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Equity Method Investments
 12 Months Ended
Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Note 21 — Equity Method Investments

Equity method investments which are included within “Other assets” on the Consolidated Balance Sheets, comprises the following as of September 30:
Carrying ValueOwnership Interest
Investees2024202320242023
Midstream & Marketing
Aurum Renewables$47 $45 40%40%
Pine Run867749%49%
MBL Bioenergy20612299.99%99.99%
Other2020variousvarious
Total Midstream & Marketing 359264
UGI International 1035variousvarious
Other1— variousvarious
Total investments in equity method investees$370 $299 

Aurum Renewables. In January 2023, the Company, through its wholly owned indirect subsidiary, entered into a joint venture agreement with a third party Archaea Holdings, LLC (“Archaea”). The primary purpose of the joint venture, Aurum Renewables LLC, is to upgrade landfill gas from the Commonwealth Environmental Systems landfill located in Hegins, Pennsylvania to pipeline-quality RNG. Pursuant to this agreement, the Company contributed its existing 11 megawatt landfill gas-to-electricity facility, as non-cash consideration, in return for a 40% equity interest in the joint venture. Aurum Renewables is expected to have the capacity to produce approximately 9,600 standard cubic feet of landfill gas per minute of pipeline-quality RNG. Archaea led the development, engineering, construction, and operation of the new RNG facility, and Energy Services will take a lead role in marketing the RNG produced by the facility. The project was operational as of September 30, 2024.

Pine Run. Pine Run is a company jointly owned by UGI Pine Run, LLC (a wholly-owned subsidiary of Energy Services) and Stonehenge Energy Resources. Pine Run Midstream operates dry gas gathering pipelines and compression assets in western Pennsylvania. Pine Run is accounted for as an equity method investment as we have the ability to exercise significant influence, but not control, over the entity.

MBL Bioenergy. MBL Bioenergy is a company jointly owned by UGI Dakota, LLC (a wholly-owned subsidiary of Energy Services), Sevana Bioenergy and a subsidiary of California Bioenergy. The sole purpose of MBL Bioenergy is the development of RNG projects in South Dakota comprising three dairy waste anaerobic digester systems. MBL Bioenergy is a variable interest entity whereby the Company has determined that it is not the primary beneficiary since it does not direct the activities that most significantly impact the entity’s economic performance. In addition to consent being required for all equity holders for significant activities, such as major procurement, construction contracting and offtake, our partners manage the day-to-day project management and operations for MBL Bioenergy and its subsidiaries.

Other Equity Method Investments. The carrying values of our other equity investments totaled $31 and $55 at September 30, 2024 and 2023, respectively, and principally comprise a number of investments in biomass and other renewable energy projects at Energy Services and, at September 30, 2023, also held an investment in a renewable energy joint venture at UGI International.

During Fiscal 2024, UGI International recognized an other-than-temporary pre-tax impairment loss of $26 related to its investment in this joint venture that invests in renewable energy projects. This loss was recorded in “(Loss) income from equity investees” on the Consolidated Statements of Income.

Our maximum exposure to loss related to these investments is limited to the amount invested.