UGI (UGI) 8-K Regulation FD Disclosure

Exhibit 99.3

UGI ENERGY SERVICES, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the three and six months ended March 31, 2019

(Unaudited)

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

TABLE OF CONTENTS

	Pages
Financial Statements (unaudited):
Condensed Consolidated Balance Sheet as of March 31, 2019	3
Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended March 31, 2019	4
Condensed Consolidated Statements of Cash Flows for the three and nine months ended March 31, 2019	5

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(unaudited)

(Thousands of dollars)

	March 31, 2019
ASSETS
Current assets:
Cash and cash equivalents	$	51,511
Restricted cash		3,598
Accounts receivable (less allowances for doubtful accounts of $ 1,242)		207,032
Inventories		14,077
Derivative instruments		11,159
Prepaid expenses and other current assets		4,694
Total current assets		292,071
Property, plant and equipment:
Gross property, plant and equipment		1,272,376
Accumulated depreciation		(230,099	)
Net property, plant and equipment		1,042,277
Goodwill		11,919
Intangible assets, net		20,597
Derivative instruments		3,795
Investment in equity method investee		81,080
Other assets		23,964
Total assets	$	1,475,703
LIABILITIES AND EQUITY
Current liabilities:
Current capital lease obligations	$	132
Accounts payable		168,072
Employee compensation and benefits accrued		10,862
Derivative instruments		4,050
Other current liabilities		47,206
Total current liabilities		230,322
Long-term capital lease obligations		269
Deferred income taxes		149,649
Derivative instruments		4,781
Other noncurrent liabilities		9,159
Total liabilities		394,180
Member’s equity		1,081,523
Total liabilities and equity	$	1,475,703

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UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(unaudited)

(Thousands of dollars)

	Three Months Ended			Six Months Ended
	March 31, 2019			March 31, 2019
Revenues	$	535,554		$	980,914
Costs and expenses:
Cost of sales		435,230			802,002
Operating and administrative expenses		24,932			48,713
Depreciation and amortization		11,325			22,565
Other operating income, net		(471	)		(944	)
		471,016			872,336
Operating income		64,538			108,578
Income from equity method investee		1,610			3,081
Othernon-operating income, net		51			69
Interest expense		(488	)		(941	)
Income before income taxes		65,711			110,787
Income tax expense		(18,035	)		(30,073	)
Net income and comprehensive income	$	47,676		$	80,714

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UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Thousands of dollars)

	Three Months Ended			Six Months Ended
	March 31, 2019			March 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	47,676		$	80,714
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,325			22,565
Deferred income taxes, net		3,460			4,198
Changes in unrealized gains and losses on derivative instruments		(11,578	)		(13,396	)
Other, net		(2,937	)		(2,136	)
Net change in:
Accounts receivable		16,073			(95,042	)
Inventories		8,637			10,763
Accounts payable		(35,115	)		76,382
Other current assets		(571	)		(568	)
Other current liabilities		2,554			19,462
Net cash provided by operating activities		39,524			102,942
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment		(32,538	)		(56,408	)
Acquisitions of businesses and assets		(20,000	)		(35,000	)
Increase in equity method investments		(1,816	)		(2,205	)
Other		—			58
Net cash used by investing activities		(54,354	)		(93,555	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in bank loans		(10,000	)		—
Receivables Facility net repayments		—			(2,000	)
Other		(34	)		(67	)
Net cash used by financing activities		(10,034	)		(2,067	)
Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	7,320
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	$	55,109		$	55,109
Cash, cash equivalents and restricted cash at beginning of period		79,973			47,789
Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	7,320

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