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	June 30, 2025		September 30, 2024		June 30, 2024		June 30, 2025	September 30, 2024	June 30, 2024
Midstream & Marketing:
Aurum Renewables	$	46	$	47	$	46	40%	40%	40%
Pine Run	96		86		83		49%	49%	49%
MBL Bioenergy	222		206		190		99.99%	99.99%	99.99%
Other	23		20		20		various	various	various
Total Midstream & Marketing	387		359		339
UGI International (a)	4		10		10		various	various	various
Other	1		1		—		various	various	various
Total investments in equity method investees	$	392	$	370	$	349

(a)During Fiscal 2024, UGI International recognized an other-than-temporary pre-tax impairment loss of $25 related to its investment in a joint venture that invests in renewable energy projects. This loss was recorded in “Income (loss) from equity investees” on the Condensed Consolidated Statements of Income.