UGI Corporation
UGI Corporation (formerly United Gas Improvement Corp.) is a natural gas and electric power distribution company headquartered in King of Prussia, Pennsylvania, with extensive operations in the United States and Europe.[1]
| Company type | Public company |
|---|---|
| NYSE: UGI S&P 400 component | |
| Industry | Energy industry |
| Founded | 1882 |
| Headquarters | |
Area served | United States Europe |
Key people | Frank Hermance, Chairperson Mario Longhi, President & CEO Thaddeus J. Jastrzebski, CFO |
| Revenue | $7.651 billion (2018) |
| $0.718 billion (2018) | |
| Total assets | $11.980 billion (2018) |
| Total equity | $3.681 billion (2018) |
Number of employees | 7,700 (2018) |
| Subsidiaries | AmeriGas AvantiGas Antar |
| Website | www |
| Footnotes / references [1] | |
UGI owns AmeriGas, the largest propane marketer in the United States. UGI also owns AvantiGas, Antargaz and Flaga in Europe.[1]
UGI also operates interstate and intrastate transmission and natural gas storage assets in the Marcellus Shale.[1]
History edit
UGI was incorporated in 1882 as United Gas Improvement Co.
In 1903, the company owned the majority of the stock of the Equitable Illuminating Gas Light Company, which operated the Philadelphia Gas Works.[2]
The company formed the United Electric Company of New Jersey in 1899. United Electric consolidated several electric and lighting utilities into a single holding company.[3]
Public Service Corporation of New Jersey took over United Electric in 1907.[4][5] United Electric was ultimately merged into Public Service Enterprise Group.
In October 1964, Industrial Gases, Inc., of Pittsburgh, Pennsylvania, filed an antitrust suit in United States district court charging the company with attempting to eliminate competition in sales of bottled propane gas in Pittsburgh.[6] The Philadelphia Gas Works division of UGI challenged a ruling of the Federal Power Commission. The FPC lowered the maximum price that natural gas producers could charge to $0.16 per 1,000 cubic feet (28 m3) of gas. This mandate was upheld by the Supreme Court of the United States in May 1968.[7]
In February 1968, the company changed its name to UGI Corporation.[8][9]
In 1993, through its AmeriGas subsidiary, the company acquired Petrolane, which was in bankruptcy.[10]
In 1999, the company offered to acquire Unisource Worldwide, a distributor of office paper, but it was outbid by Georgia-Pacific.[11]
On April 1, 2013, John Walsh succeeded Lon Greenberg as president and chief executive officer.[12]
In May 2015, the company acquired Totalgaz S.A.'s liquefied petroleum gas distribution operations in France for €423 million.[13]
In October 2017, the company acquired Totalgaz Italia, a liquefied petroleum gas distribution business.[14]
In December 2018, the company acquired South Jersey Industries’s retail natural gas business.[15]
On August 1, 2019, the company acquired Columbia Midstream Group for approximately $1.275 billion.[16]
On August 21, 2019, the company acquired the portion of AmeriGas that it did not already own.[17]
On July 10, 2020, the company acquired GHI Energy LLC, a Houston-based renewable natural gas company.[18]
On January 5, 2020, the company acquired Mountaineer Gas Company of West Virginia for $540 million.[19]
Notable people edit
- A. O. Granger, UGI president c. 1886[20]
References edit
- ^ a b c d "UGI Corporation 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
- ^ "United Gas Improvement: What the Company Did Last Year". The Wall Street Journal. April 17, 1903 – via Newspapers.com.
- ^ "United Gas Improvement: Important Suit Involving United Electric". The Wall Street Journal. October 8, 1904 – via Newspapers.com.
- ^ "Gold Bonds offered by United Electric Company of New Jersey". The New York Times. January 1, 1910 – via Newspapers.com.
- ^ "Leased By Public Service: United Electric Company to be Taken Over for a Term of 999 Years". The New York Times. June 30, 1907 – via Newspapers.com.
- ^ Pittsburgh Firm Sues United Gas Improvement On Antitrust Charges, Wall Street Journal, October 7, 1964, p. 18.
- ^ FPC Steps To Regulate Natural Gas Rates Are Approved in full by the Supreme Court, Wall Street Journal, May 7, 1968, pg. 4.
- ^ UGI Corp., The Wall Street Journal, November 15, 1968, p. 35.
- ^ United Gas Improvement Proposes Name Change, The Wall Street Journal, February 28, 1968, p. 25.
- ^ "AmeriGas to acquire Petrolane stake by August". United Press International. May 18, 1993.
- ^ Hagerty, James R. (May 11, 1999). "Georgia-Pacific Bids $851 Million To Snatch Unisource from UGI". The Wall Street Journal.
- ^ "UGI announces that Lon R. Greenberg will retire as Chief Executive Officer effective April 1, 2013" (Press release). Business Wire. March 5, 2013.
- ^ "UGI Completes Acquisition of Total LPG Distribution Business in France" (Press release). Business Wire. May 29, 2015.
- ^ "UGI Corporation Acquires Totalgaz Italia S.r.l." (Press release). Business Wire. October 5, 2017.
- ^ "UGI Energy Services Acquires South Jersey Energy's Retail Natural Gas Business" (Press release). Business Wire. December 3, 2018.
- ^ "UGI Subsidiary Completes Acquisition of Columbia Midstream Group, LLC" (Press release). Business Wire. August 1, 2019.
- ^ "UGI and AmeriGas Partners, L.P. Complete Merger Transaction" (Press release). Business Wire. August 21, 2019.
- ^ "UGI Energy Services Acquires RNG Company" (Press release). ngtnews.com. July 10, 2020.
- ^ "UGI acquires Mountaineer Gas for USD 540 million". Retrieved 2021-01-05.
- ^ "Arthur Otis Granger Dies". The New York Times. New York, New York. July 31, 1914. p. 9.
External links edit
- Official website
- Business data for UGI Corporation:
- Bloomberg
- SEC filings
- Yahoo!