UGI Corporation (NYSE:UGI) Q2 2024 Earnings Call Transcript

Sean O’Brien: No. As I mentioned, we were positive. We saw some gains in storage. I wouldn’t call them outsized gains, but the big delta on the storage business was the fact that we had losses last year. So, a solid quarter from a storage perspective, but I wouldn’t say, it was outsized gains.

Paul Fremont: And then I guess last question, with sort of very strong rate base growth and sort of the time that it’s going to take you to sort of focus on balance sheet repair. Have you considered the possibility of issuing equity, essentially rebasing and doing the balance sheet repair upfront, as opposed to doing it sort of over time?

Sean O’Brien: Yes. We’ve considered many, many scenarios, Paul. I think at the moment, in our written remarks I believe we’ve mentioned that equity, we don’t have equity in the equation currently, but we are definitely taking a lot of steps to improve the balance sheet. We’re doing a lot of cost reductions. We’re being very careful on where we’re going to deploy capital. We did announce that we’re going to hold the growth on the dividend flat. So we’re doing — and lastly, we’re looking at some portfolio optimization to generate cash. So those are the avenues, we’re using to not put debt on improve the balance sheet at the moment. Right now, we do not have equity in the equation.

Paul Fremont: Thanks. Thank you very much.

Operator: All right. Thank you. I am showing no further questions, at this time. I would now like to turn it back to Mario Longhi for closing remarks.

Mario Longhi: I want to thank everyone for taking the time to participate with us in this call, and we look forward to the next conversation, we’re going to have. So I wish everyone, a good day.

Operator: All right. This concludes the program, so thank you for your participation in today’s conference. You may now disconnect.

Tameka Morris: Good bye.