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LONDON, UK / ACCESSWIRE / November 3, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for UGI Corp. (NYSE: UGI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/'symbol=UGI. The Company's subsidiary UGI Energy Services LLC (UGIES) announced on November 01, 2017, the acquisition of certain midstream assets from Rockdale Marcellus LLC. The midstream assets from Rockdale were acquired by UGI Texas Creek LLC, a wholly owned subsidiary of UGIES. The financial value and terms of the acquisition were not disclosed by the Companies. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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Commenting on the acquisition of Rockdale's midstream assets, Joe Hartz, President of UGIES, said:
"This investment is a natural progression for UGIES. Utilizing our expertise as a midstream operator, this acquisition enhances the buildout of natural gas infrastructure in the Appalachian Basin to further the production of Pennsylvania-produced, abundant natural gas and helps position UGIES as a premier provider of midstream services in the Appalachian Basin."
Details of assets acquired from Rockdale and Benefits
The assets acquired by UGI Texas Creek include 100% of a midstream system located in Tioga, Lycoming, and Bradford counties, Pennsylvania. The midstream system has 60+ miles of natural gas gathering lines and dehydration and compression facilities. As per the terms of the agreement, Rockdale has committed 1 Tcf (Trillion Cubic Feet) of gas, which will be produced from the 42,000 acres from the midstream system to UGI Texas Creek. The acquisition is expected to be immediately accretive to UGI Texas Creek's EPS. The acquisition is expected to be accretive to EPS by $0.04 from the third year of the closing of the deal.
UGIES' midstream assets include 15.0 Bcf of natural gas storage in Tioga, Potter, and Cameron counties, the Auburn Gathering System in Susquehanna, Wyoming, and Luzerne counties, and the recently constructed Sunbury Pipeline which originates in Lycoming County, Pennsylvania. UGIES also operates a liquefied natural gas (LNG) liquefaction and storage facility in Wyoming County. The acquisition allows UGIES to expand its existing midstream asset base.
According to Joe Hartz, the deal will have a positive impact across all aspects of UGIES' supply chain from producers at the wellhead to storage to end-use customers, through direct pipeline delivery or by using LNG. By connecting the Rockdale assets to both the Transco and Tennessee interstate pipelines, among other pipelines in the area would give UGIES the opportunity to garner interest from various other producers and provide a platform for the Company's future growth "in one of the most prolific parts of the basin".
About UGI Corp.
UGI Corporation is a holding Company that, through subsidiaries, distributes, stores, transports, and markets energy products and related services. It is a Fortune 500 Company that has reliably supplied and delivered natural gas and other liquid fuels locally and globally for over 126 years.
About UGIES
UGI Energy Services is a wholly owned subsidiary of UGI Corporation and supplies and markets natural gas, liquid fuels, and electricity to commercial, institutional and industrial customers at approximately 43,000 locations across the Mid-Atlantic and North-eastern US. UGIES also owns and operates natural gas underground storage fields, gathering systems, compressor stations and peaking plants including LNG liquefaction and vaporization capability, as well as propane terminals. In addition, UGIES owns and operates a variety of midstream natural gas assets that support the storage, transportation, and delivery of natural gas in the Mid-Atlantic region and owns and operates electric generation assets in Pennsylvania.
Last Close Stock Review
On Thursday, November 02, 2017, the stock closed the trading session at $47.56, slightly falling 0.63% from its previous closing price of $47.86. A total volume of 531.57 thousand shares have exchanged hands. UGI Corp.'s stock price advanced 1.06% in the last one month and 8.26% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have gained 3.21%. The stock is trading at a PE ratio of 21.79 and has a dividend yield of 2.10%. The stock currently has a market cap of $8.21 billion.
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