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Equity Method Investments
6 Months Ended
Mar. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Note 14 — Equity Method Investments

We account for privately held equity securities of entities without readily determinable fair values in which we do not have control, but have significant influence over operating and financial policies, under the equity method. Our equity method investments principally comprise a number of investments in biomass and other renewable energy projects at Midstream & Marketing and a renewable energy joint venture at UGI International. Equity method investments are included in "Other assets" on the Condensed Consolidated Balance Sheets and equity method earnings are included in "Income from equity investees" on the Condensed Consolidated Statements of Income.

Equity method investments comprise the following:
Carrying ValueOwnership Interest
InvesteesMarch 31, 2024September 30,
2023
March 31,
2023
March 31,
2024
September 30,
2023
March 31,
2023
Midstream & Marketing:
Aurum Renewables$46 $45 $19 40%40%40%
Pine Run81 77 72 49%49%49%
MBL Bioenergy157 122 78 99.99%99.99%99.99%
Other21 20 20 variousvariousvarious
Total Midstream & Marketing305 264 189 
UGI International35 35 30 variousvariousvarious
Total investments in equity method investees$340 $299 $219 
See the Company’s 2023 Annual Report for additional information on our equity method investments.