When I humbly tweeted UGI asking them to hold back some dividend payments and spend more this year on fixing the aging pipes under homes and businesses in Allentown, I didn’t know things that make the negligence that killed 5 city residents last year even more despicable:
- UGI has paid dividends EVERY YEAR SINCE 1885. So their dividend streak is about as old as the pipes that need replacing.
- Dividend payments to investors last year totaled $207,000,000. $207 million dollars.
Responding to my tweet, the PR operative charged with doing such things pointed out that UGI spent $40 million last year replacing old pipes. Excuse me if I don’t quite understand how that absolves the company from having totally corrupt priorities. Last year, when 5 people died because they had the misfortune of living above UGI’s compromised pipes, UGI, formerly United Gas Improvements, paid out $40 million on said improvements and five times that amount to investors in the form of dividends. That’s not technically a crime, but it probably should be.
- UGI Responds, I’m Unimpressed (chriscocca.com)
- How Much Will UGI Update Allentown’s Infrastructure Before This Happens Again? (chriscocca.com)
- The Extraordinary Power of UGI’s Dividends (dailyfinance.com)
- UGI About To Put More Money In Your Pocket (forbes.com)