UGI (UGI) 8-K Regulation FD Disclosure

Exhibit 99.1

UGI ENERGY SERVICES, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the three and nine months ended June 30, 2019 and 2018

(Unaudited)

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

TABLE OF CONTENTS

	Pages
Financial Statements (unaudited):
Condensed Consolidated Balance Sheets as of June 30, 2019 and 2018	3
Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended June 30, 2019 and 2018	4
Condensed Consolidated Statements of Cash Flows for the three and nine months ended June 30, 2019 and 2018	5

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(unaudited)

(Thousands of dollars)

	June 30, 2019			June 30, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	24,159		$	68,200
Restricted cash		22,502			6,160
Accounts receivable (less allowances for doubtful accounts of $1,218 and $1,172, respectively)		110,148			99,655
Inventories		19,887			20,065
Derivative instruments		10,579			6,980
Prepaid expenses and other current assets		4,786			4,327
Total current assets		192,061			205,387
Property, plant and equipment:
Gross property, plant and equipment		1,322,257			1,168,636
Accumulated depreciation		(241,095	)		(198,313	)
Net property, plant and equipment		1,081,162			970,323
Goodwill		11,919			5,583
Intangible assets, net		20,039			13,411
Derivative instruments		3,558			540
Investment in equity method investee		84,908			73,167
Other assets		24,864			24,869
Total assets	$	1,418,511		$	1,293,280
LIABILITIES AND EQUITY
Current liabilities:
Current capital lease obligations	$	133		$	127
Short-term borrowings		55,000			—
Accounts payable		105,120			70,555
Employee compensation and benefits accrued		7,720			9,127
Derivative instruments		21,605			4,742
Other current liabilities		50,277			57,861
Total current liabilities		239,855			142,412
Long-term capital lease obligations		235			368
Deferred income taxes		143,813			118,441
Derivative instruments		9,105			8,039
Other noncurrent liabilities		9,134			9,004
Total liabilities		402,142			278,264
Member’s equity		1,016,369			1,015,016
Total liabilities and equity	$	1,418,511		$	1,293,280

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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 June 30,				Nine Months Ended June 30,
	2019		2018		2019		2018
Revenues	$	258,788	$	249,637	$	1,239,702	$	1,122,745
Costs and expenses:
Cost of sales		247,566		200,774		1,049,568		853,194
Operating and administrative expenses		21,691		25,171		70,404		68,245
Depreciation and amortization		11,593		10,826		34,157		31,317
Other operating income, net		(266)		(529)		(1,209)		(508)
		280,584		236,242		1,152,920		952,248
Operating (loss) income		(21,796)		13,395		86,782		170,497
Income from equity method investee		1,512		1,356		4,593		3,375
Othernon-operating income (expense), net		16		(54)		85		(1,151)
Interest expense		(625)		(413)		(1,566)		(2,048)
(Loss) income before income taxes		(20,893)		14,284		89,894		170,673
Income tax benefit (expense)		5,739		(4,317)		(24,334)		24,577
Net (loss) income and comprehensive (loss) income	$	(15,154)	$	9,967	$	65,560	$	195,250

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UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Thousands of dollars)

	Three Months Ended June 30,						Nine Months Ended June 30,
	2019			2018			2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income	$	(15,154	)	$	9,967		$	65,560		$	195,250
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization		11,593			10,826			34,157			31,317
Deferred income taxes, net		(6,904	)		2,421			(2,706	)		(76,685	)
Changes in unrealized gains and losses on derivative instruments		24,462			(6,151	)		11,066			(764	)
Other, net		(3,048	)		4,165			(5,183	)		(207	)
Net change in:
Accounts receivable		96,862			50,414			1,820			(19,374	)
Inventories		(5,810	)		(5,111	)		4,953			2,478
Accounts payable		(80,257	)		(31,589	)		(3,875	)		15,161
Other current assets		(92	)		(578	)		(660	)		(1,944	)
Other current liabilities		(32	)		(2,453	)		19,430			48,843
Net cash provided by operating activities		21,620			31,911			124,562			194,075
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment		(32,666	)		(7,986	)		(89,074	)		(25,695	)
Acquisitions of businesses and assets		—			(7,000	)		(35,000	)		(62,000	)
Increase in equity method investments		(2,414	)		(5,632	)		(4,619	)		(19,305	)
Other		45			12			103			112
Net cash used by investing activities		(35,035	)		(20,606	)		(128,590	)		(106,888	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in bank loans		(2,000	)		—			(2,000	)		—
Receivables Facility net borrowings (repayments)		57,000			(10,000	)		55,000			(39,000	)
Dividends paid		(50,000	)		—			(50,000	)		(2,000	)
Other		(33	)		(33	)		(100	)		(96	)
Net cash provided (used) by financing activities		4,967			(10,033	)		2,900			(41,096	)
Cash, cash equivalents and restricted cash (decrease) increase	$	(8,448	)	$	1,272		$	(1,128	)	$	46,091
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	$	46,661		$	74,360		$	46,661		$	74,360
Cash, cash equivalents and restricted cash at beginning of period		55,109			73,088			47,789			28,269
Cash, cash equivalents and restricted cash (decrease) increase	$	(8,448	)	$	1,272		$	(1,128	)	$	46,091

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