Ugi Corp - UGI STOCK NEWS

UGI Corporation has announced a new renewable natural gas (RNG) project in upstate New York. Developed in partnership with Global Common Ventures, the project will modify an existing anaerobic biogas facility at New Hope View Farms. Expected to be completed in the second half of 2024, the facility aims to produce 35 million cubic feet of RNG annually, contributing to local natural gas supplies. This initiative marks a significant expansion of UGI's RNG business and aligns with the company's sustainability goals.

UGI Corporation has divested its UK energy marketing business, formerly AvantiGas ON, to British Gas as of October 21, 2022. This business supplied natural gas to around 13,000 business meter points in the UK. Following a strategic review, UGI anticipates a 20-25% reduction in volumes for Fiscal 2023 as it continues to evaluate its remaining operations in France, Belgium, and the Netherlands. The divestment aligns with UGI's strategic growth objectives in the energy sector.

UGI Corporation (NYSE: UGI) will announce its fiscal year 2022 earnings after market close on November 17. A conference call is scheduled for 9:00 AM ET on November 18, where the company will discuss its financial outlook, key strategic priorities, and business updates. UGI operates in energy distribution and marketing, including natural gas and electric utilities in Pennsylvania and West Virginia, as well as LPG distribution through AmeriGas and UGI International.

UGI Corporation announced the retirement of John L. Walsh from its Board of Directors, effective at the annual shareholder meeting in January 2023. Frank S. Hermance, Chair of the Board, expressed gratitude for Walsh's leadership during his 17 years of service and for his role in the CEO transition to Roger Perreault. Perreault highlighted Walsh's mentorship and commitment to stakeholders. The company continues to focus on delivering energy solutions and growth strategies.

UGI Corporation (NYSE: UGI) has announced that its joint venture, Cayuga RNG, will develop its fourth renewable natural gas (RNG) project in Schuyler County, New York. The project, set for completion in the second half of 2024, will produce approximately 150 million cubic feet of RNG annually. This initiative is part of UGI's commitment of nearly $250 million to RNG projects across multiple states. The project aims to provide environmental benefits while supporting local farmers, with GHI Energy as the exclusive marketer for the RNG produced.

Archaea Energy reported strong financial results for Q2 and the first half of 2022, with revenues of $77.2 million and net income of $32.6 million for Q2. For the six months, revenues reached $134.1 million but net income was slightly negative at $0.5 million. The company increased its full-year Adjusted EBITDA guidance to $132.5 million - $147.5 million and capital expenditures to $325 million - $365 million. Recent strategic moves include the acquisition of INGENCO and the formation of a joint venture with Republic Services, aiming to boost their renewable natural gas production.

UGI Corporation (NYSE: UGI) reported Q3 fiscal results, showing a decline in GAAP diluted EPS to $(0.03) and adjusted diluted EPS to $0.06, compared to $0.71 and $0.13 in the prior year. Year-to-date, GAAP diluted EPS is $3.84, down from $4.48. Q3 EBIT rose to $100 million from $98 million. The company announced a $49.45 million gas rate increase pending PA PUC approval. Despite strong customer growth, UGI expects to be at the lower end of its EPS guidance of $2.90 to $3.00 due to economic uncertainties and inflationary pressures.

UGI Corporation (NYSE: UGI) has declared a quarterly dividend of $0.36 per share, payable on October 1, 2022, to shareholders on record as of September 15, 2022. This marks the company's 138th consecutive year of paying dividends and a 35-year streak of annual increases. Additionally, a 0.125% per annum cash dividend on convertible preferred stock is set for September 1, 2022.

UGI operates in energy distribution and marketing, including natural gas and electric utilities, LPG distribution, and energy marketing services.

Archaea Energy Inc. (NYSE: LFG) has signed a five-year RNG purchase and sale agreement with UGI Utilities for 331,785 MMBtu of renewable natural gas (RNG) annually from its Assai RNG facility, effective July 1, 2022. This partnership marks Archaea's second term agreement with a U.S. utility, aiming to enhance sustainability efforts and reduce environmental footprints. Archaea, a prominent RNG producer, focuses on long-term contracts to provide sustainable decarbonizing solutions, leveraging its expertise in RNG development and operation.