Equity Method Investments

3 Months Ended

Dec. 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. Equity method investments are included in "Other assets" on the Condensed Consolidated Balance Sheets and equity method earnings are included in "Income (loss) from equity investees" on the Condensed Consolidated Statements of Income.

Equity method investments comprise the following:

	Carrying Value						Ownership Interest
Investees	December 31, 2024		September 30, 2024		December 31, 2023		December 31, 2024	September 30, 2024	December 31, 2023
Midstream & Marketing:
Aurum Renewables	$	47	$	47	$	46	40%	40%	40%
Pine Run	86		86		80		49%	49%	49%
MBL Bioenergy	225		206		147		99.99%	99.99%	99.99%
Other	21		20		21		various	various	various
Total Midstream & Marketing	379		359		294
UGI International (a)	10		10		35		various	various	various
Other	—		1		—		various	various	various
Total investments in equity method investees	$	389	$	370	$	329

(a)During Fiscal 2024, UGI International recognized an other-than-temporary pre-tax impairment loss of $26 related to its investment in a joint venture that invests in renewable energy projects.

See the Company’s 2024 Annual Report for additional information on our equity method investments.