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ANALYST DAY – UGI Corp.

UGI Corp. · Oct 17, 2012 · 147 slides

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Slides

  1. ANALYST DAY – UGI Corp. – slide 1
    2012 Analyst Day October 17, 2012 1
  2. ANALYST DAY – UGI Corp. – slide 2
    Management Team UGI Corporation Business Unit Management Lon Greenberg Jerry Sheridan John Walsh Paul Grady Kirk Oliver John Iannarelli Davinder Athwal Brad Hall Simon Bowman Angela Rodriguez Hugh Gallagher Bob Beard Monica Gaudiosi…
  3. ANALYST DAY – UGI Corp. – slide 3
    Agenda 8:30 AM Hugh Gallagher Introductions 8:35 AM Lon Greenberg Opening Remarks 9:00 AM Bob Beard Utilities 9:25 AM Jerry Sheridan AmeriGas 9:55 AM John Walsh International Propane Panel Discussion 10:35 AM Break 10:50 AM Brad Hall…
  4. ANALYST DAY – UGI Corp. – slide 4
    Lon Greenberg Chairman & CEO October 17, 2012 5
  5. ANALYST DAY – UGI Corp. – slide 5
    About UGI Corporation UGI Corporation is a distributor and marketer of energy products and services including natural gas, propane, butane, and electricity. UGI Corporation (NYSE: UGI) Domestic Propane* International Midstream…
  6. ANALYST DAY – UGI Corp. – slide 6
    About UGI Corporation UGI operates in 50 states and 16 European countries AmeriGas also operates in Hawaii and Alaska Domestic International Midstream & UGI Utilities Propane Propane Marketing October 17, 2012 7
  7. ANALYST DAY – UGI Corp. – slide 7
    UGIs Businesses Similar End Functionally related with Uses (heating, numerous common Margin / cooking, commercial applications) Similar customer attributes pricing mix management (Residential and commercial) Common…
  8. ANALYST DAY – UGI Corp. – slide 8
    UGIs Businesses Diversification through: Geographies Value chain Operations across the United States Operations range from generation, and 16 European countries gathering, storage, transportation, and sale to the end user…
  9. ANALYST DAY – UGI Corp. – slide 9
    Diversified Growth Opportunities UGI has a variety of initiatives in place to drive growth in all its businesses 15 Bcf gas storage Gas gathering Acquisitions / pipelines Cylinder exchange and Natural gas national peaking…
  10. ANALYST DAY – UGI Corp. – slide 10
    Total Shareholder Return Proposition 14% UGI is a balanced growth and income investment 4% dividend growth 10% Reinvestment 4% of Cash dividend 3% - 4% growth 8% EPS growth EPS growth from 4% from projects dividend growth…
  11. ANALYST DAY – UGI Corp. – slide 11
    The UGI Virtuous Circle Income-producing businesses generate cash for growth opportunities and dividends Base business earnings Cash flow Dividends growth Incremental Organic earnings investment growth and M&A October 17,…
  12. ANALYST DAY – UGI Corp. – slide 12
    The UGI Virtuous Circle Income-producing businesses generate cash for growth opportunities and dividends Cash flow Dividends 250 MM- Base business earnings growth 125 MM- 3-4% 290 MM* 140 MM* Organic investment and M&A1…
  13. ANALYST DAY – UGI Corp. – slide 13
    Our Track Record Goals: Capital 4% 6-10% investment and M&A to Generate cash flow to pay for both growth strengthen our Dividend EPS growth position across projects and growth target target dividend units Accomplishments:…
  14. ANALYST DAY – UGI Corp. – slide 14
    Dividend Performance History UGI has paid uninterrupted 4% dividends for 128 years and Dividend growth target increased its dividend for the past 25 consecutive years 7.3% Dividend growth (10- year CAGR*) *through FY11…
  15. ANALYST DAY – UGI Corp. – slide 15
    Total Shareholder Return Total Return CAGR (%)e 3 yr 5 yr 10 yr 300 UGI 12.0 7.6 13.7 S&P 500 Utilities 12.3 2.4 11.3 UGI S&P 400 Midcap 14.3 3.8 10.8 225 S&P 500 13.2 1.1 8.0 Total Return (%) 150 75 - Sep-02…
  16. ANALYST DAY – UGI Corp. – slide 16
    Fiscal 2013 Guidance UGI and APU guidance: 2.45-2.55 630 -660 MM UGI Corp Fiscal Year 2013 EPS AmeriGas Partners Fiscal Year 2013 Guidance EBITDA Guidance More details on Fiscal 2013 guidance to follow October 17, 2012…
  17. ANALYST DAY – UGI Corp. – slide 17
    Meeting UGIs growth goals 4% Cash dividend generation growth Midstream Investments, Intl./domestic Reinvestment propane acq., of Cash 3% - 4% Utility acq. Auburn II, Storage EPS growth from enhancements, LNG projects…
  18. ANALYST DAY – UGI Corp. – slide 18
    EPS Growth Goals REINVESTMENT OF 3.25 CASH: 2013 guidance Midstream investments 3.00 Propane acquisitions - Intl & domestic Utility acquisitions 2.75 PROJECTS: 2.50 Auburn II, Storage enhancements, LNG 2013 guidance…
  19. ANALYST DAY – UGI Corp. – slide 19
    Performance Measures 7.3% Dividend growth* Excellent returns at a below-group multiple 13.0% Earnings growth* 12.8x Forward P/E ratio Versus selected industry group1 at 15.4x *10-year CAGR through FY11 1Industry group…
  20. ANALYST DAY – UGI Corp. – slide 20
    Investment Thesis: FY13-FY15 Enhanced shareholder return achieved by: Meeting or exceeding Closing the our targets: information gap 4%+ dividend growth Increased information about 6% to 10% EPS growth our businesses Increased…
  21. ANALYST DAY – UGI Corp. – slide 21
    Key Takeaways from Today Clear understanding of UGIs earnings growth goals and achievability Clear understanding of each business units key strategic initiatives UGI expectations for the sources of future earnings and cash flow UGI…
  22. ANALYST DAY – UGI Corp. – slide 22
    Bob Beard UGI Utilities October 17, 2012 23
  23. ANALYST DAY – UGI Corp. – slide 23
    Agenda Keys to Success Service Territory Financial Performance Customer Growth Infrastructure Management Looking Forward October 17, 2012 24
  24. ANALYST DAY – UGI Corp. – slide 24
    Keys to Success Operations Focus on fundamentals and safe, efficient operations Growth core heating customers by 1-2% annually in Growth current economic environment Service Remain a leader in customer satisfaction Proactive…
  25. ANALYST DAY – UGI Corp. – slide 25
    Utilities History UGI operates three natural gas utilities and one electric utility each separately regulated: UGI Utilities UGI Gas in operation for over 130 years Acquired UGI Penn Natural Gas in 2006 Acquired UGI Central Penn Gas…
  26. ANALYST DAY – UGI Corp. – slide 26
    Service Territory October 17, 2012 27
  27. ANALYST DAY – UGI Corp. – slide 27
    Service Territory Pennsylvanias largest gas utility 45 of the 67 PA counties served Service provided in 6 of the top 10 PA population centers Service provided in 709 PA municipalities Wide range of customer opportunities 600,000 gas…
  28. ANALYST DAY – UGI Corp. – slide 28
    Strong Financial Performance in millions 2007 2008 2009 2010 2011 EBITDA 206.0 204.3 220.5 243.0 264.0 D&A (40.9) (41.2) (51.1) (53.5) (52.6) EBIT 165.1 163.1 169.4 189.5 211.4 Interest (42.3) (39.1) (43.9) (42.3) (42.7) Taxes (48.6)…
  29. ANALYST DAY – UGI Corp. – slide 29
    Conservative Financial Management Investment-grade credit ratings: A3 / A Low leverage: Debt-to-total-capitalization under 50% Favorable debt maturity profile 40 MM maturing in FY12 repaid 133 MM maturing in FY13 refinancing is…
  30. ANALYST DAY – UGI Corp. – slide 30
    Focus on Customer Growth In 2012 UGI Gas achieved +1.9% net customer growth Annual Natural Gas Savings over Oil Focused on customer conversions from oil and other fuels 1,553 1,485 Historical growth was from new housing market…
  31. ANALYST DAY – UGI Corp. – slide 31
    Historical Growth: Residential Annual Residential Gas Customer Additions October 17, 2012 32
  32. ANALYST DAY – UGI Corp. – slide 32
    Historical Growth: Commercial Commercial Customer Conversions Record success in commercial conversions in 5,794 2012 4,845 Launching new fall 4,007 4,095 campaign targeted at small businesses 3,402 2,985 Multiple large C&I…
  33. ANALYST DAY – UGI Corp. – slide 33
    Infrastructure Management UGI Pipeline System 15% Cast Iron / Bare Steel 85% Ahead of other PA Utilities: Contemporary 73% avg. UGI has an aggressive capital replacement plan 531 miles of cast iron and bare steel pipe…
  34. ANALYST DAY – UGI Corp. – slide 34
    Infrastructure Management UGI has proposed replacement of all cast iron main within 14 years and all bare steel main within 30 years We have accelerated our spending and rate of replacement in infrastructure over the last 5 years…
  35. ANALYST DAY – UGI Corp. – slide 35
    Constructive Regulatory Environment Proactive communications with regulators Base rate cases are generally settled in less than 9 months Distribution System Improvement Charge (DSIC) approved in 2012 provides a quarterly surcharge…
  36. ANALYST DAY – UGI Corp. – slide 36
    Looking Forward We are driving earnings growth through: Customer growth Investments in infrastructure Operational productivity Continued addition of Marcellus shale gas into our distribution system October 17, 2012 37
  37. ANALYST DAY – UGI Corp. – slide 37
    Questions October 17, 2012 38
  38. ANALYST DAY – UGI Corp. – slide 38
    Jerry Sheridan AmeriGas October 17, 2012 39
  39. ANALYST DAY – UGI Corp. – slide 39
    History of AmeriGas Started in 1959 165 acquisitions since 1982 Cal Gas acquisition in 1987 Petrolane acquisition in 1993 IPO as an MLP in 1995 Columbia acquisition in 2001 Heritage acquisition in 2012 October 17, 2012…
  40. ANALYST DAY – UGI Corp. – slide 40
    History of Heritage 160 Brands October 17, 2012 41
  41. ANALYST DAY – UGI Corp. – slide 41
    New AmeriGas Profile AmeriGas provides service to all 50 states 8,500+ Employees 2,000 Locations 2+ million Customers 1.2+ billion Propane gallons sold annually 8,000+ Bobtails and service trucks in fleet October 17, 2012 42
  42. ANALYST DAY – UGI Corp. – slide 42
    Competitive Advantages Unmatched geographic coverage Customer density = efficiency Advantage in acquisitions, serving multi-state customers Geographic and end-use diversity Size provides purchasing advantage Counter-seasonal…
  43. ANALYST DAY – UGI Corp. – slide 43
    The Propane Industry Retail Propane Outlook Consumption Trends* Supply Supply continues to grow in the US as more wet-gas shale 11 production comes on line 10 Exports rising, bolstered by Asia 9 Relatively stable wholesale…
  44. ANALYST DAY – UGI Corp. – slide 44
    The Propane Industry AmeriGas Conservation New Propane-Heated Study(1) Homes (2) Conservation has been 1%-2%; A nascent housing market recovery lower future propane prices will and commercial expansion will help mitigate…
  45. ANALYST DAY – UGI Corp. – slide 45
    Strategic Goals Strategic Growth AmeriGas Advantage Initiatives Leverage extensive distribution network National Accounts Dedicated customer service / billing team Counter seasonal summer business AmeriGas Cylinder Nationwide…
  46. ANALYST DAY – UGI Corp. – slide 46
    Unmatched Nationwide Footprint Largest player in a fragmented industry with 15% market share Market share (%) 65 60.7 15.1 15 10 8.9 7.2 5 3.2 2.4 0.9 0.8 0.8 0 AmeriGas + Ferrellgas Suburban/ Growmark Cenex MFA…
  47. ANALYST DAY – UGI Corp. – slide 47
    Business Diversification Customer Base Geography 23% 36% Southwest 24% 47% Commercial/ Industrial Residential Northwest 26% Northeast 27% Southeast 11% Transport 3% 3% Agriculture Motor Fuel Based upon combined…
  48. ANALYST DAY – UGI Corp. – slide 48
    Strategic Growth Opportunities AmeriGas Cylinder Exchange National Accounts Counter-seasonal to heating Leverages national footprint season Service multiple locations one bill Significant scale - 41,000 distribution points…
  49. ANALYST DAY – UGI Corp. – slide 49
    Unit Margin Management A long track record of exceptional margin management through volatile propane cost environments 1.80 1.80 1.60 1.60 Propane Unit Margins Avg. Mt. Belvieu Cost 1.40 1.40 1.20 1.20 1.00 1.00 0.80 0.80…
  50. ANALYST DAY – UGI Corp. – slide 50
    Heritage Update Heritage Propane 1 year later October 17, 2012 51
  51. ANALYST DAY – UGI Corp. – slide 51
    Heritage Timeline On target to deliver at least 60 million in net synergies in FY13 Jan Feb Mar Apr May Jun Jul Aug Sept 1.55 billion 289MM Leadership New business All back FY 12 HY debt Equity Team model office blends financing…
  52. ANALYST DAY – UGI Corp. – slide 52
    Integration Team Status Team Field operations Metro Lift Sales & Marketing Various teams focused on all National Accounts aspects of the integration Supply & Logistics Real Estate Managed by an Integration IT SAP Management Office…
  53. ANALYST DAY – UGI Corp. – slide 53
    Much Has Gone Well On pace to achieve at least 60 MM in synergies in FY13 Implemented comprehensive change management program Built new leadership team that meshed leaders from both organizations Successfully merging two…
  54. ANALYST DAY – UGI Corp. – slide 54
    Acquisition Benefit: Critical Mass AmeriGas District Locations Before After Consolidation 4.7% 17.2% 39.0% 44.0% 51.4%…
  55. ANALYST DAY – UGI Corp. – slide 55
    Scale Drives Growth Acquisitions 3% - 4% ACE/National Accounts EBITDA Growth Biggest Sales Force in the Industry Better Segmentation Really Understand Our Customer Great Customer Service Delight the Customer October…
  56. ANALYST DAY – UGI Corp. – slide 56
    Our Track Record Goals: Maintain strong liquidity 5% 3%-4% Sound balance sheet Distribution EBITDA Conservative credit Growth Growth metrics Accomplishments: 5.5% 5.6% 525MM Revolving Credit Facility Distribution EBITDA Balance…
  57. ANALYST DAY – UGI Corp. – slide 57
    EBITDA Growth Adjusted EBITDA ( millions)1 700 645 600 500 400 300 200 100 0 2006 2007 2008 2009 2010 2011 2012 2013 (1) See appendix for reconciliation of historical adjusted EBITDA to Net Income. 2012 and 2013…
  58. ANALYST DAY – UGI Corp. – slide 58
    Distribution Growth Distributions per unit Distribution Coverage * (excluding special distributions) 1.5 1.4 3.20 1.4 1.3 1.3 1.3 1.2 2.96 2.82 2.68 0.7 2.56 2.44 2.32 2006 2007 2008 2009 2010 2011 2012 2006…
  59. ANALYST DAY – UGI Corp. – slide 59
    Conservative Financial Management Leverage Ratio* Strong Financial Profile Debt / Adjusted EBITDA Credit rating: Moodys Ba2 / Ba3 Long term debt < 7.0% on avg. 4.9 Repaid over 230MM in long-term 4.5 debt since acquisition 3.9 3.7…
  60. ANALYST DAY – UGI Corp. – slide 60
    Questions October 17, 2012 61
  61. ANALYST DAY – UGI Corp. – slide 61
    International Propane Panel John Walsh, Moderator Eric Naddeo Reinhard Schdlbauer Neil Murphy October 17, 2012 62
  62. ANALYST DAY – UGI Corp. – slide 62
    Characteristics Customer segments: U.S. Europe Bulk delivery business (250 1,000 gallons) Cylinder exchange Motor fuel forklifts Motor fuel over the road autogas Competitive Landscape U.S. Europe Fragmented market Larger share /…
  63. ANALYST DAY – UGI Corp. – slide 63
    UGIs Propane Businesses Domestic International Brand 100+ local brand names Countries of France, Belgium, Netherlands, Luxembourg, Austria, U.S. Poland, Czech Republic, Hungary, Slovakia, Romania, operation Switzerland, Norway,…
  64. ANALYST DAY – UGI Corp. – slide 64
    European Economic Environment Economic outlook GDP Forecasts For UGI European Operations1 Scandinavia / Central Europe flat %y/y 2013 2014 to modest growth France 0.1% 0.6% France and UK GDP growth: flat Emerging Europe 2.8% 3.2%…
  65. ANALYST DAY – UGI Corp. – slide 65
    Unit Margin Management Intl. Propane has demonstrated the ability to manage margins in various cost environments this is a core strength of all of UGIs Propane businesses Antargaz Margin History 700 700 Propane Unit Margins…
  66. ANALYST DAY – UGI Corp. – slide 66
    UGI Europe Growth Initiatives ORGANIC GROWTH: Heating Oil to LPG conversions in select countries Core bulk segment Penetration of new LPG markets in U.K. Residential customer growth in Poland Composite cylinder for specific…
  67. ANALYST DAY – UGI Corp. – slide 67
    Eric Naddeo Antargaz October 17, 2012 68
  68. ANALYST DAY – UGI Corp. – slide 68
    One of the largest LPG Distributors in France Large customer base: 200,000 bulk customers 300 MM gallons Over 3 million cylinder customers Cuijk 24% market share q Gent Diegem q Nannine q q Valenciennes Waime q Le Havre s q…
  69. ANALYST DAY – UGI Corp. – slide 69
    Impact of Shell LPG acquisition Recent Benelux acquisition consolidates Antargazs position Strong position in both cylinder & bulk segments (approx 50 million gallons) Market leader in Belgium, Luxembourg, significant share in…
  70. ANALYST DAY – UGI Corp. – slide 70
    Market Position Strong market position combined with steady profitability enables ambitious growth programs Stability of the customer base: Bulk Long term contracts Low churn rate (3%) Average length of customer relationship: 15…
  71. ANALYST DAY – UGI Corp. – slide 71
    Natural gas A new and promising market: Antargaz has been authorized by the government as a new natural gas supplier the only propane company active on the gas market Antargaz is focused on the most profitable segment of the…
  72. ANALYST DAY – UGI Corp. – slide 72
    Market position A track record of increasing market share while maintaining strong margins 25% Butane cylinder /Ton Gross Margin 1200 24% 23% 1100 22% 21% 1000 20% 900 19% 2007 2008 2009 2010 2011 800 700 25% 600 Propane…
  73. ANALYST DAY – UGI Corp. – slide 73
    Conclusion A strong, well-known brand Significant market share of French LPG market Strong market position in all segments A focus on innovation and flexibility Continue to seek new growth opportunities in the LPG and natural…
  74. ANALYST DAY – UGI Corp. – slide 74
    Reinhard Schdlbauer Flaga October 17, 2012 75
  75. ANALYST DAY – UGI Corp. – slide 75
    FLAGA Group A leading LPG distributor in Central, Eastern & Northern Europe Over 200 million retail gallons sold annually Operating in 11 countries 900 employees Headquartered in Vienna, Austria 20% 21% Cylinder Bulk…
  76. ANALYST DAY – UGI Corp. – slide 76
    FLAGA from a family business to an Industry Leader 1947 Founded by Adolf Bauer Acquired by UGI Corporation, established footprint in Europe 1999 Establishment of a Subsidiary in Switzerland 2003 Acquisition of BP Czech Gas 2004…
  77. ANALYST DAY – UGI Corp. – slide 77
    Impact of Shell LPG acquisition October 2011: Acquisition of Scandinavian SHELL LPG businesses - FLAGA / UGI now has a significant presence in Scandinavia Integration update: Detailed integration plan executed and completed August,…
  78. ANALYST DAY – UGI Corp. – slide 78
    Growth Opportunities in Poland Economic data: GDP growth forecasts: 2012 - 2.5% 2013 - 2.5% 2014 - 3.8% Debt/GDP around 56%, forecast at 50% in 2014 38 million pop 41 million pop Market: 120,000 sq mi 110,000 sq mi Third largest…
  79. ANALYST DAY – UGI Corp. – slide 79
    FLAGA Mid-Term Growth Opportunities Mid-Term Opportunities Increase customer density in our existing markets Customers conversions from heating oil (Scandinavia) Organic growth in developing Eastern European markets like Poland…
  80. ANALYST DAY – UGI Corp. – slide 80
    Neil Murphy AvantiGas October 17, 2012 81
  81. ANALYST DAY – UGI Corp. – slide 81
    AvantiGas Overview AvantiGas Established October 2011 Formerly Shell Gas UK (LPG) Market segments: Aerosol, Agriculture, Commercial, Domestic, Industrial 130 MM gallons 42% bulk 57% wholesale 1% autogas 13% Bulk LPG Market share…
  82. ANALYST DAY – UGI Corp. – slide 82
    AvantiGas Overview Both geographic and industry growth opportunities: New geographies (Northern Ireland, Ireland, Scotland) Residential bulk expansion Expansion into new market segments Bulk LPG tonnage 850,000T Other 10%…
  83. ANALYST DAY – UGI Corp. – slide 83
    Future Developments for AvantiGas Deliver the acquisition business plan Pursue segment-specific growth Leverage Pan-European position of UGI to: Develop a culture of best practice-sharing Increase coverage of new geographies…
  84. ANALYST DAY – UGI Corp. – slide 84
    Questions October 17, 2012 85
  85. ANALYST DAY – UGI Corp. – slide 85
    15 minute break October 17, 2012 86
  86. ANALYST DAY – UGI Corp. – slide 86
    Brad Hall Midstream & Marketing October 17, 2012
  87. ANALYST DAY – UGI Corp. – slide 87
    Overview Lines of Business Marketing Generation Midstream Natural Gas Generation Pipelines and 100 Bcf Hunlock: 125 MWs Gathering 30,000 locations combined cycle 33 LDCs Conemaugh: 102 Storage 15 Bcf MWs coal-fired Renewable…
  88. ANALYST DAY – UGI Corp. – slide 88
    Overview Net Income: FY01 4MM, FY06 31MM, FY11 53MM Marketing Generation Midstream 55% of historical 13% of historical 32% of historical EBIT EBIT EBIT 55% of…
  89. ANALYST DAY – UGI Corp. – slide 89
    Commodity Marketing We supply over 100 bcf of gas and over 2 MM MWhrs of power to 40,000 commercial and industrial facilities throughout the Mid-Atlantic region Strategy Target small and medium-size businesses that value our…
  90. ANALYST DAY – UGI Corp. – slide 90
    Commodity Marketing Consistent, disciplined approach results in steady earnings growth through numerous disruptive events Commodity Marketing Margin 22% warmer than normal 's in 000's winter 80,000 Commodity spike to Katrina/Rita…
  91. ANALYST DAY – UGI Corp. – slide 91
    Commodity Marketing Drivers: Organic growth / margin management / Strong credit review process / working capital discipline Targeting organic growth of 5%-7% per year Historical financial / operational statistics: ( millions) FY08…
  92. ANALYST DAY – UGI Corp. – slide 92
    Electric Generation Electric generation strategy: Our electric generation assets are former utility rate plants that have been modestly expanded in recent years Our generation portfolio: provides balancing support for our growing…
  93. ANALYST DAY – UGI Corp. – slide 93
    Electric Generation Drivers: Capacity payments / forward strip / gas prices Electric Generation is not expected to be a significant source of earnings growth going forward Net income contribution: FY08: 15MM FY10: 7MM FY12…
  94. ANALYST DAY – UGI Corp. – slide 94
    Natural Gas Peaking A customized, low-cost alternative to firm pipeline capacity designed to serve a Utilitys needs on the coldest days of winter Works like an insurance contract utilities pay to have the asset ready for utilization…
  95. ANALYST DAY – UGI Corp. – slide 95
    Ancillary LNG Opportunities In July, UGI started supplying drill rigs in the Marcellus with LNG LNG displaces diesel in field compressors Active discussions with producers representing over 1 Bcf/yr of potential demand Very low…
  96. ANALYST DAY – UGI Corp. – slide 96
    Midstream UGI footprint and the Marcellus Shale Erie Potter Warren McKean Tioga Bradford Susquehanna Crawford Wayne Forest Wyoming Venango Elk Cameron Sullivan Mercer Lycoming Pike Clinton Clarion Jefferson Luzerne…
  97. ANALYST DAY – UGI Corp. – slide 97
    Midstream Strategy Leverage UGIs geographic position/demand, assets, and intellectual capital to build a significant midstream business in the Marcellus Link supply to markets by leveraging UGIs existing pipeline infrastructure…
  98. ANALYST DAY – UGI Corp. – slide 98
    Midstream Storage Assets 15 Bcf in North-Central PA Dominion Transmission Tennessee Pipeline Tioga : 11 Bcf; 184,000 dth/day Meeker : 3 Bcf; 30,000 dth/day Wharton: 1 Bcf; 10,000 dth/day FERC regulated Market- based rates…
  99. ANALYST DAY – UGI Corp. – slide 99
    Pipelines and Gathering: Auburn I 9 miles of existing 12 pipeline Runs north to Tennessee Interstate Pipeline Capacity 120,000 Dth/day Investment: 16 million Announced: September 2010 At full capacity: February 2012 Anchor…
  100. ANALYST DAY – UGI Corp. – slide 100
    Pipelines and Gathering: Auburn II 28 miles 24/12 pipeline Will run south to Transco and UGI PNG Capacity 380,000 Dth/day Investment: 160 million Announced: October 2011 Current status: permitting, zoning and right of way…

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