Minimize commodity exposure
Distribution and services business, marketing volume hedged back-to-back, LPG customer volume hedged as service offering
Push boundaries of core business
Expanded into energy marketing in Europe, established portable LNG, entered Italian market LPG market
Maintain strong balance sheet
Outstanding cash flow, no debt at corporate level, additional debt capacity
Reduce weather dependence over time
Growing fee-based margin, AmeriGas Cylinder Exchange is counter-seasonal, National Accounts is less weather-dependent, increasing Utility fixed charges in base rate cases
Reduce P&L currency exchange rate volatility
Utilize a layered, three-year Fx hedging program to shave "peaks and valleys" caused by currency fluctuations