EXHIBIT 99.1

CONTACT: 610-337-1000                             FOR RELEASE: November 29, 2004
         Robert W. Krick, Ext. 3141                            Immediate
         Brenda Blake, Ext. 3202

UGI COMPLETES REVIEW OF 2003 FINANCIAL STATEMENTS

VALLEY FORGE, PA., November 29 - UGI Corporation (NYSE:UGI) today
stated that it has completed its previously announced review of whether it is
appropriate to increase deferred taxes and reduce stockholders' equity in
connection with its ownership of units in AmeriGas Partners, L.P. (NYSE:APU).
As a result of this review, UGI has concluded that it should have recognized
deferred taxes in connection with the conversion of UGI's subordinated units in
AmeriGas Partners to common units in November 2002 and AmeriGas Partners' sale
of common units to the public since then. This change will have no impact on
UGI's cash flow or earnings for any period and will have no effect on any
covenants under existing financing agreements of UGI or any of its
subsidiaries.

Lon R. Greenberg, chairman and chief executive officer of UGI, said, "As we
disclosed in 2002, we did not record deferred taxes relating to the gains
because of our intention to hold our units in AmeriGas Partners indefinitely.
While our intention to hold AmeriGas units indefinitely has not changed, we have
reconsidered our previous judgments in the application of the relevant
accounting provisions, and concluded that it is more appropriate to record these
deferred taxes. AmeriGas is one of our core businesses."

Based on this conclusion, UGI will include restated financial statements for
fiscal year 2003 in its annual report on Form 10-K for the fiscal year ended
September 30, 2004, which it expects to file by December 14. The fiscal year
2003 balance sheet and statement of stockholders' equity will be restated to
indicate a decrease in total common stockholders' equity of approximately $70
million and a corresponding increase in deferred taxes.

At the same time, UGI confirmed its guidance of November 17 that it expects to
earn between $2.80 and $2.90 per share in fiscal year 2005 ending September 30,
2005.

UGI is a holding company with propane marketing, utility and energy marketing
subsidiaries. Through subsidiaries, UGI owns 46% of AmeriGas Partners, L.P.
(NYSE:APU), the nation's largest retail propane marketer.

This press release contains certain forward-looking statements which management
believes to be reasonable as of today's date only. In particular, the audit of
fiscal 2004 and the audit of adjustments to fiscal 2003 financial statements are
not complete. You should read UGI's Annual Report on Form 10-K for a more
extensive list of other factors that could cause actual results to differ
materially from those indicated in the forward-looking statements. Among them
are adverse weather conditions, product cost volatility and availability of all
energy products, including propane, natural gas, electricity and fuel oil,
domestic and international economic and political conditions and currency
exchange rates. UGI undertakes no obligation to release revisions to its
forward-looking statements to reflect events or circumstances occurring after
today.

Comprehensive information about UGI Corporation is available on the Internet at
HTTP://WWW.UGICORP.COM.

C-xx                                 ###                                11/29/04