Formerly | United Gas Improvement Corp. |
---|---|
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 UniverGas Italia |
Website | www |
Footnotes /references [1] |
UGI Corporation (formerly UnitedGasImprovement 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]
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]
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, and renamed it UniverGas Italia. [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]
Sunoco LP is an American master limited partnership organized under Delaware state laws and headquartered in Dallas, Texas. Dating back to 1886, the company has transitioned from a vertically integrated energy company to a distributor of fuels. It was previously engaged in oil, natural gas exploration and production, refining, chemical manufacturing, and retail fuel sales, but divested these businesses. Sunoco is the largest independent distributor of fuels in the United States.
Ovintiv Inc. is an American independent petroleum company. The company was formed in 2020 through a restructuring of its Canadian predecessor, Encana. Ovintiv is incorporated in Delaware and headquartered in Denver, Colorado.
The Public Service Corporation (PSC) was an energy and transportation company in New Jersey. It was formed to shore up financing and development of New Jersey's streetcar and power companies at a time when they were growing but exhausting capital. It did this by leasing their operations or buying them outright, and using the size and integration of the systems to get favorable financing for improvements.
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Exelon Corporation is a public utility headquartered in Chicago, and incorporated in Pennsylvania. Exelon is the largest electric parent company in the United States by revenue and is the largest regulated electric utility in the United States with approximately 10 million customers. The company is ranked 99th on the Fortune 500.
Constellation Energy Corporation is an American energy company headquartered in Baltimore, Maryland. The company provides electric power, natural gas, and energy management services. It has approximately two million customers across the continental United States.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services in the United States and Canada. Its operating units include an electric utility serving 2.2 million customers and a natural gas utility serving 1.3 million customers in Michigan.
Devon Energy Corporation is an energy company engaged in hydrocarbon exploration in the United States. It is organized in Delaware and its corporate operative headquarters are in the 50-story Devon Energy Center in Oklahoma City, Oklahoma. Its primary operations are in the Barnett Shale STACK formation in Oklahoma, Delaware Basin, Eagle Ford Group, and the Rocky Mountains.
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Oneok, Inc. is an American diversified corporation focused primarily on the natural gas industry, and headquartered in Tulsa, Oklahoma. The company is part of the Fortune 500 and S&P 500. Oneok was founded in 1906 as Oklahoma Natural Gas Company, but it changed its corporate name to Oneok in December 1980. It also owns major natural gas liquids (NGL) systems due to the 2005 acquisition of Koch Industries natural gas businesses.
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SCANA Corporation was an American regulated electric and natural gas public utility. The company was based in Cayce, South Carolina, a suburb of Columbia, South Carolina. Following the Nukegate scandal, the company's stock fell and the company was in disrepair. In January 2019, SCANA was acquired by Dominion Energy. The corporate name SCANA was not an acronym, but was taken from the letters in South Carolina.
AmeriGas Partners, L.P. is the largest retail propane distributor in the United States based on the volume of propane gallons distributed annually. It serves over 1.7 million residential, commercial, industrial, agricultural, wholesale and motor fuel customers in all 50 states from approximately 1,900 propane distribution locations. It is headquartered in King of Prussia, Pennsylvania and is a subsidiary of UGI Corporation.
SemGroup Corporation was a publicly-traded company engaged in natural gas, petroleum, and propane pipeline transport. It was organized in Delaware and headquartered in Tulsa, Oklahoma. In December 2019, the company was acquired by Energy Transfer LP.
EQT Corporation is an American energy company engaged in hydrocarbon exploration and pipeline transport. It is headquartered in EQT Plaza in Pittsburgh, Pennsylvania.
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Pioneer Natural Resources Company, headquartered in Irving, Texas, was a company engaged in hydrocarbon exploration. It operates in the Cline Shale, which is part of the Spraberry Trend of the Permian Basin, where the company is the largest acreage holder. Pioneer is presently undergoing an acquisition by ExxonMobil, which in October 2023 agreed to acquire the company in the largest merger in the energy industry in 20 years; closing is expected in the first half of 2024.
Whiting Petroleum Corporation was a company engaged in hydrocarbon exploration primarily in the Bakken Formation and Three Forks Shale. It was organized in Delaware with its operational headquarters in Denver, Colorado.
TotalErg S.p.A. was an Italian company that operated in the refining and distribution of petroleum products. It was a joint venture between Total SA (49%) and Erg S.p.A. (51%).