Equity Method Investments

3 Months Ended

Dec. 31, 2023

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 which are included within “Other assets” on the Condensed Consolidated Balance Sheets, comprise the following:

	Carrying Value						Ownership Interest
Investees	December 31, 2023		September 30, 2023		December 31, 2022		December 31, 2023	September 30, 2023	December 31, 2022
Midstream & Marketing:
Aurum Renewables	$	46	$	45	$	—	40%	40%	N/A
Pine Run	80		77		71		49%	49%	49%
MBL Bioenergy	147		122		56		99.99%	99.99%	99.99%
Other	21		20		18		various	various	various
Total Midstream & Marketing	294		264		145
UGI International	35		35		30		various	various	various
Total investments in equity method investees	$	329	$	299	$	175

See the Company’s 2023 Annual Report for additional information on our equity method investments.