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2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp.

UGI Corp. · May 8, 2014 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 1
    2014 Q2 Earnings Conference Call May 8, 2014 May 8, 2014
  2. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 2
    John Walsh President & CEO, UGI Kirk Oliver Chief Financial Officer, UGI Jerry Sheridan President & CEO, AmeriGas May 8, 2014
  3. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 3
    2014 Q2 Results Adjusted EPS* 2.10 1.90 26% increase in Adjusted EPS 1.70 1.50 1.90 1.30 1.51 1.10 0.90 2013 2014 FY14 Adjusted EPS guidance increased to 2.95 - 3.05 from 2.60-2.70 * See reconciliation in…
  4. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 4
    Operational Highlights Adjusted net income* up 28% over the prior-year period Results reflect both weather-induced volatility and heightened natural gas demand Cold weather in January accentuated local volatility in the Northeast…
  5. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 5
    Strategic Milestones Meeting customer demand despite numerous challenges Auburn II pipeline exceeded expected throughput Gas Utility customer additions YTD are running 10% ahead of last years record pace Gas Utility is on-schedule…
  6. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 6
    Q2 Weather vs Normal 20% 19.3% 10.1% 10% 8.1% COLDER 5.1% 1.9% 0% 1.5% (WARMER) 10% (WARMER) 16.5% 20% 18.1% 2014 Q2 2013 Q2 AmeriGas Antargaz Flaga Utility May 8, 2014 7
  7. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 7
    AmeriGas 320 Operating Income, MM VOLUME 300 (5.3) Colder weather 284.8 11.5 280 266.4 31.1 (20.6) 1.7 MARGIN 260 Higher volumes due to colder 240 weather Higher unit margins 220 OPEX 200 Supply issues 180 Distribution-related…
  8. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 8
    UGI International Income Before Taxes, MM 80 VOLUME 74.1 70 Warmer weather 60 0.1 2.5 0.1 56.3 MARGIN 2.5 50 Warmer weather (23.0) Incremental margin from BP 40 Poland acquisition 30 OPEX 20 Lower costs due to lower 10…
  9. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 9
    Gas Utility Income Before Taxes, MM 140 MARGIN 6.5 (1.5) 0.9 126.1 Colder weather 120 22.9 0.9 Higher throughput due to increased demand 100 96.4 Customer additions 80 OPEX Higher uncollectible accounts and maintenance…
  10. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 10
    Midstream & Marketing Income Before Taxes*, MM 140 MARGIN 65.8 120.4 120 Higher capacity management, (4.3) (1.6) (0.2) peaking, and incremental 100 margin from Auburn II Higher gas marketing margin 80 9.2 Higher electric…
  11. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 11
    Q2 Basis Differentials Spot Price Comparison 18 Location Texas Eastern Zone M-3 16 Pre-recession Values 14 12 10 /mcf 8 Fiscal 2012 6 4 (WARMER) 2 0 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb 12-Feb 19-Feb…
  12. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 12
    Q2 Basis Differentials Spot Price Comparison Location Texas Eastern Zone M-3 90 80 70 60 /mcf 50 40 30 Pre-recession Values 20 (WARMER) 10 0 1-Jan 8-Jan 15-Jan 22-Jan 29-Jan 5-Feb…
  13. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 13
    Liquidity, Guidance, and Dividend Update Int'l Corporate / Total AmeriGas Propane Utilities Midstream Other Cash on Hand 493.6 38.5 205.9 14.2 20.3 214.8 Revolving Credit Facilities 525.0 134.9 300.0 240.0 NA Accounts Receivable…
  14. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 14
    Jerry Sheridan CEO of AmeriGas May 8, 2014
  15. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 15
    Q2 Adjusted EBITDA Adjusted EBITDA*, Millions 340 320 300 280 260 331.2 309.0 240 220 200 2013 Q2 2014 Q2 FY14 Guidance updated to 660 MM - 675 MM * See appendix for Adjusted EBITDA reconciliation May 8, 2014 16
  16. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 16
    Operational Update Operations Volume increased 2.3% versus last years second quarter on weather that was 9.7% colder than last year Western states experienced much warmer weather than normal; Large parts of CA and AZ saw the warmest…
  17. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 17
    Operational Update Operations Supply shortages and a 51% increase in wholesale prices at Mt. Belvieu created a difficult operating environment for many of our locations However, we redeployed significant assets and personnel in order…
  18. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 18
    Operational Update Growth Initiatives AmeriGas Cylinder Exchange (ACE): Volume growth of 16% from the prior-year quarter National Accounts: Added 22 new accounts year to date representing 2.2 million additional annual gallons…
  19. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 19
    John Walsh President & CEO May 8, 2014
  20. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 20
    Operational Update Midstream and Marketing Significant potential for additional investment to address the midstream infrastructure gap New phase for Auburn Gathering System announced; investment will nearly double the capacity and…
  21. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 21
    Operational Update AmeriGas Adjusted EBITDA up 7% despite significant operational challenges in the East and Midwest Very strong performance in both ACE and National Accounts programs UGI International Much warmer than expected…
  22. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 22
    In Conclusion Extraordinary weather, which is non-recurring, was the most significant factor in driving guidance revision However, increased volatility due to infrastructure gap in Northeast and Mid-Atlantic was also an important…
  23. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 23
    Q&A May 8, 2014
  24. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 24
    Appendix May 8, 2014
  25. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 25
    UGI Supplemental Information: Footnotes Management uses adjusted net income attributable to UGI and adjusted diluted earnings per share, both of which are non-GAAP financial measures, when evaluating UGI's overall performance. Adjusted…
  26. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 26
    Adjusted EPS to GAAP EPS Reconciliation Three Months Ended March 31, 2014 2013 Adjusted diluted earnings per share: UGI Corporation earnings per share - diluted 1.84 1.57 Adjust: Net unrealized (gains) losses on Midstream &…
  27. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 27
    AmeriGas Supplemental Information: Footnotes The enclosed supplemental information contains a reconciliation of earnings before interest expense, income taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA to Net Income.…
  28. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 28
    AmeriGas Partners EBITDA Reconciliation Three Months Ended March 31, 2014 2013 Net income attributable to AmeriGas Partners, L.P. 240,103 213,208 Income tax (benefit) expense (74) (52) Interest expense 42,046 41,776 Depreciation…
  29. 2014 Q2 EARNINGS CONFERENCE CALL – UGI Corp. – slide 29
    Investor Relations: 610-337-1000 Simon Bowman (x3645) bowmansugicorp.com May 8, 2014

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