The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Thank you, guys, very much for the time, and congrats on the further progress here. Hey, maybe, Bob, just kicking things off, I mean, nicely done
on the `25 maturity here. How are you thinking about kind of the other larger maturities coming up ahead? Any preliminary thoughts as you're
thinking about tackling those ones in `26 onwards? I mean, I imagine there's a number of different levers that you could approach here, but sort
of initial thoughts therein.
And then also maybe to turn to the results quickly, you know, nicely done here. I guess there's some tax nuance, but when you're thinking about
positioning for the full year here. I know that you just reaffirmed the broader range, but how do you think about even within that range how the
latest quarterly results and weather trends could have contributed within that range?
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FEBRUARY 06, 2025 / 2:00PM, UGI.N - Q1 2025 UGI Corp Earnings Call
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Nice, guys. Thank you very much. And best of luck to you and to Mike here. If I can, just to follow up one more. I mean, you mentioned the continued
success on the international. I mean, again, maybe another silo, if you will to the activities ongoing. How do you think about the strategic direction
for the international business and businesses, maybe plural, adjacent to the US operations? Any thoughts on that front, especially as you think
about these maturities?
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FEBRUARY 06, 2025 / 2:00PM, UGI.N - Q1 2025 UGI Corp Earnings Call
Question: Julien Dumoulin-Smith - Jefferies Group LLC - Analyst
: Wonderful. Excellent. I appreciate it very much. Take care, guys.
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Hey, good morning, everyone. Maybe I can start out in terms of the intercompany loan and I think also the segmentation of the AmeriGas structure
into these pods. Given the language around paying off the intercompany loan with free cash flow and the emphasis there, does that preclude at
all asset sales at the AmeriGas level?
And I'm just curious with the segmentation into pods and maybe getting back to more regionalization, whether that's kind of revealed better
regions or better performing regions or lesser performing ones and any implications for portfolio optimization?
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Thanks, guys. And then if I can maybe follow up. You mentioned Bob in terms of the performance of the winter and how well you've done
operationally. But can I have a drill down in some of the cold weather we've experienced here in January, both how you feel in terms of how
AmeriGas has been performing and handling, maybe capturing some of the opportunity from higher degree days, and then also clearly marketing
benefits from that gas market volatility, how that business has maybe performed in the quarter, given some of the wholesale gas market volatility
that's been out there?
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Thanks, Bob. And if I could just squeeze one more question on midstream. Can you maybe expand a little bit on the midstream margins being a
little bit lower here on year? Is that a little bit lower volumes due to depressed gas prices, maybe some MVCs expiring and kind of what you're
expecting there? And then also the allocating additional capital to the acquisition you made there, is that something that is active and ongoing?
Should we expect, are you looking at potentially more deals and consolidation opportunities there?
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FEBRUARY 06, 2025 / 2:00PM, UGI.N - Q1 2025 UGI Corp Earnings Call
Question: Gabriel Moreen - Mizuho Securities USA - Analyst
: Great. Thanks, everyone. And go Eagles.
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