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Most of UGI Corporation’s revenue comes from selling propane and other liquefied petroleum gas (LPG). AmeriGas supplies U.S. households and businesses, often in rural and suburban areas without readily available natural gas, while UGI International distributes LPG across much of Europe. Customers buy these fuels for heating, cooking, industrial operations and other uses. AmeriGas delivers propane into storage tanks at customer premises and sells portable cylinders. These businesses earn the difference between selling prices and fuel purchase costs, so profitability depends on passing wholesale cost increases through to customers. In some local markets, they rely on a single supplier for most of their fuel.
UGI also operates regulated natural gas distribution through PA Gas Utility and Mountaineer in Pennsylvania, a small part of Maryland and West Virginia, plus an electric utility in northeastern Pennsylvania. Customers pay for energy supplied by the utilities or for delivery through their networks when they buy energy elsewhere. Most gas flowing through these networks is transported for customers who purchase it from other suppliers. Regulators approve utility rates, determining how the businesses recover costs and earn a return on their infrastructure.
Through Energy Services, UGI sells energy to households and businesses and earns fees from natural gas transportation, gathering, processing and storage. It also supplies utilities with supplemental fuel during peak demand. Winter heating demand strongly influences fuel sales across the group. UGI itself is a holding company and receives cash through dividends and other payments from its operating businesses.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
New Jersey Resources gives UGI holders a neighboring comparison: both deliver gas to utility customers, sell energy and operate gas storage and transportation businesses. Watch its New Jersey residential and commercial gas business alongside its energy-marketing results to distinguish utility demand from energy trading performance.
Spire Inc. offers a comparison for UGI’s mix of regulated gas delivery, gas marketing, pipelines and storage; its utilities earn from selling gas and transporting gas customers bought elsewhere. Watch Spire Missouri’s heating-energy sales alongside UGI’s winter-heavy gas business.
National Fuel Gas Co. gives UGI holders a comparison for Pennsylvania gas delivery and Appalachian gas gathering, pipelines and storage: both serve retail gas customers and handle gas flows. Watch its revenue from transporting and storing customer-owned gas, while keeping its own gas production separate from the comparison.
Atmos Energy Corporation offers UGI holders a comparison for earning regulated revenue by selling and delivering gas to customers while also operating pipelines and storage. Watch its approved distribution rates and the return they allow on invested capital when assessing UGI’s gas-network spending.
MDU Resources Group, Inc. mirrors UGI’s combination of regulated gas delivery, pipelines and storage with a smaller electric utility business, earning from gas services and electricity sold to customers. Its gas-distribution and pipeline results are the closest comparisons for UGI, rather than its electricity-generation business.
ONE GAS, INC. gives UGI holders a focused utility comparison: it is entirely a regulated gas distributor, serving residential, commercial and customers who pay to transport gas bought elsewhere. Watch those delivery operations rather than treating its results as a comparison for UGI’s energy-marketing business.
Northwest Natural Holding Company highlights a risk UGI also faces: gas utilities sell to residential and commercial customers who can choose electricity, fuel oil or propane instead. Watch its residential gas margin, not just total gas volumes: in its December 31, 2025 meter summary, residential customers supplied 66% of NWN Gas Utility’s margin but only 37% of delivered volumes.
ONE GAS, INC. earningsOGS
ONE Gas’s report will show how residential and commercial customers are using its gas-delivery service, a focused comparison for UGI’s regulated gas networks.
Focus on ONE Gas’s gas-delivery operations, not UGI’s energy-marketing business. Steady delivery activity would show that customers continue to rely on the utility network; weaker activity would point to softer demand or gas use, a risk UGI’s gas-delivery business also faces.
National Fuel Gas Co. earningsNFG
National Fuel Gas’s report will show demand for transporting and storing customer-owned gas, a read-through for UGI’s pipeline and storage services.
Watch National Fuel Gas’s revenue from transporting and storing customer-owned gas, separate from its own gas production. Stronger service revenue would indicate firmer demand for infrastructure like UGI’s midstream assets; weaker revenue would point to pressure on demand for comparable services.
Atmos Energy Corporation earningsATO
Atmos Energy’s report will show how approved delivery rates and returns on invested capital support its gas-network spending, a comparison for UGI Utilities.
Watch whether Atmos Energy’s approved delivery rates and allowed returns on invested capital support its network spending. If rates and returns cover investment costs, regulation is enabling utilities to maintain and expand their networks; if cost recovery is constrained, UGI Utilities faces a similar risk of spending more than rates allow it to recover.
UGI Corporation earningsThis company
UGI’s report will show how much propane customers bought in the U.S. and Europe, and whether UGI protected its margins as supply costs changed.
Read retail propane gallons alongside total margin at AmeriGas Propane and UGI International. If both rise, customer demand and cost pass-through are supporting the business; if gallons or margin fall, seasonal demand may be weaker or UGI may not be passing higher supply costs through to customers in time.
