Good day, ladies and gentlemen, and welcome to the UGI and AmeriGas Partners L.P fourth quarter fiscal year 2011 earnings conference call and live audio webcast. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded. I would like to turn the conference over to your host, Mr. Hugh Gallagher. Sir, you may begin.

Thank you, Shannon. Good afternoon and thank you for joining us. As we begin let me remind you that our comments today will contain certain forward-looking statements, which management of UGI and AmeriGas believes to be reasonable as of today's date only. Actual results may differ significantly because of risks and uncertainties that are difficult to predict and many of which are beyond management's control. You should read the annual reports on Form 10-K for a more extensive list of factors that could affect results, but among them are adverse weather conditions; cost volatility and availability of all energy products; increased customer conservation measures; the impact of pending and future legal proceedings; domestic and international political, regulatory, and economic conditions; including currency exchange fluctuations, and in particular, the euro; the timing and development of Marcellus Shale gas production; the timing and success of our commercial initiatives and investments to grow our business; and our ability to successfully integrate acquired businesses and achieve anticipated synergies. UGI and AmeriGas undertake no obligation to release revisions to these forward-looking statements to reflect events or circumstances occurring after today. In addition, our remarks today will reference certain non-GAAP financial measures that management believes provide useful information to investors to more effectively evaluate the year-over-year results of operations of the Company. These non-GAAP financial measures are not comparable to measures used by other companies and should be used in conjunction with other performance measures such as cash flow from operating activities. With me today are John Walsh, President and COO of UGI; Gene Bissell, President and CEO of AmeriGas; and your host, Chairman and CEO of UGI Corporation, Lon Greenberg. Lon?

Thank you, Hugh. Let me also welcome everyone to our call. As usual I trust you've had the opportunity to review our press releases reporting both our 2011 fiscal year results and our guidance for fiscal year 2012. I will comment first about 2011 and then return later in the call to talk about 2012. 2011 was really an unusual year for us. It’s unusual in that we did not perform financially as well as we expected when we entered the year. There are number of reasons why this occurred and I frankly use the word reasons advisably I suppose to the word excuses because our culture is not one that is accepting of excuses. I don’t also want to dwell on the reasons as many were specific to fiscal year 2011. These include uncooperative winter weather and what I used on the (Inaudible) natural disasters including Hurricanes, earthquakes, tropical storms all causing varying degrees of damage and expense. They also include equipment failures causing our new electric plant to seize production and the delay in development of opportunities in the Marcellus Shale region. Finally, other reasons include the taking of action to capitalize on capital markets like the AmeriGas bet financings or hedging known risks such as hedging the purchase price for the recently announce shale acquisitions. What I want to emphasize is that because many of these items are peculiar to fiscal year 2011 they do not diminish our long-term prospects or cause us to look at our future differently. We remain committed to our strategic direction and continue to believe our shareholders and unit holders will be rewarded with above average returns in the future. We maintain this view because we acted during fiscal year 2011 to lay a strong foundation for our success in the future and all of these actions were tangible. Since others in the call will review these actions I will stop here and then turn the call over to Hugh and I will come back after Gene and John are finished so Hugh.

Thanks Lon. I will be providing an overview of the financial results followed by discussion of cash flow and liquidity and update on financing activity and then I will turn the call over to John for his operations update. For the fourth quarter UGI reported a seasonal net loss of $0.20 per share compared to net income of $0.02 per diluted share for the prior year quarter. This year’s net loss included a combined $0.08 per diluted share and losses related to an after tax loss on extinguishment of debt ad AmeriGas and the impact of the currency hedges used to fix the price of the European LPG acquisition. Net income attributable to UGI for the prior year quarter included a combined $0.14 of income as a gain from the sale of Atlantic Energy was partially offset by loss related to the impact of litigation reserve at AmeriGas. So on an adjusted basis excluding these unusual items two quarters were roughly equal with $0.12 loss. For the fiscal year ended September 30, 2011 we reported earnings of $2.06 per diluted share on approximately 2% higher shares outstanding compared to $2.36 per diluted share for the prior year. To mention some of the unusual items that hit each of the fiscal years. The impact in 2011 we had the impact of an after tax loss of $10.3 million or $0.09 per share related to early extinguishment of debt at AmeriGas. An after tax loss of $3.9 million or $0.03 per diluted share on the hedging of the currency risk related to the purchase price of the shale business in Europe. The benefits in the first quarter of a non-taxable reserve reversal of approximately $9.4 million or $0.08 per dilute share related to the dismissal of the French Competition Authority proceedings. For…

Thanks Hugh. As Lon noted, Q4 was one of the most dynamic periods in recent memory for UGI. On the operational side of our business we were faced with major challenges as a series of severe weather events impacted our East Coast service territory and we experienced an equipment failure at our recently commissioned Hunlock Power Plant. From a strategic perspective we announced major investments in Q4 for three of our four business units. I would like to comment on both the operational and strategic developments in the quarter. The Mid Atlantic region of the U.S., which is home to our Utilities and midstream and marketing business as well as a significant number of AmeriGas locations, was impacted by a series of major weather events over the past three months. These events included Hurricane Irene, which hit our Utilities territories on August 38 Tropical storm Lee, which arrived about 10 days and the early season snow storm that hit in late October. Well our operations were touched by each of these events we felt the most significant impact from the Hurricane due to wind damage in our electric Utility and Tropical storm Lee which resulted in major flooding across the Northern and Western portions of our service area in Pennsylvania including our Hunlock site. While this sequence of weather events was unprecedented in our history our teams did an outstanding job responding to the challenges and diligently work to minimize the impact on our customers. Our Hunlock plant, which was repowered as a 125 megawatt natural gas fired facility and commenced operations in July experienced an equipment failure during Q4 and was also impacted by the severe flooding during the tropical storm. One of the two Hunlock units is now in operation and repair work is underway on the other…

Thanks John. Our adjusted EBITDA of $335.3 million for the year was in line with the guidance we shared with you in July. Volume for the year was 2% below prior year as we discussed at the end of the second quarter the primary reason for the volume short fall was the abrupt end of winter at the end of January in our Southeast and South Central regions. Weather in those two regions was 31% warmer than the prior year in February and 22% warmer than the prior year in March. With this warm weather it seems like many of our customers in those two regions simply shut off their furnaces for the rest of the year. In addition to the volume issue in the Southern regions volume for the year was also affected by additional customer conservation, which is not surprising given the increase in the wholesale cost of Propane. The average wholesale cost of Propane in Mount Bellevue last year was almost 30% above the prior year average. Higher energy prices also had an impact on our vehicle fuel cost for the year. In total our expenses were up $10.9 million over 75% of the expense increase was due to the higher cost of vehicle fuel. Turning to our core strategies, our ACE Cylinder Exchange operation performed well last year with volume up 8% compared to the prior year. Same-store sales were up about 1% so most of this growth was due to new locations particularly Dollar General. As of the end of the year ACE drill cylinders are available at more than 38,000 locations. We also achieved over 4% growth in our strategic accounts volume, here again the growth in the volume is principally due to adding more customer locations. We now service in over 25,000 locations…

Thanks Gene. I would like to close by commenting a bit on our fiscal year 2012 which we have just begun. We communicated guidance to you for both UGI and AmeriGas in our releases EPS guidance for UGI was $2.35, $2.45 a share and EBTIDA for AmeriGas as Gene noted $345 million to $355 million. Given the scale of the Heritage transaction and uncertainty over the timing of closing guidance obviously does not include the effects during the year of that transaction and of course we will update you after that transaction closes. In calculating our guidance we took into consideration a number of factors in addition to the normal prospects for each of our businesses. These factors include the following the state of the economy, the economy is somewhat weaker than we thought it would be at this time earlier in fiscal year 2011 and we expect a sluggish economic environment with little growth during fiscal year 2012. In addition to that, as John noted our Hunlock plant which performed quite well for the period it ran will not be fully operational until the third quarter of 2012. We remain comfortable however that this plant will contribute appropriately to earnings thereafter. The recently announced Shell transaction also was considered and we expect that to contribute only modestly during our fiscal year 2012 due to significant transition expenses. Given our experience in acquiring businesses from Shell we are comfortable that a more significant contribution to earnings in fiscal year 2013 and thereafter will occur. We also expect that contribution to earnings in fiscal ’12 from our Marcellus Shale developments announced during the last several months but again that contribution will be more significant in fiscal year 2013. While we are on schedule with our L&G plant expansion you have to…

(Operator Instructions) our first question comes from (Inaudible) Capital Management, you may begin.

Good afternoon, Lon. Lon, you’ve got a lot going on more so than I remember in a long time. During a period where things admittedly out stalled some you gave us a little flavor on what you see going forward into ’12. But there is a lot going on can you help us get comfortable that you have a grasp on all of these things you and the management team and when will you be able to give us a little growth trajectory playing out going out like ’12, ’13, ’14 from these all these various moving parts kicking in.

Yeah, that’s a good question particularly given the management changes that have been announced at the company and have occurred in the past. One of the duties Jay as you know about our structure is we have a small holding company group that includes John and I and Hugh and some others Davinder and a bunch of other folks. And we have business units that had CEOs, CFOs and management teams and all of those business units. And effectively what we’ve always done is have those teams focusing on their execution and having the corporate group really focused on the larger build out of transactions. And as a result of that we’ve been very successful in the past and executing on our capital projects executing our acquisitions I can’t think of an acquisition that we’ve done in decades that has not been effectively integrated and produce the results that we wanted. We have a strong team of people who are familiar with integration, recently we’ve done two utility deals where we’ve relied on those teams to help us with integration and so they’d be available to Gene’s group and Gene’s group has a really strong team of experienced people in doing large transaction integration as well. So, on the Heritage transaction we are comfortable we’ve got the team in place to make that work and the right support for that team. Again being a fairly decentralized group if you look at our midstream and marketing group that’s lead by Brad Hall, Brad has virtually his entire team in place that’s been there forever that has developed a lot of these opportunities in the Marcellus Shale area. We’ve added some experienced people in pipeline areas where we didn’t have the experience that we might need for those, we’ve joint ventured where…

Okay, so will we get to a point, I know historically you really haven’t operated this way but will we get to a point where you may lay out some bands of earnings potential for like ’12, ’13, ’14 or so depending on weather and other various variables. Again given that you have so many things going on and so many things falling into place might we get a little view further out at some point?

Yeah, let us take that under consideration. We tried to address that a little bit in our investor presentation that we had last year where we had a chart that what we call the accelerating growth profile and we had each of the transactions we had then announced and of course we have a few more now and we laid out a timeframe from when they would kick into earnings and then relied on our overall structure of saying we are comfortable we can grow earnings 6% to 10% and tie it all together. But let us consider being a little bit more specific the further out you go it always makes you a little anxious because it’s hard enough to predict what’s going to happen next month and down a few months out led alone several years out but maybe some direction generally might be helpful to folks, so let us consider that.

Okay, thank you.

Thank you. (Operator Instructions) I show no further questions at this time. I would now like to turn the call back over for management.

Okay, thank you, Shannon. We appreciate everyone listening in on the call. I guess we were so crystal clear during the call that it answered all of your questions, which is one of our goals when we make our presentations that is to anticipate the questions and try to answer them. So I will close this call by saying we were the most effective we’ve ever been in that task and we look forward to speaking with folks as we go forward in the future. Thanks a lot for your support and we will talk to you soon.

Ladies and gentlemen, this concludes today’s conference. Thanks for your participation. Have a wonderful day.