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AMERIGAS PARTNERS, L.P.

AND SUBSIDIARIES

QUARTERLY REPORT

for the three and six months ended March 31, 2021 and 2020

AmeriGas Partners, L.P. ("AmeriGas Partners") is an indirect, wholly owned subsidiary of UGI Corporation ("UGI"), with no class of securities registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). As a result, AmeriGas Partners is not subject to the current and periodic reporting requirements of the Exchange Act. This quarterly report is provided to bondholders for informational purposes only pursuant to contractual requirements under certain indentures governing the rights of bondholders, and shall not constitute an offer to sell or the solicitation of an offer to buy any securities. As a result, none of UGI, AmeriGas Partners nor any of their respective affiliates accepts, and each specifically disclaims, any liability under federal securities laws whatsoever in connection with the provision of this quarterly report, including any liability under the Exchange Act or the Securities Act of 1933, as amended.

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TABLE OF CONTENTS

Page

Glossary of Terms and Abbreviations

1

Financial Statements (unaudited)

Condensed Consolidated Balance Sheets as of March 31, 2021, September 30, 2020 and March 31, 2020

3

Condensed Consolidated Statements of Operations for the three and six months ended March 31, 2021 and 2020

4

Condensed Consolidated Statements of Cash Flows for the six months ended March 31, 2021 and 2020

5

Condensed Consolidated Statements of Partner's Capital for the three and six months ended March 31, 2021 and

6

2020

Notes to Condensed Consolidated Financial Statements

7

Management's Discussion and Analysis of Financial Condition and Results of Operations

15

Controls and Procedures

22

Risk Factors

23

Signatures

24

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GLOSSARY OF TERMS AND ABBREVIATIONS

Terms and abbreviations used in this Quarterly Report are defined below:

AmeriGas Partners, L.P. and Related Entities

AmeriGas OLP - AmeriGas Propane, L.P., the principal operating subsidiary of AmeriGas Partners

AmeriGas Partners - AmeriGas Partners, L.P., a Delaware limited partnership and an indirect wholly-owned subsidiary of UGI Energy Services - UGI Energy Services, LLC, an indirect wholly owned subsidiary of UGI

General Partner - AmeriGas Propane, Inc., an indirect wholly owned subsidiary of UGI and the general partner of AmeriGas Partners

Partnership - AmeriGas Partners, AmeriGas OLP and all of their subsidiaries collectively

UGI - UGI Corporation

UGI Europe - UGI Europe, Inc., an indirect wholly owned subsidiary of UGI

Other Terms and Abbreviations

2020 Annual Report - AmeriGas Partners' Annual Report for the fiscal year ended September 30, 2020 2020 six-monthperiod - Six months ended March 31, 2020

2020 three-monthperiod - Three months ended March 31, 2020 2021 six-monthperiod - Six months ended March 31, 2021

2021 three-monthperiod - Three months ended March 31, 2021 ASC - Accounting Standards Codification

ASC 606 - ASC 606, "Revenue from Contracts with Customers"

ASU - Accounting Standards Update

CDC - Centers for Disease Control and Prevention

COVID-19- A novel strain of coronavirus disease discovered in 2019

Eighth Circuit - United States Court of Appeals for the Eighth Circuit

FASB - Financial Accounting Standards Board

FDIC - Federal Deposit Insurance Corporation

Fiscal 2019 - The fiscal year ended September 30, 2019

Fiscal 2020 - The fiscal year ended September 30, 2020

Fiscal 2021 - The fiscal year ending September 30, 2021

GAAP - U.S. generally accepted accounting principles

MGP - Manufactured gas plant

NOAA - National Oceanic and Atmospheric Administration

NPNS - Normal purchase and normal sale

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NYDEC - New York State Department of Environmental Conservation

PRP - Potentially responsible party

ROD - Record of Decision

Western Missouri District Court - The United States District Court for the Western District of Missouri

WHO - World Health Organization

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AMERIGAS PARTNERS, L.P. AND SUBSIDIARIES

FINANCIAL INFORMATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited)

(Millions of dollars)

March 31,

September 30,

March 31,

2021

2020

2020

ASSETS

Current assets:

Cash and cash equivalents

$

9

$

5

$

7

Accounts receivable (less allowances for doubtful accounts of $15,

$11 and $15, respectively)

351

182

278

Inventories

135

108

86

Derivative instruments

57

4

-

Prepaid expenses and other current assets

79

52

114

Total current assets

631

351

485

Property, plant and equipment (less accumulated depreciation of $1,382,

$1,340 and $1,293, respectively)

1,075

1,097

1,102

Goodwill

2,004

2,004

2,004

Intangible assets, net

181

200

220

Other assets

407

405

416

Total assets

$

4,298

$

4,057

$

4,227

LIABILITIES AND PARTNER'S CAPITAL

Current liabilities:

Current maturities of long-term debt

$

3

$

3

$

7

Short-term borrowings

130

186

201

Accounts payable

193

132

130

Customer deposits and advances

53

96

52

Derivative instruments

-

6

39

Other current liabilities

292

295

300

Total current liabilities

671

718

729

Long-term debt

2,558

2,557

2,558

Other noncurrent liabilities

387

399

477

Total liabilities

3,616

3,674

3,764

Commitments and contingencies (Note 6)

Partner's capital

682

383

463

Total liabilities and partner's capital

$

4,298

$

4,057

$

4,227

See accompanying notes to condensed consolidated financial statements.

3

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UGI Corporation published this content on 06 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2021 20:27:00 UTC.