor alternative energy 
sources, such as heat pumps as well as wind and solar sources, can result in customers migrating to energy sources other than 
LPG. In addition to price, UGI International competes for customers in its various markets based on contract terms. UGI 
International competes locally as well as regionally in many of its service territories. Additionally, particularly in France, 
although UGI International supplies certain supermarket chains, it also competes with some of these supermarket chains that 
affiliate with LPG distributors to offer their own brands of cylinders. UGI International seeks to increase demand for its LPG 
cylinders through marketing and product innovations, such as the use of automatic vending machines. 
Because many of UGI International’s customers use LPG for heating, sales volumes are affected principally by the severity of 
the temperatures during the heating season months and traditionally fluctuates from year-to-year in response to variations in 
weather, prices and other factors, such as conservation efforts and the economic environment. During Fiscal 2024, 
approximately 60% of UGI International’s retail sales volumes occurred during the peak heating season from October through 
March. As a result of this seasonality, revenues are typically higher in UGI International’s first and second fiscal quarters 
(October 1 through March 31). For historical information on weather statistics for UGI International, see ‘‘Management’s 
Discussion and Analysis of Financial Condition and Results of Operations”.
Government Regulation 
UGI International’s business is subject to various laws and regulations at the country and local levels, as well as at the EU level, 
with respect to matters such as protection of the environment, the storage, transportation and handling of hazardous materials 
and flammable substances (including the Seveso II Directive), regulations specific to bulk tanks, cylinders and piped networks, 
competition, pricing, regulation of contract terms, anti-corruption (including the U.S. Foreign Corrupt Practices Act, Sapin II 
and the U.K. Bribery Act), data privacy and protection, and the safety of persons and property.
Environmental 
Environmental laws and regulations may require expenditures over a long timeframe to control environmental effects. 
Estimates of liabilities for environmental response costs are difficult to determine with precision because of the various factors 
that can affect their ultimate level.  These factors include, but are not limited to, the following: (i) the complexity of the site; (ii) 
changes in environmental laws and regulations; (iii) the number of regulatory agencies or other parties involved; (iv) new 
technology that renders previous technology obsolete or experience with existing technology that proves ineffective; (v) the 
level of remediation required; and (vi) variation between the estimated and actual period of time required to respond to an 
environmentally-contaminated site.
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EU Carbon Neutral Target
In December 2019, EU leaders endorsed the objective of achieving a climate-neutral EU by 2050, with net-zero GHG 
emissions, and in July 2021, the European Commission adopted the European Climate Law to write this target into the law. The 
European Climate Law also includes a 2030 GHG reduction target of at least 55% below 1990 levels as an intermediate target. 
These targets are legally binding and based on an impact assessment conducted by the Commission.  In 2023, the EU member 
states adopted a revision of the Emission Trading System (ETS) Directive, which aims for a 62% reduction in emissions by 
2030. UGI International will also be subject to a new Emission Trading System, known as ETS 2, which will become 
operational in 2027. 
Data Privacy 
The EU adopted the GDPR, which became effective in May 2018. The GDPR expanded the EU data protection laws to all 
companies processing data of EU residents. It primarily focuses on unifying and strengthening the regulations dealing with the 
collection, processing, use and security of personal and sensitive data.
Properties 
In addition to regional headquarter locations and sales offices throughout its service territory, UGI International has interests in 
eight primary storage facilities and more than 65 secondary storage facilities.
Employees
At September 30, 2024, UGI International had approximately 2,200 employees.
AMERIGAS PROPANE
Products, Services and Marketing
Our domestic propane distribution business is conducted through AmeriGas Propane. AmeriGas Propane serves 
over 1.1 million customers in all 50 states from approximately 1,360 propane distribution locations. Typically, propane 
distribution locations are in suburban and rural areas where natural gas is not readily available. Our local offices generally 
consist of operations facilities and propane storage.  As part of its overall transportation and distribution infrastructure, 
AmeriGas Propane operates as an interstate carrier in all states throughout the continental U.S. 
AmeriGas Propane sells propane primarily to residential, commercial/industrial, motor fuel, agricultural and wholesale 
customers.  AmeriGas Propane distributed approximately 827 million gallons of propane in Fiscal 2024.  Approximately 89% 
of AmeriGas Propane’s Fiscal 2024 sales (based on gallons sold) was to retail accounts and approximately 11% was to 
wholesale accounts. Sales to residential customers in Fiscal 2024 represented approximately 27% of retail gallons sold; 
commercial/industrial customers 42%; motor fuel customers 22%; and agricultural customers 3%.  Transport gallons, which are 
large-scale deliveries to retail customers other than residential, accounted for approximately 5% of Fiscal 2024 retail gallons.  
With the exception of one customer representing 5% of AmeriGas Propane’s consolidated revenues, no other single customer 
represents more than 5% of AmeriGas Propane’s consolidated revenues. 
The ACE program continued to be an important element of AmeriGas Propane’s business in Fiscal 2024. At September 30, 
2024, ACE cylinders were available at over 47,000 retail locations throughout the U.S.  Sales of our ACE cylinders to retailers 
are included in commercial/industrial sales.  The ACE program enables consumers to purchase or exchange propane cylinders 
at various retail locations such as home centers, gas stations, mass merchandisers and grocery and convenience stores.  In 
addition, our Cynch propane home delivery service was available in 20 cities as of September 30, 2024.  We also supply 
retailers with large propane tanks to enable them to replenish customers’ propane cylinders directly at the retailers’ locations.
Residential and commercial customers use propane primarily for home heating, water heating and cooking purposes.  
Commercial users include hotels, restaurants, churches, warehouses and retail stores.  Industrial customers use propane to fire 
furnaces, as a cutting gas and in other process applications.  Other industrial customers are large-scale heating accounts and 
local gas utility customers that use propane as a supplemental fuel to meet peak load deliverability requirements.  As a motor 
fuel, propane is burned in internal combustion engines that power school buses and other over-the-road vehicles, forklifts and 
stationary engines. Agricultural uses include tobacco curing, chicken brooding, crop drying and orchard heating.  In its 
wholesale operations, AmeriGas Propane principally sells propane to large industrial end-users and other propane distributors.
Retail deliveries of propane are usually made to customers by means of bobtail and rack trucks.  Propane is pumped from the 
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bobtail truck, which generally holds 2,400 to 3,000 gallons of propane, into a stationary storage tank on the customer’s 
premises.  AmeriGas Propane owns most of these storage tanks and leases them to its customers.  The capacity of these tanks 
ranges from approximately 120 gallons to approximately 1,200 gallons.  AmeriGas Propane also delivers propane in portable 
cylinders, including ACE and motor fuel cylinders.  Some of these deliveries are made to the customer’s location where 
cylinders are either picked up or replenished in place.
During Fiscal 2024, we made technology and other investments to promote the safety of our employees and the communities 
we serve.  For example, we (i) invested in flame resistant clothing and uniform standardization for our employees, and (ii) 
continue to install fall protection towers on rail terminals that are designed to prevent employees from falling during the process 
of offloading propane into bulk storage.
Propane Supply and Storage
The U.S. propane market has approximately 200 domestic and international sources of supply, including the spot market.  
Supplies of propane from AmeriGas Propane’s sources historically have been readily available. In recent years, certain 
geographies experienced varying levels of reduced propane availability as a result of transportation issues within the supply 
chain. In response to these supply and transportation challenges, AmeriGas Propane utilized a combination of increased 
regional storage as well as rail and transport supply from different origins to offset localized supply/demand imbalances. 
In addition to these factors, the availability and pricing of propane supply has historically been dependent upon, among other 
things, the severity of winter weather, the price and availability of competing fuels such as natural gas and crude oil, and the 
amount and availability of exported supply and, to a much lesser extent, imported supply. For more information on risks 
relating to our supply chain, see “Risk Factors - Risks Relating to Our Supply Chain and Our Ability to Obtain Adequate 
Quantities of LPG.”  
During Fiscal 2024, approximately 98% of AmeriGas Propane’s propane supply was purchased under supply agreements with 
terms of one to three years.  Although no assurance can be given that supplies of propane will be readily available in the future, 
management currently expects to be able to secure adequate supplies during Fiscal 2025.  If supply from major sources were 
interrupted, however, the cost of procuring replacement supplies and transporting those supplies from alternative locations 
might be materially higher and, at least on a short-term basis, margins could be adversely affected.  In Fiscal 2024, AmeriGas 
Propane derived approximately 15% of its propane supply from Enterprise Products Operating LLC and approximately 12% of 
its propane supply from Targa Liquids Marketing and Trade LLC.  No other single supplier provided more than 10% of 
AmeriGas Propane’s total propane supply in Fiscal 2024.  In certain geographic areas, however, a single supplier provides more 
than 50% of AmeriGas Propane’s requirements. Disruptions in supply in these areas could also have an adverse impact on 
AmeriGas Propane’s margins.
AmeriGas Propane’s supply contracts typically provide for pricing based upon (i) index formulas using the current prices 
established at a major storage point such as Mont Belvieu, Texas, or Conway, Kansas, or (ii) posted prices at the time of 
delivery.  In addition, some agreements provide maximum and minimum seasonal purchase volume guidelines.  The percentage 
of contract purchases, and the amount of supply contracted for at fixed prices, will vary from year to year.  AmeriGas Propane 
uses a number of interstate pipelines, as well as railroad tank cars, delivery trucks and barges, to transport propane from 
suppliers to storage and distribution facilities. AmeriGas Propane stores propane at various storage facilities and terminals 
located in strategic areas across the U.S.
Because AmeriGas Propane’s profitability is sensitive to changes in wholesale propane costs, AmeriGas Propane generally 
seeks to pass on increases in the cost of propane to customers.  There is no assurance, however, that AmeriGas Propane will 
always be able to pass on product cost increases fully, or keep pace with such increases, particularly when product costs rise 
rapidly.  Product cost increases can be triggered by periods of severe cold weather, supply interruptions, increases in the prices 
of base commodities, such as crude oil and natural gas, or other unforeseen events.  AmeriGas Propane has supply acquisition 
and product cost risk management practices to reduce the effect of volatility on selling prices.  These practices currently include 
the use of summer storage, forward purchases and derivative commodity instruments, such as propane price swaps. See 
“Management’s Discussion and Analysis of Financial Condition and Results of Operations - Market Risk Disclosures.”
The following graph shows the average prices of propane on the propane spot market during the last five fiscal years at Mont 
Belvieu, Texas, and Conway, Kansas, both major storage areas.
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Average Propane Spot Market Prices
General Industry Information
Propane is separated from crude oil during the refining process and also extracted from natural gas or oil wellhead gas at 
processing plants.  Propane is normally transported and stored in a liquid state under moderate pressure or refrigeration for 
economy and ease of handling in shipping and distribution.  When the pressure is released or the temperature is increased, it is 
usable as a flammable gas. Propane is colorless and odorless; an odorant is added to allow for its detection.  Propane is 
considered a clean alternative fuel under the Clean Air Act Amendments of 1990.
Competition
Propane competes with other sources of energy, some of which are less costly for equivalent energy value.  Propane distributors 
compete for customers with suppliers of electricity, fuel oil and natural gas, principally on the basis of price, service, 
availability and portability.  Electricity is generally more expensive than propane on a Btu equivalent basis, but the convenience 
and efficiency of electricity make it an attractive energy source for consumers and developers of new homes.  Fuel oil, which is 
also a major competitor of propane, is a less environmentally attractive energy source.  Furnaces and appliances that burn 
propane will not operate on fuel oil, and vice versa, and, therefore, a conversion from one fuel to the other requires the 
installation of new equipment.  Propane serves as an alternative to natural gas in rural and suburban areas where natural gas is 
unavailable or portability of product is required.  Natural gas is generally a significantly less expensive source of energy than 
propane, although in areas where natural gas is available, propane is used for certain industrial and commercial applications and 
as a standby fuel during interruptions in natural gas service.  The gradual expansion of the nation’s natural gas distribution 
systems has resulted in the availability of natural gas in some areas that previously depended upon propane.  However, natural 
gas pipelines are not present in many areas of the country where propane is sold for heating and cooking purposes.
For motor fuel customers, propane competes with gasoline, diesel fuel, electric batteries, fuel cells and, in certain applications, 
LNG and compressed natural gas.  Wholesale propane distribution is a highly competitive, low margin business.  Propane sales 
to other retail distributors and large-volume, direct-shipment industrial end-users are price sensitive and frequently involve a 
competitive bidding process.
Retail propane industry volumes have been flat for several years and no or modest growth in total demand is foreseen in the 
next several years. AmeriGas Propane’s ability to grow within the industry is dependent on the success of its sales and 
marketing programs designed to attract and retain customers, the success of business transformation initiatives, and its ability to 
achieve internal growth, which includes the continuation of ACE and National Accounts (through which multi-location propane 
users enter into a single AmeriGas Propane supply agreement rather than agreements with multiple suppliers).  Any failure of 
AmeriGas Propane to retain and grow its customer base would have an adverse effect on its long-term results.
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The domestic propane retail distribution business is highly competitive.  AmeriGas Propane competes in this business with 
other large propane marketers, including other full-service marketers, and thousands of small independent operators.  Some 
farm cooperatives, rural electric cooperatives and fuel oil distributors include propane distribution in their businesses and 
AmeriGas Propane competes with them as well.  The ability to compete effectively depends on providing high quality customer 
service, maintaining competitive retail prices and controlling operating expenses.  AmeriGas Propane also offers customers 
various payment and service options, including guaranteed price programs, fixed price arrangements and pricing arrangements 
based on published propane prices at specified terminals.  
In Fiscal 2024, AmeriGas Propane’s retail propane sales totaled approximately 737 million gallons.  Based on the most recent 
annual survey by the Propane Education & Research Council, 2023 domestic retail propane sales (annual sales for other than 
chemical uses) in the U.S. totaled approximately 9 billion gallons.  Based on LP-GAS magazine rankings, 2023 sales volume of 
the ten largest propane distribution companies (including AmeriGas Propane) represented approximately 35% of domestic retail 
propane sales.
Properties
As of September 30, 2024, AmeriGas Propane owned approximately 87% of its nearly 520 local offices throughout the country.  
The transportation of propane requires specialized equipment. The trucks and railroad tank cars utilized for this purpose carry 
specialized steel tanks that maintain the propane in a liquefied state. As of September 30, 2024, the Partnership operated a 
transportation fleet with the following assets:
Approximate Quantity & Equipment Type
% Owned
% Leased
1,025
Trailers
76%
24%
340
Tractors
14%
86%
600
Railroad tank cars
0%
100%
2,550
Bobtail trucks
11%
89%
300
Rack trucks
10%
90%
3,070
Service and delivery trucks
13%
87%
Other assets owned at September 30, 2024 included approximately 890,000 stationary storage tanks with typical capacities of 
more than 120 gallons, approximately 3.9 million portable propane cylinders with typical capacities of 1 to 120 gallons, 21 
terminals and 11 transflow units.
Trade Names, Trade and Service Marks
AmeriGas Propane markets propane and other services principally under the “AmeriGas®,” “America’s Propane Company®,” 
and “Cynch®” trade names and related service marks.  AmeriGas Propane owns, directly or indirectly, all the right, title and 
interest in the “AmeriGas” name and related trade and service marks.  AmeriGas Polska Sp. z.o.o. has an exclusive, royalty-free 
license from AmeriGas Propane to use the “AmeriGas®” name and related service marks in Poland and Germany and with 
respect thereto on the Internet. The term of the license is in perpetuity.  
Seasonality
Because many customers use propane for heating purposes, AmeriGas Propane’s retail sales volume is seasonal.  During Fiscal 
2024, approximately 63% of the Partnership’s retail sales volume occurred, and substantially all of AmeriGas Propane’s 
operating income was earned, during the peak heating season from October through March.  As a result of this seasonality, 
revenues are typically higher in AmeriGas Propane’s first and second fiscal quarters (October 1 through March 31).  Cash 
receipts are generally greatest during the second and third fiscal quarters when customers pay for propane purchased during the 
winter heating season. For more information on the risks associated with the seasonality of our business, see “Risk Factors - 
Our business is seasonal and decreases in the demand for propane our energy products and services because of warmer-than-
normal heating season weather or unfavorable weather conditions may adversely affect our results of operations.” 
Sales volume for AmeriGas Propane traditionally fluctuates from year-to-year in response to variations in weather, prices, 
competition, customer mix and other factors, such as conservation efforts and general economic conditions.  For information on 
national weather statistics, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
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Government Regulation 
AmeriGas Propane is subject to various federal, state and local environmental, health, data privacy, safety and transportation 
laws and regulations governing the storage, distribution and transportation of propane and the operation of bulk storage propane 
terminals.  
Environmental
Generally, applicable environmental laws impose limitations on the discharge of pollutants, establish standards for the handling 
of solid and hazardous substances, and require the investigation and cleanup of environmental contamination.  These laws 
include, among others, the Resource Conservation and Recovery Act, CERCLA, the Clean Air Act, the Clean Water Act, the 
Homeland Security Act of 2002, the Emergency Planning and Community Right-to-Know Act, comparable state statutes and 
any applicable amendments.  The Partnership incurs expenses associated with compliance with its obligations under federal and 
state environmental laws and regulations, and we believe that the Partnership is in material compliance with its obligations. The 
Partnership maintains various permits that are necessary to operate its facilities, some of which may be material to its 
operations. AmeriGas Propane continually monitors its operations with respect to potential environmental issues, including 
changes in legal requirements.
AmeriGas Propane is investigating and remediating contamination at a number of present and former operating sites in the 
U.S., including sites where its predecessor entities operated MGPs. CERCLA and similar state laws impose joint and several 
liability on certain classes of persons considered to have contributed to the release or threatened release of a “hazardous 
substance” into the environment without regard to fault or the legality of the original conduct. Propane is not a hazardous 
substance within the meaning of CERCLA.
Health and Safety
AmeriGas Propane is subject to the requirements of OSHA and comparable state laws that regulate the protection of the health 
and safety of our workers. These laws require the Partnership, among other things, to maintain information about materials 
utilized, stored, transported, or sold, in accordance with OSHA’s Hazard Communications Standard. Certain portions of this 
information must be provided to employees, federal and state and local governmental authorities, emergency responders, 
commercial and industrial customers and local citizens in accordance with the Environmental Protection Agency’s Emergency 
Planning and Community Right-to-Know Act requirements. 
All states in which AmeriGas Propane operates have adopted fire and life safety codes that regulate the storage, distribution, 
and use of propane. In some states, these laws are administered by state agencies, and in others they are administered on a 
municipal level. AmeriGas Propane conducts training programs to help ensure that its operations comply with applicable 
governmental regulations. With respect to general operations, AmeriGas Propane is subject in all jurisdictions in which it 
operates to rules and procedures governing the safe handling of propane, including those established by National Fire Protection 
Association (“NFPA”) in the Liquefied Petroleum Gas Code (NFPA 58) and National Fuel Gas Code (NFPA 54), the 
International Code Council’s International Fuel Gas Code and International Fire Code, as well as various state and local codes. 
Management believes that the policies and procedures currently in effect at all of its facilities for the handling, storage, 
distribution and use of propane are consistent with industry standards and are in compliance, in all material respects, with 
applicable laws and regulations.
With respect to the transportation of propane, AmeriGas Propane is subject to regulations promulgated under federal legislation, 
including the Federal Motor Carrier Safety Regulations and Pipeline Hazardous Materials Regulations which fall under the 
enforcement and supervision of the DOT, Pipeline Hazardous Materials Safety Administration, Federal Railroad 
Administration, Federal Motor Carrier Safety Administration, and the Federal Aviation Administration.  AmeriGas Propane 
facilities and containers are equally regulated by these agencies regarding security standards as well as the Cybersecurity and 
Infrastructure Security Agency’s Chemical Facility Anti-Terrorism Standards.  AmeriGas Propane’s programs related to the 
transportation and security of hazardous materials are regularly inspected and meet all applicable standards and regulations.  
AmeriGas Propane maintains jurisdictional pipeline systems as defined by the Transportation of Natural and Other Gas by 
Pipeline: Minimum Federal Safety Standards as regulated by the Pipeline Hazardous Materials Safety Administration and 
multiple State Public Utility Commissions under the authority and authorization of the Pipeline Hazardous Materials Safety 
Administration. These pipeline safety regulations apply to, among other things, propane gas systems that supplies 10 or more 
residential customers or two or more commercial customers from a single source and to a propane gas system any portion of 
which is located in a public place. The DOT’s pipeline safety regulations require operators of all gas systems to provide 
operator qualification standards and training and written instructions for employees and third-party contractors working on 
covered pipelines and facilities, establish written procedures to minimize the hazards resulting from gas pipeline emergencies, 
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and conduct and keep records of inspections and testing. Operators are subject to the Pipeline Safety Improvement Act of 2002. 
Management believes that the procedures currently in effect at all of AmeriGas Propane’s facilities for the handling, storage, 
transportation and distribution of propane are consistent with industry standards and are in compliance, in all material respects, 
with applicable laws and regulations.
Climate Change
There continues to be increased legislative and regulatory activity related to climate change and the contribution of GHG 
emissions, most notably carbon dioxide, to global warming. Because propane is considered a clean alternative fuel under the 
federal Clean Air Act Amendments of 1990, the Partnership believes this provides it with a competitive advantage over other 
sources of energy, such as fuel oil and coal. At the same time, however, increasing regulations of GHG emissions, especially in 
the transportation and building sectors, could restrict the use of fossil fuels and could impose significant additional costs on 
AmeriGas Propane, its suppliers, its vendors and its customers. There has been an increase in state initiatives aimed at 
regulating GHG emissions, including the California Low Carbon Fuel Standard, the Washington Cap and Invest Program and 
the New York Climate Leadership and Community Protection Act. Compliance with these types of regulations may increase 
our operating costs if we are unable to pass on these costs to our customers. 
Employees
The Partnership does not directly employ any persons responsible for managing or operating the Partnership.  The General 
Partner provides these services and is reimbursed for its direct and indirect costs and expenses, including all compensation and 
benefit costs.  At September 30, 2024, the General Partner had approximately 4,850 employees, including 75 part-time, 
seasonal and temporary employees, working on behalf of the Partnership.  UGI also performs, and is reimbursed for, certain 
financial and administrative services on behalf of the Partnership and AmeriGas OLP.
BUSINESS SEGMENT INFORMATION
The table stating the amounts of revenues, operating income and identifiable assets attributable to each of UGI’s reportable 
business segments, and to information regarding the geographic areas in which we operate, for Fiscal 2024, Fiscal 2023 and 
Fiscal 2022 appears in Note 22 to Consolidated Financial Statements included in Item 15 of this Report and is incorporated 
herein by reference.
EMPLOYEES
At September 30, 2024, UGI and its subsidiaries had approximately 9,750 employees.
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HUMAN CAPITAL MANAGEMENT
We are committed to the attraction, development, retention and safety of our employees. The following is an overview of some 
of our key human capital initiatives that are designed to ensure the overall well-being of our employees and other stakeholders 
as well as to promote workforce diversity. 
UGI publishes annual sustainability reports, which are available free of charge on its corporate website under “ESG - Resources 
- Sustainability Reports.”  Information included in these sustainability reports is not intended to be incorporated into this 
Report.
Workplace Safety
We are committed to maintaining an effective safety culture and stressing the importance of our employees’ role in identifying, 
mitigating and reporting safety risks.  We believe that the achievement of superior safety performance is both an important 
short- and long-term strategic initiative in managing our operations.  In this regard, our policies and operational practices 
promote a culture where all levels of employees are responsible for safety.  Safety is generally included as a component of the 
annual bonus calculation for executives and non-executives, reinforcing our commitment to safety across our organization.  For 
more details as to how we integrate safety performance into our core business activities, please refer to our Health, Safety, 
Security and the Environment (“HSSE”) Policy, which is available on our website under “Company - Company Policies - 
HSSE Policy.”
UGI’s Board of Directors oversees safety efforts primarily through its SERC Committee, which is responsible for the 
governance and oversight of health and safety matters at the Company, including compliance with applicable laws and 
regulations. The SERC Committee oversees the Company’s practices and policies focused on protecting the health and safety of 
our employees, contractors, customers, the communities we serve, and the environment.  Additionally, our senior management 
team is actively engaged in our safety programs and conducts regular reviews of safety performance metrics.  These metrics are 
presented quarterly to the SERC Committee for review and consideration.  In addition, each of our business units has a safety 
team that is responsible for overseeing the safety of our operations, reinforcing our values, and enhancing our safety culture 
within such business units. As part of our commitment to continuously improve our safety performance, UGI has implemented 
robust training programs that enable field employees to safely execute their job responsibilities. Our safety programs are 
required to comply with both OSHA and industry-specific regulations.
Diversity Strategy  
Diversity as Part of Our Company Culture
We believe that, by fostering an environment that exemplifies our core value of respect, we gain, as a Company, unique 
perspectives, backgrounds and varying experiences to ensure our continued long-term success.  Belonging, inclusion, diversity 
and equity are essential to our success, and we respect and value all employees.  
In alignment with our efforts to promote diversity and inclusion, our Belonging, Inclusion, Diversity and Equity (“BIDE”) 
Initiative provides the organizational blueprint for achieving greater diversity and promoting respect for uniqueness of 
individuals and cultures and inclusion of the varied perspectives they provide. We believe the BIDE Initiative helps align our 
core values (safety, integrity, respect, sustainability, reliability, and excellence) with our leadership’s actions and our 
employees’ work environment. The BIDE Initiative embodies and promotes internal policies with respect to setting 
expectations relating to our work environment, including our Code of Business Conduct and Ethics and our Anti-Harassment/
Anti-Discrimination, and Human Rights policies.  As part of the BIDE Initiative, we have partnerships with numerous 
organizations that support underrepresented populations. 
UGI also supports diverse segments of our workforce through employee resource groups. Employee resource groups are a key 
component of the BIDE Initiative. These groups are open to all employees and allow them to learn from a cultural perspective 
and support their colleagues through allyship. UGI’s employee resource groups include the Black Organizational Leadership 
and Development (“BOLD”), the Women’s Impact Network (“WIN”), and the Veteran Employee Team (“VET”).  
•
BOLD is focused on inclusion, equity, education, and empowerment for black employees and their allies, and assists 
leadership with communication, talent recruitment, retention and development opportunities. BOLD focuses on 
professional development by creating mentoring opportunities, increasing exposure through networking and career 
development events, broadening outreach to and recruitment of talent and sponsoring activities such as lectures 
featuring distinguished speakers. The group aims to support and promote UGI’s BIDE Initiative by providing cultural 
insight from employee, customer and community partner perspectives. 
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•
WIN is an organization that aims to foster an environment for women and their allies to be recruited, retained, 
developed and advanced as leaders throughout UGI.  Membership in WIN offers exposure to various professional 
development opportunities, including speaker series events, group engagement activities, virtual group discussions, 
and partnerships with local organizations. 
•
VET focuses on recruiting and retaining veterans, as well as creating growth for and goodwill towards military 
veterans, such as the Military Leave and Benefits Policy as well as benefits programs helpful to veterans and their 
families. VET members include Active Duty, Reserve, and National Guard veterans of the Army, Navy, Marines, 
Coast Guard, and Air Force, their families, and partners committed to supporting military veteran employees. 
Diversity in Our Leadership
We believe that diversity in our Board of Directors is critical for effective governance.  In assessing the Board of Directors’ 
composition, the Board of Directors and its Corporate Governance Committee ensure that our Board of Directors and its 
standing committees have the appropriate qualifications, skills, experience and characteristics, including diversity of 
perspectives, to support our business.  In assessing director candidates, the Board of Directors and Corporate Governance 
Committee consider a number of qualifications, including independence, knowledge, judgment, character, leadership skills, 
education, experience, financial literacy, standing in the community and diversity of backgrounds and views, including, but not 
limited to, gender, race, ethnicity and national origin.  The Board of Directors and Corporate Governance Committee look to 
complement the Board of Directors’ existing strengths, recognizing that diversity is a critical element to enhancing Board 
effectiveness.  Our Board of Directors is currently comprised of eleven directors, of which four are female and five are diverse 
with respect to race, ethnicity and/or national origin.  
Similarly, we believe diversity of management is crucial to position our business for continued success. UGI ensures that 
diverse candidates are considered for all leadership positions and is committed to considering all qualified applicants in our 
hiring process.  
Diversity in Our Workforce
UGI strives for diverse representation at all levels of our business. We annually publish our workforce demographics (which 
reflects our EEO-1 reporting data) in our sustainability reports. We believe that by publicly disclosing our workforce 
demographics, we increase transparency in the composition of our workforce as well as facilitate accountability in ensuring that 
diverse candidates are actively considered for roles throughout the organization. 
Diversity as Part of Our Employee Development
UGI has a global partnership with the Human Library Organization (the “Human Library”), a global not-for-profit learning 
platform that hosts personal conversations designed to challenge stigma and stereotypes and create a safe space for dialogue 
where topics are discussed openly between “human books” and their readers.  The Human Library is a thought leader when it 
comes to diversity and inclusion in the workplace, partnering with companies that are committed to incorporating social 
understanding and cultural awareness as part of their business model in relation to their workforce, partnerships, clients and 
customers.
UGI has committed to a sponsorship role with the Human Library for the creation of a digital learning platform that will expand 
the reach of the Human Library’s diversity experiences across the globe. UGI began working with the Human Library in Fiscal 
2020 to provide diversity and inclusion education for its leadership development, supervisor training and new hire onboarding 
programs. Many of our employees participated in the Human Library “reader sessions” over the past few years.
Talent Development and Support
Maintaining a robust pipeline of talent is crucial to UGI’s ongoing success and is a key aspect of succession planning efforts 
across the organization. Our leadership and human resources teams are responsible for attracting and retaining quality talent by 
supporting management in fostering an environment where employees feel supported and encouraged in their professional and 
personal development. Competition for attracting and retaining talent has increased in recent years. UGI understands this 
challenge and the importance of maintaining competitive compensation and benefits as well as providing appropriate training 
that enables growth, developmental opportunities and multiple career paths within our Company. We commit to investing in 
our employees through 24/7 available leadership and talent development initiatives and resources, as well as through tuition and 
certification reimbursement to promote continued professional growth. In Fiscal 2024, UGI launched two new major initiatives: 
(i) the Enterprise Learning and Development SharePoint Site, which consists of professional development resources including 
topics like The Pareto Principle, Start, Stop, Continue strategies, Generative AI and High Performing Culture, and (ii) a People 
Leader Portal for managers, with hands-on practical job aids, templates, videos and just-in-time learning. UGI also provides 
LinkedIn Learning licenses for 2,400 employees, providing world-class courses on every business topic and courses enabling a 
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wide range of professional certifications. In addition, the enterprise learning and development team announced free monthly 
webinars for managers across the Company, as provided through The Institute for Management Studies, and quarterly 
upskilling events for both leaders and employees. Finally, digital newsletters are distributed regularly, which recommend 
professional and leadership development opportunities such as TED Talks, podcasts, research, and articles sharing best and next 
practices.
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ITEM 1A.  RISK FACTORS
There are many factors that may affect our business, financial condition and results of operations, many of which are not within 
our control, including the following risks relating to: (1) the demand for our products and services and our ability to grow our 
customer base; (2) our business operations, including internal and external factors that may impact our operational continuity; 
(3) our international operations; (4) our supply chain and our ability to obtain and transport adequate quantities of LPG; (5) 
government regulation and oversight; and (6) general factors that may impact our business and our shareholders. Investors 
should carefully consider, together with the other information contained in this Report, the risks and uncertainties described 
below. Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may 
materially affect our business, financial condition and results of operations. No priority or significance is intended by, nor 
should be attached to, the order in which the risk factors appear.
Risks Relating to the Demand for Our Products and Services and Our Ability to Grow Our Customer Base
Our business is seasonal and decreases in the demand for our energy products and services because of warmer-than-normal 
heating season weather or unfavorable weather conditions may adversely affect our results of operations. Because many of 
our customers rely on our energy products and services to heat their homes and businesses, our results of operations are 
adversely affected by warmer-than-normal heating season weather.  Weather conditions have a significant impact on the 
demand for our energy products and services for both heating and agricultural purposes.  Accordingly, the volume of our 
energy products sold is at its highest during the peak heating season of October through March and is directly affected by the 
severity of the winter weather. For example, historically, approximately 60% of PA Gas Utility’s natural gas throughput (the 
total volume of gas sold to or transported for customers within our distribution system), 60% of Energy Services’ retail natural 
gas volume, 60% of UGI International’s annual retail LPG volume and 65% of AmeriGas Propane’s annual retail propane 
volume has typically been sold during these months. There can be no assurance that normal winter weather in our market areas 
will occur in the future.
In addition, our agricultural customers use LPG for purposes other than heating, including for crop drying, and unfavorable 
weather conditions, such as lack of precipitation, may impact the demand for LPG.  Moreover, harsh weather conditions may at 
times impede the transportation and delivery of LPG or restrict our ability to obtain LPG from suppliers.  Spikes in demand 
caused by weather or other factors can stress the supply chain and limit our ability to obtain additional quantities of LPG.  
Changes in LPG supply costs are normally passed through to customers, but time lags (between when we purchase the LPG and 
when the customer purchases the LPG) may result in significant gross margin fluctuations that could adversely affect our results 
of operations. 
The potential effects of climate change may affect our business, operations, supply chain and customers, which could 
adversely impact our financial condition and results of operations. Shifts and fluctuations in weather patterns and other 
environmental conditions, including temperature and precipitation levels, may affect consumer demand for our energy products 
and services.  In addition, the potential physical effects of climate change, such as increased frequency and severity of storms, 
floods, fires and other climatic events, could disrupt our operations and supply chain, and cause us to incur significant costs in 
preparing for or responding to these effects. These or other meteorological changes could lead to increased operating costs, 
capital expenses or supply costs.  Our commercial and residential customers may also experience the potential physical impacts 
of climate change and may incur significant costs in preparing for or responding to these efforts, including increasing the mix 
and resiliency of their energy solutions and supply, which may adversely impact their ability to pay for our products and 
services or decrease demand for our products and services. The impact of any one or all of the foregoing factors may adversely 
affect our financial condition and results of operations. 
In addition to the direct physical impact that climate change may have on our business, financial condition and results of 
operations, we may also be adversely impacted by other environmental factors, including: (i) technological advances designed 
to promote energy efficiency and limit environmental impact; (ii) increased competition from alternative energy sources; (iii) 
regulatory responses aimed at decreasing GHG emissions; and (iv) litigation or regulatory actions that address the 
environmental impact of our energy products and services.  For more information on these risks, please refer to the following 
risk factors included elsewhere in this section: 
•
“Energy efficiency and technology advances, as well as price induced customer conservation, may result in reduced 
demand for our energy products and services”; 
•
“Our operations may be adversely affected by competition from other energy sources”; 
•
“Our need to comply with, and respond to, industry-wide changes resulting from, comprehensive, complex, and 
sometimes unpredictable governmental regulations, including regulatory initiatives aimed at increasing competition 
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within our industry, may increase our costs and limit our revenue growth, which may adversely affect our operating 
results”; 
•
“Our operations, financial results and cash flows may be adversely affected by existing and future global climate 
change laws and regulations, including with respect to GHG emission restrictions, as well as market responses 
thereto”; and 
•
“We are subject to operating and litigation risks that may not be covered by insurance”.
Our potential to increase revenues may be affected by the decline in retail volumes of LPG and our ability to retain and grow 
our customer base. The retail LPG distribution industry in the U.S. and many of the European countries in which we operate is 
mature and has experienced either no or modest growth (or decline) the past few years, and we do not expect significant 
changes to total demand in the near future. Accordingly, we expect that year-to-year industry volumes will be principally 
affected by weather patterns.  Our ability to grow within the LPG industry is partly dependent on the success of our sales and 
marketing programs designed to attract and retain customers. Any failure to retain and grow our customer base would have an 
adverse impact on our results.  
Our ability to successfully execute on strategic initiatives and achieve our long-term goals may be adversely affected if we 
are not successful in identifying and completing strategic transactions and investments, or if we are unable to realize the 
anticipated benefits from such strategic transactions and investments. As part of our business strategy, we have pursued, and 
may continue to pursue, acquisitions, joint ventures, partnerships, divestitures, dispositions, and other strategic transactions and 
relationships with third parties. We have grown the Company through investments in the U.S. and in international markets, and 
have expanded our presence in the renewable energy industry.  We may choose to finance any future investments with debt, 
equity, cash or a combination of the three.  We can give no assurances that we will find attractive investment opportunities in 
the future (including renewable energy opportunities), that we will be able to complete and finance these transactions on 
economically acceptable terms, that any investments and related transactions will not be dilutive to earnings or that any 
additional debt incurred to finance such investment will not affect our ability to pay dividends.  Moreover, certain investments 
and acquisitions in the U.S. and Europe may require merger control filings with the Federal Trade Commission and the 
European Commission, as applicable, and commitments (such as agreements not to compete for certain businesses) or 
divestments of assets may be required to obtain clearance. Such commitments or divestments may adversely influence the 
overall economics and risk profile of the contemplated transaction. 
To the extent we are successful in executing these transactions, such transactions involve a number of risks. These risks include, 
but are not limited to, the assumption of material liabilities, including environmental liabilities, the diversion of management’s 
attention from the management of daily operations to the integration of acquired operations, difficulties in the assimilation and 
retention of employees and difficulties in the assimilation of different cultures and practices and internal controls, challenges 
with consolidating the operations of acquired companies into our own, as well as in the assimilation of broad and 
geographically dispersed personnel and operations.  We also may experience integration difficulties, including in implementing 
new systems and processes and with integrating systems and processes of companies with complex operations, which can result 
in inconsistencies in standards, controls, procedures and policies and may increase the risk that our internal controls are found 
to be ineffective. Future investments could also result in, among other things, the failure to identify material issues during due 
diligence, the risk of overpaying for assets, unanticipated capital expenditures, the failure to maintain effective internal control 
over financial reporting, recording goodwill and other intangible assets at values that ultimately may be subject to impairment 
charges and fluctuations in quarterly results.  There can also be no assurance that our past and future investments, including our 
recent investments in renewable energy, will deliver the strategic, financial, operational and environmental benefits that we 
anticipate, nor can we be certain that strategic investments will remain available in the future.  
Similarly, any divestitures or dispositions of assets have inherent risks, including the inability to find potential buyers upon 
favorable terms, expenses associated with a divestiture, the possibility that any anticipated sale will be delayed or will not 
occur, the potential impact on our cash flows and results of operations, the potential delay or failure to realize the perceived 
strategic or financial benefits of the divestment or disposition, difficulties in the separation of operations, services, information 
technology, products and personnel, potential loss of customers or employees, exposure to unanticipated liabilities, unexpected 
costs associated with such separation, diversion of management’s attention from other business concerns and potential post-
closing claims for alleged breaches of related agreements, indemnification or other disputes. Further, any cost saving measures, 
restructurings and divestitures may result in workforce reduction and consolidation of our facilities. As a result of these actions, 
we may experience a loss of continuity, loss of accumulated knowledge, disruptions to our operations and inefficiency during 
transitional periods. These actions could also impact employee retention. In addition, we cannot be sure that these actions will 
be as successful in reducing our overall expenses as we expect or that we do not forego future business opportunities as a result 
of these actions.
The failure to successfully identify, complete, implement and manage business combinations, acquisitions, divestitures and 
investments intended to advance our business strategy could have an adverse impact on our business, cash flows, financial 
condition and results of operations.
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Further, our long-term goal to grow our earnings per share is driven by disciplined investments and is impacted by, among other 
things, our ability to increase investments in our regulated utilities businesses and generate significant fee-based income in our 
Midstream and Marketing operations. Other factors, assumptions and beliefs of management and our Board regarding external 
factors, including the global economy and regulatory developments, on which our long-term goals were based may also prove 
to differ materially from actual future results. Accordingly, we may not achieve our stated long-term goals, or our stated long-
term goals may be negatively revised, as a result of less than expected progress toward achieving these goals.
Energy efficiency and technology advances, as well as price induced customer conservation, may result in reduced demand 
for our energy products and services. The trend toward increased energy efficiency and technological advances, including 
installation of improved insulation and the development of more efficient boilers and increased consumer preference for 
alternative heating equipment installations, such as electric heat pumps, alongside concerted conservation measures, which have 
been exacerbated particularly in Europe by the evolving energy crisis, may reduce the demand for our energy products.  Prices 
for LPG and natural gas are subject to volatile fluctuations as a result of changes in supply and demand as well as other market 
conditions and external factors. During periods of high energy commodity costs, our prices generally increase, which may lead 
to customer conservation and attrition.  A reduction in demand could lower our revenues and, therefore, lower our net income 
and adversely affect our cash flows.  In addition, federal, European and/or local regulators may offer energy conservation 
incentives or otherwise enact laws and regulations that may require mandatory conservation measures, which would reduce the 
demand for our energy products.  In Europe, measures are underway to decarbonize the electric generation grid, as well as 
residential and commercial heating, in order to achieve EU climate change objectives, including a net zero goal by 2050.  For 
example, in 2018 the EU revised the Energy Performance of Buildings Directive (the “EPBD”) with the goal to create a clear 
path towards a low and zero-emission and decarbonized building stock in the EU by 2050.  Updates to the EPBD continue to 
make their way through EU legislative approvals, which will establish stronger targets for management of new and existing 
building construction and integral heating systems that focus on low or zero carbon outcomes. For example, certain EU 
countries have adopted legislation mandating the replacement of existing fossil-fuel based heating systems with lower carbon 
solutions and requiring newly installed heating systems to operate with renewable energy sources. Over time, these various 
measures will impact fossil fuel consumption in Europe and the demand for our energy products.  We cannot predict the 
materiality of the effect of future conservation measures or the effect that any technological advances in heating, conservation, 
energy generation or other devices might have on our operations.
Our operations may be adversely affected by competition from other energy sources. Our energy products and services face 
competition from other energy sources, some of which are less costly for equivalent energy value. In addition, we cannot 
predict the effect that the development of alternative energy sources might have on our operations.
Our LPG distribution businesses compete for customers against suppliers of electricity, fuel oil and natural gas.  Electricity is a 
major competitor of LPG but is generally more expensive than LPG on a Btu equivalent basis for space heating, water heating 
and cooking.  However, in Europe and elsewhere, climate change policies favoring electricity from renewable energy sources or 
the use of electric-powered equipment, such as heat pumps in heating applications, may cause changes in current relative price 
relationships.  Moreover, notwithstanding cost or regulatory mandates or incentives, the convenience and efficiency of 
electricity make it an attractive energy source for consumers and developers of new homes. Fuel oil, which is a major 
competitor to propane, is a less environmentally attractive energy source.  Furnaces and appliances that burn LPG must be 
upgraded to run on fuel oil and vice versa, and, therefore, a conversion from one fuel to the other requires the installation of 
new equipment. Our customers generally have an incentive to switch to fuel oil only if fuel oil becomes significantly less 
expensive than LPG, and in multiple countries, the risk of conversion to fuel oil is diminishing due to regulations that prevent 
or disfavor the installation and/or use of fuel oil boilers or fuel oil for heating applications.  The gradual expansion of natural 
gas distribution systems in our service areas may continue to result in the availability of natural gas in some areas that 
previously depended upon LPG resulting in lower demand for LPG.  
Our natural gas businesses in the U.S. compete primarily with electricity and fuel oil, and, to a lesser extent, with LPG and coal. 
Competition among these fuels is primarily a function of their comparative price and the relative cost and efficiency of fuel 
utilization equipment. There can be no assurance that our natural gas revenues will not be adversely affected by this 
competition.
The expansion, construction and development of our energy infrastructure assets subjects us to risks. We seek to grow our 
business through the expansion, construction and development of our energy infrastructure, including new pipelines, gathering 
systems, facilities and other assets. These projects are subject to state and federal regulatory oversight and require certain 
property rights, such as easements and rights-of-way from public and private owners, as well as regulatory approvals, including 
environmental and other permits and licenses. There is no assurance that we or our project partners, as applicable, will be able 
to obtain the necessary property rights, permits and licenses in a timely and cost-efficient manner, or at all, which may result in 
a delay or failure to complete a project. We may face opposition to the expansion, construction or development of new or 
existing pipelines, gathering systems, facilities or other assets from environmental groups, landowners, local groups and other 
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advocates.  This opposition could take many forms, including organized protests, attempts to block or sabotage our operations, 
intervention in regulatory or administrative proceedings involving our assets, or lawsuits or other actions designed to prevent, 
disrupt, or delay the development or operation of our assets and business.  Failure to complete any pending or future 
infrastructure project may have a materially adverse impact on our financial condition and results of operations.
Even if we are able to successfully complete any pending or future infrastructure project, our revenues may not increase 
immediately upon the expenditure of funds on a particular project or as anticipated during the lifespan of the project.  As a 
result, there is the risk that new and expanded energy infrastructure may not achieve our expected investment returns, which 
could have a material adverse effect on our business, financial condition and results of operations.
Risks Relating to Our Business Operations, Including Internal and External Factors that May Impact Our Operational 
Continuity
Our information technology systems and those of our third-party vendors have been the target of cybersecurity attacks in the 
past. If we are unable to protect our information technology systems against future service interruption, misappropriation of 
data, or breaches of security resulting from cybersecurity attacks or other events, or if we encounter other unforeseen 
difficulties in the design, implementation or operation of our information technology systems, or if our third-party vendors 
or service providers experience compromises to their information technology systems, our operations could be disrupted, our 
business and reputation may suffer, and our internal controls could be adversely affected. In the ordinary course of business, 
we rely on information technology systems, including the Internet and third-party hosted services, to support a variety of 
business processes and activities and to store sensitive data, including (i) intellectual property, (ii) our proprietary business 
information and that of our suppliers and business partners, (iii) personally identifiable information of our customers and 
employees, and (iv) data with respect to invoicing and the collection of payments, accounting, procurement, and supply chain 
activities.  In addition, we rely on our information technology systems to process financial information and results of operations 
for internal reporting purposes and to comply with financial reporting, legal, and tax requirements. 
Cybersecurity incidents have recently increased in both frequency and magnitude and have involved malicious software and 
attempts to gain unauthorized access to data and systems, including ransomware attacks where a target’s access to its 
information systems is blocked until a ransom has been paid.  The White House and various regulators, including the SEC, have 
accordingly increased their focus on companies’ cybersecurity vulnerabilities and risks.  Despite our security measures, our 
technologies, systems, and networks have been and may continue to be the target of cybersecurity attacks or information 
security breaches that could result in the unauthorized release, misuse, loss or destruction of proprietary and other information, 
or other disruption of our business operations.  Due to increasingly sophisticated threat actors, we may be unable to detect, 
identify or prevent attacks, and even if detected, we may be unable to adequately stop, investigate or remediate our systems 
given the tools and techniques being used by threat actors to circumvent controls and to remove or obfuscate forensic evidence.  
Attacks and incidents may also occur due to malfeasance by employees or contractors, as well as human error as in the case of 
social engineering and phishing campaigns. A number of our employees currently work remotely full-time or on a hybrid basis; 
as a result, our cybersecurity program may be less effective and information technology security may be less robust for those 
employees.  Similarly, our third-party vendors or service providers have been impacted by cybersecurity attacks and incidents 
and are subject to many, if not all, of the same risks and disruptions as described above.  A loss of our information technology 
systems, or temporary interruptions in the operation of our information technology systems, or those of our third-party vendors 
or service providers, or any other misappropriation of data, or breaches of security could lead to investigations and fines or 
penalties, litigation, increased costs for compliance and for remediation or rebuilding of our systems, and could have a material 
adverse effect on our business, financial condition, results of operations, and reputation.  In addition, an attack could provide an 
intruder with the ability to control or alter our pipeline operations.  Such an act could result in critical pipeline failures.
The efficient execution of our businesses is dependent upon the proper design, implementation and functioning of its current 
and future internal systems, such as the information technology systems that support our underlying business processes.  Any 
significant failure or malfunction of such information technology systems may result in disruptions of our operations.  In 
addition, the effectiveness of our internal controls could be adversely affected if we encounter unforeseen problems with respect 
to the operation of our information technology systems. 
Moreover, as cybersecurity incidents increase in frequency and magnitude, we may be unable to obtain cybersecurity insurance 
in amounts and on terms we view as adequate for our operations, including the agreement to certain indemnification provisions 
by our insurance providers.
Our utility transmission and distribution systems, our non-utility midstream assets, and the assets of upstream interstate 
pipelines and other midstream providers may not operate as planned, which may increase our expenses or decrease our 
revenues and, thus, have an adverse impact on our financial results. Our ability to manage operational risk with respect to 
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utility distribution and transmission and non-utility midstream assets, and the availability of natural gas delivered by interstate 
natural gas pipelines and midstream gathering assets is critical to our financial results.  We obtain our supply from local 
Marcellus and Utica Shale sources, as well as other trading points in the U.S.  If we experience physical capacity constraints on 
one or more of the interstate or intrastate natural gas pipelines that supply our businesses, we may not be able to supply our 
customers, which could have an adverse impact on our financial results.  Our businesses also face several risks, including the 
breakdown or failure of, or damage to, equipment or processes (especially due to severe weather or natural disasters), accidents 
and other factors, including as a result of overpressurization of or damage to natural gas pipelines.  Operation of our 
transmission and distribution systems or our midstream assets below our expectations may result in lost revenues or increased 
expenses, including higher maintenance costs, civil litigation and the risk of regulatory penalties.
Risks Relating to Our International Operations
Our international operations could be subject to increased risks, which may negatively affect our business results. We 
operate LPG distribution businesses in Europe through our subsidiaries.  As a result, we face risks in conducting business 
abroad that we do not face domestically.  Certain aspects inherent in transacting business internationally could negatively 
impact our operating results, including:
• costs and difficulties in staffing and managing international operations;
• disagreements and disputes with our employees represented by a works council or union;
• strikes and work stoppages by the employees of the Company or our suppliers and vendors;
• fluctuations in currency exchange rates, particularly the euro, which can affect demand for our products, increase our 
costs and adversely affect our profitability and reported results;
• new or revised regulatory requirements, including European competition and carbon emission reduction laws, that 
may adversely affect the terms of contracts with customers, including with respect to exclusive supply rights and 
usage restrictions, and stricter regulations applicable to the storage and handling of LPG;
• new and inconsistently enforced industry regulatory requirements, which can have an adverse effect on our 
competitive position;
• tariffs and other trade barriers;
• difficulties in enforcing contractual rights;
• local political and economic conditions as well as geopolitical conditions that could cause instability and adversely 
impact the global economy or specific markets, such as the war between Russia and Ukraine and conflict in the 
Middle East; and
• potential violations of federal regulatory requirements, including anti-bribery, anti-corruption, and anti-money 
laundering law, economic sanctions, the Foreign Corrupt Practices Act of 1977, as amended, and EU regulatory 
requirements, including the GDPR and Sapin II. 
In particular, certain legal and regulatory risks are associated with international business operations.  We are subject to various 
anti-corruption, economic sanctions and trade compliance laws, rules and regulations.  For example, the U.S. government 
imposes restrictions and prohibitions on transactions in certain foreign countries, including restrictions directed at oil and gas 
activities in Russia.  U.S. laws also prohibit the improper offer, payment, promise to pay, or authorization of the payment of 
money or anything of value to any foreign official or political party, or to any person, knowing that all or a portion of it will be 
used to influence a foreign official in his or her official duties or to secure an improper advantage.  Ensuring compliance with 
all relevant laws, rules and regulations is a complex task.  Violation of one or more of these laws, rules or regulations could lead 
to loss of import or export privileges, civil or criminal penalties for us or our employees, or potential reputational harm, which 
could have a material adverse impact on earnings, cash flows and financial condition. 
The European energy crisis may create LPG commodity supply challenges and could negatively impact our business results.  
The geopolitical situation in Europe during 2022 led to a sharp decrease in natural gas imports from Russia to Europe. This 
decrease resulted in a significant increase in natural gas prices in Europe. Although the natural gas prices have declined from 
the unprecedented highs of 2022, in response to the significant price increases experienced, refineries still see an incentive to, 
and are substituting a portion of their natural gas refinery fuels with, LPG leading to a decrease in the availability of inland LPG 
as well as higher LPG costs. In addition, gas processing plants supplying the United Kingdom and Norway markets are 
injecting LPG into the natural gas grid, decreasing the overall supply of LPG from the gas processing plants. In this context, 
LPG supply patterns are substantially changing with increased reliance on sea-imports and land logistics. 
We anticipate that the European energy crisis and the corresponding response by refineries and gas processing plants will 
continue in Fiscal 2025, leading to continued commodity supply challenges in some markets, higher commodity costs that may 
not be able to be absorbed by our customers, particularly in the Nordic countries and our Eastern European markets, and lower 
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consumption by our customers, among other impacts, which could have a material adverse impact on our earnings, cash flows 
and overall financial condition.
Economic and geopolitical instability, including as a result of acts of war, have had, and could continue to have, an adverse 
effect on our operating results, financial condition, and cash flows. In late February 2022, Russian military forces launched 
significant military action against Ukraine, which has continued through the date of this Report. We do not have operations in 
Russia or Ukraine. Nevertheless, the outbreak of war between Russia and Ukraine and the resulting sanctions by U.S. and 
European governments, together with any additional future sanctions by them, could have a larger impact that expands into 
other geographies where we do business, including our supply chain, business partners and customers in those markets, which 
could result in lost sales, supply shortages, commodity price fluctuations, increased costs, transportation logistics challenges, 
customer credit and liquidity issues, and lost efficiencies. The acceleration of a global energy crisis, including as a result of 
restrictions on Russia’s energy exports, could similarly impact the geographies where we do business. In addition, the U.S. and 
Europe have commenced certain trade actions as a result of the war between Russia and Ukraine. While significant uncertainty 
exists with respect to this matter, the war between Russia and Ukraine and its broader impacts, including any increased trade 
barriers or restrictions on global trade imposed by the U.S. or Europe, or further trade measures taken by Russia or other 
countries in response, could have a material impact on our operating results, financial condition and cash flows.
Risks Relating to Our Supply Chain and Our Ability to Obtain Adequate Quantities of LPG
We are dependent on our principal LPG suppliers, which increases the risks from an interruption in supply and 
transportation. During Fiscal 2024, AmeriGas Propane purchased approximately 87% of its propane needs from 20 suppliers.  
If supplies from these sources were interrupted, the cost of procuring replacement supplies and transporting those supplies from 
alternative locations might be materially higher and, at least on a short-term basis, our earnings could be affected.  Additionally, 
in certain geographic areas, a single supplier provides more than 50% of AmeriGas Propane’s propane requirements.  
Disruptions in supply in these geographic areas could also have an adverse impact on our earnings. Our international businesses 
are similarly dependent upon their LPG suppliers, with our businesses in Austria, the Czech Republic, Denmark, Finland, 
France and Poland purchasing more than 50% of their LPG needs from a single supplier. If supplies from UGI International’s 
principal LPG sources are interrupted, the cost of procuring replacement supplies and transporting those supplies from 
alternative locations might be materially higher and our earnings could be adversely affected.  There is no assurance that our 
international businesses will be able to continue to acquire sufficient supplies of LPG to meet demand at prices or within time 
periods that would allow them to remain competitive. 
Our ability to obtain sufficient quantities of LPG is dependent on transportation facilities and providers. Spikes in demand 
caused by weather or other factors can limit our access to port terminals and other transportation and storage facilities, disrupt 
transportation and limit our ability to obtain sufficient quantities of LPG.  A significant increase in port and similar fees and 
fuel prices may also adversely affect our transportation costs and business.  Transportation providers (rail and truck) in some 
circumstances have limited ability to provide additional resources in times of peak demand.  Moreover, the ability of our 
transportation providers to maintain a staff of qualified truck drivers is critical to the success of our business.  Regulatory 
requirements and an improvement in the economy could reduce the number of eligible drivers or require us to pay higher 
transportation fees as our transportation providers seek to pass on additional labor costs associated with attracting and retaining 
drivers.
Our profitability is subject to LPG pricing and inventory risk. The retail LPG business is a “margin-based” business in which 
gross profits are dependent upon the excess of the sales price over LPG supply costs.  LPG is a commodity, and, as such, its 
unit price is subject to fluctuations in response to changes in supply or other market conditions.  We have no control over 
supplies, commodity prices or market conditions. Consequently, the unit price of the LPG that our subsidiaries and other 
distributors and marketers purchase can change rapidly over a short period of time.  Most of our domestic LPG product supply 
contracts permit suppliers to charge posted prices at the time of delivery or negotiated prices based on the current industry index 
prices established at major U.S. storage points such as Mont Belvieu, Texas or Conway, Kansas.  Most of our international LPG 
supply contracts are based on internationally quoted market prices.  We also purchase a portion of our supplies in the spot 
market.  Because our subsidiaries’ profitability is sensitive to changes in wholesale LPG supply costs, we will be adversely 
affected if we cannot pass on increases in the cost of LPG to our customers, or if there is a delay in passing on such cost 
increases.  Due to competitive pricing in the industry, our subsidiaries may not fully be able to pass on product cost increases to 
our customers when product costs rise, or when our competitors do not raise their product prices in a timely manner.  Finally, 
market volatility may cause our subsidiaries to sell LPG at less than the price at which they purchased it, which would 
adversely affect our operating results.
We offer our customers various fixed-price LPG programs, and a significant number of our customers utilize our fixed-price 
programs. In order to manage the price risk from offering these services, we utilize our physical inventory position, 
supplemented by forward commodity transactions with various third parties having terms and volumes substantially the same as 
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our customers’ contracts, but there can be no assurance that such measures will be effective.  In periods of high LPG price 
volatility, the fixed-price programs create exposure to over or under-supply positions as the demand from customers may 
significantly exceed or fall short of supply procured.  In addition, if LPG prices decline significantly subsequent to customers 
signing up for a fixed-price program, there is a risk that customers will default on their commitments, adversely affecting our 
results of operations. 
Changes in commodity market prices may have a significant negative effect on our liquidity. Depending on the terms of our 
contracts with suppliers as well as our use of financial instruments to reduce volatility in the cost of LPG and natural gas, 
changes in the market price of LPG and natural gas can create margin payment obligations for us and expose us to increased 
liquidity risk.  In addition, increased demand for domestically produced LPG and natural gas overseas may, depending on 
production volumes in the U.S., result in higher domestic prices and expose us to additional liquidity risks.
Supplier and derivative counterparty defaults may have a negative effect on our operating results.  When we enter into fixed-
price sales contracts with customers, we typically enter into fixed-price purchase contracts with suppliers. Depending on 
changes in the market prices of products compared to the prices secured in our contracts with suppliers of LPG, natural gas and 
electricity, a default of or force majeure by one or more of our suppliers under such contracts could cause us to purchase those 
commodities at higher prices from alternate suppliers, which would have a negative impact on our operating results.
Additionally, we economically hedge the market risk associated with a substantial portion of our supply purchases using certain 
derivative instruments.  Such changes in market prices of the aforementioned commodities could result in material exposures or 
significant concentrations of balances with derivative counterparties. If certain counterparties were unable to meet the 
obligations set forth in these derivative contracts and we were unable to fully mitigate this exposure via collateral deposit 
requirements and master netting arrangements, such outcomes could result in a negative effect on our operating results.
Our business is dependent on the domestic and global supply chain to ensure that equipment, materials and other resources 
are available to both expand and maintain services in a safe and reliable manner.  Moreover, prices of equipment, materials 
and other resources have increased recently and may continue to increase in the future.  Failure to secure equipment, 
materials and other resources on economically acceptable terms may adversely impact our financial condition and results of 
operations. Current domestic and global supply chain issues are delaying the delivery, and in some cases resulting in shortages 
of, materials, equipment and other resources that are critical to our business operations.  Failure to eliminate or manage the 
constraints in the supply chain may impact the availability of items that are necessary to support normal operations as well as 
materials that are required for continued infrastructure growth, including the replacement of end-of-life assets.  
Moreover, inflation has been and continues to be an area of increasing economic concern, both domestically and internationally.  
Changes in the costs of providing our energy products and services, including price increases in equipment and materials as 
well as increases in labor and distribution costs, have negatively impacted, and may continue to negatively impact, our financial 
condition and results of operations and/or result in corresponding price increases for the energy products and services we offer 
our customers.
Risks Relating to Government Regulation and Oversight
Regulators may not approve the rates we request and existing rates may be challenged, which may adversely affect our 
results of operations. In our Utilities segment, our distribution operations are subject to regulation by the PAPUC, WVPSC and 
MDPSC, depending on the state in which the operations are located.  These regulatory bodies, among other things, approve the 
rates that Utilities may charge utility customers, thus impacting the returns that Utilities may earn on the assets that are 
dedicated to its operations.  Utilities periodically files, and we expect to continue to periodically file, requests with these 
regulatory bodies to increase base rates charged to customers in the respective states in which Utilities operates.  If Utilities is 
required in a rate proceeding to reduce the rates it charges its utility customers, or is unable to obtain approval for timely rate 
increases from the appropriate regulatory body, particularly when necessary to cover increased costs, Utilities’ revenue growth 
will be limited and earnings may decrease. 
The enactment of proposed or future tax legislation may adversely impact our financial condition and results of operations.  
We continue to assess the impact of various U.S. federal, state, local and international legislative proposals that could result in a 
material increase to our U.S. federal, state, local and/or international taxes. We cannot predict what impact, if any, changes in 
federal policy, including tax policies, will have on our industry or whether any specific legislation will be enacted or the terms 
of any such legislation. However, if such proposals were to be enacted, or if modifications were to be made to certain existing 
regulations, the consequences could have a material adverse impact on us, including increasing our tax burden, increasing our 
cost of tax compliance or otherwise adversely affecting our financial position, results of operations, cash flows and liquidity. 
Changes in applicable U.S. or foreign tax laws and regulations, or their interpretation and application, including the possibility 
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of retroactive effect, could affect our tax expense and profitability. Such impact may also be affected positively or negatively by 
subsequent potential judicial interpretation or related regulation or legislation which cannot be predicted with certainty.
Our need to comply with, and respond to, industry-wide changes resulting from, comprehensive, complex, and sometimes 
unpredictable governmental regulations, including regulatory initiatives aimed at increasing competition within our 
industry, may increase our costs and limit our revenue growth, which may adversely affect our operating results. While we 
generally refer to our Utilities segment as our “regulated segment,” there are many governmental regulations that have an 
impact on all of our businesses.  Currently, we are subject to extensive and changing international, federal, state, and local laws 
and regulations including, but not limited to, safety, health, transportation, tax, and environmental laws and regulations that 
govern the marketing, storage, distribution, and transportation of our energy products.  Moreover, existing statutes and 
regulations may be revised or reinterpreted and new laws and regulations may be adopted or become applicable to us that may 
affect our businesses in ways that we cannot predict.
New regulations, or a change in the interpretation of existing regulations, could result in increased expenditures.  In addition, 
for many of our operations, we are required to obtain permits from regulatory authorities and, in some cases, such regulatory 
permits could subject our operations to additional regulations and standards of conduct.  Failure to obtain or comply with these 
permits or applicable regulations and standards of conduct could result in civil and criminal fines or the cessation of the 
operations in violation.  Governmental regulations and policies in the U.S. and Europe may provide for subsidies or incentives 
to customers who use alternative fuels instead of carbon fuels.  The EU has committed to cut CO2 emissions and EU member 
states are proposing and implementing a range of subsidies and incentives to achieve the EU’s climate change goals.  These 
subsidies and incentives may result in reduced demand for our energy products and services.
We are investigating and remediating contamination at a number of present and former operating sites in the U.S., including 
former sites where we or our former subsidiaries operated MGPs.  We have also received claims from third parties that allege 
that we are responsible for costs to clean up properties where we or our former subsidiaries operated a MGP or conducted other 
operations.  Most of the costs we incur to remediate sites outside of Pennsylvania cannot currently be recovered in PAPUC rate 
proceedings, and insurance may not cover all or even part of these costs.  Our actual costs to clean up these sites may exceed 
our current estimates due to factors beyond our control, such as:
•
the discovery of presently unknown conditions; 
•
changes in environmental laws and regulations; 
•
judicial rejection of our legal defenses to third-party claims; or 
•
the insolvency of other responsible parties at the sites at which we are involved.
Moreover, if we discover additional contaminated sites, we could be required to incur material costs, which would reduce our 
net income.
We also may be unable to timely respond to changes within the energy and utility sectors that may result from regulatory 
initiatives to further increase competition within our industry. Such regulatory initiatives may create opportunities for additional 
competitors to grow their business or enter our markets and, as a result, we may be unable to maintain our revenues or continue 
to pursue our current business strategy.
Our operations, financial results and cash flows may be adversely affected by existing and future global climate change laws 
and regulations, including with respect to GHG emission restrictions, as well as market responses thereto. Climate change 
continues to attract considerable public and scientific attention in the U.S. and in foreign countries.  As a result, numerous 
proposals have been made, and could continue to be made, at the international, national, regional, state and local levels of 
government to monitor and limit GHG emissions and climate impact.  These efforts have included consideration of, among 
other things, cap-and-trade programs, carbon taxes, GHG reporting and tracking programs, and regulations that directly limit 
GHG emissions from certain sources.  
Increased regulation of GHG emissions, or climate impact generally, could have significant additional adverse impacts on us as 
well as our suppliers, vendors, and customers. The adoption and implementation of any laws or regulations imposing 
obligations on, or limiting GHG emissions from, our equipment and operations could require us to incur significant costs to 
reduce GHG emissions associated with our operations or could adversely affect demand for our energy products.  The potential 
increase in our operating costs could include, but are not limited to, new costs to operate and maintain our facilities, install new 
emission controls on our facilities, acquire allowances to authorize our GHG emissions, pay taxes related to our GHG 
emissions, administer and manage a GHG emissions reduction program, and adversely impact the value of certain assets.  We 
may not be able to pass on resulting increases in costs to customers.  In addition, changes in regulatory policies that result in a 
reduction in the demand for hydrocarbon products and carbon-emitting fuel sources that are deemed to contribute to climate 
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change, or restrict the use of such products or fuel sources, may reduce volumes available to us for processing, transportation, 
marketing and storage and could cause increases in costs or production disruptions.  These developments could have a material 
adverse effect on our results of operations, financial results, valuation and useful life of assets, and cash flows.
Changes in data privacy and data protection laws and regulations or any failure to comply with such laws and regulations, 
could adversely affect our business and financial results. As part of our operations, we collect, use, store and transfer the 
personal information and data of our employees as well as customer, vendor and supplier data in and across various 
jurisdictions. There has been increased public attention regarding the use of personal information and data transfers, 
accompanied by legislation and regulations intended to strengthen data protection, information security and consumer and 
personal privacy.  The laws in these areas continue to develop and the changing nature of data protection, information security 
and privacy laws in the U.S., the EU and elsewhere could impact our processing of the personal information and data of our 
employees, vendors, suppliers and customers, which could lead to increased operating costs. Existing and emerging laws and 
regulations are inconsistent across jurisdictions and are subject to evolving, differing, and sometimes conflicting interpretations. 
The EU adopted the GDPR, which expanded EU data protections, in certain circumstances, to companies outside of the EU 
processing data of EU residents, regardless of whether the processing occurs in the EU.  Similarly, the State of California 
legislature passed the California Consumer Privacy Act of 2018 (the “CCPA”) and the California Privacy Rights Act (the 
“CPRA”), which, among other things, grant a number of rights to California residents with respect to their personal 
information, and require companies to make extensive disclosures to consumers about such companies’ data collection, use, and 
sharing practices and inform consumers of their personal information rights. In addition, the CPRA created a new state privacy 
regulator, which will likely result in greater regulatory activity and enforcement in the privacy area.  Comprehensive privacy 
laws with some similarities to the CCPA and CPRA have been proposed or passed at the U.S. federal and state levels, such as 
the Virginia Consumer Data Protection Act (the “VCDPA”) and the Colorado Privacy Act (the “CPA”). Additionally, the 
Federal Trade Commission and many state attorneys general are interpreting federal and state consumer protection laws to 
impose standards for the online collection, use, dissemination and security of data as well as requiring disclosures about these 
practices. We expect that there will continue to be new laws, regulations and industry standards concerning data privacy and 
data protection, including artificial intelligence, in the U.S., the EU and other jurisdictions, and we cannot yet determine the 
impact such laws, regulations, interpretations and standards may have on our business.
While we have invested significant time and resources in our GDPR and U.S. privacy law compliance program, emerging and 
changing data privacy and data protection requirements as well as other new and upcoming European and U.S. federal and state 
privacy and cybersecurity laws and industry standards may cause us to incur substantial fines, additional significant costs or 
require us to change our business practices. Any failure or perceived failure to comply may result in proceedings or actions 
against us by government entities or individuals, including class actions.  Moreover, any inquiries or investigations, any other 
government actions or any actions by individuals may be costly to comply with, result in negative publicity, increase our 
operating costs, require significant management time and attention and subject us to remedies that may harm our business, 
including fines, demands or orders that we modify or cease existing business practices.
The provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), related 
regulations, and the rules adopted thereunder and other regulations, including the European Market Infrastructure 
Regulation (the “EMIR”), may have an adverse effect on our ability to use derivative instruments to hedge risks associated 
with our business. Our derivative hedging activities are subject to Title VII of the Dodd-Frank Act, which regulates the over-
the-counter derivatives market and entities that participate in that market. The Dodd-Frank Act requires the CFTC and the 
federal banking regulators to implement the Dodd-Frank Act’s provisions through rulemaking, including rules regarding 
mandatory clearing, trade execution and margin requirements. We have and expect to continue to qualify for and rely upon an 
exception from mandatory clearing and trade execution requirements for swaps entered into by commercial end-users to hedge 
commercial risks. In addition to relief from the clearing mandate, we also expect to continue to qualify for an exception for non-
financial end-users from the margin requirements on uncleared swaps. If we are not able to do so and have to post margin 
supporting our uncleared swaps in the future, our costs of entering into and maintaining swaps would be increased.
Based on information available as of the date of this Report, the effect of such requirements will be likely to (directly or 
indirectly) increase our overall costs of entering into derivatives transactions. In particular, new margin requirements, position 
limits and significantly higher capital charges resulting from new global capital regulations, even if not directly applicable to us, 
may cause an increase in the pricing of derivatives transactions entered into by market participants to whom such requirements 
apply or affect our overall ability to enter into derivatives transactions with certain counterparties. While costs imposed directly 
on us due to regulatory requirements for derivatives under the Dodd-Frank Act, such as reporting, recordkeeping and electing 
the end-user exception from mandatory clearing, are relatively minor, costs imposed upon our counterparties may increase the 
cost of our doing business in the derivatives markets to the extent such costs are passed on to us. 
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The EMIR may result in increased costs for over-the-counter derivative counterparties trading in the EU and may also lead to 
an increase in the costs of, and demand for, the liquid collateral that the EMIR requires central counterparties to accept. 
Although we expect to continue to qualify as a non-financial counterparty under the EMIR, and thus not be required to post 
margin, we are currently subject to limited derivatives reporting requirements that could expand in the future, and may also be 
subject to increased regulatory requirements, including recordkeeping, marking to market, timely confirmations, portfolio 
reconciliation and dispute resolution procedures. Provisions under the EMIR could significantly increase the cost of derivatives 
contracts, materially alter the terms of derivatives contracts and reduce the availability of derivatives to protect against risks that 
we encounter. The increased trading costs and collateral costs may have an adverse impact on our business, contracts, financial 
condition, operating results, cash flow, liquidity and prospects.
General Risks that May Impact Our Business and Our Shareholders
The inability to attract, develop, retain and engage key employees could adversely affect our ability to execute our strategic, 
operational and financial plans. We are dependent upon the continued service and contributions of our management and key 
technical and professional employees, as well as our ability to transfer the knowledge and expertise of our workforce to new 
employees as our employees retire or we otherwise experience employee turnover. In addition, the success of our operations 
depends on our ability to identify, attract and develop skilled and experienced key employees. There is increased competition 
for experienced management and technical and professional employees, which could increase the costs associated with 
identifying, attracting and retaining such individuals. We may not be able to attract, retain or engage key employees if our 
compensation and benefits program is not as robust as the compensation and benefits programs offered by other employers for 
similar roles. Further, a lack of employee engagement could lead to loss of productivity and increased employee burnout, 
turnover, absenteeism, safety incidents as well as decreased customer satisfaction. Additionally, uncertainty as a result of our 
ongoing review of strategic alternatives could negatively impact our ability to recruit and retain key employees. If we cannot 
identify, attract, develop, retain and engage management, technical and professional employees, along with other qualified 
employees, to support the various functions of our business, our operations and financial performance could be adversely 
impacted.
We may not be able to collect on the accounts of our customers. We depend on the viability of our customers for collections of 
accounts receivable and notes receivable.  Moreover, our businesses serve numerous retail customers, and as we grow our 
businesses organically, our retail customer base is expected to expand in certain geographies.  There can be no assurance that 
our customers will not experience financial difficulties in the future or that we will be able to collect all of our outstanding 
accounts receivable or notes receivable.  Any such nonpayment by our customers could adversely affect our business.
We are subject to operating and litigation risks that may not be covered by insurance. Our business operations are subject to 
all of the operating hazards and risks normally incidental to the handling, storage and distribution of combustible products, such 
as LPG and natural gas, and the generation of electricity.  These risks could result in substantial losses due to personal injury 
and/or loss of life, and severe damage to and destruction of property and equipment arising from explosions and other 
catastrophic events, including acts of terrorism.  As a result of these and other incidents, we are sometimes a defendant in legal 
proceedings and litigation arising in the ordinary course of business, including regulatory investigations, claims, lawsuits and 
other proceedings.  Additionally, environmental contamination or other incidents resulting in an environmental impact have 
resulted in, and could continue to result in, legal or regulatory proceedings (see “Our need to comply with, and respond to, 
industry-wide changes resulting from, comprehensive, complex, and sometimes unpredictable governmental regulations, 
including regulatory initiatives aimed at increasing competition within our industry, may increase our costs and limit our 
revenue growth, which may adversely affect our operating results” for more information on such proceedings). There can be no 
assurance that our insurance coverage will be adequate to protect us from all material expenses related to pending and future 
claims or that such levels of insurance would be available in the future at economical prices.  Moreover, defense and settlement 
costs may be substantial, even with respect to claims and investigations that have no merit.  If we cannot resolve these matters 
favorably, our business, financial condition, results of operations and future prospects may be materially adversely affected. 
The risk of natural disasters, pandemics and catastrophic events, including acts of war and terrorism, may adversely affect 
the economy and the price and availability of LPG, other refined fuels and natural gas. Natural disasters, pandemics and 
catastrophic events, such as fires, earthquakes, explosions, floods, tornadoes, hurricanes, terrorist attacks, war (including 
conflict in the Middle East), political unrest and other similar occurrences, may adversely impact the demand for, price and 
availability of LPG (including propane), other refined fuels and natural gas, which could adversely impact our financial 
condition and results of operations, our ability to raise capital and our future growth.  The impact that the foregoing may have 
on our industries in general, and on us in particular, is not known at this time. A natural disaster, pandemic or an act of war or 
terrorism could result in disruptions of crude oil or natural gas supplies and markets (the sources of LPG), cause price volatility 
in the cost of LPG, fuel oil and natural gas, and our infrastructure facilities could be directly or indirectly impacted.  
Additionally, if our means of supply transportation, such as rail, truck or pipeline, are delayed or temporarily unavailable due to 
a natural disaster, pandemic, war or terrorist activity, we may be unable to transport LPG and other refined fuels in a timely 
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manner or at all.  A lower level of economic activity could result in a decline in energy consumption, which could adversely 
affect our revenues or restrict our future growth.  Instability in the financial markets as a result of a natural disaster, pandemic, 
war or terrorism could also affect our ability to raise capital. We have opted to purchase insurance coverage for natural disasters 
and terrorist acts within our property and casualty insurance programs, but we can give no assurance that our insurance 
coverage would be adequate to fully compensate us for any losses to our business or property resulting from natural disasters or 
terrorist acts.
Our indebtedness may adversely affect our business, financial condition and operating results. Our debt agreements also 
contain covenants that restrict our operational flexibility.  As of September 30, 2024, we had total indebtedness of 
approximately $7 billion. Our indebtedness could adversely affect our business, financial condition, operating results and 
operational flexibility by, among other things: 
•
impairing our ability to obtain additional financing in the future for working capital, capital expenditures, acquisitions 
or other purposes; 
•
limiting operational flexibility and our ability to pursue business opportunities and implement certain business 
strategies; 
•
impairing our ability to respond to changing business and economic conditions; 
•
impairing our ability to repay our indebtedness at maturity, especially where our debt agreements contain significant 
maturities;
•
exposing us to the risk of increased interest rates where our debt agreements have variable interest rates; and
•
placing us at a competitive disadvantage compared to our competitors that have proportionately less debt and fewer 
guarantee obligations. 
The occurrence of any of such events could have a material adverse effect upon our business, financial condition and results of 
operations. Further, if our credit ratings were to be downgraded, or general market conditions were to ascribe higher risk to our 
rating levels, our industry, or us, our access to capital and the cost of any future debt financing could be negatively impacted.  
Additionally, our ability to make payments of principal and interest on our indebtedness depends upon our future performance, 
which is subject to economic and political conditions, seasonal cycles and financial, business and other factors, many of which 
are beyond our control. If we are unable to generate sufficient cash flow from operations to service our indebtedness, we may 
be required to, among other things, refinance or restructure all or a portion of our indebtedness, reduce or delay planned capital 
or operating expenditures or sell selected assets. Such measures might not be sufficient to enable us to service our indebtedness, 
and any such refinancing, restructuring or sale of assets might not be available on favorable terms or at all.
In addition, our debt agreements generally contain customary affirmative covenants, including, among others, covenants 
pertaining to the delivery of financial statements; certain financial covenants; notices of default and certain other material 
events; payment of obligations; preservation of corporate existence, rights, privileges, permits, licenses, franchises and 
intellectual property; maintenance of property and insurance and compliance with laws, as well as customary negative 
covenants, including, among others, limitations on the incurrence of liens, investments and indebtedness; mergers, acquisitions 
and certain other fundamental changes; transfers, leases or dispositions of assets outside the ordinary course of business; 
restricted payments; changes in our line of business; transactions with affiliates and burdensome agreements.  These covenants 
could affect our ability to operate our business, respond to changes in business and economic conditions, obtain additional 
financing (if needed), and may increase the amount of interest expense we ultimately pay pursuant to the debt agreements. 
Further, our ability to comply with the covenants and restrictions contained in our debt agreements may be affected by events 
beyond our control, including prevailing economic, financial and industry conditions or regulatory changes. A failure to comply 
with the covenants in our debt agreements could result in a default or an event of default. Upon an event of default, unless 
waived, the lenders could elect to terminate their commitments, cease making further loans, require cash collateralization of 
letters of credit, cause their loans to become due and payable in full, foreclose against any assets securing the debt under our 
debt agreements and force us and our subsidiaries into bankruptcy or liquidation. If the payment of our debt is accelerated, we 
cannot be certain that we will have sufficient funds available to pay down the indebtedness (together with accrued interest and 
fees), or that we will have the ability to refinance the accelerated indebtedness on terms favorable to us or at all. This could 
have a material adverse effect upon our business, financial condition and results of operations.
Additionally, the terms of future debt agreements could include more restrictive covenants, or require incremental collateral, 
which may further restrict our business operations or conflict with covenant restrictions then in effect. As a result, there is no 
guarantee that financings will be available in the future to fund our obligations, or that they will be available on terms consistent 
with our expectations. See the liquidity section in Item 7. Management's Discussion and Analysis for additional information on 
our current debt agreements.
An impairment of our assets could adversely affect our financial condition and results of operations. We test goodwill, 
intangible, and other long-lived assets for impairment annually or whenever events or circumstances indicate impairment may 
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have occurred. To the extent the value of goodwill or long-lived assets becomes impaired, the Company may be required to 
incur impairment charges that could have a material impact on our results of operations. The testing of assets for impairment 
requires us to make significant estimates about our future events, including our performance and projected cash flows, as well 
as other assumptions. These estimates can be affected by numerous factors, including developments in the global economic 
environment, including the prospect of higher interest rates, developments in regulatory, industry and market conditions, 
changes in business operations, changes in competition or changes in technologies. Any changes in key assumptions, or actual 
performance compared with key assumptions, about our business and its future prospects could affect the fair value of one or 
more of our assets, which may result in an impairment charge. We have incurred and may continue to incur impairment charges 
on certain of our assets that could have a material impact on our results of operations.
During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a 
quantitative assessment for its AmeriGas Propane reporting unit.  In addition, during the third quarter of Fiscal 2023, the 
Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit and, as such, 
performed an interim impairment test of its goodwill as of May 31, 2023.  Based on our evaluations in Fiscal 2024 and Fiscal 
2023, the estimated fair value of the AmeriGas Propane reporting unit was determined to be less than its carrying value. As a 
result, the Company recorded a non-cash pre-tax goodwill impairment charge of $195 million and $656 million in Fiscal 2024 
and Fiscal 2023, respectively. The performance of the AmeriGas Propane reporting unit and the potential for future 
developments in the global economic environment, including the prospect of higher interest rates, introduces a heightened risk 
for additional impairment in the AmeriGas Propane reporting unit. If there is continued deterioration in the results of 
operations, a portion or all of the remaining recorded goodwill for the AmeriGas Propane reporting unit, which was $1.2 billion 
as of September 30, 2024, could be subject to further impairment.
Our holding company structure could limit our ability to pay dividends or service debt. We are a holding company whose 
material assets are the stock of our subsidiaries. Our ability to pay dividends on our Common Stock and to pay principal and 
accrued interest on our debt, if any, depends on the payment of dividends to us by our principal subsidiaries.  Payments to us by 
our subsidiaries, in turn, depend upon their consolidated results of operations and cash flows. The operations of our subsidiaries 
are affected by conditions beyond our control, including weather, regulations, competition in national and international markets 
we serve, the costs and availability of propane, butane, natural gas, electricity, and other energy sources, capital market 
conditions and interest rates and other business risks impacting liquidity levels. The ability of our subsidiaries to make 
payments to us is also affected by the level of indebtedness of our subsidiaries, which is substantial, and the restrictions on 
payments to us imposed under the terms of such indebtedness.
Volatility in credit and capital markets may restrict our ability to grow, increase the likelihood of defaults by our suppliers 
and vendors, customers and counterparties and adversely affect our operating results. Volatility in credit and capital markets 
may create additional risks to our businesses in the future.  We are exposed to financial market risk (including refinancing risk) 
resulting from factors beyond our control, including, among other things, commodity price volatility and changes in interest 
rates and conditions in the credit and capital markets. Adverse developments in the credit markets may increase our possible 
exposure to the liquidity, default and credit risks of our suppliers and vendors, counterparties associated with derivative 
financial instruments and our customers. 
We depend on our intellectual property and failure to protect that intellectual property could adversely affect us. We seek 
trademark protection for our brands in each of our businesses, and we invest significant resources in developing our business 
brands. Failure to maintain our trademarks and brands could adversely affect our customer-facing businesses and our 
operational results.
Declines in the stock market or bond market, and a low interest rate environment, may negatively impact our pension 
liability. Declines in the stock market and a low interest rate environment historically have resulted in a significant impact on 
our pension liability and funded status. Declines in the stock or bond market and valuation of stocks or bonds, combined with 
low interest rates, could further impact our pension liability and funded status and increase the amount of required contributions 
to our pension plans. 
Unless we otherwise consent in writing, our Amended and Restated Bylaws designate a state court located in Montgomery 
County, Pennsylvania or, if no state court located within such county has jurisdiction over such action or proceeding, the 
federal United States District Court for the Eastern District of Pennsylvania, as the sole and exclusive forum for certain 
types of actions and proceedings that may be initiated by our shareholders, which could discourage lawsuits against us and 
our directors and officers. Our Amended and Restated Bylaws provide that, unless we otherwise consent in writing, a state 
court located in Montgomery County, Pennsylvania or, if no state court located within such county has jurisdiction over such 
action or proceeding, the federal United States District Court for the Eastern District of Pennsylvania, as the sole and exclusive 
forum for: (a) any derivative action or proceeding brought on behalf of us; (b) any action or proceeding asserting a claim of 
breach of duty owed to us or our shareholders by any director, officer, or other employee of ours; (c) any action or proceeding 
asserting a claim against us or against any of our directors, officers or other employees arising pursuant to, or involving any 
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interpretation or enforcement of, any provision of the Pennsylvania Associations Code, Pennsylvania Business Corporation 
Law of 1988, or our Amended and Restated Articles of Incorporation or Amended and Restated Bylaws; and (d) any action or 
proceeding asserting a claim peculiar to the relationship between or among us and our officers, directors, and shareholders, or 
otherwise governed by or involving the internal affairs doctrine.  This exclusive forum provision does not apply to suits brought 
to enforce a duty or liability created by the Exchange Act or the Securities Act.  
This exclusive forum provision may limit the ability of our shareholders to bring a claim in a judicial forum that such 
shareholders find favorable for disputes with us or our directors or officers, which may discourage such lawsuits against us and 
our directors and officers. Alternatively, if a court outside of Pennsylvania were to find this exclusive forum provision 
inapplicable to, or unenforceable in respect of, one or more of the specified types of actions or proceedings described above, we 
may incur additional costs associated with resolving such matters in other jurisdictions, which could adversely affect our 
business, results of operations and financial condition.
ITEM 1B.  UNRESOLVED STAFF COMMENTS
None. 
ITEM 1C.  CYBERSECURITY
The SERC Committee is responsible for reviewing the overall adequacy of, and providing oversight with respect to, the 
Company’s safety, environmental and regulatory compliance policies, programs, procedures, initiatives and training in light of 
applicable legal requirements and governmental and industry standards in the jurisdictions in which the Company and its 
subsidiaries conduct business. We also have several working groups responsible for collaborating on cybersecurity policies and 
standards. The Global Chief Information Officer and the Global Chief Information Security Officer report to the SERC 
Committee quarterly on the Company’s cybersecurity program, and to the Board of Directors, as necessary.  In the event of a 
cybersecurity incident, our Global Chief Information Officer and Global Chief Information Security Officer, and others serving 
in similar capacities, will assess the incident and activate an incident response plan.  These officers will escalate review of the 
incident to business unit leaders and/or members of our executive leadership team, as appropriate.  We have a cybersecurity 
program to protect and preserve the confidentiality, integrity and continued availability of all information owned by, or in the 
care of, the Company.  Our cybersecurity program has a formalized framework that is informed by domestic and international 
laws, regulations and industry best practices and frameworks, such as the National Institute of Standards and Technology 
Cybersecurity Framework, to safeguard the confidentiality, integrity and availability of our information and systems.  Our 
Information Security Program serves as the foundation of our cybersecurity program and our Acceptable Use Policy also 
provides governance in this area. We partner with other companies, industries and law enforcement to communicate 
information about the latest cybersecurity threats and leverage threat modeling insights. We conduct cybersecurity assessments 
against industry cybersecurity frameworks to better enable us to prioritize actions and investments to enhance our cybersecurity 
capabilities. Our cybersecurity teams work diligently to safeguard Company and customer data by applying layered and 
defensive mechanisms to proactively provide the security needed to detect and defend against cyber-attacks and to withstand 
potential impacts. We periodically conduct tabletop exercises and penetration testing to test our defenses. In addition, we 
provide new hires and employees with cybersecurity training, which is monitored and tracked on an annual basis. We also issue 
routine phishing campaigns to educate employees on social engineering techniques and informal security awareness exercises 
are conducted throughout the year. 
ITEM 3.  LEGAL PROCEEDINGS
With the exception of those matters set forth in Note 16 to Consolidated Financial Statements included in Item 15 of this 
Report, no material legal proceedings are pending involving the Company, any of its subsidiaries, or any of their properties, and 
no such proceedings are known to be contemplated by governmental authorities other than claims arising in the ordinary course 
of business.
ITEM 4.  MINE SAFETY DISCLOSURES
None.
EXECUTIVE OFFICERS
Information regarding our executive officers is included in Part III of this Report and is incorporated in Part I by reference.
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PART II:
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND 
ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Dividend Policy
Our Common Stock is traded on the New York Stock Exchange under the symbol “UGI.”  On November 15, 2024, we had 
6,167 holders of record of Common Stock.
Payment of dividends is subject to declaration by the Board of Directors.  Factors considered in determining dividends include 
our profitability and expected capital needs.  Subject to these qualifications, we presently expect to continue to pay dividends on 
a quarterly basis.
Equity Compensation Plan Information
Information regarding the securities authorized for issuance under our equity compensation plans can be found under Part III of 
this Report.
Issuer Purchases of Equity Securities
The Company did not repurchase any shares of its Common Stock during the quarter ended September 30, 2024.  As of 
September 30, 2024, the Company had 6.50 million shares of Common Stock available for repurchase through an extension of a 
previous share repurchase program announced by the Company on February 2, 2022.  The Board of Directors authorized the 
repurchase of up to 8 million shares of Common Stock over a four-year period expiring in February 2026.
Recent Sale of Unregistered Securities
The Company did not sell any unregistered securities during Fiscal 2024.
Performance Graph
The following graph compares the cumulative five-year total shareholder return (stock price appreciation and the reinvestment 
of dividends) on an investment of $100 in UGI Common Stock, the S&P 500 Index, and the S&P 500 Utilities Index over the 
five years from September 30, 2019, through September 30, 2024. The stock performance shown on the graph below is based 
on historical data and is not necessarily indicative of future stock price performance.
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ITEM 6. RESERVED
 
Not applicable.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF 
OPERATIONS
MD&A discusses our results of operations for Fiscal 2024 and Fiscal 2023, and our financial condition.  For discussion of our 
results of operations and cash flows for Fiscal 2023 compared with Fiscal 2022, refer to “Item 7. Management’s Discussion and 
Analysis of Financial Condition and Results of Operations” in our Fiscal 2023 Annual Report on Form 10-K, filed with the 
SEC on November 28, 2023. MD&A should be read in conjunction with Items 1 and 2, “Business and Properties,” Item 1A, 
“Risk Factors,” and the Consolidated Financial Statements, including “Segment Information” in Note 22 to Consolidated 
Financial Statements. 
Because most of our businesses sell or distribute energy products used in large part for heating purposes, our results are 
significantly influenced by temperatures in our service territories, particularly during the heating-season months of October 
through March. Accordingly, our results of operations, after adjusting for the effects of gains and losses on derivative 
instruments not associated with current-period transactions as further discussed below, are significantly higher in our first and 
second fiscal quarters.
Recent Developments
Disposition of UGID
In September 2024, Energy Services completed the sale of all of its ownership interest in UGID, which owns and operates the 
Hunlock Creek Energy Center located in Wilkes-Barre, PA, a 169-megawatt natural gas-fueled electricity generating station, 
for net cash proceeds of $43 million. In connection with the sale, the Company recorded a pre-tax loss of $66 million in Fiscal 
2024. 
Impairment of Goodwill
During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a 
quantitative assessment for its AmeriGas Propane reporting unit.  In addition, during the third quarter of Fiscal 2023, the 
Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit: (1) 
AmeriGas Partners issued $500 million of Senior Notes at an interest rate of 9.375%, which was significantly higher than the 
interest rates on the other AmeriGas Propane debt obligations; and (2) financial projections for the AmeriGas Propane reporting 
unit were reduced significantly compared to previous forecasts following declines in gross margins and customer retention and 
higher operating expenses. The Company concluded that these events constituted triggering events that indicate that the 
AmeriGas Propane goodwill may be impaired and, as such, performed an interim impairment test of its goodwill as of May 31, 
2023.
Based on our evaluations in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas Propane reporting unit was 
determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax goodwill impairment charge 
of $195 million and $656 million in Fiscal 2024 and Fiscal 2023, respectively, included in “Impairment of goodwill” on the 
Consolidated Statement of Income, to reduce the carrying value of AmeriGas Propane to its fair value. The Company calculated 
the deferred tax effect using the simultaneous equation method. 
The performance of the AmeriGas Propane reporting unit and the potential for future developments in the global economic 
environment, including the prospect of higher interest rates, introduces a heightened risk for additional impairment in the 
AmeriGas Propane reporting unit. If there is continued deterioration in the results of operations, a portion or all of the 
remaining recorded goodwill for the AmeriGas Propane reporting unit, which was $1.2 billion as of September 30, 2024, could 
be subject to further impairment.
See Note 12 to Consolidated Financial Statements for additional information.
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UGI International Energy Marketing Transactions
As of the end of the first quarter of Fiscal 2024, pursuant to its previously announced decision, the Company had exited 
substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers 
through third-party distribution systems in France, Belgium, the Netherlands and the United Kingdom. 
France.  In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing 
business located in France for a net cash payment to the buyer of $29 million. In conjunction with the sale, the Company 
recorded a pre-tax loss of $29 million in Fiscal 2024, which amount principally represents the net payment to the buyer. The 
carrying values of the assets and liabilities associated with this business, principally comprising certain commodity derivative 
instruments, energy certificates and certain working capital, were not material.  
Belgium. In September 2023, UGI International, through a wholly-owned subsidiary, sold its energy marketing business 
located in Belgium for a net cash payment to the buyer of $3 million. Pursuant to the sale agreement, the Company transferred 
to the buyer certain assets, principally comprising customer and energy broker contracts. In conjunction with the sale, the 
Company recorded a pre-tax loss of $6 million in Fiscal 2023, which includes the net payment to the buyer, the write-off of 
certain prepaid energy broker payments and associated transaction costs and fees. 
United Kingdom. In October 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing 
business located in the U.K. for a net cash payment to the buyer of $19 million. In conjunction with the sale, during the first 
quarter of Fiscal 2023, the Company recorded a pre-tax loss of $215 million substantially all of which was due to the non-cash 
transfer of commodity derivative instruments associated with the business.
Netherlands. In September 2023, a substantial number of DVEP’s customers agreed to modify their energy marketing contracts 
whereby the Company would continue to provide the delivery of electricity and natural gas at fixed prices through December 
31, 2023, with the Company’s obligations to provide future services terminated effective January 1, 2024. As consideration for 
the early termination of such contracts, the Company agreed to make cash payments to the customers equal to the fair values of 
specific commodity derivative instruments associated with periods after December 31, 2023. During the first quarter of Fiscal 
2024, the Company settled the commodity derivative instruments for a gain of $46 million, which represented the fair value of 
the specific commodity derivative instruments associated with periods after December 31, 2023 and reduced its revenues from 
these customers by $42 million, which represented the pro-rated performance obligation from October 1, 2023 through 
December 31, 2023. 
In conjunction with the wind-down of its European energy marketing business, in December 2023, DVEP completed a sale of a 
substantial portion of its power purchase agreements to a third party for a total consideration to the buyer of $5 million. In 
conjunction with the sale, the Company recorded a pre-tax loss of $5 million.
During the first quarter of Fiscal 2023, the Company recorded a $19 million pre-tax impairment charge to reduce the carrying 
values of certain assets associated with its energy marketing business in the Netherlands, comprising property, plant and 
equipment and intangible assets. 
See Note 5 to Consolidated Financial Statements for additional information.
Non-GAAP Financial Measures
UGI management uses “adjusted net income attributable to UGI Corporation” and “adjusted diluted earnings per share,” both of 
which are non-GAAP financial measures, when evaluating UGI’s overall performance. Management believes that these non-
GAAP measures provide meaningful information to investors about UGI’s performance because they eliminate gains and losses 
on commodity and certain foreign currency derivative instruments not associated with current-period transactions and other 
significant discrete items that can affect the comparison of period-over-period results.
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47

UGI does not designate its commodity and certain foreign currency derivative instruments as hedges under GAAP. Volatility in 
net income attributable to UGI Corporation can occur as a result of gains and losses on such derivative instruments not 
associated with current-period transactions.  These gains and losses result principally from recording changes in unrealized 
gains and losses on unsettled commodity and certain foreign currency derivative instruments and, to a much lesser extent, 
certain realized gains and losses on settled commodity derivative instruments that are not associated with current-period 
transactions. However, because these derivative instruments economically hedge anticipated future purchases or sales of energy 
commodities, or in the case of certain foreign currency derivatives, reduce volatility in anticipated future earnings associated 
with our foreign operations, we expect that such gains or losses will be largely offset by gains or losses on anticipated future 
energy commodity transactions or mitigate volatility in anticipated future earnings. Non-GAAP financial measures are not in 
accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable 
GAAP measures.
The following tables reflect the adjustments referred to above and reconcile net income (loss) attributable to UGI Corporation, 
the most directly comparable GAAP measure, to adjusted net income attributable to UGI Corporation, and reconcile diluted 
earnings per share, the most directly comparable GAAP measure, to adjusted diluted earnings per share:
Year Ended September 30,
(Millions of dollars, except per share amounts)
2024
2023
Adjusted net income attributable to UGI Corporation:
Utilities
$ 
237 $ 
219 
Midstream & Marketing
 
238  
193 
UGI International
 
262  
172 
AmeriGas Propane
 
(23)  
71 
Corporate & Other (a)
 
(445)  
(2,157) 
Net income (loss) attributable to UGI Corporation
 
269  
(1,502) 
Net (gains) losses on commodity derivative instruments not associated with current-period 
transactions (net of tax of $17 and $(419), respectively)
 
(60)  
1,225 
Unrealized losses on foreign currency derivative instruments (net of tax of $(9) and $(11), 
respectively)
 
22  
27 
Loss associated with impairment of AmeriGas Propane goodwill (net of tax of $(3) and $4, 
respectively)
 
192  
660 
Loss on extinguishments of debt (net of tax of $(3) and $(2), respectively)
 
6  
7 
Business transformation expenses (net of tax of $0 and $(3), respectively)
 
—  
7 
AmeriGas operations enhancement for growth project (net of tax of $(6) and $(6), 
respectively)
 
19  
18 
Restructuring costs (net of tax of $(20) and $0, respectively)
 
56  
— 
Costs associated with exit of the UGI International energy marketing business (net of tax of 
$(15) and $(67), respectively)
 
69  
181 
Net gain on sale of UGI headquarters building (net of tax of $0 and $4, respectively)
 
—  
(10) 
Loss on disposal of UGID (net of tax of $(11) and $0, respectively) 
 
55  
— 
Impairments of equity method investments and assets (net of tax of $(3) and $0, 
respectively)
 
30  
— 
Total adjustments (a) (b)
 
389  
2,115 
Adjusted net income attributable to UGI Corporation
$ 
658 $ 
613 
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48

Year Ended September 30,
2024
2023
Adjusted diluted earnings per share:
Utilities
$ 
1.10 $ 
1.01 
Midstream & Marketing
 
1.11  
0.89 
UGI International
 
1.22  
0.80 
AmeriGas Propane
 
(0.11)  
0.33 
Corporate & Other (a)
 
(2.07)  
(10.19) 
Earnings (loss) per share - diluted (c)
 
1.25  
(7.16) 
Net (gains) losses on commodity derivative instruments not associated with current-period 
transactions
 
(0.28)  
5.77 
Unrealized losses on foreign currency derivative instruments
 
0.10  
0.13 
Loss associated with impairment of AmeriGas Propane goodwill
 
0.89  
3.14 
Loss on extinguishments of debt
 
0.03  
0.03 
Business transformation expenses
 
—  
0.03 
AmeriGas operations enhancement for growth project
 
0.09  
0.09 
Restructuring costs
 
0.26  
— 
Costs associated with exit of the UGI International energy marketing business
 
0.32  
0.86 
Net gain on sale of UGI headquarters building
 
—  
(0.05) 
Loss on disposal of UGID
 
0.26  
— 
Impairments of equity method investments and assets
 
0.14  
— 
Total adjustments (a)
 
1.81  
10.00 
Adjusted diluted earnings per share (c)
$ 
3.06 $ 
2.84 
(a) Corporate & Other includes certain adjustments made to our reporting segments in arriving at net income attributable to 
UGI Corporation. These adjustments have been excluded from the segment results to align with the measure used by our 
CODM in assessing segment performance and allocating resources. See Note 22 to Consolidated Financial Statements for 
additional information related to these adjustments, as well as other items included within Corporate & Other.
(b) Income taxes associated with pre-tax adjustments determined using statutory business unit tax rates.
(c) The loss per share for Fiscal 2023, was determined excluding the effect of 6.13 million dilutive shares as the impact of such 
shares would have been antidilutive due to the net loss for the period, while the adjusted earnings per share for Fiscal 2023, 
was determined based upon fully diluted shares of 215.94 million. 
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49

Executive Overview
Fiscal 2024 Compared with Fiscal 2023
Net income (loss) attributable to UGI Corporation was $269 million (equal to $1.25 per diluted share) and $(1,502) million 
(equal to $(7.16) per diluted share) in Fiscal 2024 and Fiscal 2023, respectively. These results include net gains (losses) from 
changes in unrealized commodity derivative instruments and certain foreign currency derivative instruments of $38 million and 
$(1,252) million in Fiscal 2024 and Fiscal 2023, respectively. The higher net gains from changes in these derivative instruments 
during Fiscal 2024, principally reflects significantly less volatility in commodity energy prices in Europe following 
unprecedented volatility in such prices during Fiscal 2023 and the effects of significantly lower energy marketing activities in 
Europe resulting from the exit of substantially all of UGI International’s energy marketing business.
Net income attributable to UGI Corporation in Fiscal 2024 also includes (1) a $192 million loss associated with impairment of 
AmeriGas Propane goodwill; (2) $69 million of costs associated with the exit of our UGI International energy marketing 
business in Europe, principally reflecting wind-down activities in the Netherlands and the loss on the sale of the energy 
marketing business located in France; (3) restructuring costs of $56 million largely attributable to a reduction in workforce and 
related costs, primarily at UGI International; (4) a $55 million loss on disposal of UGID; (5) $30 million of impairments 
associated with equity method investments and certain other assets at UGI International; (6) external advisory fees of $19 
million associated with AmeriGas operations enhancement for growth project; and (7) loss on extinguishments of debt of $6 
million, primarily at AmeriGas Propane.
Net loss attributable to UGI Corporation in Fiscal 2023 also includes (1) a $660 million loss associated with impairment of 
AmeriGas Propane goodwill; (2) $181 million of costs associated with the exit of our UGI International energy marketing 
business in Europe, principally reflecting loss on the sale of the energy marketing business located in the U.K. and Belgium and 
wind-down activities in the Netherlands; (3) external advisory fees of $18 million associated with AmeriGas operations 
enhancement for growth project; (4) a $10 million net gain on sale of UGI Corporation’s headquarters building; (5) loss on 
extinguishments of debt of $7 million at AmeriGas Propane; and (6) business transformation expenses of $7 million associated 
with corporate support functions.
Adjusted net income attributable to UGI Corporation was $658 million (equal to $3.06 per diluted share) and $613 million 
(equal to $2.84 per diluted share) in Fiscal 2024 and Fiscal 2023, respectively. The increase in adjusted net income attributable 
to UGI Corporation during Fiscal 2024 reflects higher earnings contributions primarily from our UGI International and 
Midstream & Marketing segments and, to a lesser extent, our Utilities segment.  Such increase was partially offset by lower 
earnings contributions from our AmeriGas Propane segment.  In Fiscal 2024, temperatures in all of our business segments were 
warmer than the prior year.
Utilities adjusted net income increased $18 million in Fiscal 2024 compared to the prior year.  The increase was largely 
attributable to higher total margin due in large part to increases in base rates at PA Gas Utility, Mountaineer and Electric Utility 
during Fiscal 2024, increases in DSIC revenues and impacts from customer growth.
Midstream & Marketing adjusted net income increased $45 million in Fiscal 2024 compared to the prior year. The increase is 
primarily attributable to higher total margin from capacity management activities and lower income taxes reflecting higher 
investment tax credits in Fiscal 2024.
UGI International’s adjusted net income increased $90 million in Fiscal 2024 compared to the prior year.  The increase is 
mainly attributable to (1) higher margin contributions from our LPG business, principally reflecting the benefit from higher 
average unit margins attributable to strong margin management efforts; (2) lower operating and administrative expenses; and 
(3) lower income taxes primarily due to higher income tax benefits associated with interest deduction carryforwards. 
AmeriGas Propane’s adjusted net (loss) income was $(23) million and $71 million in Fiscal 2024 and Fiscal 2023, respectively, 
principally reflecting lower total margin, primarily attributable to lower retail propane volumes sold, partially offset by lower 
operating and administrative expenses in Fiscal 2024.  
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50

Analysis of Segment Results
The following analysis compares results of operations by our reportable segments for Fiscal 2024 and Fiscal 2023:
Utilities
2024
2023
Increase (Decrease)
(Dollars in millions)
 
 
 
 
Revenues
$ 
1,598 
$ 
1,854 
$ 
(256) 
 (14) %
Total margin (a)
$ 
924 
$ 
877 
$ 
47 
 5 %
Operating and administrative expenses (a)
$ 
363 
$ 
368 
$ 
(5) 
 (1) %
Operating income
$ 
394 
$ 
357 
$ 
37 
 10 %
Earnings before interest expense and income taxes
$ 
400 
$ 
365 
$ 
35 
 10 %
Gas Utility system throughput – bcf
     Core market
 
93 
 
96 
 
(3) 
 (3) %
     Total
 
378 
 
375 
 
3 
 1 %
Electric Utility distribution sales - gwh
 
980 
 
959 
 
21 
 2 %
Gas Utility degree days – % (warmer) than normal (b)
 (16.0) %
 (11.7) %  
—  
— 
(a) Total margin represents total revenues less total cost of sales and revenue-related taxes (i.e. gross receipts and business and 
occupation taxes) of $24 million each during Fiscal 2024 and Fiscal 2023. For financial statement purposes, revenue-
related taxes are included in “Operating and administrative expenses” on the Consolidated Statements of Income (but are 
excluded from operating expenses presented above).
(b) Deviation from average heating degree days is determined on a 10-year period utilizing volume-weighted weather data 
based on weather statistics provided by NOAA for airports located within Gas Utility service territories.  
Temperatures in Gas Utility’s service territories during Fiscal 2024 were 16.0% warmer than normal and 4.5% warmer than the 
prior year. The decrease in Gas Utility core market volumes during Fiscal 2024 is largely related to the warmer weather, 
partially offset by growth in the core market customers.  Notwithstanding the decrease in core market volume, total Gas Utility 
volume slightly increased during Fiscal 2024, primarily reflecting higher large firm delivery service volumes.  The increase in 
Electric Utility distribution sales volumes during Fiscal 2024 is primarily attributable to customer growth.   
Revenues decreased $256 million in Fiscal 2024 reflecting a $260 million decrease in Gas Utility revenues, partially offset by a 
$4 million increase in Electric Utility revenues.  The decrease in Gas Utility revenues was largely attributable to lower PGC and 
PGA rates reflecting lower natural gas costs and, to a lesser extent, the lower core market volumes and lower off-system sales.  
These decreases were partially offset by the effects of increases in base rates for PA Gas Utility (effective October 1, 2023) and 
Mountaineer (effective January 1, 2024), increases in DSIC revenues and the effects of the weather normalization adjustments 
for PA Gas Utility (effective November 1, 2022).  Electric Utility revenues slightly increased during Fiscal 2024, largely 
reflecting higher base rates and sales volumes, partially offset by lower DS rates.
Cost of sales was $674 million in Fiscal 2024 compared with $977 million in Fiscal 2023.  The decrease of $303 million is 
primarily attributable to Gas Utility ($295 million) mainly reflecting lower PGC and PGA rates, the lower core market volumes 
and, to a lesser extent, lower cost of sales associated with off-system sales.  Electric Utility cost of sales decreased $8 million in 
Fiscal 2024, largely reflecting the lower DS rates, partially offset by higher sales volumes.
Total margin increased $47 million during Fiscal 2024, primarily attributable to higher Gas Utility total margin ($35 million), 
notwithstanding the warmer weather, mainly reflecting the effects of increases in base rates for PA Gas Utility (effective 
October 1, 2023) and Mountaineer (effective January 1, 2024), the increases in DSIC revenues, the impacts from growth in the 
core market customers and the effects of the weather normalization adjustments for PA Gas Utility (effective November 1, 
2022) .  Electric Utility margin increased $12 million during Fiscal 2024, mainly reflecting the increase in base rates effective 
October 1, 2023 and the higher sales volumes. 
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51

Operating income and earnings before interest expense and income taxes increased $37 million and $35 million, respectively, 
during Fiscal 2024.  These increases largely reflect the previously mentioned increase in total margin ($47 million) and, to a 
lesser extent, lower operating and administrative expenses ($5 million), partially offset by higher depreciation expense ($14 
million).  The lower operating and administrative expenses primarily reflects lower uncollectible accounts expenses.  The 
higher depreciation expense compared to the prior year reflects the effects of continued distribution system capital expenditure 
activity.    
Midstream & Marketing
2024
2023
Increase (Decrease)
(Dollars in millions)
 
 
 
 
Revenues
$ 
1,369 $ 
1,847 $ 
(478) 
 (26) %
Total margin (a)
$ 
505 $ 
487 $ 
18 
 4 %
Operating and administrative expenses
$ 
125 $ 
133 $ 
(8) 
 (6) %
Operating income
$ 
301 $ 
285 $ 
16 
 6 %
Earnings before interest expense and income taxes
$ 
313 $ 
291 $ 
22 
 8 %
(a) Total margin represents total revenues less total cost of sales.
Average temperatures across Midstream & Marketing’s energy marketing territory during Fiscal 2024 were 13.3% warmer than 
normal and 4.9% warmer than the prior year.  
Revenues decreased $478 million during Fiscal 2024, primarily reflecting lower revenues from natural gas marketing activities 
($453 million) that were principally impacted by lower natural gas prices and lower volumes resulting from the warmer 
weather, partially offset by higher capacity management activities.  The decrease also reflects, to a much lesser extent, lower 
revenues from renewable energy ($22 million).
Cost of sales decreased $496 million during Fiscal 2024, primarily reflecting lower natural gas costs ($488 million) related to 
the previously mentioned natural gas marketing activities and, to a much lesser extent, lower cost of sales related to renewable 
energy ($14 million).
Midstream & Marketing total margin increased $18 million in Fiscal 2024, primarily reflecting higher margins from capacity 
management activities ($31 million), partially offset by lower total margin from renewable energy ($8 million) and lower 
natural gas gathering and processing activities ($7 million).  
Operating income and earnings before interest expense and income taxes during Fiscal 2024 increased $16 million and $22 
million, respectively. The increase in operating income is largely attributable to the higher total margin ($18 million) and lower 
operating and administrative expenses ($8 million), partially offset by lower other operating income ($10 million).  The lower 
operating and administrative expenses during Fiscal 2024 primarily reflects lower salary and benefits expenses and maintenance 
expenses.  The increase in earnings before interest expense and income taxes principally reflects the higher operating income 
($16 million) and, to a lesser extent, higher income from equity investees ($5 million).   
UGI International
2024
2023
Increase (Decrease)
(Dollars in millions)
 
 
 
 
Revenues
$ 
2,279 
$ 
2,965 
$ 
(686) 
 (23) %
Total margin (a)
$ 
978 
$ 
920 
$ 
58 
 6 %
Operating and administrative expenses
$ 
578 
$ 
623 
$ 
(45) 
 (7) %
Operating income 
$ 
311 
$ 
215 
$ 
96 
 45 %
Earnings before interest expense and income taxes
$ 
323 
$ 
234 
$ 
89 
 38 %
LPG retail gallons sold (millions)
 
725 
 
729 
 
(4) 
 (1) %
Degree days - % (warmer) than normal (b)
 (11.8) %
 (10.5) %  
—  
— 
(a) Total margin represents total revenues less total cost of sales. 
(b) Deviation from average heating degree days is determined on a rolling 10-year period utilizing volume-weighted weather 
data at locations in our UGI International service territories. 
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52

Average temperatures during Fiscal 2024 were 11.8% warmer than normal and 2.2% warmer than Fiscal 2023.  
Notwithstanding the warmer weather, total LPG retail gallons sold during Fiscal 2024 was comparable to Fiscal 2023 as the 
impacts from warmer weather and lower cylinder volumes were substantially offset by growth from natural gas conversions to 
LPG and higher auto gas volumes sold.
UGI International base-currency results are translated into U.S. dollars based upon exchange rates experienced during the 
reporting periods.  The functional currency of a significant portion of our UGI International results is the euro and, to a much 
lesser extent, the British pound sterling. During Fiscal 2024 and Fiscal 2023, the average unweighted euro-to-dollar translation 
rates were approximately $1.08 and $1.07, respectively, and the average unweighted British pound sterling-to-dollar translation 
rates were approximately $1.27 and $1.23, respectively.  Fluctuations in these foreign currency exchange rates can have a 
significant impact on the individual financial statement components discussed below.  The Company uses forward foreign 
currency exchange contracts entered into over multi-year periods to reduce the volatility in earnings that may result from such 
changes in foreign currency exchange rates.  These forward foreign currency exchange contracts resulted in realized net gains 
of $11 million and $15 million in Fiscal 2024 and Fiscal 2023, respectively.
Average wholesale prices for propane and butane during Fiscal 2024 in northwest Europe were approximately 2% and 5% 
lower, respectively, compared to Fiscal 2023.  Revenues and cost of sales decreased $686 million and $744 million, 
respectively, in Fiscal 2024.  The decrease in revenues and cost of sales principally reflects significantly lower energy 
marketing activities during Fiscal 2024 resulting from the exit of substantially all of UGI International’s energy marketing 
business in Belgium, France and the Netherlands in Fiscal 2024.  The decrease in revenues from the energy marketing activities 
was partially offset by the translation effects of the stronger foreign currencies (approximately $52 million) and LPG price 
increases across Europe.  The decrease in cost of sales was also attributable to lower LPG product costs, partially offset by the 
translation effects of the stronger foreign currencies (approximately $32 million).
Total margin increased $58 million during Fiscal 2024 primarily reflecting higher margin contributions primarily from our LPG 
business, the translation effects of the stronger foreign currencies (approximately $20 million) and, to a much lesser extent, 
higher margin contributions from our energy marketing activities.  The higher margin from our LPG business reflects the 
effects of higher average unit margins attributable to strong margin management efforts, partially offset by the impacts from the 
lower LPG volumes sold.  The slightly higher margin from our energy marketing activities primarily reflects the impact of the 
aforementioned exit of substantially all of UGI International’s energy marketing business.
Operating income and earnings before interest expense and income taxes increased $96 million and $89 million, respectively, 
during Fiscal 2024. The increase in operating income principally reflects the increase in total margin ($58 million) and lower 
operating and administrative expenses ($45 million), partially offset by lower other operating income ($6 million).  The lower 
operating and administrative expenses during Fiscal 2024 primarily reflects (1) the impact of the aforementioned exit of 
substantially all of UGI International’s energy marketing business and (2) lower personnel-related costs and lower maintenance 
and advertising expenses in our LPG business, partially offset by the effects of inflationary increases and the translation effects 
of the stronger foreign currencies (approximately $12 million).  The increase in earnings before interest expense and income 
taxes in Fiscal 2024 largely reflects the increase in operating income ($96 million), partially offset by lower realized gains on 
foreign currency exchange contracts ($4 million) entered into in order to reduce volatility in UGI International earnings 
resulting from the effects of changes in foreign currency exchange rates.   
AmeriGas Propane
2024
2023
Increase (Decrease)
(Dollars in millions)
  
 
 
Revenues
$ 
2,271 
$ 
2,581 
$ 
(310) 
 (12) %
Total margin (a)
$ 
1,212 
$ 
1,331 
$ 
(119) 
 (9) %
Operating and administrative expenses
$ 
933 
$ 
950 
$ 
(17) 
 (2) %
Operating income / earnings before interest expense and 
income taxes
$ 
142 
$ 
268 
$ 
(126) 
 (47) %
Retail gallons sold (millions)
 
737 
 
823 
 
(86) 
 (10) %
Degree days – % (warmer) colder than normal (b)
 (8.0) %
 0.5 %  
— 
 — 
(a) Total margin represents revenues less cost of sales.
(b) Deviation from average heating degree days is determined on a rolling 10-year period utilizing volume-weighted weather 
data based on weather statistics provided by NOAA for 344 regions in the United States, excluding Alaska and Hawaii.  
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53

Average temperatures during Fiscal 2024 were 8.0% warmer than normal and 8.0% warmer than the prior year. Total retail 
gallons sold decreased 10% during Fiscal 2024 primarily due to continuing customer attrition and the effects of the warmer 
weather.
Average daily wholesale propane commodity prices during Fiscal 2024 at Mont Belvieu, Texas, one of the major supply points 
in the U.S., were comparable to such prices during Fiscal 2023.  Total revenues decreased $310 million during Fiscal 2024 
largely reflecting the lower retail volumes sold ($228 million), the effects of lower average retail propane selling prices ($39 
million) and lower wholesale revenues ($28 million).  
Total cost of sales decreased $191 million during Fiscal 2024 largely reflecting the lower retail propane volumes sold ($109 
million), the lower retail propane product costs ($37 million) and lower wholesale cost of sales ($26 million).
Total margin decreased $119 million in Fiscal 2024, substantially all of which was attributable to the lower retail propane 
volumes sold.
Operating income and earnings before interest expense and income taxes decreased $126 million in Fiscal 2024 primarily 
reflecting the decrease in total margin ($119 million) and lower other operating income ($23 million), mainly resulting from 
lower gains on sales of fixed assets during Fiscal 2024.  These decreases were partially offset by lower operating and 
administrative expenses ($17 million), reflecting, among other things, lower compensation and advertising expenses, partially 
offset by higher general insurance costs and higher vehicle expenses.
Interest Expense and Income Taxes
Our consolidated interest expense during Fiscal 2024 was $394 million compared to $379 million during the prior year.  The 
increase in interest expense is largely attributable to higher average long-term debt outstanding principally at Utilities and UGI 
Corporation, partially offset by lower average borrowings under our credit agreements and lower average long-term debt 
outstanding at AmeriGas Propane.    
Our effective income tax rate decreased in Fiscal 2024 compared to Fiscal 2023, primarily due to (1) the release of a valuation 
allowance related to a notional interest deduction at our UGI International segment that exceeded the release of a valuation 
allowance in the prior year related to foreign tax credits; (2) higher investment tax credits available in Fiscal 2024 due to a 
larger level of project completions compared to the prior year; and (3) lower state income taxes in accordance with the lower 
statutory rate in Pennsylvania. These decreases were partially offset by the effect of establishing a full valuation allowance 
against current year losses in the Netherlands.
For additional information on our income taxes, including tax law changes, see Note 7 to Consolidated Financial Statements.   
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54

Financial Condition and Liquidity
The Company expects to have sufficient liquidity including cash on hand and available borrowing capacity, to continue to 
support long-term commitments and ongoing operations. Our total available liquidity balance, comprising cash and cash 
equivalents and available borrowing capacity on our revolving credit facilities, totaled approximately $1.5 billion and 
$1.6 billion at September 30, 2024 and 2023, respectively. In October 2024, the Company used the proceeds from the 
borrowings under the UGI Corporation 2025 Credit Agreement to repay $630 million of long-term debt outstanding under the 
UGI Corporation Credit Facility Agreement which was scheduled to mature in August 2025 (see “Subsequent Event” below for 
further discussion). As a result, borrowings outstanding under the UGI Corporation Credit Facility Agreement totaling $630 
million at September 30, 2024 have been classified as long-term debt on the Consolidated Balance Sheet.  As of September 30, 
2024, except for $218 million outstanding principal balance of AmeriGas Partners 5.50% Senior Notes maturing in May 2025, 
the Company does not have any senior notes or term loans maturing in the next twelve months.  UGI and its subsidiaries were 
in compliance with all of its debt covenants as of September 30, 2024.
We depend on both internal and external sources of liquidity to provide funds for working capital and to fund capital 
requirements. Our short-term cash requirements not met by cash from operations are generally satisfied with borrowings under 
credit facilities and, in the case of Midstream & Marketing, also from a Receivables Facility. Long-term cash requirements are 
generally met through the issuance of long-term debt or equity securities. We believe that each of our business units has 
sufficient liquidity in the forms of cash and cash equivalents on hand; cash expected to be generated from operations; credit 
facility and Receivables Facility borrowing capacity; and the ability to obtain long-term financing to meet anticipated 
contractual and projected cash commitments. Issuances of debt and equity securities in the capital markets and additional credit 
facilities may not, however, be available to us on acceptable terms.
The primary sources of UGI’s cash and cash equivalents are the dividends and other cash payments made to UGI or its 
corporate subsidiaries by its principal business units. Our cash and cash equivalents totaled $213 million and $241 million at 
September 30, 2024 and 2023, respectively. Excluding cash and cash equivalents that reside at UGI’s operating subsidiaries, 
our cash and cash equivalents totaled $72 million and $51 million at September 30, 2024 and 2023, respectively. Such cash is 
available to pay dividends on UGI Common Stock and for investment purposes. 
During Fiscal 2024 and Fiscal 2023, our principal business units paid cash dividends and made other cash payments to UGI and 
its subsidiaries as follows:
(Millions of dollars)
2024
2023
Utilities
$ 
135 $ 
5 
Midstream & Marketing
 
75  
215 
UGI International
 
115  
248 
Total
$ 
325 $ 
468 
Common and Preferred Stock
Equity Units
Pursuant to the terms of the Equity Units issued in Fiscal 2021, in May 2024, the Company announced the unsuccessful final 
remarketing of its Convertible Preferred Stock. As a result, each holder of an Equity Unit received 2.2973 shares of UGI 
common stock, without par value, with cash paid in lieu of any fractional shares. During the third quarter of Fiscal 2024, the 
Company (i) made the final contract adjustment payment to settle the 2024 Purchase Contract in full; (ii) canceled the 
Convertible Preferred Stock; and (iii) in a non-cash transaction, converted the Equity Units into 5,054,030 shares of UGI 
Common Stock and issued the shares to the holders of the Equity Units under the 2024 Purchase Contract. 
See Note 13 to Consolidated Financial Statements for additional information.
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55

Dividends
Quarterly dividends per share of UGI Common Stock paid during Fiscal 2024 and Fiscal 2023 were as follows:
2024
2023
1st Quarter
$ 
0.375 $ 
0.360 
2nd Quarter
0.375
0.360
3rd Quarter
0.375
0.375
4th Quarter
0.375
0.375
Total
$ 
1.500 $ 
1.470 
On November 20, 2024, UGI’s Board of Directors declared a cash dividend equal to $0.375 per common share. The dividend 
will be payable on January 1, 2025, to shareholders of record on December 16, 2024.
Repurchases of Common Stock
During Fiscal 2024 there were no repurchases of UGI Common Stock. During Fiscal 2023, the Company repurchased 600,000 
shares of its Common Stock at a total purchase price of $22 million. For additional information on the authorization of these 
repurchases, see Note 13 to Consolidated Financial Statements.
Long-term Debt and Credit Facilities
The Company’s debt outstanding at September 30, 2024 and 2023, comprised the following:
2024
2023
(Millions of dollars)
Utilities
Midstream & 
Marketing
UGI 
International
AmeriGas 
Propane
Corp. & 
Other
Total
Total
Short-term borrowings
$ 
286 $ 
— $ 
128 $ 
51 $ 
— $ 
465 
$ 
649 
Long-term debt (including current 
maturities):
Senior notes
$ 
1,755 $ 
— $ 
446 $ 
1,887 $ 
700 $ 4,788 
$ 4,329 
Term loans
 
123  
786  
335  
—  
515  
1,759 
 
1,967 
Other long-term debt
 
18  
41  
12  
—  
115  
186 
 
351 
Unamortized debt issuance costs  
(7)  
(13)  
(6)  
(10)  
(19)  
(55)  
(47) 
Total long-term debt
$ 
1,889 $ 
814 $ 
787 $ 
1,877 $ 1,311 $ 6,678 
$ 6,600 
Total debt
$ 
2,175 $ 
814 $ 
915 $ 
1,928 $ 1,311 $ 7,143 
$ 7,249 
Significant Financing Activities
The following significant financing activities occurred during Fiscal 2024. See Note 6 to Consolidated Financial Statements for 
additional information on these transactions.
Utilities
Mountaineer 2023 Credit Agreement. In April 2024, Mountaineer entered into the fourth amendment to the Mountaineer 2023 
Credit Agreement, which extends the maturity date of the agreement from November 2024 to December 2025. 
UGI Utilities Senior Notes. In November 2023, UGI Utilities entered into a Note Purchase Agreement with a consortium of 
lenders. Pursuant to the Note Purchase Agreement, UGI Utilities issued (1) $25 million aggregate principal amount of 6.02% 
Senior Notes due November 30, 2030; (2) $150 million aggregate principal amount of 6.10% Senior Notes due November 30, 
2033; and (3) $75 million aggregate principal amount of 6.40% Senior Notes due November 30, 2053. The net proceeds from 
these issuances were used to reduce short-term borrowings and for general corporate purposes.
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UGI Utilities 2023 Credit Agreement. In November 2023, UGI Utilities entered into the UGI Utilities 2023 Credit Agreement 
providing for borrowings up to $375 million (including a $50 million sublimit for letters of credit and a $38 million sublimit for 
swingline loans). UGI Utilities may request an increase in the amount of loan commitments under the credit agreement to a 
maximum aggregate amount of $125 million. The credit agreement is scheduled to expire November 2028. Borrowings under 
the credit agreement may be used to refinance UGI Utilities existing indebtedness and for general corporate purposes and 
ongoing working capital needs of UGI Utilities.
Midstream & Marketing
Energy Services Term Loan Credit Agreement. In June 2024, Energy Services entered into the second amendment to the 
Energy Services Term Loan Credit Agreement. The Energy Services Term Loan Credit Agreement was amended primarily to 
amend the applicable margins on borrowings to 2.50% per annum for Term SOFR loans and 1.50% per annum for base rate 
loans.
Energy Services Credit Agreement. In May 2024, Energy Services entered into the fourth amendment to the Energy Services 
Credit Agreement. The amended credit agreement provides for borrowings up to $300 million, including a $50 million sublimit 
for letters of credit. Borrowings under the credit agreement can be used for general corporate purposes and ongoing working 
capital needs of Energy Services and is scheduled to expire in May 2028.
UGI International 
UGI International 2023 Credit Agreement. In June 2024, UGI International, LLC and its indirect wholly-owned subsidiary, 
UGI International Holdings B.V., entered into the first amendment to the UGI International 2023 Credit Agreement, which 
provides for the establishment and incorporation of specific key performance indicators with respect to Environmental, Social 
and Governance targets, whereby based on UGI International, LLC’s performance against the key performance indicators, 
certain adjustments of up to 0.05% in total to the applicable margin may be made. 
AmeriGas Propane
AmeriGas Senior Secured Revolving Credit Facility. In August 2024, AmeriGas OLP entered into the AmeriGas Senior 
Secured Revolving Credit Facility, a five-year senior secured revolving credit facility maturing August 2029, providing for 
commitments up to $200 million (including a $20 million sublimit for letters of credit), subject to the terms and conditions of 
the agreement. Borrowings under this credit facility were used to pay off borrowings under the 2022 AmeriGas OLP Credit 
Agreement and are available for general corporate purposes and ongoing working capital needs of AmeriGas OLP. Borrowings 
under this credit agreement are secured by certain assets of AmeriGas OLP, including, but not limited to, accounts receivables 
and inventory, and are guaranteed by any material subsidiaries of AmeriGas OLP. In addition, this credit facility requires 
AmeriGas OLP to abide by certain financial covenants from time to time including a minimum fixed charge coverage ratio and 
a senior notes liquidity covenant, each as defined in the agreement. Concurrently with entering into AmeriGas Senior Secured 
Revolving Credit Facility, AmeriGas OLP terminated the 2022 AmeriGas OLP Credit Agreement.   
AmeriGas Partners Senior Notes. In June 2024, pursuant to an early tender offer, AmeriGas Partners and AmeriGas Finance 
Corp, repurchased $475 million aggregate principal amount of the 5.50% Senior Notes due May 2025. Cash on hand, a 
$315 million cash contribution from the Company and other sources of liquidity were used for the repurchase. Following the 
repurchase, $218 million aggregate principal amount of the 5.50% Senior Notes remain outstanding at September 30, 2024.
In March 2024, AmeriGas Partners and AmeriGas Finance Corp entered into separate, privately negotiated repurchase 
agreements with a limited number of holders of the outstanding senior notes and repurchased $38 million aggregate principal 
amount of the senior notes. 
UGI Corporation
UGI Corporation Credit Facility Agreement. In April 2024, UGI entered into the fourth amendment to the UGI Corporation 
Credit Facility Agreement which, among other things, extended the maturity date of substantially all of the borrowings under 
the UGI Corporation Credit Facility Agreement to August 29, 2025. Amounts outstanding under the amended agreement were 
repaid early in October 2025 with proceeds from the UGI Corporation 2025 Credit Agreement and the agreement was 
terminated.
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57

UGI Corporation Senior Notes. In June 2024, UGI issued, in an underwritten private placement, an aggregate $700 million 
principal amount of 5.00% UGI Corporation Senior Notes due June 2028.   The UGI Corporation Senior Notes are senior, 
unsecured obligations and rank equal in right of payment with our existing and future senior, unsecured indebtedness.  The net 
proceeds from the issuance of the UGI Corporation Senior Notes of approximately $682 million, after underwriters fees and 
other debt issuance costs, were used (1) to repay a portion of borrowings under the UGI Corporation Credit Facility Agreement; 
(2) to make a cash contribution of $315 million to the Partnership to repay a portion of its 5.50% Senior Notes as described 
above; and (3) for general corporate purposes.
The UGI Corporation Senior Notes are convertible subject to the occurrence of certain events and circumstances. Before March 
1, 2028, noteholders will have the right to convert their notes only upon the occurrence of certain events.  From and after March 
1, 2028, holders of the UGI Corporation Senior Notes may convert their notes at any time at their election until the close of 
business on the second scheduled trading day immediately before the maturity date.  As of September 30, 2024, none of the 
events permitting the noteholders to convert their notes early occurred.  Accordingly, the UGI Corporation Senior Notes are 
classified as “Long-term debt” on the Consolidated Balance Sheet at September 30, 2024.
Upon conversion, the Company will pay cash up to the aggregate principal amount of the UGI Corporation Senior notes.  For 
the remainder of the amount in excess of the aggregate principal amount, if applicable, the Company will have the sole right to 
elect the settlement method upon conversion which can be either entirely in cash or in a combination of cash and shares of its 
common stock. The default settlement method as defined in the agreement is combination settlement with a specified dollar 
amount of $1,000 per $1,000 principal of the UGI Corporation Senior Notes, and any incremental value settled in shares of the 
Company’s common stock. The initial conversion rate is 36.2319 shares of the Company’s common stock per $1,000 principal 
amount of the UGI Corporation Senior Notes, which represents an initial conversion price of approximately $27.60 per share of 
the Company’s common stock.  The conversion rate and conversion price will be subject to customary adjustments upon the 
occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as 
defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of 
time.
The Company may not redeem the UGI Corporation Senior Notes at its option before maturity.
Subsequent Events
UGI Utilities Senior Notes. In November 2024, UGI Utilities entered into a Note Purchase Agreement with a consortium of 
lenders. Pursuant to the Note Purchase Agreement, UGI Utilities issued $50 million aggregate principal amount of 5.24% 
Senior Notes due November 30, 2029, and $125 million aggregate principal amount of 5.52% Senior Notes due November 30, 
2034. The Note Purchase Agreement contains customary covenants and default provisions and requires compliance with certain 
financial covenants including a leverage ratio and priority debt ratio as defined in the agreement.  These senior notes are 
unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from these issuances were 
used to reduce short-term borrowings and for general corporate purposes.
AmeriGas Senior Secured Revolving Credit Facility. In October 2024, AmeriGas OLP amended the AmeriGas Senior Secured 
Revolving Credit Facility to increase total commitments to a total of $300 million. 
UGI Corporation 2025 Credit Agreement. In October 2024, UGI entered into the UGI Corporation 2025 Credit Agreement, 
providing a $475 million revolving credit facility, including a $10 million sublimit for letters of credit, and a $400 million term 
loan facility. Borrowings under the credit agreement can be used for general corporate purposes, including refinancing a portion 
of the UGI Corporation Credit Facility Agreement and ongoing working capital needs of the Company. The revolving credit 
facility is scheduled to expire in October 2028, and the term loan facility is scheduled to mature in October 2027. In connection 
with entering into the UGI Corporation 2025 Credit Agreement, the Company paid off in full and terminated the UGI 
Corporation Credit Facility Agreement.
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58

Credit Facilities
Information about the Company’s principal credit agreements (excluding Energy Services’ Receivables Facility, which is 
discussed below) as of September 30, 2024 and 2023, is presented in the tables below. 
September 30, 2024
AmeriGas OLP (a)
August 2029
$ 
200 $ 
51 $ 
— $ 
149 
 7.29 %
UGI International, LLC (b)
March 2028
€ 
500 € 
115 € 
— € 
385 
 4.88 %
Energy Services
May 2028
$ 
300 $ 
— $ 
— $ 
300 
N.A.
UGI Utilities
November 2028
$ 
375 $ 
190 $ 
— $ 
185 
 5.92 %
Mountaineer
December 2025
$ 
150 $ 
96 $ 
— $ 
54 
 6.56 %
UGI Corporation (c)
August 2025
$ 
300 $ 
115 $ 
— $ 
185 
 7.45 %
September 30, 2023
AmeriGas OLP
September 2026
$ 
600 $ 
— $ 
2 $ 
598 
N.A.
UGI International, LLC (b)
March 2028
€ 
500 € 
202 € 
— € 
298 
 5.17 %
Energy Services 
March 2025
$ 
260 $ 
57 $ 
— $ 
203 
 7.67 %
UGI Utilities
June 2024
$ 
425 $ 
248 $ 
— $ 
177 
 6.30 %
Mountaineer
November 2024
$ 
150 $ 
84 $ 
— $ 
66 
 6.68 %
UGI Corporation (c)
May 2025
$ 
300 $ 
283 $ 
— $ 
17 
 7.80 %
(Currency in millions)
Expiration Date
Total 
Capacity
Borrowings 
Outstanding
Letters of 
Credit and 
Guarantees 
Outstanding
Available 
Borrowing 
Capacity
Weighted 
Average 
Interest Rate 
- End of Year
(a) In October 2024, AmeriGas OLP entered into the first amendment to the AmeriGas Senior Secured Revolving Facility 
which increased the total commitments to $300 million.  The maximum amount available for borrowing at any time under 
the AmeriGas Senior Secured Revolving Credit Facility is limited to the borrowing base valuation, as defined by the 
agreement. 
(b) Permits UGI International, LLC or UGI International Holdings B.V. to borrow in euros or USD. 
(c) This facility was paid in full and terminated in October 2024, concurrent with entering into the UGI Corporation 2025 
Credit Agreement in October 2024. See “Subsequent Events” above and Note 6 to Consolidated Financial Statements for 
additional information. At September 30, 2024, Borrowings outstanding under this facility have been classified as “Long-
term debt” on the Consolidated Balance Sheets. 
The average daily and peak short-term borrowings under the Company’s principal credit agreements are as follows:
2024
2023
(Currency in millions)
Average
Peak
Average
Peak
AmeriGas OLP
$ 
18 $ 
157 $ 
79 $ 
242 
UGI International, LLC
€ 
170 € 
229 € 
203 € 
300 
Energy Services
$ 
15 $ 
62 $ 
13 $ 
82 
UGI Utilities
$ 
128 $ 
316 $ 
190 $ 
340 
Mountaineer
$ 
77 $ 
104 $ 
73 $ 
101 
UGI Corporation
$ 
180 $ 
289 $ 
249 $ 
296 
Receivables Facility.  Energy Services has a Receivables Facility with an issuer of receivables-backed commercial paper. On 
October 18, 2024, the expiration date of the Receivables Facility was extended to October 17, 2025. The Receivables Facility 
provides Energy Services with the ability to borrow up to $150 million of eligible receivables during the period October 18, 
2024 to April 30, 2025, and up to $75 million of eligible receivables during the period May 1, 2025 to October 17, 2025, with 
the option to request an increase of $50 million. The interest rate of the Receivables Facility was replaced with a term SOFR 
based interest rate effective with the extension on October 18, 2024. Energy Services uses the Receivables Facility to fund 
working capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate 
purposes. 
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Under the Receivables Facility, Energy Services transfers, on an ongoing basis and without recourse, its trade accounts 
receivable to its wholly owned, special purpose subsidiary, ESFC, which is consolidated for financial statement purposes. 
ESFC, in turn, has sold and, subject to certain conditions, may from time to time sell, an undivided interest in some or all of the 
receivables to a major bank. Amounts sold to the bank are reflected as “Short-term borrowings” on the Consolidated Balance 
Sheets. ESFC was created and has been structured to isolate its assets from creditors of Energy Services and its affiliates, 
including UGI. Trade receivables sold to the bank remain on the Company’s balance sheet and the Company reflects a liability 
equal to the amount advanced by the bank.  The Company records interest expense on amounts owed to the bank. Energy 
Services continues to service, administer and collect trade receivables on behalf of the bank, as applicable. 
At September 30, 2024, the outstanding balance of trade receivables was $51 million, none of which were sold to the bank. At 
September 30, 2023, the outstanding balance of trade receivables was $62 million, $46 million of which was sold to the bank. 
Amounts sold to the bank are reflected as “Short-term borrowings” on the Consolidated Balance Sheet. During Fiscal 2024 and 
Fiscal 2023, peak sales of receivables were $97 million and $150 million, respectively. During Fiscal 2024 and Fiscal 2023, 
average daily amounts sold were $22 million and $46 million, respectively.
For further information on the Company’s long-term debt, credit facilities and the Receivables Facility, see Note 6 to 
Consolidated Financial Statements.
Cash Flows
Due to the seasonal nature of the Company’s businesses, cash flows from operating activities are generally strongest during the 
second and third fiscal quarters when customers pay for natural gas, LPG, electricity and other energy products and services 
consumed during the peak heating season months. Conversely, operating cash flows are generally at their lowest levels during 
the fourth and first fiscal quarters when the Company’s investment in working capital, principally inventories and accounts 
receivable, is generally greatest.
Operating Activities:
Year-to-year variations in our cash flows from operating activities can be significantly affected by changes in operating 
working capital, especially during periods with significant changes in energy commodity prices. Cash flows from operating 
activities in Fiscal 2024 and Fiscal 2023 were $1,182 million and $1,107 million, respectively. Cash flows from operating 
activities before the effects of changes in operating working capital were $1,215 million in Fiscal 2024 and $1,258 million in 
Fiscal 2023. Changes in operating working capital and collateral deposits used operating cash flow of $33 million in Fiscal 
2024 compared to $151 million of cash flow used in Fiscal 2023. Fiscal 2023 includes $420 million of derivative instrument 
collateral deposit net payments, principally at our UGI International and Midstream & Marketing segments, compared to only 
$9 million of such net payments in Fiscal 2024. The unusually high prior-year collateral deposit net payments were the result of 
significant declines in commodity energy prices that occurred during Fiscal 2023. The decrease in cash flow required to fund 
changes in operating working capital in Fiscal 2024 also reflects lower cash from changes in inventories and accounts 
receivable which were offset in large part by lower cash required to fund changes in accounts payable. The higher cash from 
changes in these operating working capital accounts in the prior year also reflect significantly less volatility in commodity 
energy prices in Europe following unprecedented volatility in such prices during Fiscal 2023 and the effects of significantly 
lower energy marketing activities in Europe resulting from the exit of substantially all of UGI International’s energy marketing 
business. Changes in operating working capital in Fiscal 2024 also reflects lower cash from income taxes and utility deferred 
fuel recoveries. 
Investing Activities:
Investing activity cash flow is principally affected by cash expenditures for property, plant and equipment; cash paid for 
acquisitions of businesses and assets; investments in equity method investees; and cash proceeds from sales and retirements of 
property, plant and equipment. Cash expenditures for property, plant and equipment totaled $796 million in Fiscal 2024 and 
$974 million in Fiscal 2023. The decrease in cash payments for property, plant and equipment in Fiscal 2024 compared with 
Fiscal 2023 principally reflects lower cash capital expenditures at our Utilities segment and, to a lesser extent, at UGI 
International and AmeriGas Propane. Cash used for investments in equity method investees was $92 million in Fiscal 2024 
principally comprising continuing investments in renewable energy projects principally at Midstream & Marketing. Net 
proceeds from the disposal of businesses and assets in Fiscal 2024 includes, among other things, proceeds from the sale of 
UGID.  
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60

Financing Activities:
Changes in cash flow from financing activities are primarily due to issuances and repayments of long-term debt; net short-term 
borrowings; dividends on UGI Common Stock; quarterly payments on outstanding Purchase Contracts; and issuances and 
repurchases of equity instruments.
Cash flow used by financing activities was $506 million in Fiscal 2024 compared to cash flow used by financing activities of 
$168 million in Fiscal 2023. Cash flow from financing activities in Fiscal 2024 includes, among other things, the June 2024 
issuance by UGI Corporation of the previously mentioned $700 million of the UGI Corporation 5.00% Senior Notes and UGI 
Utilities issuance of $250 million principal amount of senior notes. Proceeds from the UGI Corporation 5.00% Senior Notes 
were used to reduce amounts outstanding under UGI Corporation’s revolving credit facility, to repay its outstanding variable-
rate amortizing term loan, and to fund a capital contribution to the Partnership in the amount of $315 million which, along with 
other sources of liquidity, the Partnership used to repurchase $475 million aggregate principal amount of its 5.50% Senior 
Notes. Fiscal 2023 cash flow from financing activities includes, among other things, the cash flow effects from (1) the UGI 
International 2023 Credit Agreement and the concurrent repayment of borrowings under the UGI International Credit 
Agreement (a predecessor agreement); (2) cash proceeds from the Energy Services Amended Term Loan Agreement and the 
concurrent repayment of amounts outstanding under the Energy Services variable-rate term loan; and (3) the May 2023 
issuance of $500 million principal amount of AmeriGas Partners 9.375% Senior Notes and the repayment of $675 million 
aggregate principal balance of AmeriGas Partners 5.625% Senior Notes. 
Capital Expenditures
In the following table, we present capital expenditures (which exclude acquisitions of businesses and assets) for Fiscal 2024 and 
Fiscal 2023. We also provide amounts we expect to spend on capital expenditures in Fiscal 2025. We expect to finance a 
substantial portion of our Fiscal 2025 capital expenditures from cash generated by operations and cash on hand.
(Millions of dollars)
2025
(estimate)
2024
2023
Utilities
$ 
550 $ 
482 $ 
563 
Midstream & Marketing
 
114  
150  
130 
UGI International
 
102  
87  
129 
AmeriGas Propane
 
78  
86  
134 
Total
$ 
844 $ 
805 $ 
956 
The decrease in capital expenditures in Fiscal 2024 was primarily driven by a targeted reduction in capital spend as UGI 
prioritizes its efforts to maintain cost and capital discipline to create greater financial flexibility and capacity within the balance 
sheet.
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61

Contractual Cash Obligations and Commitments
The Company has contractual cash obligations that extend beyond Fiscal 2024. The following table presents contractual cash 
obligations with non-affiliates under agreements existing as of September 30, 2024:
 
Payments Due by Period
(Millions of dollars)
Total
Fiscal
2025
Fiscal
2026 - 2027
Fiscal
2028 - 2029
Thereafter
Short-term borrowings (a)
$ 
465 $ 
465 $ 
— $ 
— $ 
— 
Long-term debt (a)
 
6,733  
235  
1,541  
1,587  
3,370 
Interest on long-term fixed-rate debt (a)(b)(c)
 
2,349  
362  
647  
377  
963 
Operating leases
 
500  
102  
163  
113  
122 
AmeriGas Propane supply contracts
 
7  
7  
—  
—  
— 
UGI International supply contracts
 
408  
408  
—  
—  
— 
Midstream & Marketing supply contracts
 
875  
241  
216  
121  
297 
Utilities construction, supply, storage and 
transportation contracts
 
733  
213  
253  
108  
159 
Derivative instruments (d)
 
37  
17  
20  
—  
— 
Total
$ 
12,107 $ 
2,050 $ 
2,840 $ 
2,306 $ 
4,911 
(a) Based upon stated maturity dates for debt outstanding at September 30, 2024.  At September 30, 2024, borrowings 
outstanding under the UGI Corporation Credit Facility Agreement totaling $630 million have been classified as “Long-
term debt” on the Consolidated Balance Sheet based on the Company’s intent and ability to refinance the obligation with 
long-term debt issued under the UGI Corporation 2025 Credit Agreement.
(b) Based upon stated interest rates adjusted for the effects of interest rate swaps.
(c) Calculated using applicable interest rates or forward interest rate curves, and UGI’s and its subsidiaries’ leverage ratios, as 
of September 30, 2024.
(d) Represents the sum of amounts due if derivative instrument liabilities were settled at the September 30, 2024 amounts 
reflected in the Consolidated Balance Sheet (but excluding amounts associated with interest rate contracts).
“Other noncurrent liabilities” included in our Consolidated Balance Sheet at September 30, 2024, principally comprise 
operating lease liabilities; regulatory liabilities; refundable tank and cylinder deposits; litigation, property and casualty liabilities 
and obligations under environmental remediation agreements; pension and other postretirement benefit liabilities recorded in 
accordance with accounting guidance relating to employee retirement plans; and liabilities associated with executive 
compensation plans. These liabilities, with the exception of operating lease liabilities, are not included in the table of 
Contractual Cash Obligations and Commitments because they are estimates of future payments and not contractually fixed as to 
timing or amount. The minimum required contributions to the U.S. Pension Plans (as further described below under “U.S. 
Pension Plans”) in Fiscal 2025 are not expected to be material. The minimum required contributions to the U.S. Pension Plans 
in years beyond Fiscal 2025 will depend, in large part, on the impacts of future returns on pension plan assets and interest rates 
on pension plan liabilities. 
U.S. Pension Plans
The U.S. Pension Plans consist of (1) a defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI 
Utilities, and certain of UGI’s other domestic wholly owned subsidiaries, and (2) a defined benefit pension plan for 
Mountaineer employees hired prior to January 1, 2023. The fair values of the U.S. Pension Plans’ assets totaled $635 million 
and $539 million at September 30, 2024 and 2023, respectively. At September 30, 2024 and 2023, the underfunded positions of 
the U.S. Pension Plans, defined as the excess of the PBO over the U.S. Pension Plans’ assets, were $38 million and $55 million, 
respectively.
We believe we are in compliance with regulations governing defined benefit pension plans, including the ERISA rules and 
regulations.  The minimum required contributions to the U.S. Pension Plans in Fiscal 2025 are not expected to be material.
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GAAP guidance associated with pension and other postretirement plans generally requires recognition of an asset or liability in 
the statement of financial position reflecting the funded status of pension and other postretirement benefit plans with current 
year changes recognized in shareholders’ equity unless such amounts are subject to regulatory recovery. At September 30, 
2024, we have recorded pre-tax charges to UGI Corporation’s stockholders’ equity of $3 million and recorded regulatory assets 
totaling $106 million in order to reflect the funded status of the U.S. Pension Plans. For a more detailed discussion of the U.S. 
Pension Plans and our other postretirement benefit plans, see Note 8 to Consolidated Financial Statements.
Related Party Transactions
During Fiscal 2024 and Fiscal 2023, we did not enter into any related-party transactions that had a material effect on our 
financial condition, results of operations or cash flows.
Off-Balance-Sheet Arrangements
UGI primarily enters into guarantee arrangements on behalf of its consolidated subsidiaries. These arrangements are not subject 
to the recognition and measurement guidance relating to guarantees under GAAP.
We do not have any off-balance-sheet arrangements that are expected to have a material effect on our financial condition, 
change in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Utility Regulatory Matters
UGI Utilities. On January 27, 2023, Electric Utility filed a request with the PAPUC to increase its annual base distribution 
revenues by $11 million. On September 21, 2023, the PAPUC issued a final order approving a settlement providing for a $9 
million annual base distribution rate increase for Electric Utility, effective October 1, 2023. 
On January 28, 2022, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, 
commercial and industrial customers by $83 million annually. On September 15, 2022, the PAPUC issued a final order 
approving a settlement providing for a $49 million annual base distribution rate increase for PA Gas Utility, through a phased 
approach, with $38 million beginning October 29, 2022 and an additional $11 million beginning October 1, 2023. In 
accordance with the terms of the final order, PA Gas Utility was not permitted to file a rate case prior to January 1, 2024. Also 
in accordance with the terms of the final order, PA Gas Utility was authorized to implement a weather normalization adjustment 
rider as a five-year pilot program beginning on November 1, 2022. Under this rider, when weather deviates from normal by 
more than 3%, residential and small commercial customer billings for distribution services are adjusted monthly for weather 
related impacts exceeding the 3% threshold. Additionally, under the terms of the final order, PA Gas Utility was authorized to 
implement a DSIC once its total property, plant and equipment less accumulated depreciation reached $3,368 million (which 
threshold was achieved in September 2022).
Mountaineer. On July 31, 2024, Mountaineer submitted its 2024 IREP filing to the WVPSC requesting recovery of $19 
million, which includes $3 million of prior year under-recovery, for costs associated with capital investments after December 
31, 2022, that total $197 million, including $74 million in calendar year 2025. The filing included capital investments totaling 
$418 million over the 2025 - 2029 period. On October 28, 2024, the WVPSC issued an order approving Mountaineer’s request. 
On July 31, 2023, Mountaineer submitted its 2023 IREP filing to the WVPSC requesting recovery of $10 million, an increase 
of $6 million, for costs associated with capital investments after December 31, 2022, that total $131 million, including $67 
million in calendar year 2024. With new base rates expected to be effective January 1, 2024, revenues from IREP rates would 
decrease by $12 million. The filing included capital investments totaling $383 million over the 2024 - 2028 period. On 
December 20, 2023, the WVPSC issued a final order approving a settlement effective January 1, 2024.
On March 6, 2023, Mountaineer submitted a base rate case filing with the WVPSC seeking a net revenue increase of $20 
million, which consisted of an increase in base rates of $38 million and a decrease in the IREP rates of $18 million annually to 
be effective on April 5, 2023.  On March 31, 2023, the WVPSC suspended the effective date of the requested rate change 
increase until January 1, 2024 to allow for a full review of the filing. On October 6, 2023, Mountaineer filed a joint stipulation 
and agreement for settlement of the base rate case, which included a $14 million net revenue increase. On December 21, 2023, 
the WVPSC issued a final order approving the joint stipulation and agreement, except the WVPSC authorized Mountaineer to 
implement a weather normalization adjustment rider as a five-year pilot program beginning on October 1, 2024. The new rates 
went into effect on January 1, 2024. On April 11, 2024 the WVPSC approved the calculation methodology submitted by 
Mountaineer on March 28, 2024.  Under this rider, when weather deviates from normal by more than 2%, for service rendered 
during the period October 1 through May 31, residential and small commercial customer billings for distribution services are 
adjusted for weather related impacts exceeding the 2% threshold.
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63

On July 29, 2022, Mountaineer submitted its 2022 IREP filing to the WVPSC requesting recovery of costs associated with 
capital investments totaling $354 million over the 2023 - 2027 period, including $64 million in calendar year 2023. On 
November 16, 2022, Mountaineer and the intervening parties submitted a joint stipulation and agreement for settlement to the 
WVPSC requesting approval of 2023 IREP revenue of $22 million to be charged effective January 1, 2023, which includes the 
recovery of a $1 million under-recovery of 2021 IREP revenue. On December 21, 2022, the WVPSC issued an order approving 
the joint stipulation and agreement for settlement as filed.
Other Matters
West Reading, Pennsylvania Explosion. On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which 
resulted in seven fatalities, significant injuries to eleven others, and extensive property damage to buildings owned by R.M. 
Palmer, a local chocolate manufacturer, and other neighboring structures. The NTSB and the PAPUC are investigating the West 
Reading incident. On July 18, 2023, the NTSB issued an Investigative Update in its ongoing investigation. The report identifies 
a fracture in a retired UGI gas service tee and a fracture in a nearby steam system, but it does not address causation of the 
fractures or the explosion. The NTSB investigative team includes representatives from the Company, the PAPUC, the local fire 
department and the Pipeline and Hazardous Materials Safety Administration. The Company is cooperating with the 
investigation. The NTSB may invite other parties to participate. In September 2023, OSHA closed their investigation of this 
matter, without any finding pertaining to UGI Utilities.
While the investigation into this incident is still underway and the cause of the explosion has not been determined, the 
Company has received claims as a result of the explosion and is involved in lawsuits relative to the incident. The Company 
maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated 
with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company 
cannot predict the result of these pending or future claims and legal actions at this time.
Regarding these pending claims and legal actions, the Company does not believe, at this early stage, that there is sufficient 
information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of these matters will or 
will not have a material effect on our financial statements.
Market Risk Disclosures
Our primary market risk exposures are (1) commodity price risk; (2) interest rate risk; and (3) foreign currency exchange rate 
risk. Although we use derivative financial and commodity instruments to reduce market price risk associated with forecasted 
transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes.
Commodity Price Risk
The risk associated with fluctuations in the prices the Partnership and our UGI International operations pay for LPG is 
principally a result of market forces reflecting changes in supply and demand for LPG and other energy commodities. Their 
profitability is sensitive to changes in LPG supply costs. Increases in supply costs are generally passed on to customers. The 
Partnership and UGI International may not, however, always be able to pass through product cost increases fully or on a timely 
basis, particularly when product costs rise rapidly. In order to reduce the volatility of LPG market price risk, the Partnership 
uses contracts for the forward purchase or sale of propane, propane fixed-price supply agreements and over-the-counter 
derivative commodity instruments including price swap and option contracts. Our UGI International operations use over-the-
counter derivative commodity instruments and may from time to time enter into other derivative contracts, similar to those used 
by the Partnership, to reduce market risk associated with a portion of their LPG purchases. Over-the-counter derivative 
commodity instruments used to economically hedge forecasted purchases of LPG are generally settled at expiration of the 
contract. 
Utilities’ tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to its retail core-market 
customers, including the cost of financial instruments used to hedge purchased gas costs.  The recovery clauses provide for 
periodic adjustments for the difference between the total amounts actually billed to customers through PGC and PGA rates and 
the recoverable costs incurred.  Because of this ratemaking mechanism, there is limited commodity price risk associated with 
our Utilities operations. PA Gas Utility uses derivative financial instruments, including natural gas futures and option contracts 
traded on the NYMEX, to reduce volatility in the cost of gas it purchases for its retail core-market customers. The cost of these 
derivative financial instruments, net of any associated gains or losses, is included in PA Gas Utility's PGC recovery mechanism. 
In order to manage market price risk relating to substantially all of Midstream & Marketing’s fixed-price sale contracts for 
physical natural gas and electricity, Midstream & Marketing enters into NYMEX, ICE and over-the-counter natural gas and 
electricity futures and option contracts, and natural gas basis swap contracts or enters into fixed-price supply arrangements. 
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Midstream & Marketing also uses NYMEX and over-the-counter electricity futures contracts to economically hedge a portion 
of its anticipated sales of electricity from its electricity generation facilities. Although Midstream & Marketing’s fixed-price 
supply arrangements mitigate significant risks associated with its fixed-price sales contracts, should any of the suppliers under 
these arrangements fail to perform, increases, if any, in the cost of replacement natural gas or electricity would adversely impact 
Midstream & Marketing’s results. Any volume deviations from the amounts forecasted under fixed-price requirement sale 
contracts, would introduce price risks, which could adversely impact Midstream & Marketing’s results. In order to reduce this 
risk of supplier nonperformance, Midstream & Marketing has diversified its purchases across a number of suppliers. UGI 
International’s natural gas and electricity marketing businesses also use natural gas and electricity futures and forward contracts 
to economically hedge market risk associated with a substantial portion of anticipated volumes under fixed-price sales and 
purchase contracts. See Note 5 to Consolidated Financial Statements regarding recent transactions related to UGI 
International’s energy marketing business. 
Prior to the Fiscal 2024 disposition of the Company’s ownership interest in UGID, Midstream & Marketing had entered into 
fixed-price sales agreements for a portion of the electricity expected to be generated by its electric generation assets. In the 
event that these generation assets would not be able to produce all of the electricity needed to supply electricity under these 
agreements, Midstream & Marketing would be required to purchase electricity on the spot market or under contract with other 
electricity suppliers. Accordingly, increases in the cost of replacement power could negatively impact Midstream & 
Marketing’s results. See Note 5 to Consolidated Financial Statements for additional information on the sale of UGID. 
Interest Rate Risk
We have both fixed-rate and variable-rate debt. Changes in interest rates impact the cash flows of variable-rate debt but 
generally do not impact their fair value. Conversely, changes in interest rates impact the fair value of fixed-rate debt but do not 
impact their cash flows.
Our variable-rate debt at September 30, 2024, includes revolving credit facility borrowings and variable-rate term loans at UGI 
International, Utilities, Midstream & Marketing and UGI Corporation. These debt agreements have interest rates that are 
generally indexed to short-term market interest rates. We have entered into pay-fixed, receive-variable interest rate swap 
agreements on all or a significant portion of the term loans’ principal balances and all or a significant portion of the term loans’ 
tenor. We have designated these interest rate swaps as cash flow hedges. At September 30, 2024, combined borrowings 
outstanding under variable-rate debt agreements, excluding the previously mentioned effectively fixed-rate debt, totaled $732 
million. Based upon average borrowings outstanding under variable-rate borrowings (excluding effectively fixed-rate term loan 
debt), an increase in short-term interest rates of 100 basis points (1%) would have increased our Fiscal 2024 interest expense by 
approximately $9 million. The remainder of our debt outstanding is subject to fixed rates of interest. A 100 basis point increase 
in market interest rates would result in decreases in the fair value of this fixed-rate debt of approximately $230 million at 
September 30, 2024. A 100 basis point decrease in market interest rates would result in increases in the fair value of this fixed-
rate debt of approximately $250 million at September 30, 2024.
Long-term debt associated with our domestic businesses is typically issued at fixed rates of interest based upon market rates for 
debt with similar terms and credit ratings. As these long-term debt issues mature, we may refinance such debt with new debt 
having interest rates reflecting then-current market conditions. In order to reduce interest rate risk associated with near- to 
medium-term forecasted issuances of fixed rate debt, from time to time we enter into IRPAs.
Foreign Currency Exchange Rate Risk
Our primary currency exchange rate risk is associated with the USD versus the euro and, to a lesser extent, the USD versus the 
British pound sterling. The USD value of our foreign currency denominated assets and liabilities will fluctuate with changes in 
the associated foreign currency exchange rates. From time to time, we use derivative instruments to hedge portions of our net 
investments in foreign subsidiaries, including anticipated foreign currency denominated dividends.  Gains or losses on these net 
investment hedges remain in AOCI until such foreign operations are sold or liquidated.  With respect to our net investments in 
our UGI International operations, a 10% decline in the value of the associated foreign currencies versus the USD would reduce 
their aggregate net book value at September 30, 2024, by approximately $70 million, which amount would be reflected in other 
comprehensive income. We have designated certain euro-denominated borrowings as net investment hedges. 
In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the 
USD exchange rate between the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We 
layer in these foreign currency exchange contracts over a multi-year period to eventually equal approximately 90% of 
anticipated UGI International foreign currency earnings before income taxes.
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Derivative Instrument Credit Risk
We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative 
instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. 
We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include 
evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements 
with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable 
and payable balances for certain financial transactions, as deemed appropriate. 
We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our 
derivative counterparties on an ongoing basis. As of September 30, 2024, the maximum amount of loss, based upon the gross 
fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their 
contracts was $140 million. In general, many of our over-the-counter derivative instruments and all exchange contracts call for 
the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At 
September 30, 2024, we had received cash collateral from derivative instrument counterparties totaling $14 million. In addition, 
we may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which 
further mitigates the previously mentioned maximum amount of losses. Certain of the Partnership’s derivative contracts have 
credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the 
Partnership’s debt rating. At September 30, 2024, if the credit-risk-related contingent features were triggered, the amount of 
collateral required to be posted would not be material.
The following table summarizes the fair values of unsettled market risk sensitive derivative instrument assets (liabilities) held at 
September 30, 2024 and changes in their fair values due to market risks. Certain of UGI Utilities’ commodity derivative 
instruments are excluded from the table below because any associated net gains or losses are refundable to or recoverable from 
customers in accordance with UGI Utilities ratemaking.
Asset (Liability)
(Millions of dollars)
Fair Value
Change in
Fair Value
September 30, 2024
 
 
Commodity price risk (1)
$ 
(22) $ 
(105) 
Interest rate risk (2)
$ 
(21) $ 
(15) 
Foreign currency exchange rate risk (3)
$ 
(3) $ 
(45) 
(1) Change in fair value represents a 10% adverse change in the market prices of certain commodities
(2) Change in fair value represents a 50 basis point adverse change in prevailing market interest rates
(3) Change in fair value represents a 10% adverse change in the value of the Euro and the British pound sterling versus the 
USD.
Critical Accounting Policies and Estimates
The accounting policies and estimates discussed in this section are those that we consider to be the most critical to an 
understanding of our financial statements because they involve significant judgments and uncertainties. The application of these 
accounting policies and estimates necessarily requires management’s most subjective or complex judgments regarding 
estimates and projected outcomes of future events. Changes in these policies and estimates could have a material effect on our 
financial statements. Management has reviewed these critical accounting policies, and the estimates and assumptions associated 
with them, with the Company’s Audit Committee. Also, see Note 2 to Consolidated Financial Statements which discusses our 
significant accounting policies.
Goodwill Impairment Evaluation. Our goodwill is the result of business acquisitions.  We do not amortize goodwill, but test 
it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an 
operating segment (a component), if it constitutes a business for which discrete financial information is available and regularly 
reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic 
characteristics. A reporting unit with goodwill is required to perform an impairment test annually or whenever events or 
circumstances indicate that the value of goodwill may be impaired.
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For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that 
the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the 
qualitative assessment and perform the quantitative assessment by comparing the fair values of the reporting units with their 
carrying amounts, including goodwill. We determine fair values generally based on a weighting of income and market 
approaches. For purposes of the income approach, fair values are determined based upon the present value of the reporting 
unit’s estimated future cash flows, including an estimate of the reporting unit’s terminal value based upon these cash flows, 
discounted at appropriate risk-adjusted rates. We use our internal forecasts to estimate future cash flows, which may include 
estimates of long-term future growth rates based upon our most recent reviews of the long-term outlook for each reporting unit. 
Cash flow estimates used to establish fair values under our income approach involve management judgments based on a broad 
range of information and historical results. In addition, external economic and competitive conditions can influence future 
performance. For purposes of the market approach, we use valuation multiples for companies comparable to our reporting units. 
The market approach requires judgment to determine the appropriate valuation multiples. If the carrying amount of a reporting 
unit exceeds its fair value, an impairment loss is recognized in an amount equal to such excess but not to exceed the total 
amount of the goodwill of the reporting unit.  
During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a 
quantitative assessment for its AmeriGas Propane reporting unit.  In addition, during the third quarter of Fiscal 2023, the 
Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit: (1) 
AmeriGas Partners issued $500 million of Senior Notes at an interest rate of 9.375%, which was significantly higher than the 
interest rates on the other AmeriGas Propane debt obligations; and (2) financial projections for the AmeriGas Propane reporting 
unit were reduced significantly compared to previous forecasts following declines in gross margins and customer retention and 
higher operating expenses. The Company concluded that these events constituted triggering events that indicate that the 
AmeriGas Propane goodwill may be impaired and, as such, performed an interim impairment test of its goodwill as of May 31, 
2023. 
Using level 3 inputs, we performed a quantitative assessment of the AmeriGas Propane reporting unit using a weighting of the 
income and market approaches to determine its fair value. With respect to the income approach, management used a discounted 
cash flow (“DCF”) method, using unobservable inputs. The significant assumptions in our DCF model include projected 
EBITDA and a discount rate (and estimates in the discount rate inputs). With respect to the market approach, management used 
recent transaction market multiples for similar companies in the U.S. The resulting estimates of fair value from the income 
approach and the market approach were then weighted equally in determining the overall estimated fair value of AmeriGas 
Propane.
Based on our evaluations in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas Propane reporting unit was 
determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax goodwill impairment charge 
of $195 million and $656 million in Fiscal 2024 and Fiscal 2023, respectively, included in “Impairment of goodwill” on the 
Consolidated Statements of Income, to reduce the carrying value of AmeriGas Propane to its fair value. The Company 
calculated the deferred tax effect using the simultaneous equation method. 
The performance of the AmeriGas Propane reporting unit and the potential for future developments in the global economic 
environment, including the prospect of higher interest rates, introduces a heightened risk for additional impairment in the 
AmeriGas Propane reporting unit. If there is continued deterioration in the results of operations, a portion or all of the 
remaining recorded goodwill for the AmeriGas Propane reporting unit, which was $1.2 billion as of September 30, 2024, could 
be subject to further impairment.
With respect to UGI International's Fiscal 2024 goodwill impairment test, the Company bypassed the qualitative assessment 
and performed a quantitative assessment. Such assessment used a weighting of income and market approaches to determine fair 
value. With respect to the income approach, management used a discounted cash flow (“DCF”) method, using unobservable 
inputs. The significant assumptions in our DCF model include projected EBITDA, and a discount rate (and estimates in the 
discount rate inputs). With respect to the market approach, management used recent transaction market multiples for similar 
companies. Based on our evaluation, we determined that UGI International’s fair value exceeded its carrying value by less than 
30%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are 
reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated 
results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. 
There is $950 million of goodwill in this reporting unit as of September 30, 2024. 
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Accumulated goodwill impairment was $851 million and $656 million at September 30, 2024 and 2023, respectively. Except 
for the previously mentioned impairment charges at the AmeriGas Propane reporting unit, there were no other impairments of 
goodwill recognized in all periods presented. 
Impairment of Long-Lived Assets. An impairment test for long-lived assets (or an asset group) is required when 
circumstances indicate that such assets may be impaired. If it is determined that a triggering event has occurred, we perform a 
recoverability test based upon estimated undiscounted cash flow projections expected to be realized over the remaining useful 
life of the long-lived asset. If the undiscounted cash flows used in the recoverability test are less than the long-lived asset's 
carrying amount, we determine its fair value.  If the fair value is determined to be less than its carrying amount, the long-lived 
asset is reduced to its estimated fair value and an impairment loss is recognized in an amount equal to such shortfall. When 
determining whether a long-lived asset has been impaired, management groups assets at the lowest level that has identifiable 
cash flows that are independent of other assets. Performing an impairment test on long-lived assets involves judgment in areas 
such as identifying when a triggering event requiring evaluation occurs; identifying and grouping assets; and, if the 
undiscounted cash flows used in the recoverability test are less than the long-lived asset's carrying amount, determining the fair 
value of the long-lived asset. Although cash flow estimates are based upon relevant information at the time the estimates are 
made, estimates of future cash flows are by nature highly uncertain and contemplate factors that change over time such as the 
expected use of the asset including future production and sales volumes, expected fluctuations in prices of commodities and 
expected proceeds from disposition.  
The impairments of AmeriGas Propane’s goodwill were determined to be a triggering event requiring an impairment analysis of 
AmeriGas Propane’s long-lived and definite lived intangible assets. Accordingly, the Company performed a recoverability test 
of AmeriGas Propane’s long-lived assets, including ROU assets and definite lived intangible assets, as of July 31, 2024, the 
measurement date of our annual goodwill impairment test, and May 31, 2023, using estimated undiscounted cash flow 
projections expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest level 
with identifiable cash flows that are independent of other assets.  Based on the recoverability tests performed, we determined 
that (1) AmeriGas Propane’s long-lived assets, including ROU assets and definite lived intangible assets, were recoverable and, 
as such, no impairment charges were recorded; and (2) no adjustments to the remaining useful lives were necessary as of July 
31, 2024 and May 31, 2023.
See Note 5 to Consolidated Financial Statements for information on the impairment loss associated with the disposal of UGID 
during Fiscal 2024. No other material provisions for impairments of long-lived assets were recorded during Fiscal 2024 and 
Fiscal 2023.
Loss Contingencies and Environmental Remediation Liabilities. We are involved in litigation that arises in the normal 
course of business, and we are subject to risk of loss for general, automobile and product liability and workers’ compensation 
claims for which we obtain insurance coverage subject to self-insured retentions or deductibles. We are also subject to 
environmental laws and regulations intended to mitigate or remove the effects of past operations and improve or maintain the 
quality of the environment. These laws and regulations require the removal or remedy of the effect on the environment of the 
disposal or release of certain specified hazardous substances at current or former operating sites.
We establish reserves for loss contingencies including pending litigation, and for pending and incurred but not reported claims 
associated with general and product liability, automobile and workers’ compensation when it is probable that a liability exists 
and the amount or range of amounts related to such liability can be reasonably estimated. When no amount within a range of 
possible loss is a better estimate than any other amount within the range, liabilities recorded are based upon the low end of the 
range.  With respect to unasserted claims arising from unreported incidents, we may use the work of specialists to estimate the 
ultimate losses to be incurred using actuarially determined loss development factors applied to actual claims data. 
The likelihood of a loss with respect to a particular loss contingency is often difficult to predict. In addition, a reasonable 
estimate of the loss, or a range of possible loss, may not be practicable based upon the information available and the potential 
effects of future events and decisions by third parties that will determine the ultimate resolution of the loss contingency.  
Reasonable estimates involve management judgments based on a broad range of information and prior experience. For 
litigation and pending claims including those covered by insurance policies, the analysis of probable loss is performed on a case 
by case basis and includes an evaluation of the nature of the claim, the procedural status of the matter, the probability or 
likelihood of success in prosecuting or defending the claim, the information available with respect to the claim, the opinions and 
views of outside counsel and other advisors, and past experience in similar matters. These judgments are reviewed quarterly as 
more information is received, and the amounts reserved are updated as necessary. Our estimated reserves for loss contingencies 
and for pending and incurred but not reported claims associated with general and product liability, automobile and workers’ 
compensation may differ materially from the ultimate liability and such reserves may change materially as more information 
becomes available and estimated reserves are adjusted.
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We accrue reserves for environmental remediation when assessments indicate that it is probable a liability has been incurred 
and an amount can be reasonably estimated. Amounts recorded as environmental liabilities on the Consolidated Balance Sheets 
represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated 
with a range of expected environmental investigation and remediation costs. These estimates are based upon a number of 
factors including whether the company will be responsible for such remediation, the scope and cost of the remediation work to 
be performed, the portion of costs that will be shared with other potentially responsible parties, the timing of the remediation 
and possible impact of changes in technology, and the regulations and requirements of local governmental authorities. Our 
estimated reserves for environmental remediation may differ materially from the ultimate liability and such reserves may 
change materially as more information becomes available and estimated reserves are adjusted. PA Gas Utility receives 
ratemaking recognition of environmental investigation and remediation costs associated with its in-state environmental sites.  
This ratemaking recognition balances the accumulated difference between historical costs and rate recoveries with an estimate 
of future costs associated with the sites.
Regulatory Assets and Liabilities. The accounting for our rate regulated gas and electric utility businesses differs from the 
accounting for nonregulated operations in that these businesses are required to reflect the effects of rate regulation in the 
consolidated financial statements. Regulatory practices that assign costs to accounting periods may differ from accounting 
methods generally applied by nonregulated businesses. When it is probable that regulators will permit the recovery of current 
costs through future rates charged to customers, these costs that otherwise would be expensed by nonregulated companies are 
deferred as regulatory assets. Similarly, regulatory liabilities are recognized when it is probable that regulators will require 
customer refunds through future rates or when revenue is collected from customers for expenditures that have yet to be 
incurred. We continually assess whether the regulatory assets are probable of future recovery by evaluating the regulatory 
environment, recent rate orders and public statements issued by the PAPUC, WVPSC and MDPSC, and discussions with 
regulatory authorities and legal counsel. If future recovery of regulatory assets ceases to be probable, the elimination of those 
regulatory assets would adversely impact our results of operations and cash flows. As of September 30, 2024, our regulatory 
assets and regulatory liabilities totaled $319 million and $329 million, respectively. For additional information on regulatory 
assets and liabilities, see Notes 2 and 9 to Consolidated Financial Statements.
Income Taxes. We use the asset and liability method of accounting for income taxes. We recognize the tax benefits from 
income tax positions that have a greater than more likely than not likelihood of being sustained upon examination by the taxing 
authorities.  A liability is recorded for uncertain tax positions where it is more likely than not the position may not be sustained 
based on its technical merits. We use assumptions, judgments and estimates to determine our current provision for income 
taxes. We also use assumptions, judgments and estimates to determine our deferred tax assets and liabilities and any valuation 
allowance to be recorded against a deferred tax asset. The interpretation of tax laws involves uncertainty since tax authorities 
may interpret the laws differently. Our assumptions, judgments and estimates relative to the current provision for income tax 
give consideration to current tax laws, our interpretation of current tax laws and possible outcomes of current and future audits 
conducted by foreign and domestic tax authorities. Changes in tax law or our interpretation thereof and the resolution of current 
and future tax audits could significantly impact the amounts provided for income taxes in our consolidated financial statements. 
Our assumptions, judgments and estimates relative to the amount of deferred income taxes take into account estimates of the 
amount of future taxable income. Actual taxable income or future estimates of taxable income could render our current 
assumptions, judgments and estimates inaccurate. Changes in the assumptions, judgments and estimates mentioned above could 
cause our actual income tax obligations to differ significantly from our estimates. As of September 30, 2024, our net deferred 
tax liabilities totaled $910 million.
Recently Issued Accounting Pronouncements
See Note 3 to Consolidated Financial Statements for a discussion of recently issued accounting guidance.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
“Quantitative and Qualitative Disclosures About Market Risk” are contained in Item 7 - Management’s Discussion and 
Analysis of Financial Condition and Results of Operations under the caption “Market Risk Disclosures” and are incorporated 
by reference.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Management’s Annual Report on Internal Control Over Financial Reporting included in Item 9A and the financial statements 
and financial statement schedules referred to in the Index contained on page F-2 of this Report are incorporated herein by 
reference.
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ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL   
DISCLOSURE
Principal Accountant 
On October 23, 2024, the Audit Committee of the Board of Directors of UGI Corporation approved the appointment of KPMG, 
LLP (“KPMG”) as the Company’s new independent registered public accounting firm for the fiscal year ending September 30, 
2025 and the dismissal of Ernst & Young LLP (“EY”).  
During the fiscal years ended September 30, 2024, 2023 and 2022, and in the subsequent period through October 23, 2024, (i) 
there were no disagreements (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of 
Regulation S-K) between the Company and EY on any matter of accounting principles or practices, financial statement 
disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of EY, would have caused 
EY to make reference thereto in its reports, and (ii) there were no “reportable events” (as defined in Item 304(a)(1)(v) of 
Regulation S-K).
ITEM 9A.  CONTROLS AND PROCEDURES
(a) Disclosure Controls and Procedures
The Company's disclosure controls and procedures are designed to provide reasonable assurance that the information 
required to be disclosed by the Company in reports filed or submitted under the Securities Exchange Act of 1934, as 
amended is (i) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and 
forms, and (ii) accumulated and communicated to our management, including the Chief Executive Officer and Chief 
Financial Officer, as appropriate to allow timely decisions regarding required disclosure. The Company's management, 
with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of 
the Company's disclosure controls and procedures as of the end of the period covered by this report. Based on that 
evaluation, the Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and 
procedures were not effective as of September 30, 2024 because of the material weakness in our internal control over 
financial reporting described below.
Notwithstanding the existence of the material weakness, we have concluded that the Financial Statements included in the 
Annual Report on Form 10-K present fairly, in all material respects, our financial position, the results of our operations and 
our cash flows for each of the periods presented in conformity with U.S. GAAP.
(b) Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting for the 
Company, as such term is defined in Rule 13a-15(f) of the Securities Exchange Act of 1934, as amended. In order to 
evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act 
of 2002, management has conducted an assessment, including testing, of the Company’s internal control over financial 
reporting as of September 30, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued 
by the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO criteria”). 
Internal control over financial reporting refers to the process, designed under the supervision and with the participation of 
management, including our Chief Executive Officer and our Chief Financial Officer, and effected by the Company’s Board 
of Directors, to provide reasonable, but not absolute, assurance regarding the reliability of financial reporting and the 
preparation of financial statements for external purposes in accordance with GAAP and includes policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to 
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts 
and expenditures of the Company are being made only in accordance with authorizations of management and directors of 
the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, 
use or disposition of the Company’s assets that could have a material effect on the financial statements.
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Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
due to changing conditions, or the degree of compliance with the policies or procedures may deteriorate.
Based on its assessment, management has concluded that the Company’s internal control over financial reporting was not 
effective as of September 30, 2024 due to the material weakness described below.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that 
there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be 
prevented or detected on a timely basis.
The Company conducted its annual goodwill impairment analysis relating to the AmeriGas Propane reporting unit. In 
connection with that analysis, the Company’s internal controls to review the cash flow projections, used in the goodwill 
impairment analysis on a timely basis and in sufficient detail were not operating effectively. The goodwill impairment 
analysis was ultimately completed prior to the preparation of the consolidated financial statements as of and for the year 
ended September 30, 2024 and resulted in an impairment of goodwill.  This deficiency represents a material weakness in 
the Company’s internal control over financial reporting at September 30, 2024.  Notwithstanding the existence of the 
material weakness, we have concluded that the Financial Statements included in the Annual Report on Form 10-K present 
fairly, in all material respects, our financial position, the results of our operations and our cash flows for each of the periods 
presented in conformity with U.S. GAAP. 
The effectiveness of the Company’s internal control over financial reporting as of September 30, 2024 has been audited by 
Ernst & Young LLP, an independent registered public accounting firm, which contains an adverse opinion on the 
effectiveness of our internal control over financial reporting, as stated in their report included herein.
(c) Remediation Plan
Management will design and implement additional controls to timely validate cash flows used in the goodwill impairment 
test, including the engagement of a third-party specialist to assist developing valuation models and establishing sound and 
reasonable assumptions. 
(d) Changes in Internal Control Over Financial Reporting
Except for the material weakness as described above, during the most recent fiscal quarter, no change in the Company’s 
internal control over financial reporting occurred that has materially affected, or is reasonably likely to materially affect, 
the Company’s internal control over financial reporting.
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Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of UGI Corporation
Opinion on Internal Control over Financial Reporting
We have audited UGI Corporation and subsidiaries’ internal control over financial reporting as of September 30, 2024, based 
on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework) (the COSO criteria). In our opinion, because of the effect of the material weakness 
described below on the achievement of the objectives of the control criteria, UGI Corporation and subsidiaries (the Company) 
has not maintained effective internal control over financial reporting as of September 30, 2024, based on the COSO criteria.
A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there 
is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be 
prevented or detected on a timely basis. The following material weakness has been identified and included in management’s 
assessment: Management has identified a material weakness in the Company’s goodwill impairment process relating to the 
AmeriGas Propane reporting unit.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated balance sheets of the Company as of September 30, 2024 and 2023, the related consolidated 
statements of income, comprehensive income, changes in equity and cash flows for each of the three years in the period ended 
September 30, 2024, and the related notes and the financial statement schedules listed in the Index at Item 15(a). This material 
weakness was considered in determining the nature, timing and extent of audit tests applied in our audit of the fiscal year 2024 
consolidated financial statements, and this report does not affect our report dated November 26, 2024, which expressed an 
unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual 
Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal 
control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all 
material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and 
performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a 
reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting 
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally 
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures 
that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and 
dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit 
preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and 
expenditures of the company are being made only in accordance with authorizations of management and directors of the 
company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or 
disposition of the company’s assets that could have a material effect on the financial statements.
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72

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. 
/s/ Ernst & Young LLP
Philadelphia, Pennsylvania
November 26, 2024
ITEM 9B.   OTHER INFORMATION
During the three months ended September 30, 2024, no director or officer of the Company adopted or terminated a “Rule 
10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation-
S-K. Further, during the three months ended September 30, 2024, the Company did not adopt or terminate a “Rule 10b5-1 
trading arrangement” as defined in Item 408(a) of Regulation-S-K.
ITEM 9C.  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not Applicable
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73

PART III:
ITEMS 10 THROUGH 14.
In accordance with General Instruction G(3), and except as set forth below, the information required by Items 10, 11, 12, 13 and 
14 is incorporated in this Report by reference to the following portions of UGI’s Proxy Statement, which will be filed with the 
SEC by December 31, 2024.
 
Information
Captions of Proxy Statement
Incorporated by Reference
Item 10.
Directors, 
Executive 
Officers 
and 
Corporate 
Governance
Election of Directors - Nominees; Corporate 
Governance; Report of the Audit Committee of the 
Board of Directors
 
Code of Business Conduct and Ethics.
The Code of Business Conduct and Ethics is available 
without 
charge 
on 
the 
Company’s 
website, 
www.ugicorp.com under the caption “Company - 
Leadership 
and 
Governance 
- 
Governance 
Documents”, or by writing to Director, Investor 
Relations, UGI Corporation, P. O. Box 858, Valley 
Forge, PA 19482. We will disclose on the Company’s 
website any waiver from or amendment to the Code of 
Business Conduct and Ethics that applies to the 
Company’s principal executive officer, principal 
financial officer, principal accounting officer or 
controller or persons performing similar functions and 
that relates to any element of the code of ethics 
definition in Item 406(b) of Regulations S-K.
Insider Trading Policy.
The Company has adopted an Insider Trading Policy 
governing the purchase, sale, and/or other dispositions 
of the Company’s securities that is reasonably designed 
to promote compliance with applicable laws, rules and 
regulations. A copy of the Company’s Insider Trading 
Policy has been filed as Exhibit 19.1 to this Annual 
Report on Form 10-K.
 
Item 11.
Executive Compensation
Compensation 
of 
Directors; 
Report 
of 
the 
Compensation 
and 
Management 
Development 
Committee of the Board of Directors; Compensation 
Discussion and Analysis; Compensation of Executive 
Officers; Compensation Committee Interlocks and 
Insider Participation
Item 12.
Security Ownership of Certain Beneficial Owners and 
Management and Related Stockholder Matters
Securities Ownership of Certain Beneficial Owners
Item 13.
Certain Relationships and Related Transactions, and 
Director Independence
Corporate Governance - Director Independence; 
Corporate Governance - Board and Committee 
Structure; Corporate Governance - Selection of Board 
Candidates; Policy for Approval of Related Person 
Transactions
Item 14.
Principal Accounting Fees and Services
Our Independent Registered Public Accounting Firm
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74

Equity Compensation Table 
The following table sets forth information as of the end of Fiscal 2024 with respect to compensation plans under which our 
equity securities are authorized for issuance. 
Plan category
Number of securities 
to be
issued upon exercise of
outstanding options,
warrants and rights
(a)
 
Weighted average
exercise price of
outstanding options,
warrants and rights
(b)
 
Number of securities
remaining available for future
issuance under equity
compensation plans
(excluding securities reflected
in column (a)) (c)
Equity compensation 
plans approved by 
security holders
 
8,154,066 (1) $ 
41.32  
 
15,293,516 (2)
 
 
1,223,190 (3) $ 
0  
 
Equity compensation 
plans not approved by 
security holders
—
 
Total
 
9,377,256  
$ 
41.32 (4)
(1) Represents stock option awards issued to employees and non-employees under the compensation plans: the UGI 
Corporation 2021 Incentive Award Plan, the 2013 Plan and the 2004 Plan. The UGI Corporation 2021 Incentive Award Plan 
was approved by shareholders on January 29, 2021.
(2) Represents securities remaining for issuance under the UGI Corporation 2021 Incentive Award Plan. The UGI Corporation 
2021 Incentive Award Plan uses a share pool under which each share issued pursuant to a stock option or stock appreciation 
right reduces the number of shares available by one share, and each share issued pursuant to awards other than stock options 
or stock appreciation rights reduces the number of shares available by three (3) shares. 
(3) Represents UGI Stock Units and UGI Performance Units issued to employees and non-employees, under compensation 
plans including the UGI Corporation 2021 Incentive Award Plan.  There is no exercise price associated with these awards.
(4) Weighted-average exercise price of outstanding options; excludes restricted stock units.
The information concerning the Company’s executive officers required by Item 10 is set forth below.
EXECUTIVE OFFICERS
Name
Age
Position
Robert C. Flexon
66
President and Chief Executive Officer
Sean P. O’Brien
55
Chief Financial Officer
Robert F. Beard, Jr.
59
Chief Operations Officer 
John Koerwer
64
Chief Information Officer
Kathleen Shea Ballay
59
General Counsel and Chief Legal Officer
Jean Felix Tematio Dontsop
48
Vice President - Chief Accounting Officer and Corporate Controller
All officers are elected for a one-year term at the organizational meeting of the Board of Directors held each year. 
There are no family relationships between any of the officers or between any of the officers and any of the directors.
Robert C. Flexon
Mr. Flexon is President and Chief Executive Officer of UGI Corporation (since November 1, 2024) and a member of UGI’s 
Board of Directors.  Mr. Flexon also serves as Chair of the Board of Nexus Water Group, a privately held company, a position 
he has held since 2024 and currently serves as Chair of the Board of Capstone Green Energy Holdings, Inc., a position he has 
held since 2021. Mr. Flexon joined the Capstone Board as a director in 2018 and also served as Capstone’s Interim President 
and Chief Executive Officer from August 2023 until March 2024 to lead the Company’s restructuring.  Mr. Flexon was 
previously Chair of the Board of Directors of PG&E Corporation (NYSE: PCG), a position he held since the Company’s 
emergence from Chapter 11 in 2020 until October 31, 2024.  Beginning 2021, as a result of winter storm Uri, he served as a 
director of The Electric Reliability Council of Texas, Inc. and will depart the Board at the end of his term in December 2024. 
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75

Mr. Flexon previously served as President and Chief Executive Officer and Director of Dynegy Inc. (2011 to 2018).  Prior to 
his service with Dynegy, Mr. Flexon was UGI’s Chief Financial Officer (February 2011 to July 2011). Mr. Flexon joined UGI 
from Foster Wheeler AG (NASDAQ: FWLT), where he served as Chief Executive Officer in 2010, as President and Chief 
Executive Officer of Foster Wheeler USA from 2009 to 2010 and as a director of Foster Wheeler AG from 2006 to 2009.  Mr. 
Flexon held various executive roles with NRG Energy, Inc. from 2004 to 2009, including Executive Vice President and Chief 
Financial Officer and Executive Vice President and Chief Operating Officer. Prior to 2004, Mr. Flexon held executive positions 
with Hercules, Inc. and served in various key positions with Atlantic Richfield Company, including General Auditor. He began 
his career as a CPA with the former Coopers & Lybrand in Philadelphia from 1980 to 1987.
Sean P. O’Brien
Mr. O’Brien is Chief Financial Officer of UGI Corporation (since 2023). Prior to joining UGI Corporation, Mr. O’Brien held 
various leadership positions at DCP Midstream, which he joined in 2009, including Group Vice President and Chief Financial 
Officer (2012 to 2023), Senior Vice President, Treasurer (2011 to 2012) and Vice President, Financial Planning and Analysis 
(2009 to 2011). Prior to joining DCP Midstream, Mr. O’Brien served in financial roles of increasing responsibility at Duke 
Energy, including Divisional Chief Financial Officer, Commercial Business (2006 to 2009), and Vice President and Controller, 
Duke Energy Generation Services (2005 to 2006). Mr. O’Brien is a certified public accountant with over 25 years of financial 
experience and energy industry experience.
Robert F. Beard, Jr. 
Mr. Beard is Chief Operations Officer of UGI Corporation (since 2022), President, AmeriGas Propane, Inc. (June to November 
2023; August 2024 to present) and Chief Executive Officer of UGI Utilities, Inc. (since 2011). He joined UGI in 2008 and most 
recently served as Executive Vice President, Natural Gas, Global Engineering & Construction and Procurement of UGI 
Corporation (2021-2022) and Chief Executive Officer of Mountaineer Gas Company (2021-2022). Prior, he was Executive 
Vice President, Natural Gas of UGI Corporation (2018-2021) and previously served as President (2011-2020), Vice President - 
Marketing, Rates and Gas Supply (2010-2011) and Vice President - Southern Region (2008-2010) of UGI Utilities, Inc. Before 
joining UGI, Mr. Beard served as Vice President - Operations and Engineering of PPL Gas Utilities Corporation (2006-2008) 
and as Director - Operations and Engineering of PPL Gas Utilities Corporation (2002-2006). 
John Koerwer
Mr. Koerwer is the Chief Information Officer of UGI Corporation (since 2020). Mr. Koerwer joined UGI as Vice President, 
Information Technology, for UGI International in 2016 and later was named Group CIO for UGI Corporation, responsible for 
the global IT strategy, operations, products and services to support both the domestic and international businesses units.  Over a 
30-year career in Information Technology, Mr. Koerwer has demonstrated leadership in leading transformations and aligning 
strategy and performance with diverse, global teams. Previously, Mr. Koerwer served in multiple IT/IS leadership roles for The 
Linde Group, a multi-national industrial gas company based in Munich, Germany. 
Kathleen Shea Ballay
Ms. Shea Ballay is the General Counsel and Chief Legal Officer of UGI Corporation (since 2023). Prior to joining UGI 
Corporation, Ms. Shea Ballay served as General Counsel, Secretary and Chief Compliance Officer at Lotus Midstream, LLC, 
an independent energy company focused on the development of midstream infrastructure and distribution (2018 to 2023). Ms. 
Shea Ballay also served in various positions at Sunoco, including as Senior Vice President, General Counsel and Corporate 
Secretary at Sunoco Logistics Partners L.P. (2010 to 2017), and Deputy General Counsel, Assistant General Counsel & Chief 
Commercial Counsel & Chair, Corporate Transactions and Securities Group at Sunoco, Inc. (2005 to 2010). Prior to joining 
Sunoco, she spent 12 years as a Partner, Of Counsel and Associate at the law firm of Pepper Hamilton LLP (1993 to 2005).
Jean Felix Tematio Dontsop
Mr. Tematio Dontsop is the Vice President, Chief Accounting Officer and Controller of UGI Corporation (since 2021).  Mr. 
Tematio Dontsop most recently served as Vice President of Internal Audit for West Pharmaceuticals Services, Inc. in Exton, 
Pennsylvania (2020 to 2021). Previously, he held several roles of increasing responsibility over 15 years with 
PricewaterhouseCoopers, based in Philadelphia, Pennsylvania and Paris, France, including Audit Director (2019 to 2020) and 
Audit Senior Manager (2011 to 2019). Mr. Tematio Dontsop also worked earlier in his career as an auditor for KPMG, based in 
Paris. 
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76

PART IV:
ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
(a) Documents filed as part of this report:
(1)
Financial Statements:
Included under Item 8 are the following financial statements and supplementary data:
Management’s Annual Report on Consolidated Financial Statements and Schedules
Report of Independent Registered Public Accounting Firm (PCAOB ID:42) (on Consolidated Financial 
Statements and Schedules)
Consolidated Balance Sheets as of September 30, 2024 and 2023 
Consolidated Statements of Income for the years ended September 30, 2024, 2023 and 2022 
Consolidated Statements of Comprehensive Income for the years ended September 30, 2024, 2023 and 2022 
Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022 
Consolidated Statements of Changes in Equity for the years ended September 30, 2024, 2023 and 2022 
Notes to Consolidated Financial Statements
(2)
Financial Statement Schedules:
I — Condensed Financial Information of Registrant (Parent Company)
II — Valuation and Qualifying Accounts for the years ended September 30, 2024, 2023 and 2022
We have omitted all other financial statement schedules because the required information is (1) not present; 
(2) not present in amounts sufficient to require submission of the schedule; or (3) included elsewhere in the 
financial statements or related notes.
(3)
List of Exhibits:  
The exhibits filed as part of this report are as follows (exhibits incorporated by reference are set forth with the 
name of the registrant, the type of report and registration number or last date of the period for which it was filed, 
and the exhibit number in such filing):
3.1
(Second) Amended and 
Restated Articles of 
Incorporation of the Company 
as amended through June 6, 
2005.
UGI
Form 10-Q 
(6/30/05)
3.1
3.2
Articles of Amendment to the 
Amended and Restated 
Articles of Incorporation of 
UGI Corporation.
UGI
Form 8-K  
(7/29/14)
3.1
3.3
Amended and Restated 
Bylaws of UGI Corporation, 
effective as of May 3, 2023.
UGI
Form 8-K 
(5/3/23)
3.1
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
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77

4.1
Instruments defining the rights 
of security holders, including 
indentures. (The Company 
agrees to furnish to the 
Commission upon request a 
copy of any instrument 
defining the rights of holders 
of long-term debt not required 
to be filed pursuant to Item 
601(b)(4) of Regulation S-K).
4.2
The description of the 
Company’s Common Stock 
contained in the Company’s 
registration statement filed 
under the Securities Exchange 
Act of 1934, as amended.
UGI
Form 8-B/A 
(4/17/96)
3.(4)
4.3
UGI Corporation’s (Second) 
Amended and Restated 
Articles of Incorporation, as 
amended, and Bylaws referred 
to in 3.1, 3.2, and 3.3 above.
4.4
Indenture, dated as of August 
1, 1993, by and between UGI 
Utilities, Inc., as Issuer, and 
U.S. Bank National 
Association, as successor 
trustee, incorporated by 
reference to the Registration 
Statement on Form S-3 filed 
on April 8, 1994.
Utilities
Registration  
Statement No. 
33-77514 
(4/8/94)
4(c)
4.5
Supplemental Indenture, dated 
as of September 15, 2006, by 
and between UGI Utilities, 
Inc., as Issuer, and U.S. Bank 
National Association, 
successor trustee to Wachovia 
Bank, National Association.
Utilities
Form 8-K 
(9/12/06)
4.2
4.6
Form of Note Purchase 
Agreement dated October 30, 
2013 between the Company 
and the purchasers listed as 
signatories thereto. 
Utilities
Form 8-K 
(10/30/13)
4.1
4.7
Note Purchase Agreement 
dated April 22, 2016 between 
the Company and the 
purchasers listed as 
signatories thereto.
Utilities
Form 8-K 
(4/28/16)
4.1
4.8
Indenture, dated as of June 27, 
2016, among AmeriGas 
Partners, L.P., AmeriGas 
Finance Corp., and U.S. Bank 
National Association, as 
trustee.
AmeriGas 
Partners, L.P.
Form 8-K 
(6/27/16)
4.1
4.9
First Supplemental Indenture, 
dated as of June 27, 2016, 
among AmeriGas Partners, 
L.P., AmeriGas Finance 
Corp., and U.S. Bank National 
Association, as trustee. 
AmeriGas
Partners, L.P.
Form 8-K 
(6/27/16)
4.2
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
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78

4.10
Second Supplemental 
Indenture, dated as of 
December 28, 2016, among 
AmeriGas Partners, L.P., 
AmeriGas Finance Corp., and 
U.S. Bank National 
Association, as trustee 
(including form of global 
note).
AmeriGas
Partners, L.P.
Form 8-K 
(12/28/16)
4.1
4.11
Third Supplemental Indenture, 
dated as of February 13, 2017, 
among AmeriGas Partners, 
L.P., AmeriGas Finance 
Corp., and U.S. Bank National 
Association, as trustee 
(including form of global 
note).
AmeriGas
Partners, L.P.
Form 8-K 
(2/13/17)
4.1
4.12
Indenture, dated as of October 
25, 2018, by and among 
International, the guarantors 
named therein, U.S. Bank 
National Association, as 
trustee, Elavon Financial 
Services DAC, as registrar 
and transfer agent, and Elavon 
Financial Services DAC, UK 
Branch, as paying agent 
(including the form of Note).
UGI
Form 8-K
(10/25/18)
4.1
4.13
Indenture, dated as of 
December 7, 2021, by and 
among UGI International, 
LLC, the guarantors named 
therein, U.S. Bank National 
Association, as trustee, Elavon 
Financial Services DAC, as 
registrar and transfer agent, 
and Elavon Financial Services 
DAC, UK Branch, as paying 
agent (including the form of 
Note).
UGI
Form 8-K
(12/7/21)
4.1
4.14
Indenture, dated as of May 31, 
2023, by and among 
AmeriGas Partners, L.P. and 
AmeriGas Finance Corp. (the 
Issuers) and U.S. Bank Trust 
Company, National 
Association, as trustee 
(including the form of 2028 
Notes).
UGI
Form 8-K 
(5/31/23)
4.1
4.15
Indenture, dated as of June 11, 
2024, between UGI 
Corporation and U.S. Bank 
Trust Company, National 
Association, as trustee. 
 
UGI
Form 8-K 
(6/11/24)
4.1
4.16
Form of certificate 
representing the 5.00% 
Convertible Senior Notes due 
2028 (included as Exhibit A to 
Exhibit 4.15 (above)).
UGI
Form 8-K 
(6/11/24)
4.2
4.17
Form of Note Purchase 
Agreement dated December 
21, 2018 between the 
Company and the purchasers 
listed as signatories thereto.
UGI
Form 10-Q 
(12/31/18)
4.1
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
79

4.18
Note Purchase Agreement, 
dated as of March 19, 2020, 
by and among the Company 
and the purchasers listed as 
signatories thereto.
UGI
Form 8-K
(3/19/20)
4.1
4.19
Note Purchase Agreement, 
dated May 7, 2021, by and 
among UGI Utilities, Inc. and 
the purchasers listed as 
signatories thereto.
UGI
Form 8-K
(5/4/21)
4.1
4.20
Note Purchase Agreement, 
dated June 30, 2022, by and 
among UGI Utilities, Inc. and 
the purchasers listed as 
signatories thereto.
UGI
Form 8-K
(6/30/22)
4.1
4.21
Note Purchase Agreement 
dated November 30, 2023 by 
and among UGI Utilities, Inc. 
and the purchasers listed as 
signatories thereto.
UGI
Form 8-K 
(11/30/23)
4.1
4.22
Note Purchase Agreement 
dated November 14, 2024 by 
and among UGI Utilities, Inc. 
and the purchasers listed as 
signatories thereto.
UGI
Form 8-K 
(11/14/24)
4.1
4.23
Note Purchase Agreement, 
dated June 30, 2022, by and 
among Mountaineer Gas 
Company and the purchasers 
listed as signatories thereto. 
UGI
Form 8-K
(6/30/22)
4.2
4.24
Acknowledgement, dated as 
of October 23, 2023, to the 
Note Purchase Agreement, 
dated as of June 30, 2022, by 
and among Mountaineer Gas 
Company, Teachers Insurance 
and Annuity Association of 
America and The Lincoln 
National Life Insurance 
Company. 
UGI
Form 10-K 
(9/30/23)
4.20
*4.25 
Description of the Registrant’s 
Securities Registered Pursuant 
to Section 12 of the Securities 
Exchange Act of 1934.
10.1**
UGI Corporation 2004 
Omnibus Equity 
Compensation Plan Amended 
and Restated as of September 
5, 2014.
UGI
Form 10-K
(9/30/16)
10.25
10.2**
UGI Corporation 2004 
Omnibus Equity 
Compensation Plan Amended 
and Restated as of September 
5, 2014 - Terms and 
Conditions as effective 
January 1, 2016.
UGI
Form 10-K
(9/30/16)
10.26
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
80

10.3**
UGI Corporation 2009 
Deferral Plan, as Amended 
and Restated effective June 
15, 2017.
UGI
Form 10-Q 
(6/30/17)
10.6
10.4**
UGI Corporation 2009 
Supplemental Executive 
Retirement Plan for New 
Employees, as Amended and 
Restated as of June 15, 2017.
UGI
Form 10-Q
(6/30/17)
10.1
10.5**
UGI Corporation 2013 
Omnibus Incentive 
Compensation Plan, effective 
as of September 5, 2014.
UGI
Form 10-K
(9/30/16)
10.30
10.6**
UGI Corporation 2013 
Omnibus Incentive 
Compensation Plan, Terms 
and Conditions for Non-
Employee Directors, effective 
January 1, 2019.
UGI
Form 10-Q 
(3/31/19)
10.6
10.7**
UGI Corporation 
Supplemental Executive 
Retirement Plan and 
Supplemental Savings Plan, as 
Amended and Restated 
effective April 1, 2015.
UGI
Form 10-K
(9/30/17)
10.26
10.8**
UGI Corporation Executive 
Annual Bonus Plan as 
amended November 15, 2018.
UGI
Form 10-Q 
(3/31/19)
10.7
10.9**
UGI Corporation 2021 
Incentive Award Plan.
UGI
Form S-8
(2/4/21)
4.4
10.10**
UGI Corporation 2021 
Incentive Award Plan, Terms 
and Conditions for Non-
Employee Directors, effective 
February 1, 2021.
UGI
Form 10-K 
(9/30/22)
10.10
10.11**
UGI Corporation Executive 
Severance Plan, as effective 
October 1, 2021.
UGI
Form 8-K
(9/29/21)
10.1
10.12**
Form of UGI Corporation 
2013 Omnibus Incentive 
Compensation Plan, 
Nonqualified Stock Option 
Grant Letter for all US 
Employees.
UGI
Form 10-Q
(3/31/21)
10.1
10.13**
Form of UGI Corporation 
2013 Omnibus Incentive 
Compensation Plan 
Performance Unit Grant Letter 
for all US Employees.
UGI
Form 10-Q
(3/31/21)
10.2
10.14**
Form of UGI Corporation 
2013 Omnibus Incentive 
Compensation Plan Stock 
Unit Grant Letter for all US 
Employees.
UGI
Form 10-Q
(3/31/21)
10.3
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
81

10.15**
Form of UGI Corporation 
2013 Omnibus Incentive 
Compensation Plan, 
Nonqualified Stock Option 
Grant Letter for Non-
Employee Directors.
UGI
Form 10-Q
(3/31/21)
10.4
10.16**
Form of UGI Corporation 
2013 Omnibus Incentive 
Compensation Plan Stock 
Unit Grant Letter for Non-
Employee Directors.
UGI
Form 10-Q
(3/31/21)
10.5
10.17**
Form of UGI Corporation 
2021 Incentive Award Plan 
Nonqualified Stock Option 
Grant Letter for Non-
Employee Directors.
UGI
Form 10-K 
(9/30/22)
10.17
10.18**
Form of UGI Corporation 
2021 Incentive Award Plan 
Restricted Stock Unit Grant 
Letter for Non-Employee 
Directors.
UGI
Form 10-K 
(9/30/22)
10.18
10.19**
Form of UGI Corporation 
2021 Incentive Award Plan 
Nonqualified Stock Option 
Grant Letter for all US 
Employees.
UGI
Form 10-Q
(6/30/21)
10.1
10.20**
Form of UGI Corporation 
2021 Incentive Award Plan 
Performance Unit Grant Letter 
for all US Employees.
UGI
Form 10-Q
(6/30/21)
10.2
10.21**
Form of UGI Corporation 
2021 Incentive Award Plan 
Stock Unit Grant Letter for all 
US Employees.
UGI
Form 10-Q
(6/30/21)
10.3
10.22**
Form of UGI Corporation 
2021 Incentive Award Plan 
Performance Unit Grant Letter 
for NEOs (EPS).
UGI
Form 10-Q 
(3/31/23)
10.3
*10.23**
Form of UGI Corporation 
2021 Incentive Award Plan 
Performance Unit Grant Letter 
for Employees (EPS).
10.24**
Form of UGI Corporation 
2021 Incentive Award Plan 
Performance Unit Grant Letter 
for US Employees (TSR).
UGI
Form 10-Q 
(3/31/23)
10.4
10.25**
Form of Confidentiality, Non-
Competition and Non-
Solicitation Agreement 
between UGI Corporation and 
Mr. Robert F. Beard.
UGI
Form 10-Q 
(12/31/22)
10.1
10.26**
Form of Confidentiality, Non-
Competition and Non-
Solicitation Agreement 
between UGI Corporation and 
Mr. Sean P. O’Brien.
UGI
Form  10-Q 
(3/31/23)
10.2
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
82

10.27**
Form of Confidentiality, Non-
Competition and Non-
Solicitation Agreement 
between UGI Corporation and 
Mr. John Koerwer.
UGI
Form 10-K 
(9/30/23)
10.28
*10.28**
Form of Confidentiality, Non-
Competition and Non-
Solicitation Agreement 
between UGI Corporation and 
Mr. Robert C Flexon.
*10.29**
Form of Change in Control 
Agreement between UGI 
Corporation and Messrs.  
Flexon, Beard, O’Brien and 
Koerwer and Ms. Shea Ballay.
10.30**
Separation Agreement and 
General Release by and 
between UGI Corporation and 
Roger Perreault. 
UGI
Form 8-K/A 
(12/12/23)
10.1
10.31**
Consulting Services 
Agreement by and between 
UGI Corporation and Roger 
Perreault.
UGI
Form 8-K/A 
(12/12/23)
10.2
10.32
Form of Receivables Purchase 
Agreement, dated as of 
November 30, 2001, as 
amended through and 
including Amendment No. 18 
thereto dated October 27, 
2017, by and among UGI 
Energy Services, LLC, as 
servicer, Energy Services 
Funding Corporation, as 
seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 10-K
(9/30/17)
10.38
10.33
Amendment No. 19, dated as 
of October 26, 2018, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001 (as 
amended, supplemented or 
modified from time to time), 
by and among UGI Energy 
Services, LLC, as servicer, 
Energy Services Funding 
Corporation, as seller, and 
PNC Bank, National 
Association, as issuer and 
administrator.
UGI
Form 8-K
(10/26/18)
10.1
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
83

10.34
Amendment No. 20, dated as 
of October 25, 2019, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001 (as 
amended, supplemented or 
modified from time to time), 
by and among UGI Energy 
Services, LLC, as servicer, 
Energy Services Funding 
Corporation, as seller, and 
PNC Bank, National 
Association, as issuer and 
administrator.
UGI
Form 8-K 
(10/25/19)
10.1
10.35
Amendment No. 21, dated as 
of October 23, 2020, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001, by and 
among UGI Energy Services, 
LLC, as servicer, Energy 
Services Funding Corporation, 
as seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 8-K
(10/23/20)
10.1
10.36
Amendment No. 22, dated as 
of October 22, 2021, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001, by and 
among UGI Energy Services, 
LLC, as servicer, Energy 
Services Funding Corporation, 
as seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 8-K
(10/22/21)
10.1
10.37
Amendment No. 23, dated as 
of October 21, 2022, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001, by and 
among UGI Energy Services, 
LLC, as servicer, Energy 
Services Funding Corporation, 
as seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 8-K
(10/20/22)
10.2
10.38
Amendment No. 24, dated as 
of October 20, 2023, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001, by and 
among UGI Energy Services, 
LLC, as servicer, Energy 
Services Funding Corporation, 
as seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 8-K  
(10/20/23)
10.1
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
84

10.39
Amendment No. 25, dated as 
of October 18, 2024, to 
Receivables Purchase 
Agreement, dated as of 
November 30, 2001, by and 
among UGI Energy Services, 
LLC, as servicer, Energy 
Services Funding Corporation, 
as seller, and PNC Bank, 
National Association, as 
issuer and administrator.
UGI
Form 8-K
 (10/24/24)
10.1
10.40
Form of Purchase and Sale 
Agreement, dated as of 
November 30, 2001, as 
amended through and 
including Amendment No. 4 
thereto dated October 1, 2013, 
by and between UGI Energy 
Services, LLC and Energy 
Services Funding Corporation.
UGI
Form 10-K
(9/30/17)
10.39
10.41
FSS Service Agreement No. 
79028 effective as of 
December 1, 2019 by and 
between Columbia Gas 
Transmission, LLC and UGI 
Utilities, Inc.
UGI
Form 10-K
(9/30/19)
10.40
10.42
SST Service Agreement 
No. 79133 effective as of 
December 1, 2019 by and 
between Columbia Gas 
Transmission, LLC and UGI 
Utilities, Inc.
UGI
Form 10-K
(9/30/19)
10.41
10.43
Gas Supply and Delivery 
Service Agreement between 
UGI Utilities, Inc. and UGI 
Energy Services, LLC, 
effective November 1, 2015.
Utilities
Form 10-K 
(9/30/16)
10.19
10.44
First Amendment, dated 
November 1, 2020, to Gas 
Supply and Delivery Service 
Agreement First Amendment, 
dated November 1, 2020, to 
Gas Supply and Delivery 
Service Agreement between 
UGI Utilities, Inc. and UGI 
Energy Services, LLC, 
effective November 1, 2015.
UGI
Form 10-K
(9/30/20)
10.41
10.45
Gas Supply and Delivery 
Service Agreement between 
UGI Utilities, Inc. and UGI 
Energy Services, LLC, 
effective November 1, 2020.
UGI
Form 10-K
(9/30/20)
10.42
10.46
Gas Supply and Delivery 
Service Agreement between 
UGI Utilities, Inc. and UGI 
Energy Services, LLC, 
effective November 1, 2021.
UGI
Form 10-K
(9/30/21)
10.47
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
85

*10.47
Gas Supply and Delivery 
Service Agreement between 
UGI Utilities, Inc. and UGI 
Energy Services, LLC, 
effective December 1, 2024.
10.48
Credit Agreement, dated 
October 31, 2017, by and 
among UGI Utilities, Inc., 
PNC Bank National 
Association, as administrative 
agent, The Bank of New York 
Mellon, as syndication agent, 
and certain other lenders 
named therein.
Utilities
Form 8-K
(10/31/17)
10.1
10.49
First Amendment to Credit 
Agreement, dated July 12, 
2022, by and among UGI 
Utilities, Inc., the lenders 
party thereto and PNC Bank, 
National Association, as 
administrative agent.
UGI
Form 8-K
(7/21/22)
10.1
10.50
Credit Agreement, dated as of 
August 13, 2019, by and 
among UGI Energy Services, 
LLC, as borrower, Credit 
Suisse AG, Cayman Islands 
Branch, as administrative 
agent and collateral agent, and 
the lenders party thereto.
UGI
Form 8-K 
(8/13/19)
10.1
10.51
First Amendment to Credit 
Agreement, dated February 
23, 2023, by and among UGI 
Energy Services, LLC, the 
guarantors party thereto, the 
lenders party thereto and 
Credit Suisse AG, Cayman 
Islands Branch, as 
administrative agent.
UGI
Form 8-K 
(2/23/23)
10.1
10.52
Second Amendment to Credit 
Agreement, dated June 28, 
2024, by and among UGI 
Energy Services, LLC, the 
guarantors party thereto, the 
lenders party thereto and 
HSBC Bank USA, N.A., as 
administrative agent.
UGI
Form 8-K 
(6/28/24)
10.1
*10.53
Third Amendment to Credit 
Agreement, dated November 
20, 2024, by and among UGI 
Energy Services, LLC, the 
other loan parties thereto, and 
HSBC Bank USA, N.A., as 
administrative agent.
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
86

10.54
Fourth Amended and Restated 
Credit Agreement, dated as of 
May 14, 2024, by and among 
UGI Energy Services, LLC, as 
borrower, the lenders party 
thereto and JPMorgan Chase 
Bank, N.A., as administrative 
agent.
UGI
Form 8-K 
(5/14/24)
10.1
10.55
Third Amendment to Third 
Amended and Restated Credit 
Agreement, dated as of 
October 20, 2022, by and 
among Mountaineer Gas 
Company, as borrower, the 
lenders party thereto and 
Truist Bank, as administrative 
agent, letter of credit issuer 
and swing line lender
UGI
Form 8-K
(10/20/22)
10.1
10.56
Fourth Amendment to Third 
Amended and Restated Credit 
Agreement, dated as of April 
26, 2024, by and among 
Mountaineer Gas Company, 
as borrower, the lenders party 
thereto and Truist Bank, as 
administrative agent, letter of 
credit issuer and swing line 
lender.
UGI
Form 8-K 
(4/26/24)
10.1
10.57
Amended and Restated 
Multicurrency Facilities 
Agreement, dated June 19, 
2024, by and among UGI 
International, UGI 
International Holdings B.V., 
Natixis, as agent, and the 
lenders party thereto.
UGI
Form 8-K 
(6/19/24)
10.1
10.58
Credit Agreement, dated 
November 9, 2023, by and 
among UGI Utilities, Inc., the 
lenders party thereto and PNC 
Bank, National Association, 
as administrative agent.
UGI
Form 8-K 
(11/9/23)
10.1
10.59
Revolving Credit and Security 
Agreement, dated August 2, 
2024, by and among 
AmeriGas Propane, L.P., the 
other borrowers from time to 
time party thereto, the 
guarantors from time to time 
party thereto, the lenders from 
time to time party thereto and 
PNC Bank, National 
Association, as agent.
UGI
Form 8-K 
(8/2/24)
10.1
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
87

10.60
First Amendment to 
Revolving Credit and Security 
Agreement, dated October 31, 
2024, by and among 
AmeriGas Propane, L.P., the 
lenders party thereto and PNC 
Bank, National Association, 
as agent.
UGI
Form 8-K 
(10/31/24)
10.1
10.61
Credit Agreement, dated as of 
October 11, 2024, by and 
among UGI Corporation, as 
borrower, the lenders party 
thereto and JPMorgan Chase 
Bank, N.A., as administrative 
agent.
UGI
Form 8-K 
(10/11/24)
10.1
*14
Code of Business Conduct 
and Ethics.
*19.1
Insider Trading Policy.
*21
Subsidiaries of the Registrant.
*23
Consent of Ernst & Young 
LLP
*31.1
Certification by the Chief 
Executive Officer relating to 
the Registrant’s Report on 
Form 10-K for the fiscal year 
ended September 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-K for the fiscal year 
ended September 30, 2024 
pursuant to Section 302 of the 
Sarbanes-Oxley Act of 2002.
*32
Certification by the Chief 
Executive Officer and the 
Chief Financial Officer 
relating to the Registrant’s 
Report on Form 10-K for the 
fiscal year ended September 
30, 2024, pursuant to Section 
906 of the Sarbanes-Oxley 
Act of 2002.
97.1
Clawback Policy.
UGI
Form 10-K 
(9/30/23)
97.1
*101.INS
XBRL Instance - the instance 
document does not appear in 
the Interactive Data File 
because its XBRL tags are 
embedded within the Inline 
XBRL document
*101.SCH
XBRL Taxonomy Extension 
Schema
*101.CAL
XBRL Taxonomy Extension 
Calculation Linkbase
*101.DEF
XBRL Taxonomy Extension 
Definition Linkbase
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
Table of Contents
88

*101.LAB
XBRL Taxonomy Extension 
Labels Linkbase
*101.PRE
XBRL Taxonomy Extension 
Presentation Linkbase
Incorporation by Reference
Exhibit No.
Exhibit
Registrant
Filing
Exhibit
* 
Filed herewith. 
** As required by Item 15(a)(3), this exhibit is identified as a compensatory plan or arrangement.
ITEM 16.  FORM 10-K SUMMARY
None.
EXHIBIT INDEX
Exhibit No.
Description
4.25
Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 
1934.
10.23
Form of UGI Corporation 2021 Incentive Award Plan Performance Unit Grant Letter for Employees (EPS).
10.28
Form of Confidentiality, Non-Competition and Non-Solicitation Agreement between UGI Corporation and 
Mr. Robert C Flexon.
10.29
Form of Change in Control Agreement between UGI Corporation and Messrs.  Flexon, Beard, O’Brien and 
Koerwer and Ms. Shea Ballay.
10.47
Gas Supply and Delivery Service Agreement between UGI Utilities, Inc. and UGI Energy Services, LLC, 
effective December 1, 2024.
10.53
Third Amendment to Credit Agreement, dated November 20, 2024, by and among UGI Energy Services, LLC, 
the other loan parties thereto, and HSBC Bank USA, N.A., as administrative agent.
14
Code of Business Conduct and Ethics.
19.1
Insider Trading Policy.
21
Subsidiaries of the Registrant.
23
Consent of Ernst & Young LLP.
31.1
Certification by the Chief Executive Officer relating to the Registrant’s Report on Form 10-K for the fiscal 
year ended September 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-K for the fiscal year 
ended September 30, 2024 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32
Certification by the Chief Executive Officer and the Chief Financial Officer relating to the Registrant’s Report 
on Form 10-K for the fiscal year ended September 30, 2024, pursuant to Section 906 of the Sarbanes-Oxley 
Act of 2002.
101.INS
XBRL Instance - the instance document does not appear in the Interactive Data File because its XBRL tags are 
embedded within the Inline XBRL document
101.SCH
XBRL Taxonomy Extension Schema
101.CAL
XBRL Taxonomy Extension Calculation Linkbase
101.DEF
XBRL Taxonomy Extension Definition Linkbase
101.LAB
XBRL Taxonomy Extension Labels Linkbase
101.PRE
XBRL Taxonomy Extension Presentation Linkbase
Table of Contents
89

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this 
Report to be signed on its behalf by the undersigned, thereunto duly authorized.
UGI CORPORATION
Date:
November 26, 2024
By: /s/ Sean P. O’Brien
 
 
Sean P. O’Brien
Chief Financial Officer 
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below on November 26, 
2024, by the following persons on behalf of the Registrant in the capacities indicated.
Signature
 
Title
 
 
 
/s/ Robert C. Flexon
 
President and Chief Executive Officer
(Principal Executive Officer) and Director
Robert C. Flexon
/s/ Sean P. O’Brien
 
Chief Financial Officer                                            
(Principal Financial Officer)
Sean P. O’Brien
/s/ Jean Felix Tematio Dontsop
 
Vice President, Chief Accounting Officer and Corporate 
Controller (Principal Accounting Officer)
Jean Felix Tematio Dontsop
/s/ Mario Longhi
Chair and Director
Mario Longhi
/s/ David Bingenheimer
Director
David Bingenheimer
/s/ M. Shawn Bort
 
Director
M. Shawn Bort
/s/ Theodore A. Dosch
Director
Theodore A. Dosch
/s/ Tina Faraca
Director
Tina Faraca
/s/ Alan N. Harris
Director
Alan N. Harris
/s/ William J. Marrazzo
Director
William J. Marrazzo
/s/ Kelly A. Romano
 
Director
Kelly A. Romano
Director
/s/ Melanie Ruiz
Melanie Ruiz
/s/ Santiago Seage
 
Director
Santiago Seage
Table of Contents
90

UGI CORPORATION AND SUBSIDIARIES
FINANCIAL INFORMATION
FOR INCLUSION IN ANNUAL REPORT ON FORM 10-K
YEAR ENDED SEPTEMBER 30, 2024 
Table of Contents
F-1

UGI CORPORATION AND SUBSIDIARIES
INDEX TO FINANCIAL STATEMENTS AND FINANCIAL STATEMENT SCHEDULES
 
Pages
Management’s Annual Report on Consolidated Financial Statements and Schedules
F-3
Financial Statements:
 
Report of Independent Registered Public Accounting Firm (on Consolidated Financial Statements and 
Schedules)
F-4
Consolidated Balance Sheets as of September 30, 2024 and 2023
F-6
Consolidated Statements of Income for the years ended September 30, 2024, 2023 and 2022
F-7
Consolidated Statements of Comprehensive Income for the years ended September 30, 2024, 2023 and 2022
F-8
Consolidated Statements of Cash Flows for the years ended September 30, 2024, 2023 and 2022
F-9
Consolidated Statements of Changes in Equity for the years ended September 30, 2024, 2023 and 2022
F-10
Notes to Consolidated Financial Statements
F-11
Financial Statement Schedules:
 
For the years ended September 30, 2024, 2023 and 2022:
 
I — Condensed Financial Information of Registrant (Parent Company)
S-1
II — Valuation and Qualifying Accounts
S-4
We have omitted all other financial statement schedules because the required information is either (1) not present; (2) not 
present in amounts sufficient to require submission of the schedule; or (3) included elsewhere in the financial statements or 
related notes.
Table of Contents
F-2

Management’s Annual Report on Consolidated Financial Statements and Schedules
The Company’s consolidated financial statements and other financial information contained in this Annual Report were 
prepared by management, which is responsible for their fairness, integrity and objectivity. The consolidated financial statements 
and related information were prepared in accordance with GAAP and include amounts that are based on management’s best 
judgments and estimates.
The Audit Committee of the Board of Directors (the “Committee”) is composed of three members, each of whom is 
independent and a non-employee director of the Company.  The Committee is responsible for monitoring and overseeing the 
financial reporting process, the adequacy of internal accounting controls, and the independence and performance of the 
Company’s independent registered public accounting firm and internal auditors. The Committee meets regularly, with and 
without management present, with the independent registered public accounting firm and the internal auditors, both of which 
report directly to the Committee. In addition, the Committee provides regular reports to the Board of Directors.
/s/ Robert C. Flexon
Chief Executive Officer
/s/ Sean P. O’Brien
Chief Financial Officer
/s/ Jean Felix Tematio Dontsop
Chief Accounting Officer
Table of Contents
F-3

Report of Independent Registered Public Accounting Firm
To the Stockholders and the Board of Directors of UGI Corporation 
Opinion on the Financial Statements 
We have audited the accompanying consolidated balance sheets of UGI Corporation and subsidiaries (the Company) as of 
September 30, 2024 and 2023, the related consolidated statements of income, comprehensive income, changes in equity and 
cash flows for each of the three years in the period ended September 30, 2024, and the related notes and the financial statement 
schedules listed in the Index at Item 15(a) (collectively referred to as the “consolidated financial statements”). In our opinion, 
the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 
30, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended September 
30, 2024, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the Company's internal control over financial reporting as of September 30, 2024, based on criteria established in 
Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission 
(2013 framework) and our report dated November 26, 2024, expressed an adverse opinion thereon.
Basis for Opinion 
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on 
the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are 
required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable 
rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to 
error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial 
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included 
evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall 
presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the financial statements that 
were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that 
are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The 
communication of the critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken 
as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit 
matters or on the accounts or disclosures to which they relate.
Valuation of general liability, automobile and workers’ compensation reserves
Description 
of the Matter
As discussed in Note 2 to the consolidated financial statements, the Company is subject to risk of loss for 
general liability, automobile, and workers’ compensation claims for which it obtains coverage under 
insurance policies that are subject to self-insured retentions or deductibles. The Company establishes 
reserves for pending and incurred but not reported claims associated with general liability, automobile, and 
workers’ compensation when it is probable that a liability exists and the amount or range of amounts can be 
reasonably estimated.
Auditing the Company’s general liability, automobile, and workers’ compensation reserves was complex 
due to the significant measurement uncertainty associated with the estimate and the use of actuarial 
methods, including the Company’s use of actuarial specialists. Specifically, the reserve estimate is sensitive 
to significant management assumptions, including the loss development factors for reported claims.
Table of Contents
F-4

How We 
Addressed 
the Matter in 
Our Audit
We obtained an understanding, evaluated the design, and tested the operating effectiveness of controls over 
the Company’s valuation of general liability, automobile, and workers’ compensation reserves. For 
example, we tested controls over management’s review of the appropriateness of the assumptions used in 
the calculations and the completeness and accuracy of the data underlying the reserves.
To test the valuation of general liability, automobile, and workers’ compensation reserves, our audit 
procedures included, among others, assessing the methodologies used to estimate the reserves and testing 
the completeness and accuracy of the underlying data, as well as inspecting the Company’s insurance 
policies for coverage limits above which would be paid by the insurance carrier. We involved our actuarial 
specialists to assist in evaluating the significant assumptions and actuarial methodologies used by the 
Company to estimate the total expected losses for claims. We also performed a search for unrecorded 
claims reserves related to claims incurred prior to the balance sheet date through examination of subsequent 
payments and other supporting documentation to determine if unrecorded claims affect the loss reserve 
estimation process or reserve balance.
Goodwill Impairment Evaluation of the AmeriGas Propane and UGI International Reporting Units
Description 
of the Matter
At September 30, 2024, the Company’s goodwill balance was $2,871 million. As discussed in Note 2 to the 
consolidated financial statements, the Company’s goodwill is tested for impairment at least annually, or 
whenever events or circumstances indicate that the value of goodwill may be impaired. If goodwill is 
determined to be impaired, an impairment loss is measured at the amount by which the reporting unit’s 
carrying amount exceeds its fair value, not to exceed the carrying amount of goodwill. During the fiscal 
year ended September 30, 2024, the Company completed its annual goodwill impairment test related to the 
AmeriGas Propane reporting unit. Based on the Company’s evaluation, the estimated fair value of the 
reporting unit was determined to be less than its carrying value. As a result, a pre-tax goodwill impairment 
charge of $195 million was recognized. Furthermore, as discussed in Note 2 to the consolidated financial 
statements, the fair value of the UGI International reporting unit exceeded its carrying value by less than 
30% at September 30, 2024.
Auditing the Company’s goodwill impairment tests for the AmeriGas Propane and UGI International 
reporting units required especially challenging and complex judgment to evaluate the effects of 
macroeconomic and industry conditions such as future growth rates and discount rates and involved a high 
degree of subjectivity due to the significant estimation required to determine the fair value of the reporting 
unit. In particular, the fair value estimate of the reporting unit involves the use of significant unobservable 
inputs and is sensitive to changes in significant assumptions, such as the discount rate and earnings before 
interest, taxes, depreciation and amortization (“EBITDA”).
How We 
Addressed 
the Matter in 
Our Audit
We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over 
the Company's goodwill impairment review and testing process which included the UGI International 
reporting unit. For example, we tested controls over management’s review of the valuation model, the 
significant assumptions described above, and the completeness and accuracy of the data used in the 
valuations. Further, the identified material weakness relating to management not reviewing the cash flow 
projections used in the AmeriGas Propane reporting unit goodwill impairment analysis on a timely basis 
and in sufficient detail affected our audit procedures in this area.
To test the estimated fair value for the AmeriGas Propane and UGI International reporting units, we 
performed audit procedures that included, among others, assessing the methodologies used to develop the 
estimated fair values, testing the significant assumptions discussed above, and evaluating the completeness 
and accuracy of the underlying data used by the Company in its analyses. We compared the significant 
assumptions used by management to current industry trends. We assessed the historical accuracy of 
management’s estimates and performed sensitivity analyses of significant assumptions to evaluate the 
changes in the fair value of the reporting units that would result from changes in the assumptions. We also 
involved valuation specialists to assist in our evaluation of the overall methodologies and the discount rates 
used in the fair value estimate. The nature and extent of our audit procedures related to the AmeriGas 
Propane reporting unit considered the inability to rely on controls over management’s goodwill impairment 
review process as a result of the material weakness described above.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2014.
Philadelphia, Pennsylvania
November 26, 2024
Table of Contents
F-5

UGI CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Millions of dollars)
 
September 30,
 
2024
2023
ASSETS
 
 
Current assets
 
 
Cash and cash equivalents
$ 
213 $ 
241 
Restricted cash
 
15  
99 
Accounts receivable (less allowances for doubtful accounts of $68 and $71, respectively)
 
709  
878 
Accrued utility revenues
 
36  
33 
Income taxes receivable
 
56  
36 
Inventories
 
411  
433 
Derivative instruments
 
29  
75 
Prepaid expenses
 
113  
123 
Other current assets
 
69  
127 
Total current assets
 
1,651  
2,045 
Property, plant and equipment
 
 
Non-utility
 
7,153  
7,046 
Utility
 
6,520  
6,082 
 
 
13,673  
13,128 
Accumulated depreciation
 
(4,910)  
(4,581) 
Net property, plant, and equipment
 
8,763  
8,547 
Goodwill
 
2,871  
3,027 
Intangible assets, net
 
391  
443 
Utility regulatory assets
 
301  
302 
Derivative instruments
 
9  
49 
Other assets
 
1,112  
988 
Total assets
$ 
15,098 $ 
15,401 
LIABILITIES AND EQUITY
 
 
Current liabilities
 
 
Current maturities of long-term debt
$ 
235 $ 
57 
Short-term borrowings
 
465  
649 
Accounts payable
 
544  
613 
Employee compensation and benefits accrued
 
196  
142 
Deposits and advances
 
199  
232 
Derivative instruments
 
28  
60 
Other current liabilities
 
393  
521 
Total current liabilities
 
2,060  
2,274 
Noncurrent liabilities
 
 
Long-term debt
 
6,443  
6,543 
Deferred income taxes
 
1,008  
928 
Derivative instruments
 
31  
27 
Other noncurrent liabilities
 
1,202  
1,235 
Total liabilities
 
10,744  
11,007 
Commitments and contingencies (Note 16)
Equity:
 
 
UGI Corporation stockholders’ equity:
 
 
Preferred Stock, without par value (authorized  – 5,000,000 shares; issued – 0 and 220,000 
Series A shares, respectively)
 
—  
167 
UGI Common Stock, without par value (authorized – 450,000,000 shares; issued – 
216,124,332 and 210,906,052 shares, respectively)
 
1,676  
1,503 
Retained earnings
 
2,978  
3,027 
Accumulated other comprehensive loss
 
(253)  
(256) 
Treasury stock, at cost
 
(56)  
(55) 
Total UGI Corporation stockholders’ equity
 
4,345  
4,386 
Noncontrolling interests
 
9  
8 
Total equity
 
4,354  
4,394 
Total liabilities and equity
$ 
15,098 $ 
15,401 
See accompanying Notes to Consolidated Financial Statements.
Table of Contents
F-6

UGI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Millions of dollars, except per share amounts)
 
Year Ended September 30,
 
2024
2023
2022
Revenues
$ 
7,210 $ 
8,928 $ 
10,106 
Costs and expenses:
 
 
 
Cost of sales (excluding depreciation and amortization shown below)
 
3,529  
6,937  
5,973 
Operating and administrative expenses
 
2,132  
2,158  
2,028 
Depreciation and amortization
 
551  
532  
518 
Impairment of goodwill
 
195  
656  
— 
Loss on disposals of businesses
 
95  
221  
— 
Other operating income, net
 
(62)  
(132)  
(79) 
 
 
6,440  
10,372  
8,440 
Operating income (loss)
 
770  
(1,444)  
1,666 
(Loss) income from equity investees
 
(19)  
2  
(14) 
Loss on extinguishments of debt
 
(9)  
(9)  
(11) 
Other non-operating (expense) income, net
 
(8)  
(7)  
75 
Interest expense
 
(394)  
(379)  
(329) 
Income (loss) before income taxes
 
340  
(1,837)  
1,387 
Income tax (expense) benefit
 
(71)  
335  
(313) 
Net income (loss) including noncontrolling interests
 
269  
(1,502)  
1,074 
Deduct net income attributable to noncontrolling interests
 
—  
—  
(1) 
Net income (loss) attributable to UGI Corporation
$ 
269 $ 
(1,502) $ 
1,073 
Earnings per common share attributable to UGI Corporation stockholders:
 
 
 
Basic
$ 
1.27 $ 
(7.16) $ 
5.11 
Diluted
$ 
1.25 $ 
(7.16) $ 
4.97 
Weighted-average common shares outstanding (thousands):
 
 
 
Basic
 
211,309  
209,806  
209,940 
Diluted
 
215,271  
209,806  
215,821 
See accompanying Notes to Consolidated Financial Statements.
Table of Contents
F-7

UGI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Millions of dollars)
 
Year Ended September 30,
 
2024
2023
2022
Net income (loss) including noncontrolling interests
$ 
269 $ 
(1,502) $ 
1,074 
Net (losses) gains on derivative instruments (net of tax of $5, $(9), and 
$(27), respectively)
 
(14)  
16  
64 
Reclassifications of net (gains) losses on derivative instruments (net of tax 
of $14, $13, and $(1), respectively)
 
(35)  
(27)  
6 
Foreign currency translation adjustments (net of tax of $14, $21, and $(55), 
respectively)
 
12  
68  
(193) 
Foreign currency gains (losses) on long-term intra-company transactions
 
47  
64  
(148) 
Benefit plans, principally actuarial (losses) gains (net of tax of $2, $(2), and 
$(10), respectively)
 
(7)  
5  
28 
Reclassifications of benefit plans actuarial (gains) losses and net prior 
service cost (benefit) (net of tax of $0, $1, and $(1), respectively)
 
—  
(2)  
3 
Other comprehensive income (loss)
 
3  
124  
(240) 
Comprehensive income (loss) including noncontrolling interests
 
272  
(1,378)  
834 
Deduct comprehensive income attributable to noncontrolling interests
 
—  
—  
(1) 
Comprehensive income (loss) attributable to UGI Corporation
$ 
272 $ 
(1,378) $ 
833 
See accompanying Notes to Consolidated Financial Statements.
Table of Contents
F-8

UGI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Millions of dollars)
 
Year Ended September 30,
 
2024
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES
 
 
 
Net income (loss) including noncontrolling interests
$ 
269 $ 
(1,502) $ 
1,074 
Adjustments to reconcile net income (loss) including noncontrolling interests 
to net cash provided by operating activities:
 
 
 
Depreciation and amortization
 
551  
532  
518 
Deferred income tax expense (benefit), net
 
52  
(420)  
221 
Provision for uncollectible accounts
 
61  
69  
61 
Changes in unrealized gains and losses on derivative instruments
 
10  
1,682  
(648) 
Loss on disposals of businesses
 
95  
221  
— 
Impairment of assets
 
7  
19  
5 
Impairment of goodwill
 
195  
656  
— 
Equity-based compensation expense
 
8  
17  
15 
Loss on extinguishments of debt
 
9  
9  
11 
Loss (income) from equity investees
 
19  
(2)  
14 
Settlement of Energy Services interest rate swap, net of amortization
 
(19)  
19  
— 
Gain on sales of fixed assets
 
(22)  
(61)  
(33) 
Other, net
 
(20)  
19  
31 
Net change in:
 
 
 
Accounts receivable and accrued utility revenues
 
126  
212  
(431) 
Income taxes receivable
 
(21)  
91  
— 
Inventories
 
32  
247  
(224) 
Utility deferred fuel costs, net of changes in unsettled derivatives
 
(7)  
64  
(24) 
Accounts payable
 
(99)  
(291)  
85 
Derivative instruments collateral paid
 
(9)  
(420)  
(9) 
Other current assets
 
6  
(36)  
54 
Other current liabilities
 
(61)  
(18)  
(4) 
Net cash provided by operating activities
 
1,182  
1,107  
716 
CASH FLOWS FROM INVESTING ACTIVITIES
 
 
 
Expenditures for property, plant and equipment
 
(796)  
(974)  
(804) 
Acquisitions of businesses and assets, net of cash and restricted cash acquired  
—  
(9)  
(242) 
Investments in equity method investees
 
(92)  
(146)  
(47) 
Settlements of net investment hedges
 
3  
22  
26 
Net proceeds from the disposition of businesses and assets
 
93  
30  
44 
Other, net
 
—  
—  
11 
Net cash used by investing activities
 
(792)  
(1,077)  
(1,012) 
CASH FLOWS FROM FINANCING ACTIVITIES
 
 
 
Dividends on UGI Common Stock
 
(318)  
(308)  
(296) 
Issuances of debt, net of discount and issuance costs
 
1,321  
1,930  
1,257 
Repayments of debt and finance leases, including redemption premiums
 
(1,303)  
(2,031)  
(978) 
Receivables Facility net (repayments) borrowings
 
(46)  
46  
— 
(Decrease) increase in short-term borrowings
 
(148)  
221  
1 
Issuances of UGI Common Stock
 
—  
12  
19 
Repurchases of UGI Common Stock
 
—  
(22)  
(38) 
Payments on Purchase Contracts
 
(12)  
(16)  
(16) 
Net cash used by financing activities
 
(506)  
(168)  
(51) 
Effect of exchange rate changes on cash, cash equivalents and restricted cash
 
4  
9  
(61) 
Cash, cash equivalents and restricted cash decrease
$ 
(112) $ 
(129) $ 
(408) 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
 
 
 
Cash, cash equivalents and restricted cash at end of year
$ 
228 $ 
340 $ 
469 
Cash, cash equivalents and restricted cash at beginning of year
 
340  
469  
877 
Cash, cash equivalents and restricted cash decrease
$ 
(112) $ 
(129) $ 
(408) 
SUPPLEMENTAL CASH FLOW INFORMATION
 
 
 
Cash paid (received) for:
 
 
 
Interest 
$ 
403 $ 
332 $ 
320 
Income taxes
$ 
80 $ 
(17) $ 
61 
See accompanying Notes to Consolidated Financial Statements.
Table of Contents
F-9

UGI CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Millions of dollars, except per share amounts)
 
Year Ended September 30,
 
2024
2023
2022
Preferred stock, without par value
Balance, beginning of year 
$ 
167 $ 
162 $ 
213 
Cumulative effect of change in accounting - ASU 2020-06
 
—  
5  
— 
Settlement of Equity Units
 
(167)  
—  
— 
Other
 
—  
—  
(51) 
Balance, end of year 
$ 
— $ 
167 $ 
162 
Common stock, without par value
 
 
 
Balance, beginning of year
$ 
1,503 $ 
1,483 $ 
1,394 
Common Stock issued in connection with employee and director plans, net of 
tax withheld
 
—  
8  
19 
Equity-based compensation expense
 
7  
18  
17 
Cumulative effect of change in accounting - ASU 2020-06
 
—  
(6)  
— 
Settlement of Equity Units
 
166  
—  
— 
Other
 
—  
—  
53 
Balance, end of year
$ 
1,676 $ 
1,503 $ 
1,483 
Retained earnings
 
 
 
Balance, beginning of year
$ 
3,027 $ 
4,841 $ 
4,081 
Net income (loss) attributable to UGI Corporation
 
269  
(1,502)  
1,073 
Cash dividends on common stock ($1.50, $1.47, and $1.41 per share, 
respectively)
 
(318)  
(308)  
(296) 
Losses on treasury stock transactions in connection with employee and director 
plans
 
—  
(5)  
(17) 
Cumulative effect of change in accounting - ASU 2020-06
 
—  
1  
— 
Balance, end of year
$ 
2,978 $ 
3,027 $ 
4,841 
Accumulated other comprehensive income (loss)
 
 
 
Balance, beginning of year
$ 
(256) $ 
(380) $ 
(140) 
Net (losses) gains on derivative instruments
 
(14)  
16  
64 
Reclassification of net (gains) losses on derivative instruments
 
(35)  
(27)  
6 
Benefit plans, principally actuarial (losses) gains
 
(7)  
5  
28 
Reclassification of benefit plans net actuarial (gains) losses and net prior 
service costs (benefits)
 
—  
(2)  
3 
Foreign currency gains (losses) on long-term intra-company transactions
 
12  
64  
(148) 
Foreign currency translation adjustments
 
47  
68  
(193) 
Balance, end of year
$ 
(253) $ 
(256) $ 
(380) 
Treasury stock
 
 
 
Balance, beginning of year
$ 
(55) $ 
(40) $ 
(26) 
Common Stock issued in connection with employee and director plans, net of 
tax withheld
 
—  
7  
34 
Repurchases of common stock
 
—  
(22)  
(38) 
Reacquired common stock – employee and director plans
 
(1)  
—  
(10) 
Balance, end of year
$ 
(56) $ 
(55) $ 
(40) 
Total UGI Corporation stockholders’ equity
$ 
4,345 $ 
4,386 $ 
6,066 
Noncontrolling interests
 
 
 
Balance, beginning of year
$ 
8 $ 
8 $ 
9 
Net income attributable to noncontrolling interests
 
—  
—  
1 
Other
 
1  
—  
(2) 
Balance, end of year
$ 
9 $ 
8 $ 
8 
Total equity
$ 
4,354 $ 
4,394 $ 
6,074 
See accompanying Notes to Consolidated Financial Statements.
Table of Contents
F-10

UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
Index to Notes
Note 1 — Nature of Operations 
Note 2 — Summary of Significant Accounting Policies 
Note 3 — Accounting Changes 
Note 4 — Revenue from Contracts with Customers 
Note 5 — Dispositions and Acquisitions 
Note 6 — Debt 
Note 7 — Income Taxes
Note 8 — Employee Retirement Plans 
Note 9 — Utility Regulatory Assets and Liabilities and Regulatory Matters 
Note 10 — Inventories 
Note 11 — Property, Plant and Equipment 
Note 12 — Goodwill and Intangible Assets 
Note 13 — Equity 
Note 14 — Equity-Based Compensation 
Note 15 — Leases
Note 16 — Commitments and Contingencies 
Note 17 — Fair Value Measurements 
Note 18 — Derivative Instruments and Hedging Activities
Note 19 — Accumulated Other Comprehensive Income (Loss) 
Note 20 — Other Operating Income, Net and Other Non-Operating Income (Expense), Net 
Note 21 — Equity Method Investments 
Note 22 — Segment Information 
Note 1 — Nature of Operations
UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products 
and related services in the U.S. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy 
marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation 
and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses. 
Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central 
Pennsylvania and in portions of one Maryland county, and Mountaineer serves customers in West Virginia. Electric Utility 
serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to 
regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. Mountaineer is subject to 
regulation by the WVPSC and FERC.  Electric Utility is subject to regulation by the PAPUC and FERC.  
Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream 
transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, electricity generation and 
energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and 
California. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject 
to regulation by the FERC. Prior to its sale in September 2024, UGID owned electricity generation facilities principally located 
in Pennsylvania. See Note 5 for additional information on the disposition of UGID.
UGI International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout 
much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, and 
UniverGas. As of the end of the first quarter of Fiscal 2024, UGI International had exited substantially all of its European 
energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution 
systems in France, Belgium, the Netherlands, and the United Kingdom. See Note 5 for additional information regarding the 
UGI International energy marketing business.  
Table of Contents
F-11

We conduct a domestic propane marketing and distribution business through AmeriGas Partners. AmeriGas Partners conducts 
its propane marketing and distribution business through its principal operating subsidiary AmeriGas OLP.  
Note 2 — Summary of Significant Accounting Policies
Basis of Presentation
Our consolidated financial statements are prepared in accordance with GAAP and the rules and regulations of the SEC. The 
preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that 
affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s 
knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the 
circumstances. Accordingly, actual results may be different from these estimates and assumptions.
Principles of Consolidation
The consolidated financial statements include the accounts of UGI and its controlled subsidiary companies which are majority 
owned. We report outside ownership interests in other consolidated but less than 100%-owned subsidiaries, as noncontrolling 
interests. We eliminate intercompany accounts and transactions when we consolidate.
We account for privately held equity securities of entities without readily determinable fair values in which we do not have 
control, but have significant influence over operating and financial policies, under the equity method. See Note 21 for 
additional information on our equity method investments. Investments in equity securities related to entities in which we do not 
have significant influence over operating and financial policies are generally initially valued at their cost less impairment (if 
any) and subsequently remeasured at fair value, as applicable, in accordance with the relevant provisions under GAAP. 
Effects of Regulation
Certain of our subsidiaries account for the financial effects of regulation in accordance with ASC 980. In accordance with this 
guidance, incurred costs that would otherwise be charged to expense are capitalized and recorded as regulatory assets when it is 
probable that the incurred costs will be recovered through rates in the future.  Similarly, we recognize regulatory liabilities 
when it is probable that regulators will require customer refunds through future rates or when revenue is collected from 
customers for expenditures that have not yet been incurred.  Regulatory assets and liabilities are classified as current if, upon 
initial recognition, the entire amount related to that item will be recovered or refunded within a year of the balance sheet date.  
Generally, regulatory assets and regulatory liabilities are amortized into expense and income over the periods authorized by the 
respective regulatory body.  For additional information regarding the effects of rate regulation on our utility operations, see 
Note 9.
Fair Value Measurements
The Company applies fair value measurements on a recurring and, as otherwise required under ASC 820, on a nonrecurring 
basis.  Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an 
orderly transaction between market participants at the measurement date. Fair value measurements performed on a recurring 
basis principally relate to derivative instruments and investments held in supplemental executive retirement plan grantor trusts.
ASC 820 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into 
three levels. The hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1 
measurements) and the lowest priority to unobservable inputs (Level 3 measurements). A level within the fair value hierarchy is 
based on the lowest level of any input that is significant to the fair value measurement.
We use the following fair value hierarchy, which prioritizes the inputs to valuation techniques used to measure fair value into 
three broad levels:
•
Level 1 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access 
at the measurement date.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-12

•
Level 2 — Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable for the 
asset or liability, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or 
similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or 
liability, and inputs that are derived from observable market data by correlation or other means.
•
Level 3 — Unobservable inputs for the asset or liability including situations where there is little, if any, market activity for 
the asset or liability. 
Fair value is based upon assumptions that market participants would use when pricing an asset or liability, including 
assumptions about risk and risks inherent in valuation techniques and inputs to valuations.  This includes not only the credit 
standing of counterparties and credit enhancements but also the impact of our own nonperformance risk on our liabilities.  We 
evaluate the need for credit adjustments to our derivative instrument fair values. These credit adjustments were not material to 
the fair values of our derivative instruments.
Derivative Instruments
Derivative instruments are reported on the Consolidated Balance Sheets at their fair values, unless the NPNS exception is 
elected.  The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to 
regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes.
Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair 
values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until 
earnings are affected by the hedged item.  We discontinue cash flow hedge accounting if occurrence of the forecasted 
transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly 
effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. 
Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of 
the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such 
gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment 
hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative 
translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated.
Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating 
activities on the Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows 
from investing activities on the Consolidated Statements of Cash Flows.
For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using 
them and other information, see Note 18.
Business Combination Purchase Price Allocations
From time to time, the Company enters into material business combinations. The purchase price is allocated to the various 
assets acquired and liabilities assumed at their estimated fair value as of the acquisition date with the residual of the purchase 
price allocated to goodwill. Fair values of assets acquired and liabilities assumed are based upon available information. 
Estimating fair values is generally subject to significant judgment, estimates and assumptions especially with respect to 
intangible assets.  The allocation of the purchase price may be modified up to one year after the acquisition date, under certain 
circumstances, as more information is obtained about the fair value of assets acquired and liabilities assumed.
Foreign Currency Translation
Balance sheets of international subsidiaries are translated into USD using the exchange rate at the balance sheet date. Income 
statements and equity investee results are translated into USD using an average exchange rate for each reporting period. Where 
the local currency is the functional currency, translation adjustments are recorded in other comprehensive income. Transactions 
denominated in currencies other than the functional currency are recorded based on exchange rates at the time such transactions 
arise with the impact of subsequent changes in such rates reflected in the income statement. The functional currency of a 
significant portion of our international operations is the euro.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-13

Revenue Recognition
The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that 
reflects the consideration to which we expect to be entitled in exchange for those goods or services. Certain revenues such as 
revenue from leases, financial instruments and other revenues are not within the scope of ASC 606 because they are not from 
contracts with customers.  Such revenues are accounted for in accordance with other GAAP.  Revenue-related taxes collected 
on behalf of customers and remitted to taxing authorities, principally sales and use taxes, are not included in revenues. Gross 
receipts taxes at Midstream & Marketing, Mountaineer and Electric Utility are presented on a gross basis.  The Company has 
elected to use the practical expedient to expense the costs to obtain contracts when incurred for contracts that have a term less 
than one year.  The costs incurred to obtain contracts that have durations of longer than one year are not material. See Note 
4 for additional information regarding the Company’s revenue from contracts with customers.
Accounts Receivable
Accounts receivable are reported on the Consolidated Balance Sheets at the gross outstanding amount adjusted for an allowance 
for doubtful accounts. Accounts receivable that are acquired are initially recorded at fair value on the date of acquisition. 
Provisions for uncollectible accounts are established based upon our collection experience, the assessment of the collectability 
of specific amounts and the Company’s best estimate of current expected credit losses. Accounts receivable are written off in 
the period in which the receivable is deemed uncollectible.
LPG Delivery Expenses
Expenses associated with the delivery of LPG to customers of the Partnership and our UGI International operations (including 
vehicle expenses, expenses of delivery personnel, vehicle repair and maintenance and general liability expenses) are classified 
as “Operating and administrative expenses” on the Consolidated Statements of Income. Depreciation expense associated with 
the Partnership and UGI International delivery vehicles is classified in “Depreciation and amortization” on the Consolidated 
Statements of Income.
Income Taxes
AmeriGas Partners and AmeriGas OLP are not directly subject to federal income taxes. Instead, their taxable income or loss is 
allocated to the individual partners. We record income taxes on (1) our share of the Partnership’s current taxable income or loss 
and (2) the differences between the book and tax basis of our investment in the Partnership. AmeriGas OLP has subsidiaries 
which operate in corporate form and are directly subject to federal and state income taxes. Legislation in certain states allows 
for taxation of partnership income and the accompanying financial statements reflect state income taxes resulting from such 
legislation. 
Utilities records deferred income taxes in the Consolidated Statements of Income resulting from the use of accelerated tax 
depreciation methods based upon amounts recognized for ratemaking purposes. Utilities also records a deferred income tax 
liability for tax benefits, principally the result of accelerated tax depreciation for state income tax purposes, that are flowed 
through to ratepayers when temporary differences originate and records a regulatory income tax asset for the probable increase 
in future revenues that will result when the temporary differences reverse.
We are amortizing deferred investment tax credits related to UGI Utilities’ plant additions over the service lives of the related 
property. UGI Utilities reduces its deferred income tax liability for the future tax benefits that will occur when investment tax 
credits, which are not taxable, are amortized. We also reduce the regulatory income tax asset for the probable reduction in 
future revenues that will result when such deferred investment tax credits amortize. Investment tax credits associated with 
Midstream & Marketing’s qualifying renewable natural gas property under the Inflation Reduction Act of 2022 are reflected in 
income taxes.
We record interest on underpayments and overpayments of income taxes, and income tax penalties, in “Income tax (expense) 
benefit” on the Consolidated Statements of Income.  Interest income or expense recognized was not material for all periods 
presented. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-14

Earnings Per Common Share
Basic earnings per share attributable to UGI Corporation stockholders reflect the weighted-average number of common shares 
outstanding. Diluted earnings per share attributable to UGI Corporation include the effects of dilutive stock options, common 
stock awards and, prior to their June 2024 settlement, Equity Units. Shares used in computing basic and diluted earnings per 
share are as follows:
(Thousands of shares)
2024
2023
2022
Weighted-average common shares outstanding for basic computation 
 
211,309  
209,806  
209,940 
Incremental shares issuable for stock options, common stock awards and 
Equity Units (a) (b)
 
3,962  
—  
5,881 
Weighted-average common shares outstanding for diluted computation
 
215,271  
209,806  
215,821 
(a) For Fiscal 2024 and Fiscal 2022, 8,619 and 8,138 shares, respectively, associated with outstanding stock option awards 
were excluded from the computation of diluted earnings per share because their effect was antidilutive. For Fiscal 2023, 
6,132 of such shares have been excluded as such incremental shares would be antidilutive due to the net loss for the period.
(b) The Equity Units were settled in June 2024. See Note 13 for additional information.
Cash, Cash Equivalents and Restricted Cash
Cash and cash equivalents include cash on hand, cash in banks and highly liquid investments with maturities of three months or 
less when purchased. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts 
that are restricted from withdrawal. 
The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Consolidated 
Balance Sheets to the corresponding amounts reported on the Consolidated Statements of Cash Flows.
2024
2023
2022
Cash and cash equivalents
$ 
213 $ 
241 $ 
405 
Restricted cash
 
15  
99  
64 
Cash, cash equivalents and restricted cash
$ 
228 $ 
340 $ 
469 
Inventories
Our inventories are stated at the lower of cost or net realizable value. We determine cost using an average cost method for non-
utility LPG and natural gas and utility inventories; specific identification for appliances; and the FIFO method for all other 
inventories.
The Company accounts for renewable energy certificates as inventory, which generally represents costs incurred to generate a 
certificate for sale. The Company recognizes revenue from the sale of renewable energy certificates when control of the 
certificate is transferred to the buyer, and the cost of the certificate, if any, is then recorded within “Cost of sales” on the 
Consolidated Statements of Income.
Property, Plant and Equipment and Related Depreciation
We record property, plant and equipment at the lower of original cost or fair value, if impaired. Capitalized costs include labor, 
materials and other direct and indirect costs, and for certain operations subject to cost-of-service rate regulation, AFUDC. We 
also include in property, plant and equipment costs associated with computer software we develop or obtain for use in our 
businesses. The amounts assigned to property, plant and equipment of acquired businesses are based upon estimated fair value 
at date of acquisition. When we retire or otherwise dispose of non-utility plant and equipment, we eliminate the associated cost 
and accumulated depreciation and recognize any resulting gain or loss in "Other operating income, net" on the Consolidated 
Statements of Income. For property subject to cost of service rate regulation, upon retirement we charge the original cost to 
accumulated depreciation for financial accounting purposes. Costs incurred to retire UGI Utilities plant and equipment, net of 
salvage, are recorded in regulatory assets and amortized over five years, consistent with prior ratemaking treatment.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-15

We record depreciation expense on non-utility plant and equipment on a straight-line basis over estimated economic useful 
lives. We record depreciation expense for Utilities’ plant and equipment on a straight-line basis based upon the projected 
service lives of the various classes of its depreciable property. We classify amortization of computer software and related IT 
system installation costs included in property, plant and equipment as depreciation expense. No depreciation expense is 
included in cost of sales on the Consolidated Statements of Income.
Goodwill and Intangible Assets
Intangible Assets. We amortize intangible assets, primarily consisting of customer relationships, over their estimated useful 
lives unless we determine their lives to be indefinite. We test definite-lived intangible assets for impairment whenever events or 
changes in circumstances indicate that the associated carrying amounts may be impaired.  Determining whether an impairment 
loss occurred requires comparing the carrying amount to the estimated fair value of the asset.  Intangible assets with indefinite 
lives are not amortized but are tested for impairment annually (and more frequently if events or changes in circumstances 
between annual tests indicate that it is more likely than not that they are impaired) and written down to fair value, if impaired. 
See Note 12 for additional information related to intangible asset impairment recognized in Fiscal 2023.
Goodwill. We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit 
is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete 
financial information is available and regularly reviewed by segment management. Components are aggregated into a single 
reporting unit if they have similar economic characteristics.  Each of our reporting units with goodwill is required to perform 
impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired.
For certain of our reporting units with goodwill, we assess qualitative factors to determine whether it is more likely than not that 
the fair value of such reporting unit is less than its carrying amount. For our other reporting units with goodwill, we bypass the 
qualitative assessment and perform the quantitative assessment by comparing the fair values of the reporting units with their 
carrying amounts, including goodwill.  If the carrying amount of a reporting unit exceeds its fair value, an impairment loss is 
recognized in an amount equal to such excess but not to exceed the total amount of the goodwill of the reporting unit. 
With respect to UGI International's Fiscal 2024 goodwill impairment test, the Company bypassed the qualitative assessment 
and performed a quantitative assessment. Such assessment used a weighting of income and market approaches to determine fair 
value. With respect to the income approach, management used a discounted cash flow (“DCF”) method, using unobservable 
inputs. The significant assumptions in our DCF model include projected EBITDA, and a discount rate (and estimates in the 
discount rate inputs). With respect to the market approach, management used recent transaction market multiples for similar 
companies. Based on our evaluation, we determined that UGI International’s fair value exceeded its carrying value by less than 
30%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are 
reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated 
results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. 
There is $950 of goodwill in this reporting unit as of September 30, 2024. 
With respect to AmeriGas Propane Fiscal 2024 annual goodwill impairment test, the Company also bypassed the qualitative 
assessment and performed a quantitative assessment and determined that goodwill was impaired.  In addition, during the third 
quarter of Fiscal 2023, the Company identified interim impairment indicators at its AmeriGas Propane reporting unit and, as 
such, performed an interim impairment test of its goodwill as of May 31, 2023.  Based on such impairment tests, the Company 
recognized a non-cash pre-tax goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively. 
See Note 12 for additional information on the impairment charges at the AmeriGas Propane reporting unit. 
Accumulated goodwill impairment was $851 and $656 at September 30, 2024 and 2023, respectively. Except for the previously 
mentioned impairment charges at the AmeriGas Propane reporting unit, there were no other impairments of goodwill 
recognized in all periods presented. The Company will continue to monitor its reporting units and related goodwill for any 
possible future non-cash impairment charges.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-16

Impairment of Long-Lived Assets
Impairment testing for long-lived assets (or an asset group) is required when circumstances indicate that such assets may be 
impaired. If it is determined that a triggering event has occurred, we perform a recoverability test based upon estimated 
undiscounted cash flow projections expected to be realized over the remaining useful life of the long-lived asset. If the 
undiscounted cash flows used in the recoverability test are less than the long-lived asset's carrying amount, we determine its fair 
value.  If the fair value is determined to be less than its carrying amount, the long-lived asset is reduced to its estimated fair 
value and an impairment loss is recognized in an amount equal to such shortfall. When determining whether a long-lived asset 
has been impaired, management groups assets at the lowest level that has identifiable cash flows that are independent of other 
assets.
The impairments of AmeriGas Propane’s goodwill were determined to be a triggering event requiring an impairment analysis of 
AmeriGas Propane’s long-lived and definite lived intangible assets. Accordingly, the Company performed a recoverability test 
of AmeriGas Propane’s long-lived assets, including right-of-use (“ROU”) assets and definite lived intangible assets, as of July 
31, 2024, the measurement date of our annual goodwill impairment test, and May 31, 2023, using estimated undiscounted cash 
flow projections expected to be generated over the remaining useful life of the primary asset of the asset group at the lowest 
level with identifiable cash flows that are independent of other assets. Based on the recoverability tests performed, we 
determined that (1) AmeriGas Propane’s long-lived assets, including ROU assets and definite lived intangible assets, were 
recoverable and, as such, no impairment charges were recorded; and (2) no adjustments to the remaining useful lives were 
necessary as of July 31, 2024 and May 31, 2023.
See Note 5 for information on the impairment loss associated with the disposal of UGID during Fiscal 2024. No other material 
provisions for impairments of long-lived assets were recorded during Fiscal 2024 and Fiscal 2023.
Refundable Tank and Cylinder Deposits
Included in “Other noncurrent liabilities” on our Consolidated Balance Sheets are customer paid deposits on tanks and cylinders 
primarily owned by subsidiaries of UGI France of $243 and $249 at September 30, 2024 and 2023, respectively.  Deposits are 
refundable to customers when the tanks or cylinders are returned in accordance with contract terms. 
Environmental Matters
We are subject to environmental laws and regulations intended to mitigate or remove the effects of past operations and improve 
or maintain the quality of the environment. These laws and regulations require the removal or remedy of the effect on the 
environment of the disposal or release of certain specified hazardous substances at current or former operating sites.
Environmental reserves are accrued when assessments indicate that it is probable that a liability has been incurred and an 
amount can be reasonably estimated. Amounts recorded as environmental liabilities on the Consolidated Balance Sheets 
represent our best estimate of costs expected to be incurred or, if no best estimate can be made, the minimum liability associated 
with a range of expected environmental investigation and remediation costs. These estimates are based upon a number of 
factors including whether the Company will be responsible for such remediation, the scope and cost of the remediation work to 
be performed, the portion of costs that will be shared with other potentially responsible parties, the timing of the remediation 
and possible impact of changes in technology, and the regulations and requirements of local governmental authorities. Our 
estimated liability for environmental contamination is reduced to reflect anticipated participation of other responsible parties but 
is not reduced for possible recovery from insurance carriers. If the amount and timing of cash payments associated with 
environmental investigation and cleanup are reliably determinable, such liabilities are discounted to reflect the time value of 
money. We intend to pursue recovery of incurred costs through all appropriate means, including regulatory relief. PA Gas 
Utility receives ratemaking recognition of environmental investigation and remediation costs associated with in-state 
environmental sites.  This ratemaking recognition balances the accumulated difference between historical costs and rate 
recoveries with an estimate of future costs associated with the sites. See Note 16 for additional information.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-17

Loss Contingencies Subject to Insurance
We are subject to risk of loss for general, automobile and product liability, and workers’ compensation claims for which we 
obtain insurance coverage under insurance policies that are subject to self-insured retentions or deductibles. We record accruals 
when it is probable that a liability exists and the amount or range of amounts can be reasonably estimated. When no amount 
within a range of possible loss is a better estimate than any other amount within the range, liabilities recorded are based upon 
the low end of the range. For litigation and pending claims including those covered by insurance policies, the analysis of 
probable loss is performed on a case by case basis and includes an evaluation of the nature of the claim, the procedural status of 
the matter, the probability or likelihood of success in prosecuting or defending the claim, the information available with respect 
to the claim, the opinions and views of outside counsel and other advisors, and past experience in similar matters. With respect 
to unasserted claims arising from unreported incidents, we may use the work of specialists to estimate the ultimate losses to be 
incurred using actuarially determined loss development factors applied to actual claims data. Our estimated reserves for loss 
contingencies may differ materially from the ultimate liability and such reserves may change materially as more information 
becomes available and estimated reserves are adjusted. We maintain insurance coverage such that our net exposure for claims 
covered by insurance would be limited to the self-insured retentions or deductibles, claims above which would be paid by the 
insurance carrier. For such claims, we record a receivable related to the amount of the liability expected to be paid by insurance.
Employee Retirement Plans
We use a market-related value of plan assets and an expected long-term rate of return to determine the expected return on assets 
of our U.S. pension and other postretirement plans.  The market-related value of plan assets, other than equity investments, is 
based upon fair values.  The market-related value of equity investments is calculated by rolling forward the prior-year’s market-
related value with contributions, disbursements and the expected return on plan assets.  One third of the difference between the 
expected and the actual value is then added to or subtracted from the expected value to determine the new market-related value 
(see Note 8).
Note 3 — Accounting Changes 
New Accounting Standard Adopted in Fiscal 2024
Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of 
Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to 
improve transparency and provide financial statement users with more detailed information about the nature, amount and timing 
of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning 
October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029).  Early adoption is permitted. The 
amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of 
assessing the impact on its financial statements and determining the transition method and the period in which the new guidance 
will be adopted.
Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures 
(Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM 
and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other 
segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation 
of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating 
resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the 
Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 
2026).  Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the 
financial statements. The Company will adopt the new guidance effective for the year ending September 30, 2025 and provide 
the additional disclosures as required by the new guidance.
Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax 
Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting 
entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual 
periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted 
using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial 
statements and determining the transition method and the period in which the new guidance will be adopted.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-18

Note 4 — Revenue from Contracts with Customers
The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that 
reflects the consideration to which we expect to be entitled in exchange for those goods or services. The Company generally has 
the right to consideration from a customer in an amount that corresponds directly with the value to the customer for 
performance completed to date. As such, we have elected to recognize revenue in the amount to which we have a right to 
invoice except in the case of certain of Utilities’ large delivery service customers and Midstream & Marketing’s peaking 
contracts for which we recognize revenue on a straight-line basis over the term of the contract, consistent with when the 
performance obligations are satisfied by the Company.
We do not have a significant financing component in our contracts because we receive payment shortly before, at, or shortly 
after the transfer of control of the good or service. Because the period between the time the performance obligation is satisfied 
and payment is received is generally one year or less, the Company has elected to apply the significant financing component 
practical expedient and no amount of consideration has been allocated as a financing component.
The Company’s revenues from contracts with customers are discussed below.
Utility Revenues
Utilities supplies natural gas and electricity and provides distribution services of natural gas and electricity to residential, 
commercial, and industrial customers who are generally billed at standard regulated tariff rates approved by the regulatory 
bodies through the ratemaking process.  Tariff rates include a component that provides for a reasonable opportunity to recover 
operating costs and expenses and to earn a return on net investment, and a component that provides for the recovery, subject to 
reasonableness reviews, of PGC, PGA and DS costs. 
Customers may choose to purchase their natural gas and electricity from Utilities, or, alternatively, may contract separately with 
alternate suppliers. Accordingly, our contracts with customers comprise two promised goods or services: (1) delivery service of 
natural gas and electricity through the Company’s utility distribution systems and (2) the natural gas or electricity commodity 
itself for those customers who choose to purchase the natural gas or electricity directly from the Company. Revenue is not 
recorded for the sale of natural gas or electricity to customers who have contracted separately with alternate suppliers. For those 
customers who choose to purchase their natural gas or electricity from the Company, the performance obligation includes both 
the supply of the commodity and the delivery service.  
The terms of our core market customer contracts are generally considered day-to-day as customers can discontinue service at 
any time without penalty. Performance obligations are generally satisfied over time as the natural gas or electricity is delivered 
to customers, at which point the customers simultaneously receive and consume the benefits provided by the delivery service 
and, when applicable, the commodity.  Amounts are billed to customers based upon the reading of a customer’s meter, which 
occurs on a cycle basis throughout each reporting period.  An unbilled amount is recorded at the end of each reporting period 
based upon estimated amounts of natural gas or electricity delivered to customers since the date of the last meter reading. These 
unbilled estimates consider various factors such as historical customer usage patterns, customer rates and weather.  
Utilities has certain fixed-term contracts with large commercial and industrial customers to provide natural gas delivery services 
at contracted rates and at volumes generally based on the customer’s needs.  The performance obligation to provide the 
contracted delivery service for these large commercial and industrial customers is satisfied over time and revenue is generally 
recognized on a straight-line basis.
Utilities makes off-system sales whereby natural gas delivered to our system in excess of amounts needed to fulfill our 
distribution system needs is sold to other customers, primarily other distributors of natural gas, based on an agreed-upon price 
and volume between the Company and the counterparty.  Utilities also sells excess natural gas capacity whereby interstate 
pipeline capacity in excess of amounts needed to meet our customer obligations is sold to other distributors of natural gas based 
upon an agreed-upon rate. Off-system sales and capacity releases are generally entered into one month at a time and comprise 
the sale of a specific volume of gas or pipeline capacity at a specific delivery point or points over a specific time.  As such, 
performance obligations associated with off-system sales and capacity release customers are satisfied, and associated revenue is 
recorded, when the agreed upon volume of natural gas is delivered or capacity is provided, and title is transferred, in accordance 
with the contract terms. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-19

Electric Utility provides transmission services to PJM by allowing PJM to access Electric Utility’s electricity transmission 
facilities. In exchange for providing access, PJM pays Electric Utility consideration determined by a formula-based rate 
approved by the FERC. The formula-based rate, which is updated annually, allows recovery of costs incurred to provide 
transmission services and return on transmission-related net investment.  We recognize revenue over time as we provide 
transmission service.  
Other Utility revenues represent revenues from other ancillary services provided to customers and are generally recorded as the 
service is provided to customers.
Non-Utility Revenues
LPG.  UGI International and AmeriGas Propane record revenue principally from the sale of LPG to retail and wholesale 
customers.  The primary performance obligation associated with the sale of LPG is the delivery of LPG to (1) the customer’s 
point of delivery for retail customers and (2) the customer’s specified location where LPG is picked up by wholesale customers, 
at which point control of the LPG is transferred to the customer, the performance obligation is satisfied, and the associated 
revenue is recognized.   
Contracts with customers comprise different types of contracts with varying length terms, fixed or variable prices, and fixed or 
variable quantities. Contracts with our residential customers, which comprise a substantial number of our customer contracts, 
are generally one year or less.  Customer contracts for the sale of LPG include fixed-price, fixed-quantity contracts under which 
LPG is provided to customers at a fixed price and a fixed volume, and contracts that provide for the sale of LPG at market 
prices at date of delivery with no fixed volumes. AmeriGas Propane offers contracts that permit customers to lock in a fixed 
price for their volumes for a fee and also provide customers with the option to pre-buy a fixed amount of LPG at a fixed price.  
Amounts received under pre-buy arrangements are recorded as a contract liability when received and recorded as revenue when 
LPG is delivered and control is transferred to the customer.  Fee revenue associated with fixed-price contracts are recorded as 
contract liabilities and recorded ratably over the contract period.
UGI International and AmeriGas Propane also distribute LPG to customers in portable cylinders. Under certain contracts, filled 
cylinders are delivered, and control is transferred, to a reseller.  In such instances, the reseller is our customer and we record 
revenue upon delivery to the reseller. Under other contracts, filled cylinders are delivered to a reseller, but the Company retains 
control of the cylinders. In such instances, we record revenue at the time the reseller transfers control of the cylinder to the end 
user. 
Certain retail LPG customers for AmeriGas Propane receive credits which we account for as variable consideration. We 
estimate these credits based upon past practices and historical customer experience and we reduce our revenues recognized for 
these credits.
Energy Marketing.  Midstream & Marketing and UGI International operate energy marketing businesses that sell energy 
commodities, principally natural gas and electricity, to residential, commercial, industrial and wholesale customers. See Note 5 
regarding recent transactions related to UGI International’s energy marketing business.
Midstream & Marketing and, prior to the exit of substantially all of its energy marketing business as of the end of the first 
quarter of Fiscal 2024,  UGI International market natural gas and electricity on full-requirements or agreed-upon volume bases 
under contracts with varying length terms and at fixed or floating prices that are based on market indices adjusted for 
differences in price between the market location and delivery locations.  Performance obligations associated with these 
contracts primarily comprise the delivery of the natural gas and electricity over a contractual period of time. Performance 
obligations also include other energy-related ancillary services provided to customers such as capacity.  For performance 
obligations that are satisfied at a point in time such as the delivery of natural gas, revenue is recorded when customers take 
control of the natural gas.  Revenue is recorded for performance obligations that qualify as a series, when customers consume 
the natural gas or electricity is delivered, which corresponds to the amount invoiced to the customer.  For transactions where the 
price or volume is not fixed, the transaction price is not determined until delivery occurs.  The billed amount, and the revenue 
recorded, is based upon consumption by the customer.  
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-20

Midstream.  Midstream & Marketing provides natural gas pipeline transportation, natural gas gathering, natural gas processing 
and natural gas underground storage services, which generally contain a performance obligation for the Company to have 
availability to transport or store a product.  Additionally, the Company provides stand-ready services to sell supplemental 
energy products and related services, primarily LNG and propane-air mixtures during periods of high demand that typically 
result from cold weather.  The Company also sells LNG to end-user customers for use by trucks, drilling rigs and other motored 
vehicles and equipment, and facilities that are located off the natural gas grid.   
Contracts for natural gas transportation and gathering services are typically long-term contracts with terms of up to 30 years, 
while contracts for storage are typically for one-year or multiple storage season periods. Contracts to provide natural gas during 
periods of high demand have terms of up to 15 years. Contracts to sell LNG for trucks, drilling rigs and other motor vehicles 
and facilities are typically short-term (less than one year). Depending on the type of services provided or goods sold, midstream 
revenues may consist of demand rates, commodity rates, and transportation rates and may include other fees for ancillary 
services. Pipeline transportation, natural gas gathering and storage services provided and services to stand ready to sell 
supplemental energy products and services each are considered to have a single performance obligation satisfied through the 
passage of time ratably based upon providing a stand-ready service generally on a monthly basis.  Contracts to sell LNG to end-
user customers contain performance obligations to deliver LNG over the term of the contract and revenue is recognized at a 
point in time when the control of the energy products is transferred to the customer.  The price in the contract corresponds to 
our efforts to satisfy the performance obligation and reflects the consideration we expect to receive for the satisfied 
performance obligation, and, therefore, the revenue is recognized based on the volume delivered and the price within the 
contract.  In cases where shipping and handling occurs prior to the LNG being delivered to the customer’s storage vessel, we 
have elected to treat this as a cost of fulfillment and not a separate performance obligation.  Revenues are typically billed and 
payment received monthly. Advance fees received from customers for stand-ready services are deferred as contract liabilities 
and revenue is recognized ratably over time as the performance obligation is satisfied over a period less than one year.  
Electricity Generation. Prior to its sale in September 2024, Midstream & Marketing sold power generated from electricity 
generation assets in the wholesale electricity markets administered by PJM regional transmission organization.  Power contracts 
with PJM consist of the sale of power, capacity and ancillary services, all of which were considered a bundle of various 
services.  Performance obligations were satisfied over time, generally on a daily basis, as electricity is delivered to and 
simultaneously consumed by the customer.  As such, the Company had elected to recognize revenue in the amount to which we 
had a right to invoice which was based on market prices at the time of the delivery of the electricity to the customers.
Other. Other revenues from contracts with customers are generated primarily from AmeriGas Propane’s parts and services 
business. The performance obligations of this business include installation and repair services. The performance obligations 
under these contracts are satisfied, and revenue is recognized, as control of the product is transferred or the services are 
rendered. Other LPG revenues from contracts with customers are generated primarily from certain fees UGI International and 
AmeriGas Propane charge associated with the delivery of LPG, including hazmat safety compliance, inspection, metering, 
installation, fuel recovery and certain other services. Revenues from fees are typically recorded when the LPG is delivered to 
the customer or the associated service is completed.  
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-21

Revenue Disaggregation
The following tables present our disaggregated revenues by reportable segment:
2024
 Total
 Eliminations
(a)
Utilities
 Midstream 
& Marketing
 UGI 
International
 AmeriGas 
Propane
 Corporate 
& Other
Revenues from contracts with 
customers:
Utility:
Core Market:
Residential
$ 
873 
$ 
— 
$ 
873 
$ 
— 
$ 
— 
$ 
— 
$ 
— 
Commercial & Industrial
 
344 
 
— 
 
344 
 
— 
 
— 
 
— 
 
— 
Large delivery service
 
183 
 
— 
 
183 
 
— 
 
— 
 
— 
 
— 
Off-system sales and capacity releases
 
67 
 
(48) 
 
115 
 
— 
 
— 
 
— 
 
— 
Other
 
36 
 
(1) 
 
37 
 
— 
 
— 
 
— 
 
— 
Total Utility
 
1,503 
 
(49) 
 
1,552 
 
— 
 
— 
 
— 
 
— 
Non-Utility:
LPG:
Retail
 
3,733 
 
— 
 
— 
 
— 
 
1,816 
 
1,917 
 
— 
Wholesale
 
270 
 
— 
 
— 
 
— 
 
180 
 
90 
 
— 
Energy Marketing (b)
 
980 
 
(96) 
 
— 
 
948 
 
170 
 
— 
 
(42) 
Midstream:
Pipeline
 
246 
 
— 
 
— 
 
246 
 
— 
 
— 
 
— 
Peaking
 
10 
 
(121) 
 
— 
 
131 
 
— 
 
— 
 
— 
Other
 
16 
 
— 
 
— 
 
16 
 
— 
 
— 
 
— 
Electricity Generation
 
27 
 
— 
 
— 
 
27 
 
— 
 
— 
 
— 
Other
 
260 
 
— 
 
— 
 
— 
 
74 
 
186 
 
— 
Total Non-Utility
 
5,542 
 
(217) 
 
— 
 
1,368 
 
2,240 
 
2,193 
 
(42) 
Total revenues from contracts with 
customers
 
7,045 
 
(266) 
 
1,552 
 
1,368 
 
2,240 
 
2,193 
 
(42) 
Other revenues (c)
 
165 
 
— 
 
46 
 
1 
 
39 
 
78 
 
1 
Total revenues
$ 
7,210 
$ 
(266) 
$ 
1,598 
$ 
1,369 
$ 
2,279 
$ 
2,271 
$ 
(41) 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-22

2023
 Total
 Eliminations
(a)
Utilities
 Midstream 
& Marketing
 UGI 
International
 AmeriGas 
Propane
 Corporate 
& Other
Revenues from contracts with 
customers:
Utility:
Core Market:
Residential
$ 
1,020 
$ 
— 
$ 
1,020 
$ 
— 
$ 
— 
$ 
— 
$ 
— 
Commercial & Industrial
 
413 
 
— 
 
413 
 
— 
 
— 
 
— 
 
— 
Large delivery service
 
177 
 
— 
 
177 
 
— 
 
— 
 
— 
 
— 
Off-system sales and capacity releases
 
89 
 
(73) 
 
162 
 
— 
 
— 
 
— 
 
— 
Other
 
43 
 
(1) 
 
44 
 
— 
 
— 
 
— 
 
— 
Total Utility
 
1,742 
 
(74) 
 
1,816 
 
— 
 
— 
 
— 
 
— 
Non-Utility:
LPG:
Retail
 
3,952 
 
— 
 
— 
 
— 
 
1,768 
 
2,184 
 
— 
Wholesale
 
325 
 
— 
 
— 
 
— 
 
207 
 
118 
 
— 
Energy Marketing
 
2,139 
 
(143) 
 
— 
 
1,410 
 
872 
 
— 
 
— 
Midstream:
Pipeline
 
251 
 
— 
 
— 
 
251 
 
— 
 
— 
 
— 
Peaking
 
31 
 
(106) 
 
— 
 
137 
 
— 
 
— 
 
— 
Other
 
14 
 
— 
 
— 
 
14 
 
— 
 
— 
 
— 
Electricity Generation
 
33 
 
— 
 
— 
 
33 
 
— 
 
— 
 
— 
Other
 
274 
 
— 
 
— 
 
— 
 
80 
 
194 
 
— 
Total Non-Utility
 
7,019 
 
(249) 
 
— 
 
1,845 
 
2,927 
 
2,496 
 
— 
Total revenues from contracts with 
customers
 
8,761 
 
(323) 
 
1,816 
 
1,845 
 
2,927 
 
2,496 
 
— 
Other revenues (c)
 
167 
 
(3) 
 
38 
 
2 
 
38 
 
85 
 
7 
Total revenues
$ 
8,928 
$ 
(326) 
$ 
1,854 
$ 
1,847 
$ 
2,965 
$ 
2,581 
$ 
7 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-23

2022
 Total
 Eliminations
(a)
Utilities
 Midstream 
& Marketing
 UGI 
International
 AmeriGas 
Propane
 Corporate 
& Other
Revenues from contracts with 
customers:
Utility:
Core Market:
Residential
$ 
875 
$ 
— 
$ 
875 
$ 
— 
$ 
— 
$ 
— 
$ 
— 
Commercial & Industrial
 
365 
 
— 
 
365 
 
— 
 
— 
 
— 
 
— 
Large delivery service
 
171 
 
— 
 
171 
 
— 
 
— 
 
— 
 
— 
Off-system sales and capacity releases
 
76 
 
(104) 
 
180 
 
— 
 
— 
 
— 
 
— 
Other
 
23 
 
(1) 
 
24 
 
— 
 
— 
 
— 
 
— 
Total Utility
 
1,510 
 
(105) 
 
1,615 
 
— 
 
— 
 
— 
 
— 
Non-Utility:
LPG:
Retail
 
4,436 
 
— 
 
— 
 
— 
 
1,997 
 
2,439 
 
— 
Wholesale
 
496 
 
— 
 
— 
 
— 
 
278 
 
218 
 
— 
Energy Marketing
 
2,951 
 
(264) 
 
— 
 
1,917 
 
1,298 
 
— 
 
— 
Midstream:
Pipeline
 
211 
 
— 
 
— 
 
211 
 
— 
 
— 
 
— 
Peaking
 
48 
 
(105) 
 
— 
 
153 
 
— 
 
— 
 
— 
Other
 
9 
 
— 
 
— 
 
9 
 
— 
 
— 
 
— 
Electricity Generation
 
34 
 
— 
 
— 
 
34 
 
— 
 
— 
 
— 
Other
 
286 
 
— 
 
— 
 
— 
 
79 
 
207 
 
— 
Total Non-Utility
 
8,471 
 
(369) 
 
— 
 
2,324 
 
3,652 
 
2,864 
 
— 
Total revenues from contracts with 
customers
 
9,981 
 
(474) 
 
1,615 
 
2,324 
 
3,652 
 
2,864 
 
— 
Other revenues (c)
 
125 
 
(3) 
 
5 
 
2 
 
34 
 
79 
 
8 
Total revenues
$ 
10,106 
$ 
(477) 
$ 
1,620 
$ 
2,326 
$ 
3,686 
$ 
2,943 
$ 
8 
(a) Includes intersegment revenues principally among Midstream & Marketing, Utilities and AmeriGas Propane.
(b) Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer 
contracts. See Note 5 for additional information. 
(c) Primarily represents (1) revenues from tank rentals at UGI International and AmeriGas Propane; (2) revenues from certain 
gathering assets at Midstream & Marketing; (3) revenues from alternative revenue programs at Utilities, including the 
weather normalization adjustment rider beginning on November 1, 2022 for PA Gas Utility; and (4) gains and losses on 
commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of 
which are within the scope of ASC 606 and are accounted for in accordance with other GAAP.
Contract Balances
The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts.  Contract assets 
represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on 
something other than the passage of time.  Contract assets were not material at September 30, 2024 and 2023.  Substantially all 
of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of 
Utilities, “Accrued utility revenues” on the Consolidated Balance Sheets.  Amounts billed are generally due within the 
following month.  
Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and 
represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration.  The 
balances of contract liabilities were $140 and $158 at September 30, 2024 and 2023, respectively, and are primarily included in 
“Deposits and advances” on the Consolidated Balance Sheets.  Revenues recognized during Fiscal 2024, Fiscal 2023 and Fiscal 
2022 from the amounts included in contract liabilities at September 30, 2023, September 30, 2022 and September 30, 2021 was 
$120, $127 and $119, respectively. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-24

Remaining Performance Obligations
The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance 
obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one 
year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to 
the customer to date.  Certain contracts with customers at Midstream & Marketing and Utilities contain minimum future 
performance obligations through 2047 and 2053, respectively.  At September 30, 2024, Midstream & Marketing and Utilities 
expect to record approximately $2.3 billion and $0.2 billion of revenues, respectively, related to the minimum future 
performance obligations over the remaining terms of the related contracts.
Note 5 — Dispositions and Acquisitions
Dispositions
UGID
In June 2024, Energy Services entered into a Stock Purchase Agreement to sell all of its ownership interest in UGID.  UGID 
owns and operates the Hunlock Creek Energy Center located in Wilkes-Barre, PA, a 169-megawatt natural gas-fueled 
electricity generating station.  The sale of UGID was completed in September 2024, for net cash proceeds of $43. During the 
third quarter of Fiscal 2024, the Company classified UGID’s assets and liabilities, substantially all of which comprise long-
lived assets, as held for sale and recognized a non-cash, pre-tax impairment charge of $62 to record such assets at estimated fair 
value less costs to sell. In accordance with the Company’s accounting policy, such impairment loss was limited to the disposal 
group’s long-lived assets. During the fourth quarter of Fiscal 2024, in conjunction with the closing of the sale, the Company 
recognized an incremental loss on disposal, resulting in a total Fiscal 2024 loss of $66, which amount is included in “Loss on 
disposals of businesses” on the Consolidated Statement of Income and included in the Midstream & Marketing reportable 
segment. 
UGI International Energy Marketing Transactions
As of the end of the first quarter of Fiscal 2024, pursuant to its previously announced decision, the Company had exited 
substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers 
through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom.
France.  In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing 
business located in France for a net cash payment to the buyer of $29. In conjunction with the sale, the Company recorded a 
pre-tax loss of $29 in Fiscal 2024, which amount principally represents the net payment to the buyer. The loss is reflected in 
“Loss on disposals of businesses” on the Consolidated Statements of Income. The carrying values of the assets and liabilities 
associated with this business, principally comprising certain commodity derivative instruments, energy certificates and certain 
working capital, were not material.
Belgium. In September 2023, UGI International, through a wholly-owned subsidiary, sold its energy marketing business 
located in Belgium for a net cash payment to the buyer of $3. Pursuant to the sale agreement, the Company transferred to the 
buyer certain assets, principally comprising customer and energy broker contracts. In conjunction with the sale, the Company 
recorded a pre-tax loss of $6 in Fiscal 2023, which amount includes the net payment to the buyer, the write-off of certain 
prepaid energy broker payments and associated transaction costs and fees. The loss is reflected in “Loss on disposals of 
businesses” on the Consolidated Statements of Income.
United Kingdom. In October 2022, UGI International, through a wholly-owned subsidiary, sold its natural gas marketing 
business located in the U.K. for a net cash payment to the buyer of $19. In conjunction with the sale, the Company recorded a 
pre-tax loss of $215 in Fiscal 2023, substantially all of which was due to the non-cash transfer of commodity derivative 
instruments associated with the business. The loss is reflected in “Loss on disposals of businesses” on the Consolidated 
Statements of Income.  At the date of closing of the sale, these commodity derivative instruments had a net carrying value of 
$206 which is attributable to net unrealized gains on such instruments. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-25

Netherlands. In September 2023, a substantial number of DVEP’s customers agreed to modify their energy marketing contracts 
whereby the Company would continue to provide the delivery of electricity and natural gas at fixed prices through December 
31, 2023, with the Company’s obligations to provide future services terminated effective January 1, 2024. As consideration for 
the early termination of such contracts, the Company has agreed to make cash payments to the customers equal to the fair 
values of specific commodity derivative instruments associated with periods after December 31, 2023. The early termination 
agreements with DVEP customers are considered contract modifications and the cash consideration paid to these customers has 
been reflected as a reduction in revenues, on a pro-rata basis, over the remaining performance period of such agreements 
through December 31, 2023. During the first quarter of Fiscal 2024, the Company settled the commodity derivative instruments 
for a gain of $46, which represents the fair value of the specific commodity derivative instruments associated with periods after 
December 31, 2023; and reduced its revenues from these customers by $42, which represents the pro-rated performance 
obligation from October 1, 2023 through December 31, 2023. 
In conjunction with the wind-down of its European energy marketing business, in December 2023, DVEP completed a sale of a 
substantial portion of its power purchase agreements to a third party for a total consideration to the buyer of $5. In conjunction 
with the sale, the Company recorded a loss of $5, which is reflected in “Other operating income, net” on the Consolidated 
Statements of Income.  
During the first quarter of Fiscal 2023, the Company recorded a $19 pre-tax impairment charge to reduce the carrying values of 
certain assets associated with its energy marketing business in the Netherlands, comprising property, plant and equipment and 
intangible assets. The impairment charge is reflected in “Operating and administrative expenses” on the Consolidated 
Statements of Income and included in the UGI International reportable segment. 
Acquisitions of Assets
Pennant. During the fourth quarter of Fiscal 2022, Energy Services completed the Pennant Acquisition and acquired the 
remaining 53% of the equity interests in Pennant. Prior to the Pennant Acquisition, the Company’s investment in Pennant was 
accounted for as an equity method investment as we had the ability to exercise significant influence, but not control, over the 
entity. The acquisition of the remaining interests was accounted for as an acquisition of assets, and the purchase price of 
approximately $61 was primarily allocated to property, plant and equipment, and funded using available cash. In connection 
with the acquisition of the controlling financial interest in Pennant, the Company recognized an other-than-temporary pre-tax 
impairment charge of $44 related to its then existing 47% membership interest, which amount is reflected in “(Loss) income 
from equity investees” on the Fiscal 2022 Consolidated Statement of Income.
Stonehenge. In January 2022, Energy Services completed the Stonehenge Acquisition and acquired all of the equity interests in 
Stonehenge for total cash consideration of approximately $190. The Stonehenge business includes a natural gas gathering 
system, located in western Pennsylvania, with more than 47 miles of pipeline and associated compression assets. The 
Stonehenge Acquisition is consistent with our growth strategies, including expanding our midstream natural gas gathering 
assets within the Appalachian basin production region. The Stonehenge Acquisition was funded using available cash. This 
transaction has been accounted for as an acquisition of assets, and the purchase price has been primarily allocated to property, 
plant and equipment. We refer to Stonehenge and its assets as UGI Moraine East.
Note 6 — Debt
Significant Financing Activities During Fiscal 2024
Utilities
Mountaineer 2023 Credit Agreement. In April 2024, Mountaineer entered into the fourth amendment to the Mountaineer 2023 
Credit Agreement, which extends the maturity date of the agreement from November 2024 to December 2025. The applicable 
margin remains unchanged from the original credit agreement.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-26

UGI Utilities Senior Notes. In November 2023, UGI Utilities entered into a Note Purchase Agreement with a consortium of 
lenders. Pursuant to the Note Purchase Agreement, UGI Utilities issued (1) $25 aggregate principal amount of 6.02% Senior 
Notes due November 30, 2030; (2) $150 aggregate principal amount of 6.10% Senior Notes due November 30, 2033; and (3) 
$75 aggregate principal amount of 6.40% Senior Notes due November 30, 2053. The Note Purchase Agreement contains 
customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio 
and priority debt ratio as defined in the agreement.  These senior notes are unsecured and rank equally with UGI Utilities’ 
existing outstanding senior debt. The net proceeds from these issuances were used to reduce short-term borrowings and for 
general corporate purposes.
UGI Utilities 2023 Credit Agreement. In November 2023, UGI Utilities entered into the UGI Utilities 2023 Credit Agreement 
providing for borrowings up to $375 (including a $50 sublimit for letters of credit and a $38 sublimit for swingline loans). UGI 
Utilities may request an increase in the amount of loan commitments under the credit agreement to a maximum aggregate 
amount of $125. The interest rates applicable to borrowings under the UGI Utilities 2023 Credit Agreement remain unchanged 
from its predecessor agreement, the UGI Utilities Credit Agreement. The UGI Utilities 2023 Credit Agreement contains 
customary covenants and default provisions and requires compliance with certain financial covenants including a maximum 
debt to capitalization ratio as defined in the agreement. The credit agreement is scheduled to expire in November 2028. 
Borrowings under the credit agreement may be used to refinance UGI Utilities’ existing indebtedness and for general corporate 
purposes and ongoing working capital needs of UGI Utilities.
Midstream & Marketing
Energy Services Term Loan Credit Agreement. In June 2024, Energy Services entered into the second amendment to the 
Energy Services Term Loan Credit Agreement. The Energy Services Term Loan Credit Agreement, as amended, provides, 
among other items, that the applicable margin shall be 2.50% per annum for Term SOFR loans and 1.50% per annum for base 
rate loans. All other significant terms of the term loan credit agreement remain unchanged.
Energy Services Credit Agreement. In May 2024, Energy Services entered into the fourth amendment to the UGI Energy 
Services Credit Agreement. The amended credit agreement provides for borrowings up to $300, including a $50 sublimit for 
letters of credit. Borrowings under the Energy Services Credit Agreement, as amended, bear interest, subject to our election, at 
a rate per annum equal to (i) the alternative base rate plus the applicable margin as defined by the agreement or (ii) the adjusted 
Term SOFR rate plus the applicable margin as defined by the agreement. Borrowings under the credit agreement can be used 
for general corporate purposes and ongoing working capital needs of Energy Services and is scheduled to expire in May 2028. 
All other significant terms of the credit agreement remain unchanged.
UGI International 
UGI International 2023 Credit Agreement. In June 2024, UGI International, LLC and its indirect wholly-owned subsidiary, 
UGI International Holdings B.V., entered into the first amendment to the UGI International 2023 Credit Agreement, which 
provides for the establishment and incorporation of specific key performance indicators with respect to Environmental, Social 
and Governance targets, whereby based on UGI International, LLC’s performance against the key performance indicators, 
certain adjustments of up to 0.05% in total to the applicable margin may be made. All other significant terms of the credit 
agreement remain unchanged.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-27

AmeriGas Propane
AmeriGas Senior Secured Revolving Credit Facility. In August 2024, AmeriGas OLP entered into the AmeriGas Senior 
Secured Revolving Credit Facility, a five-year senior secured revolving credit facility maturing August 2029, providing for 
commitments up to $200 (including a $20 sublimit for letters of credit), subject to the terms and conditions of the agreement. 
The maximum borrowings permitted to be made at any time under the agreement is equal to (a) the lesser of (x) the Formula 
Amount for the borrowing base and (y) the Maximum Revolving Advance Amount less the outstanding Advances less the 
maximum undrawn amount of all outstanding letters of credit less unreimbursed fees and expenses owing to the Agent or any 
Lender, as defined by the agreement. Borrowings under this credit facility were used to pay off borrowings under the 2022 
AmeriGas OLP Credit Agreement and are available for general corporate purposes and ongoing working capital needs of 
AmeriGas OLP. Borrowings under this credit agreement are secured by certain assets of AmeriGas OLP, including, but not 
limited to, accounts receivables and inventory, and are guaranteed by any material subsidiaries of AmeriGas OLP. In addition, 
this credit facility requires AmeriGas OLP to abide by certain financial covenants from time to time including a minimum fixed 
charge coverage ratio and a senior notes liquidity covenant, each as defined in the agreement. Concurrently with entering into 
AmeriGas Senior Secured Revolving Credit Facility, AmeriGas OLP terminated the 2022 AmeriGas OLP Credit Agreement. 
AmeriGas Partners Senior Notes. In June 2024, pursuant to an early tender offer, AmeriGas Partners and AmeriGas Finance 
Corp. repurchased $475 aggregate principal amount of the 5.50% Senior Notes due May 2025. Cash on hand, a $315 cash 
contribution from the Company and other sources of liquidity were used for the repurchase. Following the repurchase, $218 
aggregate principal amount of the 5.50% Senior Notes remain outstanding at September 30, 2024, and are included in “Current 
maturities of long-term debt” on the Consolidated Balance Sheets.
In March 2024, AmeriGas Partners and AmeriGas Finance Corp. entered into separate, privately negotiated repurchase 
agreements with a limited number of holders of the outstanding senior notes to repurchase $38 aggregate principal amount of 
the senior notes. AmeriGas Partners and AmeriGas Finance Corp. repurchased $7, $11, $13, and $7 par value of its issued and 
outstanding 5.50% Senior Notes, 5.875% Senior Notes, 5.75% Senior Notes, and 9.375% Senior Notes, respectively. 
UGI Corporation
UGI Corporation Credit Facility Agreement. In April 2024, UGI entered into the fourth amendment to the UGI Corporation 
Credit Facility Agreement which extended the maturity date of substantially all of the borrowings under the UGI Corporation 
Credit Facility Agreement to August 29, 2025. The fourth amendment also increased the applicable rate (as defined in the UGI 
Corporation Credit Facility Agreement, as amended) of the $215 term loan facility, and the $300 term loan facility by 0.375%. 
All other significant terms of the credit agreement remained unchanged. 
In June 2024, a portion of the net proceeds from the issuance of the UGI Corporation Senior Notes (as described below) were 
used to repay a portion of borrowings under the UGI Corporation Credit Facility agreement. 
UGI Corporation Senior Notes. In June 2024, UGI issued, in an underwritten private placement, an aggregate $700 principal 
amount of 5.00% UGI Corporation Senior Notes due June 2028.   The UGI Corporation Senior Notes are senior, unsecured 
obligations and rank equal in right of payment with our existing and future senior, unsecured indebtedness.  Interest is payable 
semi-annually on June 1 and December 1 of each year, beginning on December 1, 2024, and will mature on June 1, 2028, 
unless earlier repurchased or converted.  The net proceeds from the issuance of the UGI Corporation Senior Notes of 
approximately $682, after underwriters fees and other debt issuance costs, were used (1) to repay a portion of borrowings under 
the UGI Corporation Credit Facility Agreement; (2) to make cash contribution of $315 to the Partnership to repay a portion of 
its 5.50% Senior Notes as described above; and (3) for general corporate purposes.
The UGI Corporation Senior Notes were issued pursuant to, and are governed by, an indenture dated as of June 11, 2024. The 
UGI Corporation Senior Notes are convertible subject to the occurrence of certain events and circumstances.  Before March 1, 
2028, noteholders will have the right to convert their notes only upon the occurrence of certain events as follows:
1.
During any fiscal quarter commencing after the fiscal quarter ending September 30, 2024, if the market price of the 
Company’s common stock reaches 130% of the conversion price (initially $27.60) for a specified period of time;
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-28

2.
The trading price of the Notes falls below 98% of the product of the sale price of the Company’s common stock and 
the conversion rate, for a specified period. The Company is not obligated to track the trading price of the notes unless a 
holder of the notes provides the Company reasonable evidence that the Notes are trading at 98% of the product of the 
sale price of the Company’s common stock and the conversion rate, as defined in the indenture;
3.
Upon the occurrence of specific corporate events related to specific types of distributions as defined in the indenture; 
or
4.
Upon the occurrence of a Fundamental Change, Make Whole Fundamental Change or Common Stock Change Event 
as defined in the indenture
From and after March 1, 2028, holders of the UGI Corporation Senior Notes may convert their notes at any time at their 
election until the close of business on the second scheduled trading day immediately before the maturity date.
As of September 30, 2024, none of the events permitting the noteholders to convert their notes early occurred.  Accordingly, the 
UGI Corporation Senior Notes are classified as “Long-term debt” on the Consolidated Balance Sheet at September 30, 2024. At 
September 30, 2024, the estimated fair value of the UGI Corporation Senior notes is $744. We estimate the fair value of long-
term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 
2).
Upon conversion, the Company will pay cash up to the aggregate principal amount of the UGI Corporation Senior notes.  For 
the remainder of the amount in excess of the aggregate principal amount, if applicable, the Company will have the sole right to 
elect the settlement method upon conversion which can be either entirely in cash or in a combination of cash and shares of its 
common stock. The default settlement method as defined in the agreement is a combination settlement with a specified dollar 
amount of $1,000 per $1,000 principal of the UGI Corporation Senior Notes, and any incremental value settled in shares of the 
Company’s common stock. The initial conversion rate is 36.2319 shares of the Company’s common stock per $1,000 principal 
amount of the UGI Corporation Senior Notes, which represents an initial conversion price of approximately $27.60 per share of 
the Company’s common stock.  The conversion rate and conversion price will be subject to customary adjustments upon the 
occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as 
defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of 
time.
The Company may not redeem the UGI Corporation Senior Notes at its option before maturity.
Subsequent Events
UGI Utilities Senior Notes. In November 2024, UGI Utilities entered into a Note Purchase Agreement with a consortium of 
lenders. Pursuant to the Note Purchase Agreement, UGI Utilities issued $50 aggregate principal amount of 5.24% Senior Notes 
due November 30, 2029, and $125 aggregate principal amount of 5.52% Senior Notes due November 30, 2034. The Note 
Purchase Agreement contains customary covenants and default provisions and requires compliance with certain financial 
covenants including a leverage ratio and priority debt ratio as defined in the agreement.  These senior notes are unsecured and 
rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from these issuances were used to reduce 
short-term borrowings and for general corporate purposes.
AmeriGas Senior Secured Revolving Credit Facility. In October 2024, AmeriGas OLP amended the AmeriGas Senior Secured 
Revolving Credit Facility to increase total commitments to a total of $300. The maximum borrowings permitted to be made at 
any time under the Credit Agreement is equal to the lesser of (x) the Formula Amount for the borrowing base and (y) the 
Maximum Revolving Advance Amount, as defined in the agreement. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-29

UGI Corporation 2025 Credit Agreement. In October 2024, UGI entered into a new UGI Corporation 2025 Credit Agreement, 
consisting of (1) a $475 revolving credit facility, including a $10 sublimit for letters of credit and (2) a $400 variable-rate term 
loan. The revolving credit facility is scheduled to expire in October 2028 and the term loan facility is scheduled to mature in 
October 2027. Proceeds from the UGI Corporation 2025 Credit Agreement were used to prepay all borrowings under the UGI 
Corporation Credit Facility Agreement due August 29, 2025 and, concurrent with such repayment, terminated the agreement. 
At September 30, 2024, borrowings outstanding under the UGI Corporation Credit Facility Agreement totaling $630 have been 
classified as long-term debt on the Consolidated Balance Sheet based on the Company’s intent and ability to refinance the 
obligation with long-term debt issued under the UGI Corporation 2025 Credit Agreement.
Borrowings under the UGI Corporation 2025 Credit Agreement bear interest, subject to our election, at a rate per annum equal 
to (i) the alternative base rate plus the applicable rate as defined by the agreement or (ii) the adjusted Term SOFR rate plus the 
applicable rate as defined by the agreement. The Company has entered into an interest rate swap agreement that will generally 
fix the underlying market-based interest rate on the variable-rate loan through September 2027. Borrowings under the credit 
agreement can be used for general corporate purposes and ongoing working capital needs of the Company.
Credit Facilities and Short-term Borrowings
Information about the Company’s principal credit agreements (excluding the Energy Services Receivables Facility, which is 
discussed below) as of September 30, 2024 and 2023, is presented in the following table. Borrowings under these credit 
agreements bear interest at rates indexed to short-term market rates. Borrowings outstanding under these agreements (other than 
the UGI Corporation Credit Facility Agreement) are classified as “Short-term borrowings” on the Consolidated Balance Sheets. 
Expiration Date
Total 
Capacity
Borrowings 
Outstanding
Letters of 
Credit and 
Guarantees 
Outstanding
Available 
Borrowing 
Capacity
Weighted 
Average 
Interest 
Rate - End 
of Year
September 30, 2024
AmeriGas OLP (a)
August 2029
$ 
200 $ 
51 $ 
— $ 
149 
 7.29 %
UGI International, LLC (b)
March 2028
€ 
500 € 
115 € 
— € 
385 
 4.88 %
Energy Services (c)
May 2028
$ 
300 $ 
— $ 
— $ 
300 
N.A.
UGI Utilities (d)
November 2028
$ 
375 $ 
190 $ 
— $ 
185 
 5.92 %
Mountaineer (e)
December 2025
$ 
150 $ 
96 $ 
— $ 
54 
 6.56 %
UGI Corporation (f)
August 2025
$ 
300 $ 
115 $ 
— $ 
185 
 7.45 %
September 30, 2023
AmeriGas OLP (a)
September 2026
$ 
600 $ 
— $ 
2 $ 
598 
N.A.
UGI International, LLC (b)
March 2028
€ 
500 € 
202 € 
— € 
298 
 5.17 %
Energy Services (c)
March 2025
$ 
260 $ 
57 $ 
— $ 
203 
 7.67 %
UGI Utilities (d)
June 2024
$ 
425 $ 
248 $ 
— $ 
177 
 6.30 %
Mountaineer (e)
November 2024
$ 
150 $ 
84 $ 
— $ 
66 
 6.68 %
UGI Corporation (f)
May 2025
$ 
300 $ 
283 $ 
— $ 
17 
 7.80 %
(a) In October 2024, AmeriGas OLP entered into the first amendment to the AmeriGas Senior Secured Revolving Credit 
Facility which increased the total commitments to $300. At September 30, 2024 the AmeriGas Senior Secured Revolving 
Credit Facility includes a $20 sublimit for letters of credit. The maximum amount available for borrowing at any time 
under the AmeriGas Senior Secured Revolving Credit Facility is limited to the borrowing base valuation, as defined by the 
agreement. At September 30, 2023 the 2022 AmeriGas OLP Credit Agreement included a $100 sublimit for letters of 
credit.  
(b) Permits UGI International, LLC or UGI International Holdings B.V. to borrow in euros or USD.
(c) The Energy Services Credit Agreement includes a $50 sublimit for letters of credit and is guaranteed by certain subsidiaries 
of Energy Services. 
(d) The UGI Utilities 2023 Credit Agreement includes a $50 sublimit for letters of credit. On November 9, 2023, UGI Utilities 
entered into the UGI Utilities 2023 Credit Agreement and concurrently terminated the UGI Utilities Credit Agreement, a 
predecessor agreement, which included a $100 sublimit for letters of credit.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-30

(e) The Mountaineer 2023 Credit Agreement includes a $20 sublimit for letters of credit. 
(f)
Because management intends to maintain a substantial portion of its revolving credit facility borrowings on a long-term 
basis, such borrowings, (other than amounts repaid subsequent to the balance sheet date but prior to the issuance of the 
financial statements) are classified as “Long-term debt” on the Consolidated Balance Sheets. Amounts outstanding under 
UGI’s revolving credit facility at September 30, 2024 were repaid in October 2024 with proceeds from the issuance of the 
UGI Corporation 2025 Credit Agreement revolving credit facility and have been classified as long-term debt as of 
September 30, 2024, based on the Company’s intent and ability to refinance the obligation with long-term debt issued 
under the UGI Corporation 2025 Credit Agreement.
N.A. - Not applicable
Energy Services Receivables Facility.  Energy Services has a Receivables Facility with an issuer of receivables-backed 
commercial paper. On October 18, 2024, the expiration date of the Receivables Facility was extended to October 17, 2025. The 
Receivables Facility provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period 
October 18, 2024 to April 30, 2025, and up to $75 of eligible receivables during the period May 1, 2025 to October 17, 2025, 
with the option to request an increase of $50. The interest rate of the Receivables Facility was replaced with a SOFR based 
interest rate effective with the extension on October 18, 2024. Energy Services uses the Receivables Facility to fund working 
capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate purposes. 
Under the Receivables Facility, Energy Services transfers, on an ongoing basis and without recourse, its trade accounts 
receivable to its wholly owned, special purpose subsidiary, ESFC, which is consolidated for financial statement purposes. 
ESFC, in turn, has sold and, subject to certain conditions, may from time to time sell, an undivided interest in some or all of the 
receivables to a major bank.  Amounts sold to the bank are reflected as “Short-term borrowings” on the Consolidated Balance 
Sheets. ESFC was created and has been structured to isolate its assets from creditors of Energy Services and its affiliates, 
including UGI. Trade receivables sold to the bank remain on the Company’s balance sheet and the Company reflects a liability 
equal to the amount advanced by the bank.  The Company records interest expense on amounts owed to the bank. Energy 
Services continues to service, administer and collect trade receivables on behalf of the bank, as applicable. 
Information regarding the amounts of trade receivables transferred to ESFC and the amounts sold to the bank are as follows:
2024
2023
2022
Trade receivables transferred to ESFC during the year
$ 
1,324 $ 
1,946 $ 
2,221 
ESFC trade receivables sold to the bank during the year
$ 
336 $ 
535 $ 
152 
ESFC trade receivables - end of year (a)
$ 
51 $ 
62 $ 
101 
(a) At September 30, 2024, there were no ESFC trade receivables sold to the bank. At September 30, 2023 there were $46 of 
ESFC trade receivables sold to the bank and is reflected as “Short-term borrowings” on the Consolidated Balance Sheets.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-31

Long-term Debt
Long-term debt comprises the following at September 30:
Utilities:
UGI Utilities Senior Notes:
4.12% due September 2046
$ 
200 
$ 
200 
4.98% due March 2044
 
175 
 
175 
3.12% due April 2050
 
150 
 
150 
4.55% due February 2049
 
150 
 
150 
4.12% due October 2046
 
100 
 
100 
6.21% due September 2036
 
100 
 
100 
2.95% due June 2026
 
100 
 
100 
1.59% due June 2026
 
100 
 
100 
1.64% due September 2026
 
75 
 
75 
4.75% due July 2032
 
90 
 
90 
4.99% due September 2052
 
85 
 
85 
6.02% due November 2030
 
25 
 
— 
6.10% due November 2033
 
150 
 
— 
6.40% due November 2053
 
75 
 
— 
UGI Utilities Medium-Term Notes:
6.13% due October 2034
 
20 
 
20 
6.50% due August 2033
 
20 
 
20 
Mountaineer senior notes (a)
 
196 
 
199 
UGI Utilities variable-rate term loan due through July 2027 (b)
 
83 
 
89 
Other
 
2 
 
2 
Unamortized debt issuance costs
 
(7)  
(6) 
Total Utilities
 
1,889 
 
1,649 
Midstream & Marketing:
Energy Services variable-rate term loan due through February 2030 (c)
 
786 
 
794 
Other
 
41 
 
41 
Unamortized discount and debt issuance costs
 
(13)  
(15) 
Total Midstream & Marketing
 
814 
 
820 
UGI International:
2.50% Senior Notes due December 2029
 
446 
 
424 
UGI International, LLC variable-rate term loan due March 2028 (d)
 
335 
 
317 
Other
 
12 
 
6 
Unamortized debt issuance costs
 
(6)  
(8) 
Total UGI International
 
787 
 
739 
AmeriGas Propane:
 
 
AmeriGas Partners Senior Notes:
 
 
   5.50% due May 2025
 
218 
 
700 
   5.875% due August 2026
 
664 
 
675 
   5.75% due May 2027
 
512 
 
525 
   9.375% due May 2028
 
493 
 
500 
Unamortized debt issuance costs
 
(10)  
(15) 
Total AmeriGas Propane
 
1,877 
 
2,385 
UGI Corporation:
UGI Corporation Credit Facilities:
UGI Corporation revolving credit facility maturing August 2025 (e)
 
115 
 
283 
UGI Corporation variable-rate term loan due August 2025 (f)
 
300 
 
300 
UGI Corporation variable-rate term loan due through August 2025 (g)
 
— 
 
212 
UGI Corporation variable-rate term loan due August 2025 (h)
 
215 
 
215 
UGI Corporation senior notes due June 2028
 
700 
 
— 
Unamortized debt issuance costs
 
(19)  
(3) 
Total UGI Corporation
 
1,311 
 
1,007 
Total long-term debt
 
6,678 
 
6,600 
Less: current maturities
 
(235)  
(57) 
Total long-term debt due after one year
$ 
6,443 
$ 
6,543 
2024
2023
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-32

(a) Total long-term debt at September 30, 2024 and 2023, comprises $180 principal amount of Mountaineer senior secured 
notes plus unamortized premium of $16 and $19, respectively. The face interest rates on the Mountaineer senior notes 
range from 3.50% to 4.49%, with maturities ranging from 2027 to 2052.
(b) At September 30, 2024 and 2023, the effective interest rate on this term loan was 3.92%. We have entered into a pay-fixed, 
receive-variable interest rate swap to effectively fix the underlying variable rate at approximately 2.82% on a portion of 
these borrowings through June 2026. Term loan borrowings are due in equal quarterly installments of $2, with the balance 
of the principal being due in full at maturity.
(c) At September 30, 2024 and 2023, the effective interest rates on the term loan were 7.09% and 7.82%, respectively. We 
have entered into a pay-fixed, receive-variable interest rate swap to effectively fix a substantial portion of the underlying 
variable rate at 4.53% on these borrowings through September 2026. Term loan borrowings are due in equal quarterly 
installments of $2, with the balance of the principal being due in full at maturity. Under certain circumstances, Energy 
Services is required to make additional principal payments if the consolidated total leverage ratio, as defined, is greater 
than defined thresholds. This term loan is collateralized by substantially all of the assets of Energy Services, subject to 
certain exceptions and carveouts including, but not limited to, accounts receivable and certain real property.
(d) At September 30, 2024, the effective interest rate on the term loan was 4.95%. We have entered into a pay-fixed, receive-
variable interest rate swap that fixes the underlying variable rate at 3.10% through March 2026.  
(e) At September 30, 2024 and 2023, the effective interest rates on credit facility borrowings were 7.45% and 7.80%, 
respectively. 
(f)
At September 30, 2024 and 2023, the effective interest rates on the term loan were 6.09% and 2.77%, respectively.  We 
have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at 
approximately 3.61% on these borrowings through September 2027. 
(g) At September 30, 2023 the effective interest rate on the term loan was 7.79%. The term loan was repaid early in June 2024.
(h) At September 30, 2024 and 2023, the effective interest rates on the term loan were 6.75% and 4.73%, respectively. We 
have entered into pay-fixed, receive-variable interest rate swaps to effectively fix the underlying variable rate at 
approximately 3.61% on a portion of these borrowings through September 2027.
Scheduled principal repayments of long-term debt for each of the next five fiscal years ending September 30 are as follows: 
2025
2026
2027
2028
2029
Utilities
$ 
7 $ 
281 $ 
64 $ 
40 $ 
— 
Midstream & Marketing
 
8  
8  
8  
8  
8 
UGI International
 
2  
2  
2  
336  
2 
AmeriGas Propane
 
218  
664  
512  
493  
— 
UGI Corporation (a)
 
—  
—  
—  
700  
— 
Total
$ 
235 $ 
955 $ 
586 $ 
1,577 $ 
10 
(a) Subsequent to September 30, 2024, UGI entered into the UGI Corporation 2025 Credit Agreement, consisting of (1) a $475 
revolving credit facility, including a $10 sublimit for letters of credit, scheduled to expire in October 2028 and (2) a $400 
variable-rate term loan, schedule to mature in October 2027 and concurrently paid in full and terminated its existing UGI 
Corporation Credit Facility Agreement which was set to mature August 29, 2025. At September 30, 2024, borrowings 
outstanding under the credit facility due August 29, 2025, were classified as long-term debt based on the Company’s intent 
and ability to refinance the obligation with long-term debt.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-33

Restrictive Covenants
Our long-term debt and credit facility agreements generally contain customary covenants and default provisions which may 
include, among other things, restrictions on the incurrence of additional indebtedness and also restrict liens, guarantees, 
investments, loans and advances, payments, mergers, consolidations, asset transfers, transactions with affiliates, sales of assets, 
acquisitions and other transactions. These agreements contain standard provisions which require compliance with certain 
financial ratios. Certain of the subsidiaries nonrecourse debt agreements contain cross-default provisions, whereby default 
under an agreement with one lender simultaneously causes default under agreements with other lenders. In addition, under the 
default provisions, a default of a subsidiary results in or is at risk of triggering a cross-default under the debt of the parent 
company. UGI and its subsidiaries were in compliance with all debt covenants as of September 30, 2024.
Restricted Net Assets
At September 30, 2024, the amount of net assets of UGI’s consolidated subsidiaries that were restricted from transfer to UGI 
under debt agreements, subsidiary partnership agreements and regulatory requirements under foreign laws totaled 
approximately $3,500.
Note 7 — Income Taxes
Income (loss) before income taxes comprises the following:
2024
2023
2022
Domestic
$ 
305 $ 
(346) $ 
362 
Foreign
 
35  
(1,491)  
1,025 
Total income (loss) before income taxes
$ 
340 $ 
(1,837) $ 
1,387 
The provisions for income taxes consist of the following:
2024
2023
2022
Current expense (benefit):
Federal
$ 
(25) $ 
(1) $ 
24 
State
 
12  
37  
18 
Foreign
 
32  
49  
50 
Total current expense
 
19  
85  
92 
Deferred expense (benefit):
Federal
 
82  
34  
45 
State
 
34  
(21)  
(17) 
Foreign
 
(64)  
(433)  
193 
Total deferred expense (benefit)
 
52  
(420)  
221 
Total income tax expense (benefit)
$ 
71 $ 
(335) $ 
313 
Federal income taxes for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are net of foreign tax credits of $17, $25, and $5, 
respectively. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-34

A reconciliation from the U.S. federal statutory tax rate to our effective tax rate is as follows:
2024
2023
2022
U.S. federal statutory tax rate
 21.0 %
 21.0 %
 21.0 %
Difference in tax rate due to:
Goodwill impairment not deductible for tax
 11.6 
 (7.3) 
 — 
State income taxes, net of federal benefit
 6.8 
 (1.7) 
 2.3 
Investment tax credits
 (6.8) 
 0.5 
 — 
Valuation allowance adjustments
 (6.3) 
 1.1 
 (0.5) 
Regulated entity depreciation normalization
 (4.5) 
 0.7 
 (0.8) 
Notional interest deduction
 (3.8) 
 0.7 
 (0.9) 
Effects of tax rate changes – State, net of federal benefit
 3.6 
 0.2 
 (1.4) 
State NOL adjustment upon disposition
 2.4 
 — 
 — 
Uncertain tax positions
 (2.4) 
 (0.7) 
 — 
Impairment of equity investment
 2.2 
 — 
 — 
Federal refund interest accrual
 (1.1) 
 — 
 — 
Effects of foreign operations
 0.1 
 3.1 
 5.3 
Effects of tax rate changes - International
 — 
 — 
 (2.3) 
Other, net
 (1.9) 
 0.6 
 (0.1) 
Effective tax rate
 20.9 %
 18.2 %
 22.6 %
In July 2022, tax legislation was enacted in Pennsylvania reducing the state’s corporate net income tax rate from 9.99% to 
4.99% over a nine-year period, beginning with an initial reduction to 8.99% beginning in Fiscal 2024.  The legislation resulted 
in $12 tax expense and $4 of tax benefits being recorded in Fiscal 2024 and Fiscal 2023, respectively, based on the Company’s 
analysis of future reversals of net deferred tax liabilities. 
Federal refund claims of $56 and $36 are included in “Income taxes receivable” on the Consolidated Balance Sheet at 
September 30, 2024 and 2023, respectively.  $36 of refund claims at September 30, 2024 and 2023 are related to Fiscal 2021 
federal net operating losses carried back to Fiscal 2016 under CARES legislation enacted in 2020.  The CARES refund claim is 
under Joint Committee review. 
Our effective tax rate is subject to the impact of changes to the taxation of foreign source income made by the TCJA and the 
high tax exception regulations issued in July 2020. Income tax expense for Fiscal 2024, Fiscal 2023 and Fiscal 2022 includes 
$2, $13, and $3, respectively, of GILTI taxes that are treated as current period costs and carry no related deferred taxes.
Pennsylvania and West Virginia utility ratemaking practices permit the flow through to ratepayers of state tax benefits resulting 
from accelerated tax depreciation.  For Fiscal 2024, Fiscal 2023 and Fiscal 2022, the beneficial effects of state tax flow through 
of accelerated depreciation reduced income tax expense by $12, $11, and $10, respectively.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-35

Deferred tax liabilities (assets) comprise the following at September 30: 
2024
2023
Excess book basis over tax basis of property, plant and equipment
$ 
994 $ 
966 
Intangible assets and goodwill
 
86  
81 
Utility regulatory assets
 
74  
84 
Investment in AmeriGas Partners
 
31  
— 
Derivative instrument assets
 
—  
19 
Other
 
50  
37 
Gross deferred tax liabilities
 
1,235  
1,187 
Interest expense
 
(118)  
(83) 
Operating loss carryforwards
 
(72)  
(75) 
Utility regulatory liabilities
 
(72)  
(83) 
Foreign tax credit carryforwards
 
(49)  
(64) 
Employee-related benefits
 
(33)  
(37) 
Investment tax credits
 
(26)  
— 
Utility environmental liabilities
 
(16)  
(15) 
Pension plan liabilities
 
(8)  
(14) 
Derivative instrument liabilities
 
(3)  
— 
Investment in AmeriGas Partners
 
—  
(28) 
Other
 
(58)  
(58) 
Gross deferred tax assets
 
(455)  
(457) 
Deferred tax assets valuation allowance
 
130  
141 
Net deferred tax liabilities
$ 
910 $ 
871 
At September 30, 2024, we carried foreign net operating loss carryforwards of $9 relating to Flaga, $22 at certain subsidiaries 
of UGI France, $8 relating to Belgium, and $66 in the Netherlands with no expiration dates. We have state net operating loss 
carryforwards primarily relating to certain subsidiaries that approximate $1,223 and expire through 2044. We also have federal 
operating loss carryforwards of $4 for certain operations of AmeriGas Propane. At September 30, 2024, deferred tax assets 
relating to operating loss carryforwards amounted to $72 related to various UGI subsidiaries.
Valuation allowances against deferred tax assets exist for foreign tax credit carryforwards, net operating loss carryforwards of 
foreign subsidiaries, capital loss carryforwards and a notional interest deduction. The valuation allowance for all deferred tax 
decreased $11 in Fiscal 2024, which included a decrease of $22 against the notional interest deduction, $4 against capital losses 
and $1 against FTC’s offset by a $5 increase against Foreign net operating losses and $11 against disallowed interest expense. 
The valuation allowance for all deferred tax remained the same in Fiscal 2023, which included an increase of $19 for 
disallowed interest, an increase of $11 for foreign net operating losses, $5 for a notional interest deduction and $3 from state tax 
rate decreases were offset by $22 decrease against capital losses and a $16 decrease against FTC’s. 
We conduct business and file tax returns in the U.S., and various local, state and foreign jurisdictions. Our U.S. federal income 
tax returns are settled through the 2020 tax year, and our European tax returns are effectively settled for various years from 
2016 to 2020. State and other income tax returns in the U.S. are generally subject to examination for a period of three to five 
years after the filing of the respective returns.   
The Company’s unrecognized tax benefits including amounts related to accrued interest, which if subsequently recognized 
would be recorded as a benefit to income taxes, amounted to $18, $26, and $5 at September 30, 2024, 2023 and 2022, 
respectively.  Generally, a net reduction in unrecognized tax benefits could occur because of the expiration of the statute of 
limitations in certain jurisdictions or as a result of settlements with tax authorities.  The expected change in unrecognized tax 
benefits and related interest in the next twelve months as the result of the expiration of certain statutes is not material.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-36

A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as follows: 
2024
2023
2022
Unrecognized tax benefits — beginning of year
$ 
26 $ 
5 $ 
3 
Additions for tax positions of the current year
 
4  
3  
2 
Decreases for tax positions taken in prior years
 
(11)  
—  
— 
Increases for tax positions taken in prior years
 
—  
19  
1 
Settlements with tax authorities/statute lapses
 
(1)  
(1)  
(1) 
Unrecognized tax benefits — end of year
$ 
18 $ 
26 $ 
5 
Note 8 — Employee Retirement Plans 
Defined Benefit Pension and Other Postretirement Plans
The U.S. Pension Plans consist of (1) a defined benefit pension plan for employees hired prior to January 1, 2009, of UGI, UGI 
Utilities, and certain of UGI’s other domestic wholly owned subsidiaries and (2) a defined benefit pension plan for Mountaineer 
employees hired prior to January 1, 2023. U.S. Pension Plans’ benefits are based on years of service, age and employee 
compensation. In addition, certain UGI International employees in France and Belgium are covered by defined benefit pension 
and postretirement plans. Although the disclosures in the tables below include amounts related to the UGI International plans, 
such amounts are not material.
We also provide postretirement health care benefits to certain retirees and postretirement life insurance benefits to certain U.S. 
active and retired employees. The ABOs of our other postretirement benefit plans were $24 and $21 as of September 30, 2024 
and 2023, respectively. The fair values of the plan assets of our other postretirement benefit plans was $22 and $18 as of 
September 30, 2024 and 2023, respectively. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-37

The following table provides a reconciliation of the PBOs of our pension plans (the U.S. Pension Plans and the UGI 
International pension plans), plan assets, and the related funded status of our pension plans as of September 30, 2024 and 2023.  
ABO is the present value of benefits earned to date with benefits based upon current compensation levels. PBO is ABO 
increased to reflect estimated future compensation.
Change in benefit obligations:
 
 
Benefit obligations — beginning of year
$ 
623 $ 
633 
Service cost
 
8  
9 
Interest cost
 
36  
35 
Actuarial loss (gain)
 
76  
(20) 
Foreign currency 
 
2  
2 
Benefits paid
 
(38)  
(36) 
Benefit obligations — end of year (a)
$ 
707 $ 
623 
Change in plan assets:
 
 
Fair value of plan assets — beginning of year
$ 
556 $ 
541 
Actual gain (loss) on plan assets
 
118  
31 
Foreign currency 
 
1  
1 
Employer contributions
 
19  
19 
Benefits paid
 
(37)  
(36) 
Fair value of plan assets — end of year
$ 
657 $ 
556 
Funded status of the plans — end of year (b)
$ 
(50) $ 
(67) 
Amounts recorded in UGI Corporation stockholders’ equity (pre-tax):
 
 
Prior service cost
$ 
3 $ 
3 
Net actuarial gain
 
(9)  
(17) 
Total
$ 
(6) $ 
(14) 
Amounts recorded in regulatory assets and liabilities (pre-tax):
 
 
Net actuarial loss
$ 
106 $ 
110 
Total
$ 
106 $ 
110 
Pension Benefits
 
2024
2023
(a)  The ABOs of the U.S. Pension Plans were $633 and $558 as of September 30, 2024 and 2023, respectively.
(b)  Amounts are reflected in “Other noncurrent liabilities” and “Other assets” on the Consolidated Balance Sheets. Amounts 
reflected in “Other assets” are not material.
In Fiscal 2024 and Fiscal 2023, the changes in the pension plans’ PBOs due to actuarial gains and losses are principally the 
result of changes in discount rates. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-38

Actuarial assumptions for our U.S. Pension Plans are described below. The discount rate assumption was determined by 
selecting a hypothetical portfolio of high quality corporate bonds appropriate to provide for the projected benefit payments of 
the plans. The discount rate was then developed as the single rate that equates the market value of the bonds purchased to the 
discounted value of the plans’ benefit payments. The expected rate of return on assets assumption is based on current and 
expected asset allocations as well as historical and expected returns on various categories of plan assets (as further described 
below).
 
Pension Plans
 
2024
2023
2022
Weighted-average assumptions:
 
 
 
Discount rate – benefit obligations
 5.05 %
 6.09 %
 5.70 %
Discount rate – benefit cost
 6.09 %
 5.70 %
 3.13 %
Expected return on plan assets
 7.50 %
 7.50 %
 7.10 %
Rate of increase in salary levels
 3.25 %
 3.25 %
 3.25 %
The service cost component of our pension and other postretirement plans, net of amounts capitalized, is reflected in “Operating 
and administrative expenses” on the Consolidated Statements of Income.  The non-service cost components, net of amounts 
capitalized by Utilities as a regulatory asset, are reflected in “Other non-operating (expense) income, net” on the Consolidated 
Statements of Income.  Other postretirement benefit cost was not material for all periods presented.  Net periodic pension 
(income) cost includes the following components:
 
Pension Benefits
 
2024
2023
2022
Service cost
$ 
8 $ 
9 $ 
16 
Interest cost
 
36  
35  
26 
Expected return on assets
 
(44)  
(45)  
(50) 
Amortization of:
Actuarial loss (gain)
 
1  
(3)  
7 
Net benefit cost (income)
$ 
1 $ 
(4) $ 
(1) 
It is our general policy to fund amounts for U.S. Pension Plans benefits equal to at least the minimum required contribution set 
forth in applicable employee benefit laws. From time to time, we may, at our discretion, contribute additional amounts. During 
Fiscal 2024, Fiscal 2023 and Fiscal 2022, we made cash contributions to the U.S. Pension Plans of $18, $18 and $14, 
respectively.  The minimum required contributions to the U.S. Pension Plans in Fiscal 2025 are not expected to be material. 
UGI Utilities has established a VEBA trust to pay certain retiree health care and life insurance benefits by depositing into the 
VEBA the annual amount of postretirement benefits costs, if any. Assets associated with the VEBA are not material and we do 
not expect to be required to make any contributions to the VEBA during Fiscal 2025.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-39

Expected payments for postretirement benefits over the next 10 years are not material.  Expected payments for pension benefits 
are as follows:
Pension
Benefits
Fiscal 2025
$ 
40 
Fiscal 2026
$ 
41 
Fiscal 2027
$ 
44 
Fiscal 2028
$ 
46 
Fiscal 2029
$ 
49 
Fiscal 2030 - 2034
$ 
242 
We also sponsor unfunded and non-qualified supplemental executive defined benefit retirement plans. At September 30, 2024 
and 2023, the PBOs of these plans, including obligations for amounts held in grantor trusts, totaled $40 and $34, respectively. 
Costs associated with these plans and amounts recorded in UGI’s stockholder’s equity representing actuarial gains and losses 
were not material for all periods presented and are excluded from the tables above. During Fiscal 2024, Fiscal 2023, and Fiscal 
2022, the payments the Company made with respect to the supplemental executive defined benefit retirement plans were not 
material. The total fair value of the grantor trust investment assets associated with the supplemental executive defined benefit 
retirement plans, which are included in “Other assets” on the Consolidated Balance Sheets, totaled $31 and $26 at 
September 30, 2024 and 2023, respectively.
U.S. Pension Plans’ Assets
The assets of the U.S. Pension Plans are held in trust. The investment policies and asset allocation strategies for the assets in 
these trusts are determined by the Retirement Plan Committee comprising certain members of UGI’s senior management. The 
overall investment objective is to minimize projected funded status volatility by more closely aligning the duration of the U.S. 
Pension Plans’ fixed income portfolio to the duration of its liabilities. The proportion of plan assets allocated to fixed income 
investments will increase as the funded status increases. Investments are made principally in common collective trust funds that 
consist of equity investments, bond investments and short-term cash investments, and, to a much less extent, UGI Common 
Stock and alternative investments. 
The targets and actual allocations for the U.S. Pension Plans’ trust assets at September 30 are as follows:
 
Actual
Target Asset Allocation (a)
 
2024
2023
2024
2023
Equity investments
 52.4 %
 61.4 %
 53.2 %
 61.6 %
Fixed income funds & cash equivalents
 44.9 %
 35.5 %
 43.4 %
 35.0 %
Alternative investments
 2.7 %
 3.1 %
 3.4 %
 3.4 %
Total
 100.0 %
 100.0 %
 100.0 %
 100.0 %
(a)  There is a permitted range for the allocation of the trust assets for the U.S. Pension Plans which is 5% less than and greater 
than the target allocation.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-40

Common collective trust funds in the U.S. Pension Plans primarily include investments in U.S., Non-U.S. and global (a mix of 
U.S. and Non-U.S.) equities, fixed income and short-term cash investments.  The fair values of common collective trust funds 
and cash equivalents are valued at the NAV of units of the collective trusts.  The NAVs, as provided by the trustee, are used as 
a practical expedient to estimate fair value based on the fair values of the underlying investments held by the funds less their 
liabilities. The fair values of the U.S. Pension Plans trust assets by asset class as of September 30, 2024 and 2023 are as 
follows:
2024
2023
U.S. Pension Plans:
 
Domestic equity investments:
 
   UGI Corporation Common Stock
$ 
20 $ 
19 
     Total domestic equity investments (a)
 
20  
19 
Common collective trust funds:
   U.S. equity index investments
 
188  
120 
   Non-U.S. equity index investments
 
96  
117 
   Global equity index investments
 
29  
75 
   Bond index investments
 
274  
183 
   Cash equivalents
 
11  
8 
     Total common collective trust funds (b)
 
598  
503 
Alternative investments (b)
 
17  
17 
Total
$ 
635 $ 
539 
(a)  Level 1 investments within the fair value hierarchy.
(b)  Assets measured at NAV and therefore excluded from the fair value hierarchy.
The expected long-term rates of return on U.S. Pension Plans’ trust assets have been developed using a best estimate of 
expected returns, volatilities and correlations for each asset class. The estimates are based on historical capital market 
performance data and future expectations provided by independent consultants. Future expectations are determined by using 
simulations that provide a wide range of scenarios of future market performance. The market conditions in these simulations 
consider the long-term relationships between equities and fixed income as well as current market conditions at the start of the 
simulation. The expected rate begins with a risk-free rate of return with other factors being added such as inflation, duration, 
credit spreads and equity risk premiums. The rates of return derived from this process are applied to our target asset allocation 
to develop a reasonable return assumption.
Defined Contribution Plans
We sponsor 401(k) savings plans for eligible employees of UGI and certain of UGI’s domestic subsidiaries. Generally, 
participants in these plans may contribute a portion of their compensation on either a before-tax basis, or on both a before-tax 
and after-tax basis. These plans also provide for employer matching contributions at various rates. The cost of benefits under 
the savings plans totaled $23 in Fiscal 2024, $22 in Fiscal 2023 and $21 in Fiscal 2022. The Company also sponsors certain 
nonqualified supplemental defined contribution executive retirement plans. These plans generally provide supplemental benefits 
to certain executives that would otherwise be provided under retirement plans but are prohibited due to limitations imposed by 
the IRC.  The Company makes payments to self-directed grantor trusts with respect to these supplemental defined contribution 
plans. Such payments during Fiscal 2024, Fiscal 2023 and Fiscal 2022 were not material. At September 30, 2024 and 2023, the 
total fair values of these grantor trust investment assets, which amounts are included in “Other assets” on the Consolidated 
Balance Sheets, were $8 and $9, respectively.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-41

Note 9 — Utility Regulatory Assets and Liabilities and Regulatory Matters 
The following regulatory assets and liabilities associated with our Utilities reportable segment are included in our Consolidated 
Balance Sheets at September 30:
2024
2023
Regulatory assets (a):
 
 
Income taxes recoverable
$ 
105 $ 
94 
Underfunded pension plans
 
106  
111 
Environmental costs
 
28  
28 
Deferred fuel and power costs
 
—  
27 
Removal costs, net
 
28  
23 
Other
 
52  
64 
Total regulatory assets
$ 
319 $ 
347 
Regulatory liabilities (a):
 
 
Postretirement benefits
$ 
13 $ 
12 
Deferred fuel and power refunds
 
17  
55 
State income tax benefits — distribution system repairs
 
44  
43 
Excess federal deferred income taxes
 
247  
254 
Other
 
8  
2 
Total regulatory liabilities
$ 
329 $ 
366 
(a) Current regulatory assets are recorded in “Other current assets” on the Consolidated Balance Sheets. Regulatory liabilities 
are recorded in “Other current liabilities” and “Other noncurrent liabilities” on the Consolidated Balance Sheets.
Other than removal costs, Utilities currently does not recover a rate of return on the regulatory assets included in the table 
above.
Income taxes recoverable. This regulatory asset is the result of recording deferred tax liabilities pertaining to temporary tax 
differences principally as a result of the pass through to ratepayers of the tax benefit on accelerated tax depreciation for state 
income tax purposes, and the flow through of accelerated tax depreciation for federal income tax purposes for certain years 
prior to 1981. These deferred taxes have been reduced by deferred tax assets pertaining to utility deferred investment tax 
credits. Utilities has recorded regulatory income tax assets related to these deferred tax liabilities representing future revenues 
recoverable through the ratemaking process over the average remaining depreciable lives of the associated property ranging 
from 1 to approximately 65 years. 
Underfunded pension plans. This regulatory asset represents the portion of net actuarial losses and prior service costs (credits) 
associated with Gas Utility and Electric Utility pension benefits which are probable of being recovered through future rates 
based upon established regulatory practices. These regulatory assets are adjusted annually or more frequently under certain 
circumstances when the funded status of the plans is remeasured. These costs are amortized over the average remaining future 
service lives of plan participants.
Environmental costs. Environmental costs principally represent estimated probable future environmental remediation and 
investigation costs that PA Gas Utility expects to incur, primarily at MGP sites in Pennsylvania, in conjunction with a 
remediation COA with the PADEP. Pursuant to base rate orders, PA Gas Utility receives ratemaking recognition of its 
estimated environmental investigation and remediation costs associated with its environmental sites.  This ratemaking 
recognition balances the accumulated difference between historical costs and rate recoveries with an estimate of future costs 
associated with the sites. The period over which PA Gas Utility expects to recover these costs will depend upon future 
remediation activity.  For additional information on environmental costs, see Note 16.
Removal costs, net. This regulatory asset represents costs incurred, net of salvage, associated with the retirement of depreciable 
utility plant of UGI Utilities. As required by PAPUC ratemaking, removal costs include actual costs incurred associated with 
asset retirement obligations. Consistent with prior ratemaking treatment, UGI Utilities expects to recover these costs over five 
years.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-42

Postretirement benefits. This regulatory liability represents the difference between amounts recovered through rates by PA Gas 
Utility and Electric Utility and actual costs incurred in accordance with accounting for postretirement benefits. A portion of this 
liability will be refunded to customers over the average remaining future service lives of plan participants.  Another portion of 
this liability represents overcollections for which refund periods have been established within ratemaking proceedings. With 
respect to Gas Utility, postretirement benefit overcollections are generally being refunded to customers over a ten-year period 
beginning October 19, 2016.  With respect to Electric Utility, the overcollections are being refunded to ratepayers over a 20-
year period effective October 27, 2018.
Deferred fuel and power - costs and refunds. Utilities’ tariffs contain clauses that permit recovery of all prudently incurred 
purchased gas and power costs through the application of PGC rates, PGA rates and DS tariffs. These clauses provide for 
periodic adjustments to PGC, PGA and DS rates for differences between the total amount of purchased gas and electric 
generation supply costs billed to customers and recoverable costs incurred. Net underbilled costs are classified as a regulatory 
asset and net overbillings are classified as a regulatory liability.
Mountaineer uses fixed-price contracts to reduce volatility in the cost of gas it purchases for retail core-market customers. To 
lower winter bills for residential customers, the WVPSC removed transportation and storage costs from the volumetric rate and 
created a fixed monthly pipeline demand charge applicable only to residential customers effective December 1, 2022. 
PA Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. 
Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or 
refunds. Net unrealized gains (losses) on such contracts at September 30, 2024 and 2023 were $2 and $(2), respectively.
State income tax benefits — distribution system repairs. This regulatory liability represents Pennsylvania state income tax 
benefits, net of federal benefit, resulting from the deduction for income tax purposes of repair and maintenance costs associated 
with UGI Utilities’ assets that are capitalized for regulatory and GAAP reporting. The tax benefits associated with these repair 
and maintenance deductions will be reflected as a reduction to income tax expense over the remaining tax lives of the related 
book assets.
Excess federal deferred income taxes. This regulatory liability is the result of remeasuring Utilities’ federal deferred income 
tax liabilities on utility plant due to the enactment of the TCJA on December 22, 2017. In order for our utility assets to continue 
to be eligible for accelerated tax depreciation, current law requires that excess federal deferred income taxes resulting from the 
remeasurement be amortized no more rapidly than over the remaining lives of the assets that gave rise to the excess federal 
deferred income taxes, ranging from 1 year to approximately 65 years. This regulatory liability has been increased to reflect the 
tax benefit generated by the amortization of the excess deferred federal income taxes and is being amortized and credited to tax 
expense.
Other.  Other regulatory assets and liabilities comprise a number of deferred items including, among others, certain fair value 
adjustments related to the Mountaineer Acquisition, certain information technology costs, energy efficiency conservation costs 
and rate case expenses.
Other Regulatory Matters
UGI Utilities. On January 27, 2023, Electric Utility filed a request with the PAPUC to increase its annual base distribution 
revenues by $11. On September 21, 2023, the PAPUC issued a final order approving a settlement providing for a $9 annual 
base distribution rate increase for Electric Utility, effective October 1, 2023. 
On January 28, 2022, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, 
commercial and industrial customers by $83 annually. On September 15, 2022, the PAPUC issued a final order approving a 
settlement providing for a $49 annual base distribution rate increase for PA Gas Utility, through a phased approach, with $38 
beginning October 29, 2022 and an additional $11 beginning October 1, 2023. In accordance with the terms of the final order, 
PA Gas Utility was not permitted to file a rate case prior to January 1, 2024. Also in accordance with the terms of the final 
order, PA Gas Utility was authorized to implement a weather normalization adjustment rider as a five-year pilot program 
beginning on November 1, 2022. Under this rider, when weather deviates from normal by more than 3%, residential and small 
commercial customer billings for distribution services are adjusted monthly for weather related impacts exceeding the 3% 
threshold. Additionally, under the terms of the final order, PA Gas Utility was authorized to implement a DSIC once its total 
property, plant and equipment less accumulated depreciation reached $3,368 (which threshold was achieved in September 
2022).
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-43

Mountaineer. On July 31, 2024, Mountaineer submitted its 2024 IREP filing to the WVPSC requesting recovery of $19, which 
includes $3 of prior year under-recovery, for costs associated with capital investments after December 31, 2022, that total $197, 
including $74 in calendar year 2025. The filing included capital investments totaling $418 over the 2025 - 2029 period. On 
October 28, 2024, the WVPSC issued an order approving Mountaineer’s request. 
On July 31, 2023, Mountaineer submitted its 2023 IREP filing to the WVPSC requesting recovery of $10, an increase of $6, for 
costs associated with capital investments after December 31, 2022, that total $131, including $67 in calendar year 2024. With 
new base rates expected to be effective January 1, 2024, revenues from IREP rates would decrease by $12. The filing included 
capital investments totaling $383 over the 2024 - 2028 period. On December 20, 2023, the WVPSC issued a final order 
approving a settlement effective January 1, 2024.
On March 6, 2023, Mountaineer submitted a base rate case filing with the WVPSC seeking a net revenue increase of $20, 
which consisted of an increase in base rates of $38 and a decrease in the IREP rates of $18 annually to be effective on April 5, 
2023.  On March 31, 2023, the WVPSC suspended the effective date of the requested rate change increase until January 1, 2024 
to allow for a full review of the filing. On October 6, 2023, Mountaineer filed a joint stipulation and agreement for settlement of 
the base rate case, which included a $14 net revenue increase. On December 21, 2023, the WVPSC issued a final order 
approving the joint stipulation and agreement, except the WVPSC authorized Mountaineer to implement a weather 
normalization adjustment rider as a five-year pilot program beginning on October 1, 2024. The new rates went into effect on 
January 1, 2024. On April 11, 2024, the WVPSC approved the calculation methodology submitted by Mountaineer on March 
28, 2024.  Under this rider, when weather deviates from normal by more than 2%, for service rendered during the period 
October 1 through May 31, residential and small commercial customer billings for distribution services are adjusted for weather 
related impacts exceeding the 2% threshold.
On July 29, 2022, Mountaineer submitted its 2022 IREP filing to the WVPSC requesting recovery of costs associated with 
capital investments totaling $354 over the 2023 - 2027 period, including $64 in calendar year 2023. On November 16, 2022, 
Mountaineer and the intervening parties submitted a joint stipulation and agreement for settlement to the WVPSC requesting 
approval of 2023 IREP revenue of $22 to be charged effective January 1, 2023, which includes the recovery of a $1 under-
recovery of 2021 IREP revenue. On December 21, 2022, the WVPSC issued an order approving the joint stipulation and 
agreement for settlement as filed. 
Note 10 — Inventories
Inventories comprise the following at September 30:
2024
2023
Non-utility LPG and natural gas
$ 
195 $ 
212 
Gas Utility natural gas
 
50  
55 
Energy certificates
 
69  
64 
Materials, supplies and other
 
97  
102 
Total inventories
$ 
411 $ 
433 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-44

Note 11 — Property, Plant and Equipment
Property, plant and equipment comprise the following at September 30:
2024
2023
Estimated Useful Life
Utility:
 
 
Distribution
$ 
5,595 $ 
5,204 
Transmission
 
125  
123 
General and other
 
706  
660 
Work in process
 
94  
95 
Total Utility
 
6,520  
6,082 
Non-utility:
 
 
Land
 
172  
174 
Buildings and improvements
 
429  
418 
10 - 40 years
Transportation equipment
 
233  
238 
3 - 10 years
Equipment, primarily cylinders and tanks
 
3,985  
3,903 
5 - 30 years
Electric generation
 
48  
190 
25 - 40 years
Pipeline and related assets
 
1,598  
1,577 
25 - 40 years
Other
 
430  
390 
1 - 12 years
Work in process
 
258  
156 
Total non-utility
 
7,153  
7,046 
Total property, plant and equipment
$ 
13,673 $ 
13,128 
The average composite depreciation rates at our Gas Utility and Electric Utility were as follows:
2024
2023
2022
Regulated natural gas utilities
 2.6 %
 2.4 %
 2.6 %
Electric Utility
 2.5 %
 2.3 %
 2.4 %
Depreciation expense totaled $496, $476 and $460 for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
Note 12 — Goodwill and Intangible Assets
Changes in the carrying amount of goodwill by reportable segment are as follows:
 
Utilities
Midstream & 
Marketing
UGI 
International
AmeriGas
Propane
Total
Balance September 30, 2022
$ 
432 $ 
336 $ 
840 $ 
2,004 $ 
3,612 
Impairment of goodwill
 
—  
—  
—  
(656)  
(656) 
Acquisitions
 
—  
—  
3  
—  
3 
Foreign currency translation
 
—  
—  
68  
—  
68 
Balance September 30, 2023
 
432  
336  
911  
1,348  
3,027 
Impairment of goodwill
 
—  
—  
—  
(195)  
(195) 
Dispositions
 
—  
—  
(12)  
—  
(12) 
Foreign currency translation
 
—  
—  
51  
—  
51 
Balance September 30, 2024
$ 
432 $ 
336 $ 
950 $ 
1,153 $ 
2,871 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-45

During the fourth quarter of Fiscal 2024, as part of its annual goodwill impairment assessment, the Company performed a 
quantitative assessment for its AmeriGas Propane reporting unit.  In addition, during the third quarter of Fiscal 2023, the 
Company identified interim impairment indicators related to goodwill within the AmeriGas Propane reporting unit: (1) 
AmeriGas Partners issued $500 of Senior Notes at an interest rate of 9.375%, which was significantly higher than the interest 
rates on the other AmeriGas Propane debt obligations; and (2) financial projections for the AmeriGas Propane reporting unit 
were reduced significantly compared to previous forecasts following declines in gross margins and customer retention and 
higher operating expenses. The Company concluded that these events constituted triggering events that indicate that the 
AmeriGas Propane goodwill may be impaired and, as such, performed an interim impairment test of its goodwill as of May 31, 
2023. 
Using level 3 inputs, we performed a quantitative assessment of the AmeriGas Propane reporting unit using a weighting of the 
income and market approaches to determine its fair value. With respect to the income approach, management used a discounted 
cash flow (“DCF”) method, using unobservable inputs. The significant assumptions in our DCF model include projected 
EBITDA and a discount rate (and estimates in the discount rate inputs). With respect to the market approach, management used 
recent transaction market multiples for similar companies in the U.S. The resulting estimates of fair value from the income 
approach and the market approach were then weighted equally in determining the overall estimated fair value of AmeriGas 
Propane.
Based on our evaluations in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas Propane reporting unit was 
determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax goodwill impairment charge 
of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively, included in “Impairment of goodwill” on the Consolidated 
Statements of Income, to reduce the carrying value of AmeriGas Propane to its fair value. The Company calculated the deferred 
tax effect using the simultaneous equation method. 
The performance of the AmeriGas Propane reporting unit and the potential for future developments in the global economic 
environment, including the prospect of higher interest rates, introduces a heightened risk for additional impairment in the 
AmeriGas Propane reporting unit. If there is continued deterioration in the results of operations, a portion or all of the 
remaining recorded goodwill for the AmeriGas Propane reporting unit, which was $1.2 billion as of September 30, 2024, could 
be subject to further impairment.
Intangible assets comprise the following at September 30:
2024
2023
Customer relationships
$ 
985 $ 
977 
Trademarks and tradenames
 
4  
4 
Noncompete agreements and other
 
27  
26 
Accumulated amortization
 
(665)  
(602) 
Intangible assets, net (definite-lived)
 
351  
405 
Trademarks and tradenames (indefinite-lived)
 
40 
38
Total intangible assets, net
$ 
391 $ 
443 
During Fiscal 2023, the Company recognized a $10 non-cash, pre-tax impairment charge related to customer relationships 
intangible assets and indefinite-lived tradenames at DVEP in connection with the wind-down of the energy marketing business 
in the Netherlands (see Note 5). These charges are reflected in “Operating and administrative expenses” on the Consolidated 
Statements of Income. 
Amortization expense of intangible assets was $55, $56 and $61 for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. 
Estimated amortization expense of intangible assets during the next five fiscal years is as follows: Fiscal 2025 — $52; Fiscal 
2026 — $50; Fiscal 2027 — $27; Fiscal 2028 — $17; Fiscal 2029 — $16.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-46

Note 13 — Equity
On February 2, 2022, UGI’s Board of Directors authorized an extension of an existing share repurchase program for up to 
8,000,000 shares of UGI Corporation Common Stock for an additional four-year period, expiring February 2026. In Fiscal 
2024, there were no share repurchases made under the program. During Fiscal 2023 and Fiscal 2022, the Company purchased 
and placed in treasury stock 600,000 shares and 900,000 shares at a total cost of $22 and $38, respectively. 
UGI Preferred Stock and Common Stock share activity for Fiscal 2024, Fiscal 2023 and Fiscal 2022 is as follows:
Preferred 
Stock
Common Stock
Issued/
Outstanding
Issued
Treasury
Outstanding
Balance at September 30, 2021
 
220,000  209,843,296  
(627,161)  209,216,135 
Issued:
 
Employee and director plans
 
—  
717,198  
799,152  
1,516,350 
Repurchases of common stock
 
—  
—  
(900,000)  
(900,000) 
Reacquired common stock – employee and director plans
 
—  
—  
(250,273)  
(250,273) 
Balance at September 30, 2022
 
220,000  210,560,494  
(978,282)  209,582,212 
Issued:
 
 
 
Employee and director plans
 
—  
345,558  
167,313  
512,871 
Repurchases of common stock
 
—  
—  
(600,000)  
(600,000) 
Balance at September 30, 2023
 
220,000  210,906,052  
(1,410,969)  209,495,083 
Issued:
 
 
 
Settlement of Equity Units
 
(220,000)  
5,054,030  
—  
5,054,030 
Employee and director plans
 
—  
164,250  
(27,751)  
136,499 
Balance at September 30, 2024
 
—  216,124,332  
(1,438,720)  214,685,612 
UGI has 5,000,000 shares of UGI Series Preference Stock authorized for issuance. UGI had no shares of UGI Series Preference 
Stock outstanding at September 30, 2024 and 220,000 Series A shares outstanding at September 30, 2023.
Equity Units
On May 25, 2021, the Company issued 2.2 million Equity Units with a total notional value of $220. Each Equity Unit has a 
stated amount of $100 and consists of (i) a 10% undivided beneficial ownership interest in one share of Convertible Preferred 
Stock with a liquidation preference of $1,000 per share and (ii) a 2024 Purchase Contract. The Company received 
approximately $213 of proceeds from the issuance of the Equity Units, net of offering expenses and underwriting costs and 
commissions, and issued 220,000 shares of Convertible Preferred Stock which was recorded in “Preferred stock” on the 
accompanying Consolidated Balance Sheet.  The proceeds were used to pay a portion of the purchase price for the Mountaineer 
Acquisition and related fees and expenses, and for general corporate purposes.  During the second quarter of Fiscal 2022, the 
Company reclassified certain amounts on the Consolidated Balance Sheet and Consolidated Statement of Changes in Equity 
related to the accounting for the Equity Units.    
Pursuant to the terms of the Equity Units, in May 2024, the Company announced the unsuccessful final remarketing of its 
Convertible Preferred Stock. As a result, each holder of an Equity Unit received 2.2973 shares of UGI common stock, without 
par value, with cash paid in lieu of any fractional shares. During the third quarter of Fiscal 2024, the Company (i) made the 
final contract adjustment payment to settle the 2024 Purchase Contract in full; (ii) canceled the Convertible Preferred Stock; 
and (iii) in a non-cash transaction, converted the Equity Units into 5,054,030 shares of UGI Common Stock and issued the 
shares to the holders of the Equity Units under the 2024 Purchase Contract. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-47

 Note 14 — Equity-Based Compensation
The Company grants equity-based awards to employees and non-employee directors comprising UGI stock options and UGI 
Common Stock-based equity instruments. We recognized total pre-tax equity-based compensation expense of $8 ($6 after-tax), 
$17 ($13 after-tax) and $15 ($11 after-tax) in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively.
UGI Equity-Based Compensation Plans and Awards. On January 29, 2021, the Company’s shareholders approved the 2021 
IAP. Under the 2021 IAP, awards representing up to 20,500,000 shares of UGI Common Stock may be granted. UGI Unit 
Awards granted to employees and non-employee directors, including dividend equivalents, are settled in shares of UGI 
Common Stock and cash.  The 2021 IAP supersedes and replaces the 2013 OICP for awards granted on or after February 1, 
2021. The terms and conditions of the 2013 OICP will continue to govern any outstanding awards granted thereunder. Similar 
to the 2013 OICP, under the 2021 IAP, we may grant options to acquire shares of UGI Common Stock, SARs, UGI Units 
(comprising “Stock Units” and “UGI Performance Units”), other equity-based awards and cash to key employees and non-
employee directors. The exercise price for options may not be less than the fair market value on the grant date. Awards granted 
under the 2021 IAP may vest immediately or ratably over a period of years, and stock options can be exercised no later than ten 
years from the grant date.  Except in the event of retirement, death or disability, each grant, unless paid, will terminate when the 
participant ceases to be employed. There are certain change of control and retirement eligibility conditions that, if met, 
generally result in accelerated vesting or elimination of further service requirements.
There were 15,293,516 shares of Common Stock available for future grants under the 2021 IAP at September 30, 2024.
UGI Stock Option Awards. We measure the fair value of stock options using a Black-Scholes option pricing model that uses 
certain key assumptions for such options related to the expected life, volatility, dividend yield and the Company’s risk-free rate 
at the valuation date.  The per share weighted average fair value of stock options granted under our option plans was $4.17, 
$9.31 and $8.47 in Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. As of September 30, 2024, there was $2 of 
unrecognized compensation cost associated with unvested stock options that is expected to be recognized over a weighted-
average period of 1.8 years. There were 8,154,066 stock options outstanding at September 30, 2024, of which, 7,127,891 stock 
options were exercisable with a weighted-average option price of $42.94.
UGI Unit Awards. Awards of UGI Stock Units and UGI Performance Units subject to market-based conditions entitle the 
grantee to shares of UGI Common Stock or cash once the service condition is met and, with respect to UGI Performance Unit 
subject to market-based conditions, subject to UGI’s TSR percentile rank relative to companies in the UGI comparator group. 
Recipients of UGI Performance Units subject to market-based conditions are awarded a target number of such awards. The 
number of UGI Performance Units subject to market-based conditions ultimately paid at the end of the performance period 
(generally 3 years) may be higher or lower than the target amount, or even zero, based on UGI’s TSR percentile rank relative to 
companies in the UGI comparator group. Grantees may receive 0% to 200% of the target award granted.  Awards granted vest 
ratably over the performance period. 
Starting in Fiscal 2023, the Company granted UGI EPS Performance Unit awards. UGI EPS Performance Units entitle the 
grantee to shares of UGI Common Stock or cash once the service condition is met and subject to the achievement of a UGI EPS 
goal, which is a non-market performance condition. Recipients of UGI EPS Performance Units are awarded a target number of 
UGI EPS Performance Units. The number of UGI EPS Performance Units ultimately paid at the end of the service period 
(generally 3 years) may be higher or lower than the target amount, or even zero, based upon the actual EPS performance of the 
company. Grantees may receive 0% to 200% of the target award granted. Awards granted vest ratably over the performance 
period.
The fair value of UGI Stock Units on the grant date is equal to the market price of UGI Stock on the grant date plus the fair 
value of dividend equivalents if applicable.  The fair value of UGI Performance Units is estimated using a Monte Carlo 
valuation model. The fair value associated with the target award is accounted for as equity and the fair value of the award over 
the target, as well as all dividend equivalents, is accounted for as a liability. The fair value of UGI EPS Performance Units is 
equal to the market price of UGI stock on the grant date plus the fair value of dividend equivalents if applicable.
The weighted-average grant date fair value of UGI Stock Units, UGI Performance Units and UGI EPS Performance Units 
granted to employees during Fiscal 2024, Fiscal 2023, and Fiscal 2022 was $28.91, $44.62 and $51.24, respectively. 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-48

As of September 30, 2024, there was a total of $14 unrecognized compensation cost associated with UGI Unit awards 
outstanding that is expected to be recognized over a weighted-average period of 1.7 years. As of September 30, 2024, there 
were 1,223,190 UGI Unit awards outstanding with a weighted-average grant-date fair value of $36.16 per share.
Note 15 — Leases 
Lessee
We lease various buildings and other facilities, real estate, vehicles, rail cars and other equipment, the majority of which are 
operating leases. We determine if a contract is or contains a lease by evaluating whether the contract explicitly or implicitly 
identifies an asset, whether we have the right to obtain substantially all of the economic benefits of the identified leased asset 
and to direct its use. 
ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make 
lease payments arising from the lease. We recognize ROU assets at the lease commencement date at the value of the lease 
liability adjusted for any prepayments, lease incentives received, and initial direct costs incurred. Lease liabilities are 
recognized at the lease commencement date based on the present value of lease payments over the lease term.  These payments 
are discounted using the discount rate implicit in the lease, when available.  We apply an incremental borrowing rate, which is 
developed utilizing a credit notching approach based on information available at the lease commencement date, to substantially 
all of our leases as the implicit rate is often not available. 
Lease expense is recognized on a straight-line basis over the expected lease term.  Renewal and termination options are not 
included in the lease term unless we are reasonably certain that such options will be exercised.  Leases with an original lease 
term of one year or less, including consideration of any renewal options assumed to be exercised, are not included in the 
Consolidated Balance Sheets.  
Certain lease arrangements, primarily fleet vehicle leases with lease terms of one to ten years, contain purchase options. The 
Company generally excludes purchase options in evaluating its leases unless it is reasonably certain that such options will be 
exercised.  Additionally, leases of fleet vehicles often contain residual value guarantees that are due at the end of the lease.  
Such amounts are included in the determination of lease liabilities when we are reasonably certain that they will be owed.
Certain leasing arrangements require variable payments that are dependent on asset usage or are based on changes in index 
rates, such as the Consumer Price Index. The variable payments component of such leases cannot be determined at lease 
commencement and is not recognized in the measurement of ROU assets or lease liabilities, but is recognized in earnings in the 
period in which the obligation occurs. 
Sale-leaseback transaction. During the fourth quarter of Fiscal 2023, AmeriGas OLP completed a sale-leaseback transaction 
with an independent third party for the land, building and improvements of an office and service center located in Gardena, 
California. The office and service center was leased back to AmeriGas OLP under an operating lease agreement having an 
initial six-year term with an option to renew. In conjunction with the transaction, AmeriGas OLP received approximately $32 in 
cash proceeds which resulted in a pre-tax gain of $29, reflected in Other operating income, net on the Fiscal 2023 Consolidated 
Statement of Income.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-49

ROU assets and lease liabilities recorded in the Consolidated Balance Sheets as of September 30 are as follows:
2024
2023
Location on the Balance Sheet
ROU assets:
Operating lease ROU assets
$ 
417 $ 
420 
Other assets
Finance lease ROU assets
 
54  
50 
Property, plant and equipment
Total ROU assets
$ 
471 $ 
470 
Lease liabilities:
Operating lease liabilities — current
$ 
86 $ 
87 
Other current liabilities
Operating lease liabilities — noncurrent  
343  
340 
Other noncurrent liabilities
Finance lease liabilities — current
 
3  
5 
Current maturities of long-
term debt
Finance lease liabilities — noncurrent
 
52  
45 
Long-term debt
Total lease liabilities
$ 
484 $ 
477 
The components of lease cost for Fiscal 2024, Fiscal 2023 and Fiscal 2022 are as follows:
2024
2023
2022
Operating lease cost
$ 
111 $ 
104 $ 
96 
Finance lease cost:
Amortization of ROU assets
 
4  
3  
4 
Interest on lease liabilities 
 
3  
3  
3 
Variable lease cost
 
1  
2  
6 
Short-term lease cost
 
10  
4  
2 
Total lease cost
$ 
129 $ 
116 $ 
111 
The following table presents the cash and non-cash activity related to lease liabilities included in the Consolidated Statements 
of Cash Flows during Fiscal 2024, Fiscal 2023 and Fiscal 2022:
2024
2023
2022
Cash paid related to lease liabilities:
Operating cash flows — operating leases
$ 
109 $ 
103 $ 
95 
Operating cash flows — finance leases
$ 
4 $ 
3 $ 
3 
Financing cash flows — finance leases
$ 
2 $ 
1 $ 
2 
Non-cash lease liability activities:
ROU assets obtained in exchange for operating lease liabilities
$ 
84 $ 
136 $ 
72 
ROU assets obtained in exchange for finance lease liabilities
$ 
7 $ 
6 $ 
2 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-50

The following table presents the weighted-average remaining lease term and weighted-average discount rate:
Weighted-average remaining lease term (in years)
2024
2023
Operating leases
6.8
7.1
Finance leases
6.7
5.3
Weighted-average discount rate (%)
2024
2023
Operating leases
4.8%
4.5%
Finance leases
6.9%
2.2%
Expected annual lease payments based on maturities of operating and finance leases, as well as a reconciliation to the lease 
liabilities on the Consolidated Balance Sheet, as of September 30, 2024, were as follows:
2025
2026
2027
2028
2029
 After 
2029
Total 
Lease 
Payments
Imputed 
Interest
Lease 
Liabilities
Operating leases
$ 
102 $ 
88 $ 
75 $ 
63 $ 
50 $ 
122 $ 
500 $ 
(71) $ 
429 
Finance leases
$ 
6 $ 
6 $ 
6 $ 
5 $ 
4 $ 
76 $ 
103 $ 
(48) $ 
55 
Approximately 80% of the operating lease liabilities presented above relate to AmeriGas Propane. 
At September 30, 2024, operating and finance leases that had not yet commenced were not material.
Lessor
We enter into lessor arrangements for the purposes of storing, gathering or distributing natural gas and LPG. AmeriGas Propane 
and UGI International have lessor arrangements that grant customers the right to use small, medium and large storage tanks, 
which we classify as operating leases.  These agreements contain renewal options for periods up to nine years and certain 
agreements at UGI International contain a purchase option. Energy Services leases certain natural gas gathering assets to 
customers, which we classify as operating leases.  Lease income is generally recognized on a straight-line basis over the lease 
term and included in “Revenues” on the Consolidated Statements of Income. See Note 4 for additional information on these 
revenues.   
Note 16 — Commitments and Contingencies 
Environmental Matters
UGI Utilities
From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs 
prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process 
are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 
1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the 
businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other 
than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired 
subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania.
UGI Utilities is subject to a COA with the PADEP to address the remediation of specified former MGP sites in Pennsylvania, 
which is scheduled to terminate at the end of 2031. In accordance with the COA, UGI Utilities is required to either obtain a 
certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at 
the MGPs, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure 
threshold.  The annual minimum expenditure threshold of the COA is $5. At September 30, 2024 and 2023, our aggregate 
estimated accrued liabilities for environmental investigation and remediation costs related to the COA totaled $54 and $52, 
respectively.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-51

We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material 
to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation 
and remediation costs associated with the sites covered by the COA. This ratemaking recognition reconciles the accumulated 
difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI 
Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable 
(see Note 9).
From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly 
owned or operated by UGI Utilities or owned or operated by a former subsidiary. Such parties generally investigate the extent 
of environmental contamination or perform environmental remediation. Management believes that under applicable law UGI 
Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, 
however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside 
Pennsylvania that UGI Utilities directly operated, or that were owned or operated by a former subsidiary of UGI Utilities if a 
court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded, or (2) UGI Utilities should be 
considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Neither the undiscounted nor 
the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania were 
material for all periods presented.
AmeriGas Propane
AmeriGas OLP Saranac Lake. In 2008, the NYDEC notified AmeriGas OLP that the NYDEC had placed property purportedly 
owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal 
Sites.  A site characterization study performed by the NYDEC disclosed contamination related to a former MGP.  AmeriGas 
OLP responded to the NYDEC in 2009 to dispute the contention it was a PRP as it did not operate the MGP and appeared to 
only own a portion of the site.  In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued 
three RODs related to remediation of the site totaling approximately $28 and requested additional information regarding 
AmeriGas OLP’s purported ownership.  AmeriGas OLP renewed its challenge to designation as a PRP and identified potential 
defenses.  The NYDEC subsequently identified a third party PRP with respect to the site.
The NYDEC commenced implementation of the remediation plan in the spring of 2018.  In Fiscal 2024, the NYDEC informed 
AmeriGas OLP that the remediation plan had been completed at a total cost of approximately $19.  The New York Office of the 
Attorney General, as counsel for the NYDEC, invited AmeriGas OLP to participate in settlement discussions. Based on our 
evaluation of the available information as of September 30, 2024 and 2023, the Partnership has an undiscounted environmental 
remediation liability of $8 related to the site. Our share of the actual remediation costs could be significantly more or less than 
the accrued amount. 
Other Matters
West Reading, Pennsylvania Explosion. On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which 
resulted in seven fatalities, significant injuries to eleven others, and extensive property damage to buildings owned by R.M. 
Palmer, a local chocolate manufacturer, and other neighboring structures. The NTSB and the PAPUC are investigating the West 
Reading incident. On July 18, 2023, the NTSB issued an Investigative Update in its ongoing investigation. That report identifies 
a fracture in a retired UGI gas service tee and a fracture in a nearby steam system, but it does not address causation of the 
fractures or the explosion. The NTSB investigative team includes representatives from the Company, the PAPUC, the local fire 
department and the Pipeline and Hazardous Materials Safety Administration. The Company is cooperating with the 
investigation. The NTSB may invite other parties to participate. In September 2023, OSHA closed their investigation of this 
matter, without any finding pertaining to UGI Utilities.
While the investigation into this incident is still underway and the cause of the explosion has not been determined, the 
Company has received claims as a result of the explosion and is involved in lawsuits relative to the incident. The Company 
maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated 
with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company 
cannot predict the result of these pending or future claims and legal actions at this time.
Regarding these pending claims and legal actions, the Company does not believe, at this early stage, that there is sufficient 
information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of these matters will or 
will not have a material effect on our financial statements.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-52

In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our 
businesses. Although we cannot predict the final results of these pending claims and legal actions, including those described 
above, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our 
financial statements.
UGI International  
In the first quarter of Fiscal 2024, UGI France initiated VDPs in consultation with the French Works Council, pursuant to which 
employees are incentivized to voluntarily terminate employment or may be subject to involuntary termination to achieve certain 
workforce reductions. As of September 30, 2024, the likelihood of termination benefits under VDPs was probable and the 
amount of such benefits was reasonably estimable.  As a result, for the fiscal year ended September 30, 2024, UGI International 
recorded pre-tax severance and other related expenses of $50, which are reflected in “Operating and administrative expenses” 
on the Consolidated Statements of Income.
Note 17 — Fair Value Measurements 
Recurring Fair Value Measurements
The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent 
portions, that are measured at fair value on a recurring basis within the fair value hierarchy as described in Note 2:
 
Asset (Liability)
Level 1
Level 2
Level 3
Total
September 30, 2024:
 
 
 
 
Derivative instruments:
 
 
 
 
Assets:
 
 
 
 
Commodity contracts 
$ 
106 $ 
27 $ 
— $ 
133 
Foreign currency contracts
$ 
— $ 
6 $ 
— $ 
6 
Interest rate contracts
$ 
— $ 
1 $ 
— $ 
1 
   Liabilities:
 
 
 
 
Commodity contracts 
$ 
(120) $ 
(32) $ 
— $ 
(152) 
Foreign currency contracts
$ 
— $ 
(9) $ 
— $ 
(9) 
Interest rate contracts
$ 
— $ 
(22) $ 
— $ 
(22) 
Non-qualified supplemental postretirement grantor trust investments (a) $ 
43 $ 
— $ 
— $ 
43 
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 
(a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement 
plans (see Note 8).
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-53

(b) Includes derivative assets and liabilities associated with certain UGI International energy marketing business transactions 
that qualified for held for sale accounting and are included in “Other current assets” and “Other current liabilities” on the 
Consolidated Balance Sheets (see Note 5).
The fair values of our Level 1 exchange-traded commodity futures and option contracts and non-exchange-traded commodity 
futures and forward contracts are based upon actively quoted market prices for identical assets and liabilities. Substantially all 
of the remaining derivative instruments are designated as Level 2.  The fair values of certain non-exchange-traded commodity 
derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price 
publications or recent market transactions and related market indicators. The fair values of our Level 2 interest rate contracts 
and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The 
fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in 
these trusts have active markets. 
Nonrecurring Fair Value Measurements
In connection with the disposition of UGID in Fiscal 2024, we recognized a non-cash, pre-tax impairment charge of $62 to 
reduce the carrying amount of UGID’s long-lived assets included in the disposal group to their estimated fair value. The 
Company determined the estimated fair value of such assets fell within Level 2 of the fair value hierarchy and was based upon 
the then-estimated sales price.  See Note 5 for additional information on the disposition of UGID.
Based on our goodwill impairment evaluations in Fiscal 2024 and Fiscal 2023, the estimated fair value of the AmeriGas 
Propane reporting unit was determined to be less than its carrying value. As a result, the Company recorded a non-cash pre-tax 
goodwill impairment charge of $195 and $656 in Fiscal 2024 and Fiscal 2023, respectively. See Note 12 for additional 
information on the impairment test, including the key assumptions used to determine the fair value of the AmeriGas Propane 
reporting unit.
Other Financial Instruments
The carrying amounts of other financial instruments included in current assets and current liabilities (except for current 
maturities of long-term debt) approximate their fair values because of their short-term nature.  We estimate the fair value of 
long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt 
(Level 2). The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding 
unamortized debt issuance costs) were as follows:
2024
2023
Carrying amount
$ 
6,733 $ 
6,647 
Estimated fair value
$ 
6,663 $ 
6,238 
Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could 
expose us to concentrations of credit risk.  We limit credit risk from short-term investments by investing only in investment-
grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC 
insured bank deposits.  The credit risk arising from concentrations of trade accounts receivable is limited because we have a 
large customer base that extends across many different U.S. markets and a number of foreign countries. See Note 18 for 
information regarding concentrations of credit risk associated with our derivative instruments.
Note 18 — Derivative Instruments and Hedging Activities 
We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and 
commodity instruments, among other things, to manage: (1) commodity price risk; (2) interest rate risk; and (3) foreign 
currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated 
with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes.  
The use of derivative instruments is controlled by our risk management and credit policies, which govern, among other things, 
the derivative instruments we can use, counterparty credit limits and contract authorization limits. Although our commodity 
derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments 
economically hedge commodity price risk during the next twelve months. See Note 2 for information on the accounting for our 
derivative instruments.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-54

The following sections summarize the types of derivative instruments used by the Company to manage these market risks.
Commodity Price Risk
Regulated Utility Operations
Natural Gas
PA Gas Utility’s tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to retail core-
market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by 
the PAPUC pursuant to PA Gas Utility’s annual PGC filings, PA Gas Utility currently uses NYMEX natural gas futures and 
option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-
market customers. See Note 9 for further information on the regulatory accounting treatment for these derivative instruments.
Non-utility Operations
LPG
In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-
term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price 
swap contracts. In addition, the Partnership and our UGI International operations also use over-the-counter price swap and 
option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases.
Natural Gas
In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing 
enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In 
addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge 
price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas 
storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward 
physical contracts. UGI International also uses natural gas futures and forward contracts to economically hedge market price 
risk associated with a substantial portion of anticipated volumes under fixed-price sales contracts with its customers. See Note 5 
for information on the exit of substantially all of the Company’s energy marketing business in Europe.
Electricity
In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing enters into 
electricity futures and forward contracts. Midstream & Marketing also uses NYMEX and over-the-counter electricity futures 
contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation 
facilities. UGI International also uses electricity futures and forward contracts to economically hedge market price risk 
associated with fixed-price sales and purchase contracts for electricity. See Note 5 for information on the exit of substantially 
all of the Company’s European energy marketing business and the disposition of UGID. 
Interest Rate Risk
Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates.  In 
order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap 
agreements and designate such swaps as cash flow hedges.  In March 2023, in connection with the Energy Services Amended 
Term Loan Credit Agreement, Energy Services terminated and settled its existing interest rate swap associated with the Energy 
Services Term Loan Credit Agreement at a $32 gain. This gain was deferred in AOCI and was amortized to interest expense 
over the remaining term of the initial interest rate swap ending July 2024. 
The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, we typically 
refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate 
risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, 
from time to time we enter into IRPAs.  We account for IRPAs as cash flow hedges.  There were no unsettled IRPAs during any 
of the periods presented. At September 30, 2024, the amount of pre-tax net gains associated with interest rate hedges expected 
to be reclassified into earnings during the next twelve months is $6.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-55

Foreign Currency Exchange Rate Risk
Forward Foreign Currency Exchange Contracts
In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the 
USD exchange rate to the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We layer 
in these foreign currency exchange contracts over multi-year periods to eventually equal approximately 90% of anticipated UGI 
International foreign currency earnings before income taxes. Because these contracts are not designated as hedging instruments, 
realized and unrealized gains and losses on these contracts are recorded in “Other non-operating (expense) income, net” on the 
Consolidated Statements of Income.
Net Investment Hedges
From time to time, we also enter into certain forward foreign currency exchange contracts to reduce the volatility of the USD 
value of a portion of our UGI International euro-denominated net investments, including anticipated foreign currency 
denominated dividends. We account for these foreign currency exchange contracts as net investment hedges and all changes in 
the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. We use the spot rate 
method to measure ineffectiveness of our net investment hedges.
Our euro-denominated long-term debt has also been designated as net investment hedges, representing a portion of our UGI 
International euro-denominated net investment. We recognized pre-tax (losses) gains associated with these net investment 
hedges in the foreign currency component of AOCI totaling $(39), $(57) and $123 during Fiscal 2024, Fiscal 2023, and Fiscal 
2022, respectively.
Quantitative Disclosures Related to Derivative Instruments
The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at 
September 30, 2024 and 2023 and the final settlement dates of the Company's open derivative contracts as of September 30, 
2024, but excluding those derivatives that qualified for the NPNS exception:
Notional Amounts
(in millions)
September 30,
Type
Units
Settlements 
Extending Through
2024
2023
Commodity Price Risk:
Regulated Utility Operations
PA Gas Utility NYMEX natural gas futures and option 
contracts
Dekatherms
September 2025
 
26  
38 
Non-utility Operations
LPG swaps
Gallons
December 2026
 
458  
727 
Natural gas futures, forward, basis swap, options and pipeline 
contracts (a)
Dekatherms
March 2028
 
325  
338 
Electricity forward and futures contracts
Kilowatt 
hours
December 2027
 
1,113  
1,260 
Interest Rate Risk:
Interest rate swaps
Euro
March 2026
€ 
300 € 
300 
Interest rate swaps
USD
September 2027
$ 
1,231 $ 1,270 
Foreign Currency Exchange Rate Risk:
Forward foreign currency exchange contracts
USD
September 2027
$ 
389 $ 
425 
Net investment hedge forward foreign exchange contracts
Euro
December 2026
€ 
181 € 
256 
(a) Amounts at September 30, 2023 include contracts associated with certain UGI International energy marketing business 
transactions that qualified for held for sale accounting treatment (see Note 5).
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-56

Derivative Instrument Credit Risk
We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative 
instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. 
We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include 
evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements 
with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable 
and payable balances for certain financial transactions, as deemed appropriate. 
We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our 
derivative counterparties on an ongoing basis. As of September 30, 2024, the maximum amount of loss, based upon the gross 
fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their 
contracts was $140. In general, many of our over-the-counter derivative instruments and all exchange contracts call for the 
posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At 
September 30, 2024, we had received cash collateral from derivative instrument counterparties totaling $14. In addition, we 
may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which 
further mitigates the previously mentioned maximum amount of losses. Certain of the Partnership’s derivative contracts have 
credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the 
Partnership’s debt rating. At September 30, 2024, if the credit-risk-related contingent features were triggered, the amount of 
collateral required to be posted would not be material.
Offsetting Derivative Assets and Liabilities
Derivative assets and liabilities are presented net by counterparty on the Consolidated Balance Sheets if the right of offset 
exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against 
amounts recognized for derivative instruments executed with the same counterparty. Our derivative instruments include both 
those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange 
contracts utilize a financial intermediary, exchange, or clearinghouse to enter, execute, or clear the transactions. Over-the-
counter contracts are bilateral contracts that are transacted directly with a third party.  Certain over-the-counter and exchange 
contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements, and contract 
default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, 
insolvency or other conditions.
In general, many of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of 
collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, 
if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter 
derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and 
accounts payable balances recognized on the Consolidated Balance Sheets with our derivative counterparties are not included in 
the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or 
similar arrangements.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-57

Fair Value of Derivative Instruments
The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting, as of 
September 30:
2024
2023
Derivative assets:
Derivatives designated as hedging instruments:
 
 
Foreign currency contracts
$ 
6 $ 
14 
Interest rate contracts
 
1  
28 
 
7  
42 
Derivatives subject to PGC and DS mechanisms:
Commodity contracts
 
4  
6 
Derivatives not designated as hedging instruments:
 
 
Commodity contracts (a)
 
129  
226 
Foreign currency contracts
 
—  
24 
 
129  
250 
Total derivative assets – gross
 
140  
298 
Gross amounts offset in the balance sheet
 
(88)  
(124) 
Cash collateral received
 
(14)  
(40) 
Total derivative assets – net
$ 
38 $ 
134 
Derivative liabilities:
Derivatives designated as hedging instruments:
Interest rate contracts
$ 
(22) $ 
— 
Derivatives subject to PGC and DS mechanisms:
Commodity contracts
 
(1)  
(8) 
Derivatives not designated as hedging instruments:
Commodity contracts (a)
 
(151)  
(266) 
Foreign currency contracts
 
(9)  
(2) 
 
(160)  
(268) 
Total derivative liabilities – gross
 
(183)  
(276) 
Gross amounts offset in the balance sheet
 
88  
124 
Cash collateral pledged
 
36  
53 
Total derivative liabilities – net
$ 
(59) $ 
(99) 
(a) Amounts at September 30, 2023 include derivative contracts associated with certain UGI International energy marketing 
business transactions (see Note 5). The related derivative assets and liabilities qualify for held for sale accounting treatment 
and are included in “Other current assets” and “Other current liabilities,” respectively, on the Consolidated Balance Sheets 
at September 30, 2023.
 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-58

Effects of Derivative Instruments
The following tables provide information on the effects of derivative instruments on the Consolidated Statements of Income 
and changes in AOCI for Fiscal 2024, Fiscal 2023 and Fiscal 2022:
Gain (Loss)
Recognized in
AOCI
Gain (Loss)
Reclassified from
AOCI into Income
Location of Gain (Loss) 
Reclassified from
AOCI into Income
 
2024
2023
2022
2024
2023
2022
Cash Flow Hedges:
 
 
 
 
 
 
 
Interest rate contracts
$ 
(19) $ 
25 $ 
91 $ 
49 $ 
40 $ 
(7) Interest expense
Net Investment Hedges:
 
 
 
 
 
 
 
Foreign currency contracts
$ 
(5) $ 
(21) $ 
69  
 
 
 
Gain (Loss)
Recognized in Income
Location of Gain (Loss) Recognized in Income
 
2024
2023
2022
Derivatives Not Designated as 
Hedging Instruments:
Commodity contracts
$ 
1 $ 
11 $ 
(9) Revenues
Commodity contracts
 
(92)  (1,771)  
1,181 Cost of sales
Commodity contracts
 
3  
2  
1 Other operating income, net
Foreign currency contracts
 
(19)  
(23)  
63 Other non-operating (expense) income, net
Total
$ 
(107) $ (1,781) $ 1,236 
We are also a party to a number of other contracts that have elements of a derivative instrument. However, these contracts 
qualify for NPNS exception accounting because they provide for the delivery of products or services in quantities that are 
expected to be used in the normal course of operating our business and the price in these contracts are based on an underlying 
that is directly associated with the price of the product or service being purchased or sold. These contracts include, among 
others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service 
contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal 
sales commitments.
Note 19 — Accumulated Other Comprehensive Income (Loss) 
Other comprehensive income (loss) principally comprises (1) gains and losses on derivative instruments qualifying as cash flow 
hedges, net of reclassifications to net income; (2) actuarial gains and losses on postretirement benefit plans, net of associated 
amortization; and (3) foreign currency translation and long-term intra-company transaction adjustments.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-59

The tables below present changes in AOCI, net of tax:
Postretirement
Benefit
Plans
Derivative
Instruments
Foreign
Currency
Total
AOCI - September 30, 2021
$ 
(17) $ 
(33) $ 
(90) $ 
(140) 
Other comprehensive income (loss) before reclassification 
adjustments
 
28 
 
64  
(341)  
(249) 
Amounts reclassified from AOCI
 
3 
 
6  
— 
 
9 
Other comprehensive income (loss) attributable to UGI 
 
31 
 
70  
(341)  
(240) 
AOCI - September 30, 2022
$ 
14 
$ 
37 $ 
(431) $ 
(380) 
Other comprehensive income (loss) before reclassification 
adjustments
 
5 
 
16  
132 
 
153 
Amounts reclassified from AOCI
 
(2)  
(27)  
— 
 
(29) 
Other comprehensive income (loss) attributable to UGI 
 
3 
 
(11)  
132 
 
124 
AOCI - September 30, 2023
$ 
17 
$ 
26 $ 
(299) $ 
(256) 
Other comprehensive (loss) income before reclassification 
adjustments
 
(7)  
(14)  
56 
 
35 
Amounts reclassified from AOCI
 
— 
 
(35)  
3 
 
(32) 
Other comprehensive (loss) income attributable to UGI 
 
(7)  
(49)  
59 
 
3 
AOCI - September 30, 2024
$ 
10 
$ 
(23) $ 
(240) $ 
(253) 
Note 20 — Other Operating Income, Net and Other Non-Operating Income (Expense), Net 
Other Operating Income, Net
Other operating income, net, comprises the following:
2024
2023
2022
Finance charges
$ 
16 $ 
17 $ 
18 
Gains on sales of fixed assets, net (a)
 
22  
61  
33 
Foreign currency transaction gains (losses)
 
2  
7  
(5) 
Cylinder deposit income
 
17  
23  
18 
Interest and interest-related income
 
11  
6  
1 
Other, net
 
(6)  
18  
14 
Total other operating income, net
$ 
62 $ 
132 $ 
79 
(a) Fiscal 2023 includes a $15 gain on the sale of UGI Corporation’s headquarters building in August 2023. 
Other Non-Operating (Expense) Income, Net 
 Other non-operating (expense) income, net comprises the following:
2024
2023
2022
(Losses) gains on foreign currency contracts, net
$ 
(19) $ 
(23) $ 
63 
Amortization of excluded components of certain net investment hedges 
 
5  
7  
7 
Pension and other postretirement plans non-service income, net
 
6  
9  
5 
Total other non-operating (expense) income, net
$ 
(8) $ 
(7) $ 
75 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-60

Note 21 — Equity Method Investments
Equity method investments which are included within “Other assets” on the Consolidated Balance Sheets, comprises the 
following as of September 30:
Carrying Value
Ownership Interest
Investees
2024
2023
2024
2023
Midstream & Marketing
Aurum Renewables
$ 
47 $ 
45 
40%
40%
Pine Run
86
77
49%
49%
MBL Bioenergy
206
122
99.99%
99.99%
Other
20
20
various
various
Total Midstream & Marketing 
359
264
UGI International 
10
35
various
various
Other
1
 
— 
various
various
Total investments in equity method investees
$ 
370 $ 
299 
Aurum Renewables. In January 2023, the Company, through its wholly owned indirect subsidiary, entered into a joint venture 
agreement with a third party Archaea Holdings, LLC (“Archaea”). The primary purpose of the joint venture, Aurum 
Renewables LLC, is to upgrade landfill gas from the Commonwealth Environmental Systems landfill located in Hegins, 
Pennsylvania to pipeline-quality RNG. Pursuant to this agreement, the Company contributed its existing 11 megawatt landfill 
gas-to-electricity facility, as non-cash consideration, in return for a 40% equity interest in the joint venture. Aurum Renewables 
is expected to have the capacity to produce approximately 9,600 standard cubic feet of landfill gas per minute of pipeline-
quality RNG. Archaea led the development, engineering, construction, and operation of the new RNG facility, and Energy 
Services will take a lead role in marketing the RNG produced by the facility. The project was operational as of September 30, 
2024.
Pine Run. Pine Run is a company jointly owned by UGI Pine Run, LLC (a wholly-owned subsidiary of Energy Services) and 
Stonehenge Energy Resources. Pine Run Midstream operates dry gas gathering pipelines and compression assets in western 
Pennsylvania. Pine Run is accounted for as an equity method investment as we have the ability to exercise significant influence, 
but not control, over the entity. 
MBL Bioenergy. MBL Bioenergy is a company jointly owned by UGI Dakota, LLC (a wholly-owned subsidiary of Energy 
Services), Sevana Bioenergy and a subsidiary of California Bioenergy. The sole purpose of MBL Bioenergy is the development 
of RNG projects in South Dakota comprising three dairy waste anaerobic digester systems. MBL Bioenergy is a variable 
interest entity whereby the Company has determined that it is not the primary beneficiary since it does not direct the activities 
that most significantly impact the entity’s economic performance. In addition to consent being required for all equity holders 
for significant activities, such as major procurement, construction contracting and offtake, our partners manage the day-to-day 
project management and operations for MBL Bioenergy and its subsidiaries.
Other Equity Method Investments. The carrying values of our other equity investments totaled $31 and $55 at September 30, 
2024 and 2023, respectively, and principally comprise a number of investments in biomass and other renewable energy projects 
at Energy Services and, at September 30, 2023, also held an investment in a renewable energy joint venture at UGI 
International. 
During Fiscal 2024, UGI International recognized an other-than-temporary pre-tax impairment loss of $26 related to its 
investment in this joint venture that invests in renewable energy projects. This loss was recorded in “(Loss) income from equity 
investees” on the Consolidated Statements of Income.
Our maximum exposure to loss related to these investments is limited to the amount invested.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-61

Note 22 — Segment Information
Our operations comprise four reportable segments generally based upon products or services sold, geographic location and 
regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane.
Our Utilities segment primarily derives its revenues from the sale and distribution of natural gas to customers in eastern and 
central Pennsylvania and in West Virginia. To a much lesser extent, Utilities also derives revenues from the sale and 
distribution of electricity in two northeastern Pennsylvania counties. Midstream & Marketing derives its revenues principally 
from the marketing of natural gas, liquid fuels and electricity as well as revenues and fees from storage, pipeline transportation, 
natural gas gathering, and natural gas and RNG production activities primarily in the Mid-Atlantic region of the U.S. eastern 
Ohio, the panhandle of West Virginia and California. Midstream & Marketing also derives revenues from the sale of electricity 
through PJM, a regional electricity transmission organization in the eastern U.S. In September 2024, Midstream & Marketing 
sold its ownership interest in UGID principally comprising the Hunlock Creek Energy Center (see Note 5). UGI International 
derives its revenues principally from the distribution of LPG to retail customers throughout much of Europe.  In addition, prior 
to the sale and wind-down of the substantially all of its European energy marking business, UGI International derived revenue 
from the marketing of natural gas and electricity to customers in France, the Netherlands, Belgium and the United Kingdom 
(see Note 5). AmeriGas Propane derives its revenues principally from the sale of propane and related equipment and supplies to 
retail customers in all 50 states.
Corporate & Other includes the net expenses of UGI’s captive general liability insurance company, UGI’s corporate 
headquarters facility and UGI’s unallocated corporate and general expenses as well as interest expense on UGI debt that is not 
allocated. Corporate & Other also includes certain items that are excluded from our CODM’s assessment of segment 
performance (see below for further details on these items). Corporate & Other assets principally comprise cash and cash 
equivalents of UGI and its captive insurance company, and other UGI holding company related assets. 
The accounting policies of our reportable segments are the same as those described in Note 2. Our CODM evaluates the 
performance of all of our reportable segments based upon earnings before interest expense and income taxes, excluding the 
items noted below.
No single customer represents more than ten percent of our consolidated revenues. In addition, all of our reportable segments’ 
revenues, other than those of UGI International, are derived from sources within the United States, and all of our reportable 
segments’ long-lived assets, other than those of UGI International, are located in the United States. The amounts of revenues 
and long-lived assets associated with our operations in France represent approximately 20% and 10% of the respective 
consolidated amounts.
2024
 
 
 
 
 
Revenues from external customers
$ 
7,210 
$ 
— 
$ 
1,549 
$ 
1,152 
$ 
2,279 
$ 
2,271 
$ 
(41) 
Intersegment revenues
$ 
— 
$ (266) (b) $ 
49 
$ 
217 
$ 
— 
$ 
— 
$ 
— 
Cost of sales
$ 
3,529 
$ (266) (b) $ 
650 
$ 
864 
$ 
1,301 
$ 
1,059 
$ 
(79) 
Operating income (loss)
$ 
770 
$ 
—  
$ 
394 
$ 
301 
$ 
311 
$ 
142 
$ 
(378) 
(Loss) income from equity investees
 
(19) 
 
—  
 
— 
 
12 
 
(5)  
— 
 
(26) 
Loss on extinguishments of debt
 
(9) 
 
—  
 
— 
 
— 
 
— 
 
— 
 
(9) 
Other non-operating (loss) income, net
 
(8) 
 
— 
 
6 
 
— 
 
17 
 
— 
 
(31) 
Earnings (loss) before interest expense and 
income taxes
 
734 
 
— 
 
400 
 
313 
 
323 
 
142 
 
(444) 
Interest expense
 
(394) 
 
—  
 
(93)  
(41) 
 
(44)  
(156)  
(60) 
Income tax (expense) benefit
 
(71) 
 
—  
 
(70)  
(34) 
 
(17)  
(9)  
59 
Net income (loss) attributable to UGI
$ 
269 
$ 
—  
$ 
237 
$ 
238 
$ 
262 
$ 
(23) $ 
(445) 
Depreciation and amortization
$ 
551 
$ 
—  
$ 
166 
$ 
86 
$ 
119 
$ 
178 
$ 
2 
Total assets
$ 
15,098 
$ (733) 
$ 
5,963 
$ 
3,183 
$ 
2,906 
$ 
3,051 
$ 
728 
Short-term borrowings
$ 
465 
$ 
—  
$ 
286 
$ 
— 
$ 
128 
$ 
51 
$ 
— 
Capital expenditures (including the effects of 
accruals)
$ 
805 
$ 
—  
$ 
482 
$ 
150 
$ 
87 
$ 
86 
$ 
— 
Investments in equity investees
$ 
370 
$ 
—  
$ 
— 
$ 
359 
$ 
10 
$ 
— 
$ 
1 
Total
Elim-
inations
Utilities
Midstream
& 
Marketing
UGI 
International
AmeriGas
Propane
Corporate &
Other (a)
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-62

2023
 
 
 
 
 
Revenues from external customers
$ 
8,928 
$ 
— 
$ 
1,780 
$ 
1,596 
$ 
2,965 
$ 
2,581 
$ 
6 
Intersegment revenues
$ 
— 
$ (326) (b) $ 
74 
$ 
251 
$ 
— 
$ 
— 
$ 
1 
Cost of sales
$ 
6,937 
$ (325) (b) $ 
953 
$ 
1,360 
$ 
2,045 
$ 
1,250 
$ 
1,654 
Operating (loss) income
$ 
(1,444) 
$ 
—  
$ 
357 
$ 
285 
$ 
215 
$ 
268 
$ 
(2,569) 
Income (loss) from equity investees
 
2 
 
—  
 
— 
 
6 
 
(4)  
— 
 
— 
Loss on extinguishments of debt
 
(9) 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(9) 
Other non-operating (loss) income, net
 
(7) 
 
— 
 
8 
 
— 
 
23 
 
— 
 
(38) 
(Loss) earnings before interest expense and 
income taxes
 
(1,458) 
 
— 
 
365 
 
291 
 
234 
 
268 
 
(2,616) 
Interest expense
 
(379) 
 
—  
 
(82)  
(45) 
 
(37)  
(163)  
(52) 
Income tax benefit (expense)
 
335 
 
—  
 
(64)  
(53) 
 
(25)  
(34)  
511 
Net (loss) income attributable to UGI
$ 
(1,502) 
$ 
—  
$ 
219 
$ 
193 
$ 
172 
$ 
71 
$ 
(2,157) 
Depreciation and amortization
$ 
532 
$ 
—  
$ 
152 
$ 
86 
$ 
116 
$ 
177 
$ 
1 
Total assets
$ 
15,401 
$ (173) 
$ 
5,691 
$ 
3,160 
$ 
3,105 
$ 
3,415 
$ 
203 
Short-term borrowings
$ 
649 
$ 
—  
$ 
332 
$ 
103 
$ 
214 
$ 
— 
$ 
— 
Capital expenditures (including the effects of 
accruals)
$ 
956 
 
$ 
563 
$ 
130 
$ 
129 
$ 
134 
$ 
— 
Investments in equity investees
$ 
299 
$ 
—  
$ 
— 
$ 
264 
$ 
35 
$ 
— 
$ 
— 
2022
 
 
 
 
 
Revenues from external customers
$ 
10,106 
$ 
— 
$ 
1,515 
$ 
1,957 
$ 
3,686 
$ 
2,943 
$ 
5 
Intersegment revenues
$ 
— 
$ (477) (b) $ 
105 
$ 
369 
$ 
— 
$ 
— 
$ 
3 
Cost of sales
$ 
5,973 
$ (474) (b) $ 
798 
$ 
1,876 
$ 
2,751 
$ 
1,613 
$ 
(591) 
Operating income
$ 
1,666 
$ 
—  
$ 
327 
$ 
246 
$ 
237 
$ 
307 
$ 
549 
(Loss) income from equity investees
 
(14) 
 
—  
 
— 
 
23 
 
(2)  
— 
 
(35) 
Loss on extinguishments of debt
 
(11) 
 
— 
 
— 
 
— 
 
— 
 
— 
 
(11) 
Other non-operating income, net
 
75 
 
— 
 
9 
 
— 
 
19 
 
— 
 
47 
Earnings before interest expense and income 
taxes
 
1,716 
 
— 
 
336 
 
269 
 
254 
 
307 
 
550 
Interest expense
 
(329) 
 
—  
 
(65)  
(41) 
 
(28)  
(160)  
(35) 
Income tax expense
 
(313) 
 
— 
  
(65)  
(65) 
 
(50)  
(35)  
(98) 
Noncontrolling interests’ net income
 
(1) 
 
— 
 
— 
 
— 
 
(1)  
— 
 
— 
Net income attributable to UGI
$ 
1,073 
$ 
—  
$ 
206 
$ 
163 
$ 
175 
$ 
112 
$ 
417 
Depreciation and amortization
$ 
518 
$ 
—  
$ 
144 
$ 
79 
$ 
116 
$ 
177 
$ 
2 
Total assets
$ 
17,575 
$ (203) 
$ 
5,354 
$ 
3,286 
$ 
4,610 
$ 
4,332 
$ 
196 
Short-term borrowings
$ 
368 
$ 
— 
$ 
236 
$ 
— 
$ 
1 
$ 
131 
$ 
— 
Capital expenditures (including the effects of 
accruals)
$ 
835 
$ 
— 
$ 
562 
$ 
38 
$ 
107 
$ 
128 
$ 
— 
Investments in equity investees
$ 
130 
$ 
— 
$ 
— 
$ 
109 
$ 
20 
$ 
— 
$ 
1 
Total
Elim-
inations
Utilities
Midstream
& 
Marketing
UGI 
International
AmeriGas
Propane
Corporate &
Other (a)
(a) Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment 
profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources.  The 
following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable 
segments to which they relate, for Fiscal 2024, Fiscal 2023 and Fiscal 2022:
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-63

Location on Income Statement
Midstream 
& Marketing
UGI 
International
AmeriGas 
Propane
2024
Net gains on commodity derivative instruments not 
associated with current-period transactions
Revenues
$ 
— $ 
1 
$ 
— 
Net gains (losses) on commodity derivative instruments 
not associated with current-period transactions
Cost of Sales
$ 
63 $ 
(5) $ 
21 
Net losses on commodity derivative instruments not 
associated with current-period transactions
Other operating income, net
$ 
— $ 
(3) $ 
— 
AmeriGas operations enhancement for growth project
Operating and administrative 
expenses
$ 
— $ 
— 
$ 
(25) 
Restructuring costs
Operating and administrative 
expenses
$ 
(1) $ 
(57) $ 
(1) 
Loss on extinguishments of debt
Loss on extinguishments of debt
$ 
(1) $ 
— 
$ 
(8) 
Unrealized losses on foreign currency derivative 
instruments
Other non-operating (expense) 
income, net
$ 
— $ 
(31) $ 
— 
Impairments of equity method investments and assets
(Loss) income from equity 
investees, Other operating 
income, net
$ 
— $ 
(33) $ 
— 
Loss associated with impairment of AmeriGas Propane 
goodwill
Impairment of goodwill
$ 
— $ 
— 
$ 
(195) 
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
$ 
— $ 
(13) $ 
— 
Costs associated with exit of the UGI International 
energy marketing business
Loss on disposals of businesses
$ 
— $ 
(29) $ 
— 
Loss on disposal of UGID
Loss on disposals of businesses
$ 
(66) $ 
— 
$ 
— 
2023
Net gains (losses) on commodity derivative instruments 
not associated with current-period transactions
Revenues
$ 
6 $ 
4 
$ 
— 
Net (losses) gains on commodity derivative instruments 
not associated with current-period transactions
Cost of sales
$ 
(236) $ 
(1,402) $ 
(16) 
Loss on extinguishment of debt
Loss on extinguishments of debt
$ 
— $ 
— 
$ 
(9) 
Unrealized gains on foreign currency derivative 
instruments
Other non-operating (expense) 
income, net
$ 
— $ 
(38) $ 
— 
AmeriGas operations enhancement for growth project
Operating and administrative 
expenses
$ 
— $ 
— 
$ 
(24) 
Loss associated with impairment of AmeriGas Propane 
goodwill
Impairment of goodwill
$ 
— $ 
— 
$ 
(656) 
Costs associated with exit of the UGI International 
energy marketing business
Revenues; Operating and 
administrative expenses
$ 
— $ 
(27) $ 
— 
Costs associated with exit of the UGI International 
energy marketing business
Loss on disposals of businesses
$ 
— $ 
(221) $ 
— 
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-64

2022
Net losses on commodity derivative instruments not 
associated with current-period transactions
Revenues
$ 
(4) $ 
9 
$ 
— 
Net gains on commodity derivative instruments not 
associated with current-period transactions
Cost of Sales
$ 
(21) $ 
797 
$ 
(185) 
Net gains on commodity derivative instruments not 
associated with current-period transactions
Other operating income, net
$ 
— $ 
2 
$ 
— 
Unrealized gains on foreign currency derivative 
instruments
Other non-operating (expense) 
income, net
$ 
— $ 
50 
$ 
— 
Loss on extinguishments of debt
Loss on extinguishment of debt
$ 
— $ 
(11) $ 
— 
AmeriGas operations enhancement for growth project
Operating and administrative 
expenses
$ 
— $ 
— 
$ 
(5) 
Restructuring costs
Operating and administrative 
expenses
$ 
(1) $ 
(9) $ 
(16) 
Impairments associated with certain equity method 
investments
(Loss) income from equity 
investees
$ 
(35) $ 
(5) $ 
— 
(b) Represents the elimination of intersegment transactions principally among Midstream & Marketing, Utilities and AmeriGas 
Propane.
Table of Contents
UGI Corporation and Subsidiaries
Notes to Consolidated Financial Statements
(Currency in millions, except per share amounts and where indicated otherwise)
F-65

BALANCE SHEETS
(Millions of dollars)
 
September 30,
 
2024
2023
ASSETS
 
 
Current assets:
 
 
Cash and cash equivalents
$ 
4 $ 
7 
Accounts receivable – related parties
 
23  
11 
Prepaid expenses and other current assets
 
2  
23 
Total current assets
 
29  
41 
Investments in subsidiaries
 
5,625  
5,343 
Other assets
 
145  
143 
Total assets
$ 
5,799 $ 
5,527 
LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY
 
 
Current liabilities:
 
 
Current maturities of long-term debt
$ 
— $ 
38 
Accounts and notes payable
 
15  
28 
Derivative instruments
 
1  
— 
Accrued liabilities
 
58  
39 
Total current liabilities
 
74  
105 
Long-term debt
 
1,312  
969 
Other noncurrent liabilities
 
68  
67 
Total liabilities
 
1,454  
1,141 
Commitments and contingencies (Note 1)
Equity:
 
 
Preferred Stock, without par value (authorized - 5,000,000; issued - 0 and 220,000, 
respectively)
 
—  
167 
Common Stock, without par value (authorized – 450,000,000 shares; issued – 216,124,332 
and 210,906,052 shares, respectively)
 
1,676  
1,503 
Retained earnings
 
2,978  
3,027 
Accumulated other comprehensive loss
 
(253)  
(256) 
Treasury stock, at cost
 
(56)  
(55) 
Total common stockholders’ equity
 
4,345  
4,386 
Total liabilities and common stockholders’ equity
$ 
5,799 $ 
5,527 
Note 1 — Commitments and Contingencies:
At September 30, 2024, UGI Corporation had agreed to indemnify the issuers of $110 of surety bonds issued on behalf of 
certain UGI subsidiaries. UGI Corporation is authorized to guarantee up to $475 of obligations to suppliers and customers of 
Energy Services and subsidiaries of which $371 of such obligations were outstanding as of September 30, 2024.
Table of Contents
UGI CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
S-1

STATEMENTS OF INCOME
(Millions of dollars, except per share amounts)
Year Ended September 30,
 
2024
2023
2022
Revenues
$ 
— $ 
— $ 
— 
Costs and expenses:
 
 
 
Operating and administrative expenses
 
100  
95  
74 
Other operating income, net (a)
 
(86)  
(83)  
(63) 
 
 
14  
12  
11 
Operating loss
 
(14)  
(12)  
(11) 
Pension and other postretirement plans non-service expense
 
—  
—  
(3) 
Interest expense
 
(61)  
(52)  
(35) 
Loss before income taxes
 
(75)  
(64)  
(49) 
Income tax benefit
 
(7)  
(13)  
— 
Loss before equity in income of unconsolidated subsidiaries
 
(68)  
(51)  
(49) 
Equity in income (loss) of unconsolidated subsidiaries
 
337  
(1,451)  
1,122 
Net income (loss) attributable to UGI Corporation
$ 
269 $ 
(1,502) $ 
1,073 
Other comprehensive (loss) income
 
(17)  
(8)  
34 
Equity in other comprehensive income (loss) of unconsolidated subsidiaries  
20  
132  
(274) 
Comprehensive income (loss) attributable to UGI Corporation
$ 
272 $ 
(1,378) $ 
833 
Earnings (loss) per common share attributable to UGI Corporation 
stockholders:
 
 
 
Basic
$ 
1.27 $ 
(7.16) $ 
5.11 
Diluted
$ 
1.25 $ 
(7.16) $ 
4.97 
Weighted - average common shares outstanding (thousands):
 
 
 
Basic
 
211,309  
209,806  
209,940 
Diluted
 
215,271  
209,806  
215,821 
(a) UGI provides certain financial and administrative services to certain of its subsidiaries. UGI bills these subsidiaries 
monthly for all direct expenses incurred by UGI on behalf of its subsidiaries as well as allocated shares of indirect 
corporate expense incurred or paid with respect to services provided by UGI. The allocation of indirect UGI corporate 
expenses to certain of its subsidiaries utilizes a weighted, three-component formula comprising revenues, operating 
expenses, and net assets employed and considers the relative percentage of such items for each subsidiary to the total of 
such items for all UGI operating subsidiaries for which general and administrative services are provided. Management 
believes that this allocation method is reasonable and equitable to its subsidiaries. These billed expenses are classified as 
“Other operating income, net” in the Statements of Income above.
Table of Contents
UGI CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
S-2

STATEMENTS OF CASH FLOWS
(Millions of dollars)
Year Ended September 30,
 
2024
2023
2022
NET CASH PROVIDED BY OPERATING ACTIVITIES (a)
$ 
379 $ 
636 $ 
485 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Return of capital distributions
 
—  
—  
175 
Net investments in unconsolidated subsidiaries
 
(355)  
(309)  
(390) 
Net cash used by investing activities
 
(355)  
(309)  
(215) 
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Dividends on UGI Common Stock
 
(318)  
(308)  
(296) 
Issuances of debt, net of issuance costs
 
1,078  
327  
597 
Repayments of long-term debt
 
(775)  
(333)  
(530) 
Issuances of UGI Common Stock
 
—  
12  
19 
Repurchases of UGI Common Stock
 
—  
(22)  
(38) 
Payments on Purchase Contracts
 
(12)  
(16)  
(16) 
Net cash used by financing activities
 
(27)  
(340)  
(264) 
Cash and cash equivalents (decrease) increase
$ 
(3) $ 
(13) $ 
6 
Cash and cash equivalents:
 
 
 
End of year
$ 
4 $ 
7 $ 
20 
Beginning of year
 
7  
20  
14 
Cash and cash equivalents (decrease) increase
$ 
(3) $ 
(13) $ 
6 
(a) Includes dividends received from unconsolidated subsidiaries of $420, $680 and $506 for the years ended September 30, 
2024, 2023 and 2022, respectively.
Table of Contents
UGI CORPORATION
SCHEDULE I — CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY)
S-3

UGI CORPORATION AND SUBSIDIARIES
SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS
(Millions of dollars)
Balance at
beginning
of year
Charged
(credited)
to costs and
expenses
Other
Balance at
end of
year
Year Ended September 30, 2024
 
 
 
 
 
Reserves deducted from assets in the consolidated balance 
sheet:
 
 
 
 
 
Allowance for doubtful accounts
$ 
71 $ 
61 $ 
(64) (1)
$ 
68 
Other reserves:
 
 
 
 
 
Deferred tax assets valuation allowance
$ 
141 $ 
16 $ 
(27) (2)
$ 
130 
Year Ended September 30, 2023
 
 
 
 
 
Reserves deducted from assets in the consolidated balance 
sheet:
 
 
 
 
 
Allowance for doubtful accounts
$ 
64 $ 
69 $ 
(62) (1)
$ 
71 
Other reserves:
 
 
 
 
 
Deferred tax assets valuation allowance
$ 
141 $ 
(38) $ 
38 (2)
$ 
141 
Year Ended September 30, 2022
Reserves deducted from assets in the consolidated balance 
sheet:
 
 
 
 
 
Allowance for doubtful accounts
$ 
53 $ 
61 $ 
(50) (1)
$ 
64 
Other reserves:
 
 
 
 
 
Deferred tax assets valuation allowance
$ 
138 $ 
(14) $ 
17 (2)
$ 
141 
(1) Uncollectible accounts written off, net of recoveries.
(2) Primarily a notional interest deduction valuation allowance adjustment.
Table of Contents
S-4

EXHIBIT 31.1 
CERTIFICATION 
I, Robert C. Flexon, certify that: 
1.
I have reviewed this annual report on Form 10-K of UGI Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such statements 
were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly 
present in all material respects the financial condition, results of operations and cash flows of the registrant as 
of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the 
period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with 
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this 
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the 
period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred 
during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an 
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s 
internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of 
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over 
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, 
summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant 
role in the registrant’s internal control over financial reporting.
Date: November 26, 2024
/s/ Robert C. Flexon
Robert C. Flexon
President and Chief Executive Officer of 
UGI Corporation
  

EXHIBIT 31.2 
CERTIFICATION 
I, Sean P. O'Brien, certify that: 
1.
I have reviewed this annual report on Form 10-K of UGI Corporation;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a 
material fact necessary to make the statements made, in light of the circumstances under which such statements 
were made, not misleading with respect to the period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly 
present in all material respects the financial condition, results of operations and cash flows of the registrant as 
of, and for, the periods presented in this report;
4.
The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure 
controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over 
financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be 
designed under our supervision, to ensure that material information relating to the registrant, including its 
consolidated subsidiaries, is made known to us by others within those entities, particularly during the 
period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial 
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of 
financial reporting and the preparation of financial statements for external purposes in accordance with 
generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this 
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the 
period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred 
during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an 
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s 
internal control over financial reporting; and
5.
The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal 
control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of 
directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over 
financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, 
summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant 
role in the registrant’s internal control over financial reporting.
Date: November 26, 2024
/s/ Sean P. O'Brien
Sean P. O'Brien
Chief Financial Officer of UGI Corporation 
  

EXHIBIT 32 
Certification by the Chief Executive Officer and Chief Financial Officer 
Relating to a Periodic Report Containing Financial Statements 
I, Robert C. Flexon, Chief Executive Officer, and I, Sean P. O'Brien, Chief Financial Officer, of UGI 
Corporation, a Pennsylvania corporation (the “Company”), hereby certify that to our knowledge: 
(1) The Company’s annual report on Form 10-K for the period ended September 30, 2024 (the “Form 10-K”) 
fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; 
and
(2) The information contained in the Form 10-K fairly presents, in all material respects, the financial condition 
and results of operations of the Company.
¬¬¬
CHIEF EXECUTIVE OFFICER
CHIEF FINANCIAL OFFICER
/s/ Robert C. Flexon
/s/ Sean P. O'Brien
Robert C. Flexon
Sean P. O'Brien
Date: November 26, 2024
Date: November 26, 2024
  

Annual Meeting
The Annual Meeting of Shareholders will be held virtually at 9:00 a.m. Eastern 
Standard Time on Friday, January 31, 2025. Interested parties may listen to the 
audio webcast at www.virtualshareholdermeeting.com/UGI2025
Investor Services
Transfer Agent and Registrar
Shareholder communications regarding transfer of shares, book-entry  
shares, lost certificates, lost dividend checks or changes of address should  
be directed to:
By Mail:	
By Overnight Delivery:
Computershare Investor Services	
Computershare Investor Services
P.O. Box 43006	
150 Royall St., Suite 101                                      
Providence, RI 02940-3066	
Canton, MA 02021
800-850-1774 (U.S. and Canada), 312-360-5100 (other countries)
Shareholders can also view real-time account information and request  
transfer agent services online at the Computershare Investor Services website: 
www.computershare.com/investor. Computershare Investor Services can be 
accessed through telecommunications devices for the hearing impaired by 
calling: 800-822-2794 (U.S. and Canada), 312-588-4110 (other countries)
Dividend Reinvestment and Direct Stock Purchase Plan
The plan is sponsored and administered by Computershare, N.A. and provides 
investors with a simple and convenient method to purchase shares of UGI 
Common Stock. Shareholders may use all or any part of the dividends 
they receive to purchase shares of Common Stock. The plan also permits 
participants to make monthly cash purchases of Common Stock not exceeding 
$75,000 per year. Investors may become participants by making an initial cash 
investment of at least $1,000 but not more than $75,000. All such purchases 
are without brokerage commissions or service charges. For information about 
the Plan, write or call:
By Mail:	
By Overnight Delivery:
Computershare Investor Services	
Computershare Investor Services
P.O. Box 43006	
150 Royall St., Suite 101                                      
Providence, RI 02940-3066	
Canton, MA 02021
800-850-1774 (U.S. and Canada), 312-360-5100 (other countries)
Plan information is also available on the Computershare Investor Services 
website: www.computershare.com/investor
Investor Relations
Securities analysts, portfolio managers and other members of the professional 
investment community should direct inquiries about the Company to:
Senior Director, Investor Relations
UGI Corporation
P.O. Box 858
Valley Forge, PA 19482
610-337-1000
News, Earnings, Financial Reports and Governance Documents
Comprehensive news, webcast events, governance documents and other  
information about UGI is available via the internet at https://www.ugicorp.com.
You can request reports filed with the SEC and corporate governance 
documents, including the Company’s Code of Business Conduct and Ethics, 
Principles of Corporate Governance, and the charters for the Company’s Board 
Committees, free of charge by writing to Senior Director, Investor Relations,  
UGI Corporation, at the address above.
Corporate Information
Officers
Robert Flexon
President and Chief Executive Officer, UGI Corporation
Sean O’Brien
Chief Financial Officer, UGI Corporation
Robert F. Beard
Chief Operations Officer, UGI Corporation
Kathleen Shea-Ballay
General Counsel and Chief Legal Officer, UGI Corporation
John Koerwer
Chief Information Officer, UGI Corporation
Jean Felix Tematio Dontsop
Vice President, Chief Accounting Officer and  
Corporate Controller, UGI Corporation
Hans G. Bell
President, UGI Utilities Inc.
Joseph L. Hartz
President, UGI Energy Services, LLC
C. David Lokant
President, Mountaineer Gas Company
Veronique Subileau
Senior Vice President, Human Resources
Board of Directors
Mario Longhi 
Chair of the Board since January 2024, Director since April 2020
David Bingenheimer
Director since November 2024
M. Shawn Bort 
Director since January 2009
Theodore A. Dosch 
Director since July 2017
Tina Faraca
Director since August 2024
Robert Flexon
Director since November 2024
Alan N. Harris 
Director since March 2018 
William J. Marrazzo 
Director since September 2019 
Kelly A. Romano 
Director since January 2019
Melanie Ruiz
Director since November 2024
Santiago Seage
Director since September 2023

P.O. Box 858  
Valley Forge, PA 19482
You can obtain news and other information about
UGI Corporation at www.ugicorp.com