EX-99.2

Exhibit 99.2

UGI ENERGY SERVICES, LLC

AND SUBSIDIARIES

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

for the three and six months ended March 31, 2019 and 2018

(Unaudited)

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

TABLE OF CONTENTS


	Pages
Financial Statements (unaudited):

Condensed Consolidated Balance Sheets as of March 31, 2019 and 2018		3

Condensed Consolidated Statements of Income and Comprehensive Income for the three and six months ended March 31, 2019 and 2018		4

Condensed Consolidated Statements of Cash Flows for the three and six months ended March 31, 2019 and 2018		5

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEET

(unaudited)

(Thousands of dollars)


	March 31, 2019			March 31, 2018
ASSETS
Current assets:
Cash and cash equivalents	$	51,511		$	64,106
Restricted cash		3,598			8,982
Accounts receivable (less allowances for doubtful accounts of $ 1,242 and $ 1,342, respectively)		207,032			149,910
Inventories		14,077			14,953
Derivative instruments		11,159			4,408
Prepaid expenses and other current assets		4,694			3,749

Total current assets		292,071			246,108
Property, plant and equipment:
Gross property, plant and equipment		1,272,376			1,151,892
Accumulated depreciation		(230,099	)		(187,870	)

Net property, plant and equipment		1,042,277			964,022
Goodwill		11,919			5,583
Intangible assets, net		20,597			13,840
Derivative instruments		3,795			581
Investment in equity method investee		81,080			67,547
Other assets		23,964			28,972

Total assets	$	1,475,703		$	1,326,653

LIABILITIES AND EQUITY
Current liabilities:
Current capital lease obligations	$	132		$	126
Short-term borrowings		—			10,000
Accounts payable		168,072			100,427
Employee compensation and benefits accrued		10,862			10,349
Derivative instruments		4,050			8,130
Other current liabilities		47,206			60,045

Total current liabilities		230,322			189,077
Long-term capital lease obligations		269			401
Deferred income taxes		149,649			115,348
Derivative instruments		4,781			7,270
Other noncurrent liabilities		9,159			9,444

Total liabilities		394,180			321,540
Member’s equity		1,081,523			1,005,113

Total liabilities and equity	$	1,475,703		$	1,326,653

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(unaudited)

(Thousands of dollars)


	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2019			2018			2019			2018
Revenues	$	535,554		$	556,864		$	980,914		$	873,108
Costs and expenses:
Cost of sales		435,230			408,833			802,002			652,420
Operating and administrative expenses		24,932			22,699			48,713			43,074
Depreciation and amortization		11,325			10,592			22,565			20,491
Other operating (income) expense, net		(471	)		1,633			(944	)		21

		471,016			443,757			872,336			716,006

Operating income		64,538			113,107			108,578			157,102
Income from equity method investee		1,610			2,367			3,081			2,019
Other non-operating income (expense), net		51			(18	)		69			(1,097	)
Interest expense		(488	)		(713	)		(941	)		(1,635	)

Income before income taxes		65,711			114,743			110,787			156,389
Income tax (expense) benefit		(18,035	)		(33,296	)		(30,073	)		28,894

Net income and comprehensive income	$	47,676		$	81,447		$	80,714		$	185,283

UGI ENERGY SERVICES, LLC AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(Thousands of dollars)


	Three Months Ended						Six Months Ended
	March 31,						March 31,
	2019			2018			2019			2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	47,676		$	81,447		$	80,714		$	185,283
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		11,325			10,592			22,565			20,491
Deferred income taxes, net		3,460			1,551			4,198			(79,106	)
Changes in unrealized gains and losses on derivative instruments		(11,578	)		(5,704	)		(13,396	)		5,387
Other, net		(2,937	)		(2,548	)		(2,136	)		(4,372	)
Net change in:
Accounts receivable		16,073			10,013			(95,042	)		(69,788	)
Inventories		8,637			4,912			10,763			7,589
Accounts payable		(35,115	)		(12,228	)		76,382			46,750
Other current assets		(571	)		(2,193	)		(568	)		(1,366	)
Other current liabilities		2,554			30,512			19,462			51,296

Net cash provided by operating activities		39,524			116,354			102,942			162,164

CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for property, plant and equipment		(32,538	)		(4,975	)		(56,408	)		(17,709	)
Acquisitions of businesses and assets		(20,000	)		—			(35,000	)		(55,000	)
Increase in equity method investments		(1,816	)		(4,678	)		(2,205	)		(13,673	)
Other		—			10			58			100

Net cash used by investing activities		(54,354	)		(9,643	)		(93,555	)		(86,282	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Decrease in bank loans		(10,000	)		(35,000	)		—			—
Receivables Facility net repayments		—			(55,000	)		(2,000	)		(29,000	)
Dividends paid		—			—			—			(2,000	)
Other		(34	)		(32	)		(67	)		(63	)

Net cash used by financing activities		(10,034	)		(90,032	)		(2,067	)		(31,063	)

Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	16,679		$	7,320		$	44,819

CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	$	55,109		$	73,088		$	55,109		$	73,088
Cash, cash equivalents and restricted cash at beginning of period		79,973			56,409			47,789			28,269

Cash, cash equivalents and restricted cash (decrease) increase	$	(24,864	)	$	16,679		$	7,320		$	44,819