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.


	Carrying Value						Ownership Interest

Investees	March 31, 2025		September 30, 2024		March 31, 2024		March 31, 2025	September 30, 2024	March 31, 2024
Midstream & Marketing:
Aurum Renewables	$	47	$	47	$	46	40%	40%	40%
Pine Run	91		86		81		49%	49%	49%
MBL Bioenergy	221		206		157		99.99%	99.99%	99.99%
Other	23		20		21		various	various	various
Total Midstream & Marketing	382		359		305
UGI International (a)	10		10		35		various	various	various
Other	1		1		—		various	various	various
Total investments in equity method investees	$	393	$	370	$	340

(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.