UGI · CIK 884614
What UGI Corporation told the SEC could break it.
2 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
A limited set so far, we surface every cited disclosure we’ve extracted for UGI. More may follow as additional filings are processed.
In its own words
What could break it.
Commodity & input dependence
- wholesale propane / LPG cost exposuremedium
UGI's propane and LPG distribution profitability is sensitive to changes in wholesale LPG/propane costs (e.g. Mont Belvieu prices), which it generally seeks to pass through to customers.
“Because UGI International's profitability is sensitive to changes in wholesale LPG costs, UGI International generally seeks to pass on increases in the cost of LPG to its customers.”
SEC filing →As of 2025
Supplier concentration
- single supplier >50% of propane/LPG requirements in certain regions (US, Austria, Denmark, Finland, France)medium
In certain U.S. geographic areas a single supplier provides more than 50% of AmeriGas Propane's requirements, and UGI International's businesses in Austria, Denmark, Finland and France each buy more than 50% of their LPG from a single supplier — concentrating supply and exposing earnings to regional disruptions.
“Additionally, in certain geographic areas, a single supplier provides more than 50% of AmeriGas Propane's propane requirements. Disruptions in supply in these geographic areas could also have an adverse impact on our earnings. Our international businesses are similarly dependent upon their LPG suppliers, with our businesses in Austria, Denmark, Finland and France purchasing more than 50% of their LPG needs from a single supplier.”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Enterprise Products Operating LLC
“In Fiscal 2025, AmeriGas Propane derived approximately 18% of its propane supply from Enterprise Products Operating LLC and approximately 12% of its propane supply from Crestwood Services LLC.”
Cited →Crestwood Services LLC
“In Fiscal 2025, AmeriGas Propane derived approximately 18% of its propane supply from Enterprise Products Operating LLC and approximately 12% of its propane supply from Crestwood Services LLC.”
Cited →
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