UGI Corporation
 |
 | |
| Formerly | United Gas Improvement Co. |
|---|---|
| Company type | Public company |
| NYSE:UGI S&P 400component | |
| Industry | Energy industry |
| Founded | 1882 |
| Headquarters | |
Area served | United States Europe |
Key people | Mario Longhi,Chairperson Mario Longhi,Interim President&CEO Sean O'Brien,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 | UGI Utilties UGI Energy Services Mountaineer Gas Co. AmeriGas UGI International |
| Website | www |
| Footnotes / references [1] | |
UGI Corporation(formerlyUnitedGasImprovement Corp.) is a natural gas andelectric power distributioncompany headquartered inKing of Prussia, Pennsylvania,with extensive operations in theUnited StatesandEurope.[1]
UGI ownsAmeriGas,the largestpropanemarketer in the United States. UGI also owns AvantiGas,Antargazand Flaga in Europe.[1]
UGI also operates interstate and intrastate transmission andnatural gas storageassets in theMarcellus 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 thePhiladelphia Gas Works.[2]
The company formed the United Electric Company ofNew Jerseyin 1899. United Electric consolidated several electric and lighting utilities into a singleholding company.[3]
Public Service Corporationof New Jersey took over United Electric in 1907.[4][5]United Electric was ultimately merged intoPublic Service Enterprise Group.
In October 1964, Industrial Gases, Inc., ofPittsburgh, Pennsylvania,filed anantitrustsuit inUnited States district courtcharging the company with attempting to eliminate competition in sales of bottledpropanegas in Pittsburgh.[6]The Philadelphia Gas Works division of UGI challenged a ruling of theFederal 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 theSupreme Court of the United Statesin May 1968.[7]
In February 1968, the company changed its name to UGI Corporation.[8][9]
In 1993, through itsAmeriGassubsidiary, the company acquired Petrolane, which was inbankruptcy.[10]
In 1999, the company offered to acquireUnisource Worldwide,a distributor of office paper, but it was outbid byGeorgia-Pacific.[11]
On April 1, 2013, John Walsh succeeded Lon Greenberg aspresidentandchief executive officer.[12]
In May 2015, the company acquiredTotalgaz S.A.'sliquefied petroleum gasdistribution operations in France for €423 million.[13]
In October 2017, the company acquiredTotalgaz Italia,aliquefied petroleum gasdistribution business, and renamed it UniverGas Italia.[14]
In December 2018, the company acquiredSouth 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 ofAmeriGasthat it did not already own.[17]
On July 10, 2020, the company acquired GHI Energy LLC, aHouston-basedrenewable natural gas company.[18]
On January 5, 2020, the company acquiredMountaineer Gas Companyof West Virginia for $540 million.[19]
Notable people
[edit]- A. O. Granger,UGI presidentc. 1886[20]
References
[edit]- ^abcd"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 – viaNewspapers.com.
- ^"United Gas Improvement: Important Suit Involving United Electric".The Wall Street Journal.October 8, 1904 – viaNewspapers.com.
- ^"Gold Bonds offered by United Electric Company of New Jersey".The New York Times.January 1, 1910 – viaNewspapers.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 – viaNewspapers.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".Retrieved2021-01-05.
- ^"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:
- Companies listed on the New York Stock Exchange
- Electric power companies of the United States
- Natural gas companies of the United States
- Companies based in Montgomery County, Pennsylvania
- History of Philadelphia
- 1964 in American law
- American companies established in 1882
- 1882 establishments in Pennsylvania
- Companies in the S&P 400