UGI (UGI) 10-Q 6 Feb 25 2025 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2024	Jan. 31, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-11071
Entity Registrant Name	UGI CORPORATION
Entity Incorporation, State or Country Code	PA
Entity Tax Identification Number	23-2668356
Entity Address, Address Line One	500 North Gulph Road
Entity Address, City or Town	King of Prussia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19406
City Area Code	610
Local Phone Number	337-1000
Title of 12(b) Security	Common Stock, without par value
Trading Symbol	UGI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		214,813,003
Entity Central Index Key	0000884614
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--09-30

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 240	$ 213	$ 204
Restricted cash	6	15	98
Accounts receivable (less allowances for doubtful accounts of $64, $68 and $77, respectively)	1,023	709	1,188
Accrued utility revenues	145	36	120
Inventories	381	411	441
Derivative instruments	52	29	41
Prepaid expenses and other current assets	200	238	193
Total current assets	2,047	1,651	2,285
Property, plant and equipment, (less accumulated depreciation of $4,927, $4,910 and $4,709, respectively)	8,750	8,763	8,601
Goodwill	2,805	2,871	3,070
Intangible assets, net	371	391	430
Utility regulatory assets	300	301	298
Derivative instruments	35	9	15
Other assets	1,104	1,112	1,017
Total assets	15,412	15,098	15,716
Current liabilities:
Current maturities of long-term debt	253	235	54
Short-term borrowings	415	465	557
Accounts payable	599	544	741
Derivative instruments	24	28	124
Other current liabilities	748	788	865
Total current liabilities	2,039	2,060	2,341
Long-term debt	6,596	6,443	6,769
Deferred income taxes	1,021	1,008	913
Derivative instruments	11	31	49
Other noncurrent liabilities	1,157	1,202	1,212
Total liabilities	10,824	10,744	11,284
Commitments and contingencies (Note 9)
UGI Corporation stockholders’ equity:
Preferred stock, without par value (authorized – 5,000,000 shares; issued – 0, 0 and 220,000 Series A shares, respectively)	0	0	167
UGI Common Stock, without par value (authorized — 450,000,000 shares; issued — 216,214,547, 216,124,332 and 210,908,238 shares, respectively)	1,679	1,676	1,501
Retained earnings	3,272	2,978	3,042
Accumulated other comprehensive loss	(313)	(253)	(232)
Treasury stock, at cost	(58)	(56)	(55)
Total UGI Corporation stockholders’ equity	4,580	4,345	4,423
Noncontrolling interests	8	9	9
Total equity	4,588	4,354	4,432
Total liabilities and equity	$ 15,412	$ 15,098	$ 15,716

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 64	$ 68	$ 77
Accumulated depreciation	$ 4,927	$ 4,910	$ 4,709
Preferred Stock, shares authorized (in shares)	5,000,000	5,000,000	5,000,000
Preferred Stock, shares issued (in shares)	0	0	220,000
Common Stock, shares authorized (in shares)	450,000,000	450,000,000	450,000,000
Common Stock, shares issued (in shares)	216,214,547	216,124,332	210,908,238

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Revenues	$ 2,030	$ 2,121
Costs and expenses:
Cost of sales (excluding depreciation and amortization shown below)	923	1,202
Operating and administrative expenses	497	530
Depreciation and amortization	138	137
Loss on disposal of business	0	28
Other operating expense (income), net	(15)	(8)
Costs and expenses	1,543	1,889
Operating income	487	232
Income (loss) from equity investees	3	1
Other non-operating income (expense), net	29	(13)
Interest expense	(102)	(100)
Income before income taxes	417	120
Income tax benefit (expense)	(42)	(26)
Net income attributable to UGI Corporation	$ 375	$ 94
Earnings per common share attributable to UGI Corporation stockholders:
Basic (in USD per share)	$ 1.74	$ 0.45
Diluted (in USD per share)	$ 1.74	$ 0.44
Weighted-average common shares outstanding (thousands):
Basic (in shares)	214,933	209,782
Diluted (in shares)	215,695	215,570

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income attributable to UGI Corporation	$ 375	$ 94
Other comprehensive income (loss):
Net gains (losses) on derivative instruments (net of tax of $(5) and $7, respectively)	15	(15)
Reclassifications of net (gains) losses on derivative instruments (net of tax of $0 and $3, respectively)	(2)	(10)
Foreign currency adjustments (net of tax of $(20) and $12, respectively)	(72)	49
Benefit plans (net of tax of $0 and $0, respectively)	(1)	0
Other comprehensive income (loss)	(60)	24
Comprehensive income attributable to UGI Corporation	$ 315	$ 118

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net gains (losses) on derivative instruments, tax	$ (5)	$ 7
Reclassifications of net gain on derivative instruments, tax	0	3
Foreign currency adjustments, tax	(20)	12
Benefit plans, net of tax	0	0
Net income attributable to UGI Corporation	$ 375	$ 94

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income attributable to UGI Corporation	$ 375	$ 94
Adjustments to reconcile net income attributable to UGI Corporation to net cash provided by operating activities:
Depreciation and amortization	138	137
Deferred income tax expense (benefit), net	2	(22)
Provision for uncollectible accounts	12	16
Changes in unrealized gains and losses on derivative instruments	(100)	141
Loss on disposal of business	0	28
Amortization of Energy Services interest rate swap settlement	0	(6)
Other, net	0	(12)
Net change in:
Accounts receivable and accrued utility revenues	(460)	(393)
Inventories	20	2
Utility deferred fuel and power costs, net of changes in unsettled derivatives	(2)	26
Accounts payable	120	131
Derivative instruments collateral deposits received (paid)	47	(35)
Other current assets	36	45
Other current liabilities	(24)	(33)
Net cash provided by operating activities	164	119
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(211)	(156)
Net proceeds from the disposition of assets	4	10
Investments in equity method investees	(25)	(19)
Net cash provided (used) by investing activities	(232)	(165)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends on UGI Common Stock	(81)	(79)
Issuances of long-term debt, net of discount and issuance costs	875	330
Repayments of long-term debt and finance leases, including redemption premiums	(659)	(144)
(Decrease) increase in short-term borrowings	(40)	(160)
Receivables Facility net (repayments) borrowings	0	60
Payments on Purchase Contracts	0	(4)
Net cash provided (used) by financing activities	95	3
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9)	5
Cash, cash equivalents and restricted cash increase (decrease)	18	(38)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash, cash equivalents and restricted cash at end of period	246	302
Cash, cash equivalents and restricted cash at beginning of period	228	340
Cash, cash equivalents and restricted cash increase (decrease)	$ 18	$ (38)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) - USD ($) $ in Millions	Total	Total UGI stockholders’ equity	Preferred stock, without par value	Common stock, without par value	Retained earnings	Accumulated other comprehensive income (loss)	Treasury stock	Noncontrolling interests
Balance, beginning of period at Sep. 30, 2023			$ 167	$ 1,503	$ 3,027	$ (256)	$ (55)	$ 8
Increase (Decrease) in Stockholders' Equity
Equity-based compensation (income) expense				(2)
Net income attributable to UGI Corporation	$ 94				94
Cash dividends on UGI Common Stock ($0.375 and $0.375, respectively)					(79)
Net gains (losses) on derivative instruments	(15)					(15)
Reclassification of net (gains) losses on derivative instruments	(10)					(10)
Benefit plans	0
Foreign currency adjustments	49					49
Other								1
Balance, end of period at Dec. 31, 2023	4,432	$ 4,423	167	1,501	3,042	(232)	(55)	9
Balance, beginning of period at Sep. 30, 2024	4,354		0	1,676	2,978	(253)	(56)	9
Increase (Decrease) in Stockholders' Equity
Equity-based compensation (income) expense				3
Net income attributable to UGI Corporation	375				375
Cash dividends on UGI Common Stock ($0.375 and $0.375, respectively)					(81)
Net gains (losses) on derivative instruments	15					15
Reclassification of net (gains) losses on derivative instruments	(2)					(2)
Benefit plans	(1)					(1)
Foreign currency adjustments	(72)					(72)
Repurchases of UGI Common Stock							(2)
Other								(1)
Balance, end of period at Dec. 31, 2024	$ 4,588	$ 4,580	$ 0	$ 1,679	$ 3,272	$ (313)	$ (58)	$ 8

CONDENSED CONSOLIDATED STATEM_6

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]
Cash dividends on common stock (in USD per share)	$ 0.375	$ 0.375

Nature of Operations

Nature of Operations	3 Months Ended
	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1 — Nature of Operations UGI is a holding company that, through subsidiaries and affiliates, distributes, stores, transports and markets energy products and related services in the U.S. and Europe. We own and operate (1) natural gas and electric distribution utilities; (2) energy marketing, midstream infrastructure, storage, natural gas gathering and processing, natural gas production, electricity generation and energy services businesses; and (3) retail propane and other LPG marketing and distribution businesses. Our Utilities segment includes UGI Utilities and Mountaineer. PA Gas Utility serves customers in eastern and central Pennsylvania and in portions of one Maryland county, and WV Gas Utility serves customers in West Virginia. Electric Utility serves customers in portions of Luzerne and Wyoming counties in northeastern Pennsylvania. PA Gas Utility is subject to regulation by the PAPUC and FERC and, with respect to its customers in Maryland, the MDPSC. WV Gas Utility is subject to regulation by the WVPSC and FERC. Electric Utility is subject to regulation by the PAPUC and FERC. Energy Services conducts, directly and through subsidiaries and affiliates, energy marketing, including RNG, midstream transmission, LNG storage, natural gas gathering and processing, natural gas and RNG production, electricity generation and energy services businesses primarily in the eastern region of the U.S., eastern Ohio, the panhandle of West Virginia and California. Energy Services and its subsidiaries’ storage, LNG and portions of its midstream transmission operations are subject to regulation by the FERC. Prior to its sale in September 2024, UGID owned electricity generation facilities principally located in Pennsylvania. UGI International, LLC, through its subsidiaries and affiliates, primarily conducts an LPG distribution business throughout much of Europe. The LPG business is conducted principally through our subsidiaries, UGI France, Flaga, AvantiGas, and UniverGas. As of the end of the first quarter of Fiscal 2024, UGI International had exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom. See Note 5 for additional information regarding the UGI International energy marketing business.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 — Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements and footnotes are unaudited and have been prepared in accordance with GAAP and the rules and regulations of the SEC. They include all adjustments that we consider necessary for a fair statement of the results for the interim periods presented. Such adjustments consisted only of normal recurring items unless otherwise disclosed. The September 30, 2024, Condensed Consolidated Balance Sheet was derived from audited financial statements but does not include all footnote disclosures from the annual financial statements. These financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2024 Annual Report. Due to the seasonal nature of our businesses, the results of operations for interim periods are not necessarily indicative of the results to be expected for a full year. Restricted Cash. Restricted cash principally represents those cash balances in our commodity futures brokerage accounts and certain other cash balances that are restricted from withdrawal. The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, Cash and cash equivalents $ 240 $ 204 Restricted cash 6 98 Cash, cash equivalents and restricted cash $ 246 $ 302 Earnings Per Common Share. Basic earnings per share attributable to UGI stockholders reflect the weighted-average number of common shares outstanding. Diluted earnings per share attributable to UGI stockholders include the effects of dilutive stock options, common stock awards, UGI Corporation Senior Notes, and prior to their June 2024 settlement, Equity Units. Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended 2024 2023 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 214,933 209,782 Incremental shares issuable for stock options, common stock awards, UGI Corporation Senior Notes, and Equity Units (a)(b) 762 5,788 Weighted-average common shares outstanding — diluted 215,695 215,570 (a) For the three months ended December 31, 2024 and 2023, there were 7,792 and 8,285 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. (b) The Equity Units were settled in June 2024. See Note 13 in the Company’s 2024 Annual Report for additional information on the Equity Units. Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows. For a more detailed description of the derivative instruments we use, our accounting for derivatives, our objectives for using them and other information, see Note 12. Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions. Goodwill . We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. As previously disclosed in Note 12 in the Company’s 2024 Annual Report, a non-cash pre-tax goodwill impairment charge of $195 was recognized in Fiscal 2024 to reduce the carrying value of the AmeriGas Propane reporting unit to its fair value. The Company continues to monitor the AmeriGas Propane reporting unit for any changes in facts and circumstances that would indicate it is more likely than not that the fair value of the AmeriGas Propane reporting unit is less than its carrying amount. No such indicators were identified at December 31, 2024, however if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in further impairment. There was $1.1 billion of goodwill in this reporting unit as of December 31, 2024. With respect to UGI International's Fiscal 2024 goodwill impairment test, we determined that UGI International’s fair value exceeded its carrying value by less than 30%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There were no changes in facts and circumstances that would indicate that it is more likely than not that the fair value of the UGI International reporting unit may not be in excess of its book value at December 31, 2024. There was $883 of goodwill in this reporting unit as of December 31, 2024. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.

Accounting Changes

Accounting Changes	3 Months Ended
	Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Accounting Changes	Note 3 — Accounting Changes Accounting Standards Not Yet Adopted Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company will adopt the new guidance effective for the year ending September 30, 2025 and provide the additional disclosures, if any, as required by the new guidance. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with Customers	Note 4 — Revenue from Contracts with Customers The Company recognizes revenue when control of promised goods or services is transferred to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. See Note 4 in the Company’s 2024 Annual Report for additional information on our revenues from contracts with customers. Revenue Disaggregation The following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2024 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 276 $ — $ 276 $ — $ — $ — $ — Commercial & Industrial 105 — 105 — — — — Large delivery service 52 — 52 — — — — Off-system sales and capacity releases 19 (15) 34 — — — — Other 8 — 8 — — — — Total Utility 460 (15) 475 — — — — Non-Utility: LPG: Retail 1,071 — — — 538 533 — Wholesale 72 — — — 50 22 — Energy Marketing 252 (31) — 264 19 — — Midstream: Pipeline 58 — — 58 — — — Peaking 1 (40) — 41 — — — Other 4 — — 4 — — — Electricity Generation — — — — — — — Other 70 — — — 20 50 — Total Non-Utility 1,528 (71) — 367 627 605 — Total revenues from contracts with customers 1,988 (86) 475 367 627 605 — Other revenues (c) 42 — 10 — 11 22 (1) Total revenues $ 2,030 $ (86) $ 485 $ 367 $ 638 $ 627 $ (1) Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 282 $ — $ 282 $ — $ — $ — $ — Commercial & Industrial 108 — 108 — — — — Large delivery service 49 — 49 — — — — Off-system sales and capacity releases 21 (12) 33 — — — — Other 9 — 9 — — — — Total Utility 469 (12) 481 — — — — Non-Utility: LPG: Retail 1,057 — — — 524 533 — Wholesale 71 — — — 49 22 — Energy Marketing (b) 327 (26) — 272 123 — (42) Midstream: Pipeline 65 — — 65 — — — Peaking 3 (42) — 45 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 71 — — — 19 52 — Total Non-Utility 1,605 (68) — 393 715 607 (42) Total revenues from contracts with customers 2,074 (80) 481 393 715 607 (42) Other revenues (c) 47 — 12 1 10 22 2 Total revenues $ 2,121 $ (80) $ 493 $ 394 $ 725 $ 629 $ (40) (a) Includes intersegment revenues principally among Midstream & Marketing, and Utilities. (b) Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information. (c) Primarily represents (1) revenues from tank rentals at UGI International and AmeriGas Propane; (2) revenues from certain gathering assets at Midstream & Marketing; (3) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider for PA Gas Utility beginning November 1, 2022 and for WV Gas Utility beginning October 1, 2024; and (4) gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers or cash receipts. Contract assets represent our right to consideration after the performance obligations have been satisfied when such right is conditioned on something other than the passage of time. Contract assets were not material for all periods presented. Substantially all of our receivables are unconditional rights to consideration and are included in “Accounts receivable” and, in the case of Utilities, “Accrued utility revenues” on the Condensed Consolidated Balance Sheets. Amounts billed are generally due within the following month. Contract liabilities arise when payment from a customer is received before the performance obligations have been satisfied and represent the Company’s obligations to transfer goods or services to a customer for which we have received consideration. The balances of contract liabilities were $123, $140 and $153 at December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Revenues recognized for the three months ended December 31, 2024 and 2023, from the amounts included in contract liabilities at September 30, 2024 and 2023, were $58 and $75, respectively. Remaining Performance Obligations The Company excludes disclosures related to the aggregate amount of the transaction price allocated to certain performance obligations that are unsatisfied as of the end of the reporting period because these contracts have an initial expected term of one year or less, or we have a right to bill the customer in an amount that corresponds directly with the value of services provided to the customer to date. Certain contracts with customers at Midstream & Marketing and Utilities contain minimum future performance obligations through 2047 and 2053, respectively. At December 31, 2024, Midstream & Marketing and Utilities expect to record approximately $2.3 billion and $0.2 billion of revenues, respectively, related to the minimum future performance obligations over the remaining terms of the related contracts.

Dispositions

Dispositions	3 Months Ended
	Dec. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	Note 5 — Dispositions UGI International Energy Marketing Transactions As of the end of the first quarter of Fiscal 2024, pursuant to its previously announced decision, the Company had exited substantially all of its European energy marketing business which primarily marketed natural gas and electricity to customers through third-party distribution systems in France, Belgium, the Netherlands, and the United Kingdom. France. In October 2023, UGI International, through a wholly-owned subsidiary, sold substantially all of its energy marketing business located in France. In conjunction with the sale, during the first quarter of Fiscal 2024, the Company recorded a pre-tax loss of $28, which amount is reflected in “Loss on disposal of business” on the Condensed Consolidated Statements of Income. Netherlands. In September 2023, a substantial number of DVEP’s customers agreed to modify their energy marketing contracts whereby the Company would continue to provide the delivery of electricity and natural gas at fixed prices through December 31, 2023, with the Company’s obligations to provide future services terminated effective January 1, 2024. As consideration for the early termination of such contracts, the Company has agreed to make cash payments to the customers equal to the fair values of specific commodity derivative instruments associated with periods after December 31, 2023. The early termination agreements with DVEP customers are considered contract modifications and the cash consideration paid to these customers has been reflected as a reduction in revenues, on a pro-rata basis, over the remaining performance period of such agreements through December 31, 2023. During the first quarter of Fiscal 2024, the Company reduced its revenues from these customers by $42, which represents the pro-rated performance obligation from October 1, 2023 through December 31, 2023. Additionally, in December 2023, DVEP completed a sale of a substantial portion of its power purchase agreements for a total consideration to the buyer of $5 and recorded a loss of $5, which is reflected in “Other operating expense (income), net” on the Condensed Consolidated Statements of Income.

Inventories

Inventories	3 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Inventories	Note 6 — Inventories Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 184 $ 195 $ 217 Gas Utility natural gas 42 50 46 Energy certificates 59 69 71 Materials, supplies and other 96 97 107 Total inventories $ 381 $ 411 $ 441

Utility Regulatory Assets and L

Utility Regulatory Assets and Liabilities and Regulatory Matters	3 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Utility Regulatory Assets and Liabilities and Regulatory Matters	Note 7 — Utility Regulatory Assets and Liabilities and Regulatory Matters For a description of the Company’s regulatory assets and liabilities, other than those described below, see Note 9 in the Company’s 2024 Annual Report. Other than removal costs, Utilities currently does not recover a rate of return on its regulatory assets listed below. The following regulatory assets and liabilities associated with Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 107 $ 105 $ 94 Underfunded pension plans 105 106 110 Environmental costs 26 28 26 Deferred fuel and power costs — — 17 Removal costs, net 30 28 23 Other 45 52 58 Total regulatory assets $ 313 $ 319 $ 328 Regulatory liabilities (a): Postretirement benefits $ 13 $ 13 $ 11 Deferred fuel and power refunds 12 17 59 State income tax benefits — distribution system repairs 45 44 43 Excess federal deferred income taxes 245 247 252 Other 7 8 2 Total regulatory liabilities $ 322 $ 329 $ 367 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets. Deferred fuel and power - costs and refunds. Utilities’ tariffs contain clauses that permit recovery of all prudently incurred purchased gas and power costs through the application of PGC rates, PGA rates and DS tariffs. These clauses provide for periodic adjustments to PGC, PGA and DS rates for differences between the total amount of purchased gas and electric generation supply costs billed to customers and recoverable costs incurred. Net underbilled costs are classified as a regulatory asset and net overbillings are classified as a regulatory liability. PA Gas Utility uses derivative instruments to reduce volatility in the cost of gas it purchases for retail core-market customers. Realized and unrealized gains or losses on natural gas derivative instruments are included in deferred fuel and power costs or refunds. Net unrealized gains (losses) on such contracts at December 31, 2024, September 30, 2024 and December 31, 2023 were $6, $2 and $(11), respectively. Other Regulatory Matters UGI Utilities. On January 27, 2025, PA Gas Utility filed a request with the PAPUC to increase its base operating revenues for residential, commercial and industrial customers by $110 annually. The increased revenues would fund ongoing system improvements and operations necessary to maintain safe and reliable natural gas service. PA Gas Utility requested the new gas rates become effective March 28, 2025. However, the PAPUC typically suspends the effective date for general base rate proceedings for a period not to exceed nine months after the filing date to allow for investigation and public hearings. We cannot predict the timing or the ultimate outcome of the rate case review process. Mountaineer. On July 31, 2024, WV Gas Utility submitted its 2024 IREP filing to the WVPSC requesting recovery of $19, which includes $3 of prior year under-recovery, for costs associated with capital investments after December 31, 2022, that total $197, including $74 in calendar year 2025. The filing included capital investments totaling $418 over the 2025 - 2029 period. On October 28, 2024, the WVPSC issued an order approving WV Gas Utility’s request, with new rates effective January 1, 2025. On July 31, 2023, WV Gas Utility submitted its 2023 IREP filing to the WVPSC requesting recovery of $10, an increase of $6, for costs associated with capital investments after December 31, 2022, that total $131, including $67 in calendar year 2024. With new base rates expected to be effective January 1, 2024, revenues from IREP rates would decrease by $12. The filing included capital investments totaling $383 over the 2024 - 2028 period. On December 20, 2023, the WVPSC issued a final order approving a settlement effective January 1, 2024. On March 6, 2023, WV Gas Utility submitted a base rate case filing with the WVPSC seeking a net revenue increase of $20, which consisted of an increase in base rates of $38 and a decrease in the IREP rates of $18 annually to be effective on April 5, 2023.

Debt

Debt	3 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Debt	Note 8 — Debt Significant Financing Activities The following significant financing activities occurred during the three months ended December 31, 2024. Utilities UGI Utilities Senior Notes. In November 2024, UGI Utilities entered into a Note Purchase Agreement with a consortium of lenders. Pursuant to the Note Purchase Agreement, UGI Utilities issued $50 aggregate principal amount of 5.24% Senior Notes due November 30, 2029, and $125 aggregate principal amount of 5.52% Senior Notes due November 30, 2034. The Note Purchase Agreement contains customary covenants and default provisions and requires compliance with certain financial covenants including a leverage ratio and priority debt ratio as defined in the agreement. These senior notes are unsecured and rank equally with UGI Utilities’ existing outstanding senior debt. The net proceeds from these issuances were used to reduce short-term borrowings and for general corporate purposes. Midstream & Marketing Energy Services Receivables Facility. Energy Services has a Receivables Facility with an issuer of receivables-backed commercial paper. In October 2024, the expiration date of the Receivables Facility was extended to October 2025. The Receivables Facility provides Energy Services with the ability to borrow up to $150 of eligible receivables during the period October 18, 2024 to April 30, 2025, and up to $75 of eligible receivables during the period May 1, 2025 to October 17, 2025, with the option to request an increase of $50. The interest rate of the Receivables Facility was replaced with a SOFR based interest rate effective with the extension in October 2024. Energy Services uses the Receivables Facility to fund working capital, margin calls under commodity futures contracts, capital expenditures, dividends and for general corporate purposes. AmeriGas Propane AmeriGas Senior Secured Revolving Credit Facility. In October 2024, AmeriGas OLP amended the AmeriGas Senior Secured Revolving Credit Facility to increase total commitments from $200 to a total of $300. The maximum borrowings permitted to be made at any time under the Credit Agreement is equal to the lesser of (x) the Formula Amount for the borrowing base and (y) the Maximum Revolving Advance Amount, as defined in the agreement. UGI Corporation UGI Corporation 2025 Credit Agreement. In October 2024, UGI entered into a new UGI Corporation 2025 Credit Agreement, consisting of (1) a $475 senior secured revolving credit facility, including a $10 sublimit for letters of credit and (2) a $400 senior secured variable-rate term loan. The revolving credit facility is scheduled to expire in October 2028 and the term loan facility is scheduled to mature in October 2027. Borrowings under the credit agreement are secured by a pledge of UGI’s equity in its material subsidiaries, as defined in the UGI Corporation 2025 Credit Agreement, excluding UGI Utilities and Mountaintop Energy Holdings, LLC, subject to certain additional exceptions and carveouts. Proceeds from the UGI Corporation 2025 Credit Agreement were used to prepay all borrowings under the UGI Corporation Credit Facility Agreement due August 29, 2025 and, concurrent with such repayment, terminated the agreement. Borrowings under the UGI Corporation 2025 Credit Agreement bear interest, subject to our election, at a rate per annum equal to (i) the alternative base rate plus the applicable rate as defined by the agreement or (ii) the adjusted Term SOFR rate plus the applicable rate as defined by the agreement. The Company has entered into an interest rate swap agreement that will generally fix the underlying market-based interest rate on the variable-rate loan through September 2027. Borrowings under the credit agreement can be used for general corporate purposes and ongoing working capital needs of the Company. Because management currently intends to maintain a substantial portion of the amounts outstanding under the $475 revolving credit facility beyond twelve months, and has the ability to do so under the terms of the UGI Corporation 2025 Credit Agreement, borrowings under this revolving credit facility have been classified as “Long-term debt” on the Condensed Consolidated Balance Sheet. UGI Corporation Senior Notes In June 2024, UGI issued, in an underwritten private placement, an aggregate $700 principal amount of 5.00% UGI Corporation Senior Notes due June 2028. The UGI Corporation Senior Notes are convertible subject to the occurrence of certain events and circumstances. As of December 31, 2024, none of the events permitting the noteholders to convert their notes early occurred. Accordingly, the UGI Corporation Senior Notes are classified as “Long-term debt” on the Condensed Consolidated Balance Sheets. For the three months ended December 31, 2024, the Company recognized $10 of interest expense, including amortization of debt issuance costs, related to the UGI Corporation Senior Notes at the effective interest rate of 5.62%. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The estimated fair values of the UGI Corporation Senior Notes were $797 and $744 at December 31, 2024 and September 30, 2024, respectively. See the Company’s 2024 Annual Report for additional information on our UGI Corporation Senior Notes. Subsequent Events On February 4, 2025, UGI International borrowed $221 under its revolving credit facility. The proceeds from these borrowings were subsequently used to fund an intercompany loan of $221 to AmeriGas Partners. AmeriGas Partners expects to use the proceeds from the intercompany loan to redeem the outstanding principal balance of the 5.50% Senior Notes maturing in May 2025. Concurrent with the intercompany loan agreement, on February 5, 2025, AmeriGas Partners issued a notice of early redemption for the remaining 5.50% Senior Notes maturing in May 2025, having an aggregate principal balance of $218, plus accrued and unpaid interest. These 5.50% Senior Notes are included in “Current maturities of long-term debt” on the Condensed Consolidated Balance Sheet.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 — Commitments and Contingencies Environmental Matters UGI Utilities From the late 1800s through the mid-1900s, UGI Utilities and its former subsidiaries owned and operated a number of MGPs prior to the general availability of natural gas. Some constituents of coal tars and other residues of the manufactured gas process are today considered hazardous substances under the Superfund Law and may be present on the sites of former MGPs. Between 1882 and 1953, UGI Utilities owned the stock of subsidiary gas companies in Pennsylvania and elsewhere and also operated the businesses of some gas companies under agreement. By the early 1950s, UGI Utilities divested all of its utility operations other than certain gas and electric operations. Beginning in 2006 and 2008, UGI Utilities also owned and operated two acquired subsidiaries, with similar histories of owning, and in some cases operating, MGPs in Pennsylvania. UGI Utilities is subject to a COA with the PADEP to address the remediation of specified former MGP sites in Pennsylvania, which is scheduled to terminate at the end of 2035. In accordance with the COA, UGI Utilities is required to either obtain a certain number of points per calendar year based on defined eligible environmental investigatory and/or remedial activities at the MGPs, or make expenditures for such activities in an amount equal to an annual environmental minimum expenditure threshold. The annual minimum expenditure threshold of the COA is $5. At December 31, 2024, September 30, 2024 and December 31, 2023, our aggregate estimated accrued liabilities for environmental investigation and remediation costs related to the COA totaled $52, $54 and $50, respectively. We do not expect the costs for investigation and remediation of hazardous substances at Pennsylvania MGP sites to be material to UGI Utilities’ results of operations because UGI Utilities receives ratemaking recovery of actual environmental investigation and remediation costs associated with the sites covered by the COA. This ratemaking recognition reconciles the accumulated difference between historical costs and rate recoveries with an estimate of future costs associated with the sites. As such, UGI Utilities has recorded an associated regulatory asset for these costs because recovery of these costs from customers is probable (see Note 7). From time to time, UGI Utilities is notified of sites outside Pennsylvania on which private parties allege MGPs were formerly owned or operated by UGI Utilities or owned or operated by a former subsidiary. Such parties generally investigate the extent of environmental contamination or perform environmental remediation. Management believes that under applicable law, UGI Utilities should not be liable in those instances in which a former subsidiary owned or operated an MGP. There could be, however, significant future costs of an uncertain amount associated with environmental damage caused by MGPs outside Pennsylvania that UGI Utilities directly operated, or that were owned or operated by a former subsidiary of UGI Utilities if a court were to conclude that (1) the subsidiary’s separate corporate form should be disregarded, or (2) UGI Utilities should be considered to have been an operator because of its conduct with respect to its subsidiary’s MGP. Neither the undiscounted nor the accrued liability for environmental investigation and cleanup costs for UGI Utilities’ MGP sites outside Pennsylvania were material for all periods presented. AmeriGas Propane AmeriGas OLP Saranac Lake. In 2008, the NYDEC notified AmeriGas OLP that the NYDEC had placed property purportedly owned by AmeriGas OLP in Saranac Lake, New York on the New York State Registry of Inactive Hazardous Waste Disposal Sites. A site characterization study performed by the NYDEC disclosed contamination related to a former MGP. AmeriGas OLP responded to the NYDEC in 2009 to dispute the contention it was a PRP as it did not operate the MGP and appeared to only own a portion of the site. In 2017, the NYDEC communicated to AmeriGas OLP that the NYDEC had previously issued three RODs related to remediation of the site totaling approximately $28 and requested additional information regarding AmeriGas OLP’s purported ownership. AmeriGas OLP renewed its challenge to designation as a PRP and identified potential defenses. The NYDEC subsequently identified a third party PRP with respect to the site. The NYDEC commenced implementation of the remediation plan in the spring of 2018. In Fiscal 2024, the NYDEC informed AmeriGas OLP that the remediation plan had been completed at a total cost of approximately $19. The New York Office of the Attorney General, as counsel for the NYDEC, invited AmeriGas OLP to participate in settlement discussions. Based on our evaluation of the available information as of December 31, 2024, the Partnership has an undiscounted environmental remediation liability of $8 related to the site. Our share of the actual remediation costs could be significantly more or less than the accrued amount. Other Matters West Reading, Pennsylvania Explosion . On March 24, 2023, an explosion occurred in West Reading, Pennsylvania which resulted in seven fatalities, injuries to at least ten others, and extensive property damage to buildings owned by R.M. Palmer, a local chocolate manufacturer, and neighboring structures. The NTSB and the PAPUC are investigating the West Reading incident. On July 18, 2023, the NTSB issued an Investigative Update which identified a fracture in a retired UGI gas service tee and a fracture in a nearby R.M. Palmer steam system. The NTSB investigative team includes representatives from the Company, the local fire department and the Pipeline and Hazardous Materials Safety Administration. The Company is cooperating with the investigation. In September 2023, OSHA closed their investigation of this matter, without any finding pertaining to UGI Utilities. On December 10, 2024, the NTSB staff presented its draft findings to the NTSB Board. While awaiting the final NTSB report, the Company has received claims as a result of the explosion and is involved in lawsuits relative to the incident. The Company maintains liability insurance for personal injury, property and casualty damages and believes that third-party claims associated with the explosion, in excess of the Company’s deductible, are recoverable through the Company’s insurance. The Company cannot predict the result of these pending or future claims and legal actions at this time. Regarding these pending claims and legal actions, the Company does not believe, at this early stage, that there is sufficient information available to reasonably estimate a range of loss, if any, or conclude that the final outcome of these matters will or will not have a material effect on our financial statements. In addition to the matters described above, there are other pending claims and legal actions arising in the normal course of our businesses. Although we cannot predict the final results of these pending claims and legal actions, including those described above, we believe, after consultation with counsel, that the final outcome of these matters will not have a material effect on our financial statements.

Defined Benefit Pension and Oth

Defined Benefit Pension and Other Postretirement Plans	3 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Defined Benefit Pension and Other Postretirement Plans	Note 10 — Defined Benefit Pension and Other Postretirement Plans The Company maintains defined benefit pension plans and other postretirement plans for certain current and former employees. The service cost component of our pension and other postretirement plans, net of amounts capitalized, is reflected in “Operating and administrative expenses” on the Condensed Consolidated Statements of Income. The non-service cost components, net of amounts capitalized by Utilities as a regulatory asset, are reflected in “Other non-operating income (expense), net” on the Condensed Consolidated Statements of Income. Other postretirement benefit cost was not material for all periods presented. Net periodic pension benefit cost (income) includes the following components: Pension Benefits Three Months Ended December 31, 2024 2023 Service cost $ 2 $ 2 Interest cost 9 9 Expected return on plan assets (12) (11) Amortization of: Actuarial loss (gain) 1 — Net benefit cost (income) $ — $ —

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 11 — Fair Value Measurements Recurring Fair Value Measurements The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy: Asset (Liability) Level 1 Level 2 Level 3 Total December 31, 2024: Derivative instruments: Assets: Commodity contracts $ 130 $ 33 $ — $ 163 Foreign currency contracts $ — $ 33 $ — $ 33 Interest rate contracts $ — $ 5 $ — $ 5 Liabilities: Commodity contracts $ (98) $ (14) $ — $ (112) Foreign currency contracts $ — $ (1) $ — $ (1) Interest rate contracts $ — $ (9) $ — $ (9) Non-qualified supplemental postretirement grantor trust investments (a) $ 44 $ — $ — $ 44 September 30, 2024: Derivative instruments: Assets: Commodity contracts $ 106 $ 27 $ — $ 133 Foreign currency contracts $ — $ 6 $ — $ 6 Interest rate contracts $ — $ 1 $ — $ 1 Liabilities: Commodity contracts $ (120) $ (32) $ — $ (152) Foreign currency contracts $ — $ (9) $ — $ (9) Interest rate contracts $ — $ (22) $ — $ (22) Non-qualified supplemental postretirement grantor trust investments (a) $ 43 $ — $ — $ 43 December 31, 2023: Derivative instruments: Assets: Commodity contracts $ 112 $ 50 $ — $ 162 Foreign currency contracts $ — $ 12 $ — $ 12 Interest rate contracts $ — $ 15 $ — $ 15 Liabilities: Commodity contracts $ (227) $ (104) $ — $ (331) Foreign currency contracts $ — $ (6) $ — $ (6) Interest rate contracts $ — $ (16) $ — $ (16) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans. The fair values of our Level 1 exchange-traded commodity futures and option contracts and non-exchange-traded commodity futures and forward contracts are based upon actively quoted market prices for identical assets and liabilities. Substantially all of the remaining derivative instruments are designated as Level 2. The fair values of certain non-exchange-traded commodity derivatives designated as Level 2 are based upon indicative price quotations available through brokers, industry price publications or recent market transactions and related market indicators. The fair values of our Level 2 interest rate contracts and foreign currency contracts are based upon third-party quotes or indicative values based on recent market transactions. The fair values of investments held in grantor trusts are derived from quoted market prices as substantially all of the investments in these trusts have active markets. Other Financial Instruments The carrying amounts of other financial instruments included in current assets and current liabilities (except for current maturities of long-term debt) approximate their fair values because of their short-term nature. We estimate the fair value of long-term debt by using current market rates and by discounting future cash flows using rates available for similar type debt (Level 2). The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: December 31, 2024 September 30, 2024 December 31, 2023 Carrying amount $ 6,907 $ 6,733 $ 6,866 Estimated fair value $ 6,523 $ 6,663 $ 6,644 Financial instruments other than derivative instruments, such as short-term investments and trade accounts receivable, could expose us to concentrations of credit risk. We limit credit risk from short-term investments by investing only in investment-grade commercial paper, money market mutual funds, securities guaranteed by the U.S. Government or its agencies and FDIC insured bank deposits. The credit risk arising from concentrations of trade accounts receivable is limited because we have a large customer base that extends across many different U.S. markets and a number of foreign countries. For information regarding concentrations of credit risk associated with our derivative instruments, see Note 12

Derivative Instruments and Hedg

Derivative Instruments and Hedging Activities	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities	Note 12 — Derivative Instruments and Hedging Activities We are exposed to certain market risks related to our ongoing business operations. Management uses derivative financial and commodity instruments, among other things, to manage: (1) commodity price risk; (2) interest rate risk; and (3) foreign currency exchange rate risk. Although we use derivative financial and commodity instruments to reduce market risk associated with forecasted transactions, we do not use derivative financial and commodity instruments for speculative or trading purposes. The use of derivative instruments is controlled by our risk management and credit policies, which govern, among other things, the derivative instruments we can use, counterparty credit limits and contract authorization limits. Although our commodity derivative instruments extend over a number of years, a significant portion of our commodity derivative instruments economically hedge commodity price risk during the next twelve months. See Note 2 for information on the accounting for our derivative instruments. The following sections summarize the types of derivative instruments used by the Company to manage these market risks. Commodity Price Risk Regulated Utility Operations Natural Gas PA Gas Utility’s tariffs contain clauses that permit recovery of all prudently incurred costs of natural gas it sells to retail core-market customers, including the cost of financial instruments used to hedge purchased gas costs. As permitted and agreed to by the PAPUC pursuant to PA Gas Utility’s annual PGC filings, PA Gas Utility currently uses NYMEX natural gas futures and option contracts to reduce commodity price volatility associated with a portion of the natural gas it purchases for its retail core-market customers. See Note 7 for further information on the regulatory accounting treatment for these derivative instruments. Non-utility Operations LPG In order to manage market price risk associated with the Partnership’s fixed-price programs and to reduce the effects of short-term commodity price volatility, the Partnership uses over-the-counter derivative commodity instruments, principally price swap contracts. In addition, the Partnership and our UGI International operations also use over-the-counter price swap and option contracts to reduce commodity price volatility associated with a portion of their forecasted LPG purchases. Natural Gas In order to manage market price risk relating to fixed-price sales contracts for physical natural gas, Midstream & Marketing enters into NYMEX and over-the-counter natural gas futures and over-the-counter and ICE natural gas basis swap contracts. In addition, Midstream & Marketing uses NYMEX and over-the-counter futures and options contracts to economically hedge price volatility associated with the gross margin derived from the purchase and anticipated later near-term sale of natural gas storage inventories. Outside of the financial market, Midstream & Marketing also uses ICE and over-the-counter forward physical contracts. UGI International also uses natural gas futures and forward contracts to economically hedge market price risk associated with a substantial portion of anticipated volumes under fixed-price sales contracts with its customers. See Note 5 for information on the exit of substantially all of the Company’s energy marketing business in Europe. Electricity In order to manage market price risk relating to fixed-price sales contracts for electricity, Midstream & Marketing enters into electricity futures and forward contracts. Midstream & Marketing, through UGID, also used NYMEX and over-the-counter electricity futures contracts to economically hedge the price of a portion of its anticipated future sales of electricity from its electric generation facilities, prior to its sale of UGID in September 2024. UGI International also uses electricity futures and forward contracts to economically hedge market price risk associated with fixed-price sales and purchase contracts for electricity. See Note 5 for information on the exit of substantially all of the Company’s European energy marketing business. Interest Rate Risk Certain of our long-term debt agreements have interest rates that are generally indexed to short-term market interest rates. In order to fix the underlying short-term market interest rates, we may enter into pay-fixed, receive-variable interest rate swap agreements and designate such swaps as cash flow hedges. In March 2023, in connection with the Energy Services Amended Term Loan Credit Agreement, Energy Services terminated and settled its existing interest rate swap associated with the Energy Services Term Loan Credit Agreement at a $32 gain. This gain was deferred in AOCI and was amortized to interest expense over the remaining term of the initial interest rate swap through July 2024. The remainder of our long-term debt is typically issued at fixed rates of interest. As this long-term debt matures, we typically refinance such debt with new debt having interest rates reflecting then-current market conditions. In order to reduce market rate risk on the underlying benchmark rate of interest associated with near- to medium-term forecasted issuances of fixed-rate debt, from time to time we enter into IRPAs. We account for IRPAs as cash flow hedges. There were no unsettled IRPAs during any of the periods presented. At December 31, 2024, the amount of pre-tax net (gains) losses associated with interest rate hedges expected to be reclassified into earnings during the next twelve months is $5. Foreign Currency Exchange Rate Risk Forward Foreign Currency Exchange Contracts In order to reduce the volatility in net income associated with our foreign operations, principally as a result of changes in the USD exchange rate to the euro and British pound sterling, we enter into forward foreign currency exchange contracts. We layer in these foreign currency exchange contracts over multi-year periods to eventually equal approximately 90% of anticipated UGI International foreign currency earnings before income taxes. Because these contracts are not designated as hedging instruments, realized and unrealized gains and losses on these contracts are recorded in “Other non-operating income (expense), net” on the Condensed Consolidated Statements of Income. Net Investment Hedges From time to time, we also enter into certain forward foreign currency exchange contracts to reduce the volatility of the USD value of a portion of our UGI International euro-denominated net investments, including anticipated foreign currency denominated dividends. We account for these foreign currency exchange contracts as net investment hedges and all changes in the fair value of these contracts are reported in the cumulative translation adjustment component in AOCI. We use the spot rate method to measure ineffectiveness of our net investment hedges. Our euro-denominated long-term debt has also been designated as net investment hedges, representing a portion of our UGI International euro-denominated net investment. We recognized pre-tax gains (losses) associated with these net investment hedges in the cumulative translation adjustment component in AOCI of $55 and $(32) during the three months ended December 31, 2024 and 2023, respectively. Quantitative Disclosures Related to Derivative Instruments The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2024, September 30, 2024 and December 31, 2023, and the final settlement dates of the Company's open derivative contracts as of December 31, 2024, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2024 September 30, 2024 December 31, 2023 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2025 22 26 16 Non-utility Operations LPG swaps Gallons September 2027 410 458 638 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms December 2028 310 325 331 Electricity forward and futures contracts Kilowatt hours December 2027 1,031 1,113 634 Interest Rate Risk: Interest rate swaps Euro March 2026 € 300 € 300 € 300 Interest rate swaps USD September 2027 $ 1,228 $ 1,231 $ 1,267 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2027 $ 299 $ 389 $ 348 Net investment hedge forward foreign exchange contracts Euro December 2026 € 181 € 181 € 256 Derivative Instrument Credit Risk We are exposed to risk of loss in the event of nonperformance by our derivative instrument counterparties. Our derivative instrument counterparties principally comprise large energy companies and major U.S. and international financial institutions. We maintain credit policies with regard to our counterparties that we believe reduce overall credit risk. These policies include evaluating and monitoring our counterparties’ financial condition, including their credit ratings, and entering into agreements with counterparties that govern credit limits or entering into netting agreements that allow for offsetting counterparty receivable and payable balances for certain financial transactions, as deemed appropriate. We have concentrations of credit risk associated with derivative instruments and we evaluate the creditworthiness of our derivative counterparties on an ongoing basis. As of December 31, 2024, the maximum amount of loss, based upon the gross fair values of the derivative instruments, we would incur if these counterparties failed to perform according to the terms of their contracts was $201. In general, many of our over-the-counter derivative instruments and all exchange contracts call for the posting of collateral by the counterparty or by the Company in the forms of letters of credit, parental guarantees or cash. At December 31, 2024, we had received cash collateral from derivative instrument counterparties totaling $31. In addition, we may have offsetting derivative liabilities and certain accounts payable balances with certain of these counterparties, which further mitigates the previously mentioned maximum amount of losses. Certain of the Partnership’s derivative contracts have credit-risk-related contingent features that may require the posting of additional collateral in the event of a downgrade of the Partnership’s debt rating. At December 31, 2024, if the credit-risk-related contingent features were triggered, the amount of collateral required to be posted would not be material. Offsetting Derivative Assets and Liabilities Derivative assets and liabilities are presented net by counterparty on the Condensed Consolidated Balance Sheets if the right of offset exists. We offset amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral against amounts recognized for derivative instruments executed with the same counterparty. Our derivative instruments include both those that are executed on an exchange through brokers and centrally cleared and over-the-counter transactions. Exchange contracts utilize a financial intermediary, exchange or clearinghouse to enter, execute or clear the transactions. Over-the-counter contracts are bilateral contracts that are transacted directly with a third party. Certain over-the-counter and exchange contracts contain contractual rights of offset through master netting arrangements, derivative clearing agreements and contract default provisions. In addition, the contracts are subject to conditional rights of offset through counterparty nonperformance, insolvency or other conditions. In general, many of our over-the-counter transactions and all exchange contracts are subject to collateral requirements. Types of collateral generally include cash or letters of credit. Cash collateral paid by us to our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative liabilities. Cash collateral received by us from our over-the-counter derivative counterparties, if any, is reflected in the table below to offset derivative assets. Certain other accounts receivable and accounts payable balances recognized on the Condensed Consolidated Balance Sheets with our derivative counterparties are not included in the table below but could reduce our net exposure to such counterparties because such balances are subject to master netting or similar arrangements. Fair Value of Derivative Instruments The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 19 $ 6 $ 5 Interest rate contracts 5 1 15 24 7 20 Derivatives subject to PGC and DS mechanisms: Commodity contracts 6 4 11 Derivatives not designated as hedging instruments: Commodity contracts 157 129 151 Foreign currency contracts 14 — 7 171 129 158 Total derivative assets — gross 201 140 189 Gross amounts offset in the balance sheet (83) (88) (116) Cash collateral received (31) (14) (17) Total derivative assets — net $ 87 $ 38 $ 56 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ — $ — $ (1) Interest rate contracts (9) (22) (16) (9) (22) (17) Derivatives subject to PGC and DS mechanisms: Commodity contracts — (1) (22) Derivatives not designated as hedging instruments: Commodity contracts (112) (151) (309) Foreign currency contracts (1) (9) (5) (113) (160) (314) Total derivative liabilities — gross (122) (183) (353) Gross amounts offset in the balance sheet 83 88 116 Cash collateral pledged 4 36 64 Total derivative liabilities — net $ (35) $ (59) $ (173) Effects of Derivative Instruments The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI: Three Months Ended December 31,: Gain (Loss) Gain (Loss) Location of Gain (Loss) Reclassified from Cash Flow Hedges: 2024 2023 2024 2023 Interest rate contracts $ 20 $ (22) $ 2 $ 13 Interest expense Net Investment Hedges: Foreign currency contracts $ 13 $ (10) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2024 2023 Location of Gain (Loss) Recognized in Income Commodity contracts $ (1) $ 2 Revenues Commodity contracts 69 (155) Cost of sales Commodity contracts (1) 3 Other operating expense (income), net Foreign currency contracts 25 (16) Other non-operating income (expense), net Total $ 92 $ (166) We are also a party to a number of other contracts that have elements of a derivative instrument. However, these contracts qualify for NPNS exception accounting because they provide for the delivery of products or services in quantities that are expected to be used in the normal course of operating our business and the price in these contracts are based on an underlying that is directly associated with the price of the product or service being purchased or sold. These contracts include, among others, binding purchase orders, contracts that provide for the purchase and delivery, or sale, of energy products, and service contracts that require the counterparty to provide commodity storage, transportation or capacity service to meet our normal sales commitments.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Note 13 — Accumulated Other Comprehensive Income (Loss) The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2024 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2024 $ 10 $ (23) $ (240) $ (253) Other comprehensive income (loss) before reclassification adjustments — 15 (72) (57) Amounts reclassified from AOCI (1) (2) — (3) Other comprehensive income (loss) attributable to UGI (1) 13 (72) (60) AOCI — December 31, 2024 $ 9 $ (10) $ (312) $ (313) Three Months Ended December 31, 2023 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2023 $ 17 $ 26 $ (299) $ (256) Other comprehensive income (loss) before reclassification adjustments — (15) 49 34 Amounts reclassified from AOCI — (10) — (10) Other comprehensive income (loss) attributable to UGI — (25) 49 24 AOCI — December 31, 2023 $ 17 $ 1 $ (250) $ (232)

Equity Method Investments

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, December 31, December 31, September 30, December 31, 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.

Segment Information

Segment Information	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Segment Information	Note 15 — Segment Information Our operations comprise four reportable segments generally based upon products or services sold, geographic location and regulatory environment: (1) Utilities; (2) Midstream & Marketing; (3) UGI International; and (4) AmeriGas Propane. Corporate & Other includes certain items that are excluded from our CODM’s assessment of segment performance (see below for further details on these items). Corporate & Other also includes the net expenses of UGI’s captive general liability insurance company, UGI’s corporate headquarters facility and UGI’s unallocated corporate and general expenses as well as interest expense on UGI debt that is not allocated. Corporate & Other assets principally comprise cash and cash equivalents of UGI and its captive insurance company, and UGI corporate headquarters’ assets. The accounting policies of our reportable segments are the same as those described in Note 2, “Summary of Significant Accounting Policies,” in the Company’s 2024 Annual Report. Three Months Ended December 31, 2024 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,030 $ — $ 470 $ 296 $ 638 $ 627 $ (1) Intersegment revenues $ — $ (86) (b) $ 15 $ 71 $ — $ — $ — Cost of sales $ 923 $ (86) (b) $ 204 $ 229 $ 374 $ 280 $ (78) Operating income $ 487 $ 1 $ 138 $ 91 $ 106 $ 74 $ 77 Income (loss) from equity investees 3 — — 4 (1) — — Other non-operating income (expense), net 29 — 3 — 5 — 21 Earnings before interest expense and income taxes 519 1 141 95 110 74 98 Interest expense (102) — (26) (12) (10) (33) (21) Income before income taxes $ 417 $ 1 $ 115 $ 83 $ 100 $ 41 $ 77 Depreciation and amortization $ 138 $ — $ 44 $ 20 $ 29 $ 45 $ — Capital expenditures (including the effects of accruals) $ 175 $ — $ 106 $ 32 $ 14 $ 23 $ — As of December 31, 2024 Total assets $ 15,412 $ (220) $ 6,183 $ 3,321 $ 2,835 $ 3,082 $ 211 Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,121 $ — $ 480 $ 327 $ 725 $ 629 $ (40) Intersegment revenues $ — $ (80) (b) $ 13 $ 67 $ — $ — $ — Cost of sales $ 1,202 $ (80) (b) $ 221 $ 239 $ 446 $ 283 $ 93 Operating income (loss) $ 232 $ (1) $ 134 $ 99 $ 113 $ 71 $ (184) Income (loss) from equity investees 1 — — 3 (2) — — Other non-operating income (expense), net (13) — 1 — 6 — (20) Earnings (loss) before interest expense and income taxes 220 (1) 135 102 117 71 (204) Interest expense (100) — (23) (11) (11) (41) (14) Income (loss) before income taxes $ 120 $ (1) $ 112 $ 91 $ 106 $ 30 $ (218) Depreciation and amortization $ 137 $ — $ 41 $ 22 $ 30 $ 44 $ — Capital expenditures (including the effects of accruals) $ 133 $ — $ 82 $ 19 $ 12 $ 20 $ — As of December 31, 2023 Total assets $ 15,716 $ (190) $ 5,855 $ 3,236 $ 3,150 $ 3,460 $ 205 (a) Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate: Three Months Ended December 31, 2024 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains (losses) on commodity derivative instruments not associated with current-period transactions Revenues $ (1) $ — $ — Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 59 $ 12 $ 7 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Other operating expense (income), net $ — $ 1 $ — Unrealized gains (losses) on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 22 $ — Three Months Ended December 31, 2023 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains (losses) on commodity derivative instruments not associated with current-period transactions Revenues $ 1 $ 1 $ — Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ (47) $ (41) $ (6) Net gains (losses) on commodity derivative instruments not associated with current-period transactions Other operating expense (income), net $ — $ (3) $ — Unrealized gains (losses) on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (20) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Revenues $ — $ (42) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses/Other non-operating income (expense), net $ — $ (8) $ — Costs associated with exit of the UGI International energy marketing business Loss on disposal of business $ — $ (28) $ — (b) Represents the elimination of intersegment transactions principally among Utilities, Midstream & Marketing and AmeriGas Propane.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Restricted Cash	Restricted Cash.
Earnings Per Common Share	Earnings Per Common Share.
Derivative Instruments	Derivative Instruments. Derivative instruments are reported on the Condensed Consolidated Balance Sheets at their fair values, unless the NPNS exception is elected. The accounting for changes in fair value depends upon the purpose of the derivative instrument, whether it is subject to regulatory ratemaking mechanisms or if it qualifies and is designated as a hedge for accounting purposes. Certain of our derivative instruments qualify and are designated as cash flow hedges. For cash flow hedges, changes in the fair values of the derivative instruments are recorded in AOCI, to the extent effective at offsetting changes in the hedged item, until earnings are affected by the hedged item. We discontinue cash flow hedge accounting if occurrence of the forecasted transaction is determined to be no longer probable. Hedge accounting is also discontinued for derivatives that cease to be highly effective. We do not designate our commodity and certain foreign currency derivative instruments as hedges under GAAP. Changes in the fair values of these derivative instruments are reflected in net income. Gains and losses on substantially all of the commodity derivative instruments used by Utilities are included in regulatory assets or liabilities because it is probable such gains or losses will be recoverable from, or refundable to, customers. From time to time, we also enter into net investment hedges. Gains and losses on net investment hedges that relate to our foreign operations are included in the cumulative translation adjustment component in AOCI until such foreign net investment is substantially sold or liquidated. Cash flows from derivative instruments, other than certain net investment hedges, are included in cash flows from operating activities on the Condensed Consolidated Statements of Cash Flows. Cash flows from net investment hedges are included in cash flows from investing activities on the Condensed Consolidated Statements of Cash Flows.
Use of Estimates	Use of Estimates. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and costs. These estimates are based on management’s knowledge of current events, historical experience and various other assumptions that are believed to be reasonable under the circumstances. Accordingly, actual results may be different from these estimates and assumptions.
Goodwill	Goodwill . We do not amortize goodwill, but test it at least annually for impairment at the reporting unit level. A reporting unit is an operating segment, or one level below an operating segment (a component) if it constitutes a business for which discrete financial information is available and regularly reviewed by segment management. Components are aggregated into a single reporting unit if they have similar economic characteristics. Each of our reporting units with goodwill is required to perform impairment tests annually or whenever events or circumstances indicate that the value of goodwill may be impaired. As previously disclosed in Note 12 in the Company’s 2024 Annual Report, a non-cash pre-tax goodwill impairment charge of $195 was recognized in Fiscal 2024 to reduce the carrying value of the AmeriGas Propane reporting unit to its fair value. The Company continues to monitor the AmeriGas Propane reporting unit for any changes in facts and circumstances that would indicate it is more likely than not that the fair value of the AmeriGas Propane reporting unit is less than its carrying amount. No such indicators were identified at December 31, 2024, however if AmeriGas Propane were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in further impairment. There was $1.1 billion of goodwill in this reporting unit as of December 31, 2024. With respect to UGI International's Fiscal 2024 goodwill impairment test, we determined that UGI International’s fair value exceeded its carrying value by less than 30%. While the Company believes that its judgments used in the quantitative assessment of UGI International’s fair value are reasonable based upon currently available facts and circumstances, if UGI International were not able to achieve its anticipated results and/or if its discount rate were to increase, its fair value would be adversely affected, which may result in an impairment. There were no changes in facts and circumstances that would indicate that it is more likely than not that the fair value of the UGI International reporting unit may not be in excess of its book value at December 31, 2024. There was $883 of goodwill in this reporting unit as of December 31, 2024. The Company will continue to monitor its reporting units and related goodwill for any possible future non-cash impairment charges.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Disaggregation of Income Statement Expenses. In November 2024, the FASB issued ASU 2024-03, “Disaggregation of Income Statement Expenses (Subtopic 220-40)” which requires enhanced disclosure of income statement expense categories to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. This new guidance is effective for the Company for annual periods beginning October 1, 2027 (Fiscal 2028) and interim periods beginning October 1, 2028 (Fiscal 2029). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted. Segment Reporting. In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures (Topic 280)” which requires enhanced disclosure of (1) significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, (2) the amount and description of the composition of other segment items which reconcile to segment profit or loss, and (3) the title and position of the entity’s CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and allocating resources. The amendments also expand the interim segment disclosure requirements. This new guidance is effective for the Company for annual periods beginning October 1, 2024 (Fiscal 2025) and interim periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU apply retrospectively to all prior periods presented in the financial statements. The Company will adopt the new guidance effective for the year ending September 30, 2025 and provide the additional disclosures, if any, as required by the new guidance. Improvements to Income Tax Disclosures. In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures (Topic 740)” which requires entities to disclose, among other items, disaggregated information about a reporting entity’s effective tax rate reconciliation and income taxes paid. This new guidance is effective for the Company for annual periods beginning October 1, 2025 (Fiscal 2026). Early adoption is permitted. The amendments in this ASU may be adopted using the prospective or retrospective methods. The Company is in the process of assessing the impact on its financial statements and determining the transition method and the period in which the new guidance will be adopted.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Restrictions on Cash and Cash Equivalents	The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, Cash and cash equivalents $ 240 $ 204 Restricted cash 6 98 Cash, cash equivalents and restricted cash $ 246 $ 302
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of the total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the corresponding amounts reported on the Condensed Consolidated Statements of Cash Flows. December 31, December 31, Cash and cash equivalents $ 240 $ 204 Restricted cash 6 98 Cash, cash equivalents and restricted cash $ 246 $ 302
Schedule of Shares Used in Computing Basic and Diluted Earnings Per Share	Shares used in computing basic and diluted earnings per share are as follows: Three Months Ended 2024 2023 Denominator (thousands of shares): Weighted-average common shares outstanding — basic 214,933 209,782 Incremental shares issuable for stock options, common stock awards, UGI Corporation Senior Notes, and Equity Units (a)(b) 762 5,788 Weighted-average common shares outstanding — diluted 215,695 215,570 (a) For the three months ended December 31, 2024 and 2023, there were 7,792 and 8,285 shares, respectively, associated with outstanding stock option awards that were not included in the computation of diluted earnings per share above because their effect was antidilutive. (b) The Equity Units were settled in June 2024. See Note 13 in the Company’s 2024 Annual Report for additional information on the Equity Units.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	3 Months Ended
	Dec. 31, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregated Revenues by Reportable Segment	The following tables present our disaggregated revenues by reportable segment: Three Months Ended December 31, 2024 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 276 $ — $ 276 $ — $ — $ — $ — Commercial & Industrial 105 — 105 — — — — Large delivery service 52 — 52 — — — — Off-system sales and capacity releases 19 (15) 34 — — — — Other 8 — 8 — — — — Total Utility 460 (15) 475 — — — — Non-Utility: LPG: Retail 1,071 — — — 538 533 — Wholesale 72 — — — 50 22 — Energy Marketing 252 (31) — 264 19 — — Midstream: Pipeline 58 — — 58 — — — Peaking 1 (40) — 41 — — — Other 4 — — 4 — — — Electricity Generation — — — — — — — Other 70 — — — 20 50 — Total Non-Utility 1,528 (71) — 367 627 605 — Total revenues from contracts with customers 1,988 (86) 475 367 627 605 — Other revenues (c) 42 — 10 — 11 22 (1) Total revenues $ 2,030 $ (86) $ 485 $ 367 $ 638 $ 627 $ (1) Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Propane Corporate & Other Revenues from contracts with customers: Utility: Core Market: Residential $ 282 $ — $ 282 $ — $ — $ — $ — Commercial & Industrial 108 — 108 — — — — Large delivery service 49 — 49 — — — — Off-system sales and capacity releases 21 (12) 33 — — — — Other 9 — 9 — — — — Total Utility 469 (12) 481 — — — — Non-Utility: LPG: Retail 1,057 — — — 524 533 — Wholesale 71 — — — 49 22 — Energy Marketing (b) 327 (26) — 272 123 — (42) Midstream: Pipeline 65 — — 65 — — — Peaking 3 (42) — 45 — — — Other 3 — — 3 — — — Electricity Generation 8 — — 8 — — — Other 71 — — — 19 52 — Total Non-Utility 1,605 (68) — 393 715 607 (42) Total revenues from contracts with customers 2,074 (80) 481 393 715 607 (42) Other revenues (c) 47 — 12 1 10 22 2 Total revenues $ 2,121 $ (80) $ 493 $ 394 $ 725 $ 629 $ (40) (a) Includes intersegment revenues principally among Midstream & Marketing, and Utilities. (b) Corporate & Other includes reduction of revenues of $42 associated with the early termination of certain DVEP customer contracts. See Note 5 for additional information. (c) Primarily represents (1) revenues from tank rentals at UGI International and AmeriGas Propane; (2) revenues from certain gathering assets at Midstream & Marketing; (3) revenues from alternative revenue programs at Utilities, including the weather normalization adjustment rider for PA Gas Utility beginning November 1, 2022 and for WV Gas Utility beginning October 1, 2024; and (4) gains and losses on commodity derivative instruments not associated with current-period transactions reflected in Corporate & Other, none of which are within the scope of ASC 606 and are accounted for in accordance with other GAAP.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Dec. 31, 2024
Inventory Disclosure [Abstract]
Schedule of Components of Inventories	Inventories comprise the following: December 31, September 30, December 31, Non-utility LPG and natural gas $ 184 $ 195 $ 217 Gas Utility natural gas 42 50 46 Energy certificates 59 69 71 Materials, supplies and other 96 97 107 Total inventories $ 381 $ 411 $ 441

Utility Regulatory Assets and_2

Utility Regulatory Assets and Liabilities and Regulatory Matters (Tables)	3 Months Ended
	Dec. 31, 2024
Regulated Operations [Abstract]
Schedule of Regulatory Assets	The following regulatory assets and liabilities associated with Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 107 $ 105 $ 94 Underfunded pension plans 105 106 110 Environmental costs 26 28 26 Deferred fuel and power costs — — 17 Removal costs, net 30 28 23 Other 45 52 58 Total regulatory assets $ 313 $ 319 $ 328 Regulatory liabilities (a): Postretirement benefits $ 13 $ 13 $ 11 Deferred fuel and power refunds 12 17 59 State income tax benefits — distribution system repairs 45 44 43 Excess federal deferred income taxes 245 247 252 Other 7 8 2 Total regulatory liabilities $ 322 $ 329 $ 367 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets.
Schedule of Regulatory Liabilities	The following regulatory assets and liabilities associated with Utilities are included on the Condensed Consolidated Balance Sheets: December 31, September 30, December 31, Regulatory assets (a): Income taxes recoverable $ 107 $ 105 $ 94 Underfunded pension plans 105 106 110 Environmental costs 26 28 26 Deferred fuel and power costs — — 17 Removal costs, net 30 28 23 Other 45 52 58 Total regulatory assets $ 313 $ 319 $ 328 Regulatory liabilities (a): Postretirement benefits $ 13 $ 13 $ 11 Deferred fuel and power refunds 12 17 59 State income tax benefits — distribution system repairs 45 44 43 Excess federal deferred income taxes 245 247 252 Other 7 8 2 Total regulatory liabilities $ 322 $ 329 $ 367 (a) Current regulatory assets are included in “Prepaid expenses and other current assets” and regulatory liabilities are included in “Other current liabilities” and “Other noncurrent liabilities” on the Condensed Consolidated Balance Sheets.

Defined Benefit Pension and O_2

Defined Benefit Pension and Other Postretirement Plans (Tables)	3 Months Ended
	Dec. 31, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Pension Benefit Cost (Income)	Net periodic pension benefit cost (income) includes the following components: Pension Benefits Three Months Ended December 31, 2024 2023 Service cost $ 2 $ 2 Interest cost 9 9 Expected return on plan assets (12) (11) Amortization of: Actuarial loss (gain) 1 — Net benefit cost (income) $ — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table presents, on a gross basis, our financial assets and liabilities, including both current and noncurrent portions, that are measured at fair value on a recurring basis within the fair value hierarchy: Asset (Liability) Level 1 Level 2 Level 3 Total December 31, 2024: Derivative instruments: Assets: Commodity contracts $ 130 $ 33 $ — $ 163 Foreign currency contracts $ — $ 33 $ — $ 33 Interest rate contracts $ — $ 5 $ — $ 5 Liabilities: Commodity contracts $ (98) $ (14) $ — $ (112) Foreign currency contracts $ — $ (1) $ — $ (1) Interest rate contracts $ — $ (9) $ — $ (9) Non-qualified supplemental postretirement grantor trust investments (a) $ 44 $ — $ — $ 44 September 30, 2024: Derivative instruments: Assets: Commodity contracts $ 106 $ 27 $ — $ 133 Foreign currency contracts $ — $ 6 $ — $ 6 Interest rate contracts $ — $ 1 $ — $ 1 Liabilities: Commodity contracts $ (120) $ (32) $ — $ (152) Foreign currency contracts $ — $ (9) $ — $ (9) Interest rate contracts $ — $ (22) $ — $ (22) Non-qualified supplemental postretirement grantor trust investments (a) $ 43 $ — $ — $ 43 December 31, 2023: Derivative instruments: Assets: Commodity contracts $ 112 $ 50 $ — $ 162 Foreign currency contracts $ — $ 12 $ — $ 12 Interest rate contracts $ — $ 15 $ — $ 15 Liabilities: Commodity contracts $ (227) $ (104) $ — $ (331) Foreign currency contracts $ — $ (6) $ — $ (6) Interest rate contracts $ — $ (16) $ — $ (16) Non-qualified supplemental postretirement grantor trust investments (a) $ 42 $ — $ — $ 42 (a) Consists primarily of mutual fund investments held in grantor trusts associated with non-qualified supplemental retirement plans.
Schedule of Carrying Amount and Estimated Fair Value of Long-term Debt	The carrying amounts and estimated fair values of our long-term debt (including current maturities but excluding unamortized debt issuance costs) were as follows: December 31, 2024 September 30, 2024 December 31, 2023 Carrying amount $ 6,907 $ 6,733 $ 6,866 Estimated fair value $ 6,523 $ 6,663 $ 6,644

Derivative Instruments and He_2

Derivative Instruments and Hedging Activities (Tables)	3 Months Ended
	Dec. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts Related to Open Derivative Contracts	The following table summarizes by derivative type the gross notional amounts related to open derivative contracts at December 31, 2024, September 30, 2024 and December 31, 2023, and the final settlement dates of the Company's open derivative contracts as of December 31, 2024, but excluding those derivatives that qualified for the NPNS exception: Notional Amounts Type Units Settlements Extending Through December 31, 2024 September 30, 2024 December 31, 2023 Commodity Price Risk: Regulated Utility Operations PA Gas Utility NYMEX natural gas futures and option contracts Dekatherms September 2025 22 26 16 Non-utility Operations LPG swaps Gallons September 2027 410 458 638 Natural gas futures, forward, basis swap, options and pipeline contracts Dekatherms December 2028 310 325 331 Electricity forward and futures contracts Kilowatt hours December 2027 1,031 1,113 634 Interest Rate Risk: Interest rate swaps Euro March 2026 € 300 € 300 € 300 Interest rate swaps USD September 2027 $ 1,228 $ 1,231 $ 1,267 Foreign Currency Exchange Rate Risk: Forward foreign currency exchange contracts USD September 2027 $ 299 $ 389 $ 348 Net investment hedge forward foreign exchange contracts Euro December 2026 € 181 € 181 € 256
Schedule of Derivative Assets, Liabilities and Effects of Offsetting	The following table presents the Company’s derivative assets and liabilities by type, as well as the effects of offsetting: December 31, September 30, December 31, Derivative assets: Derivatives designated as hedging instruments: Foreign currency contracts $ 19 $ 6 $ 5 Interest rate contracts 5 1 15 24 7 20 Derivatives subject to PGC and DS mechanisms: Commodity contracts 6 4 11 Derivatives not designated as hedging instruments: Commodity contracts 157 129 151 Foreign currency contracts 14 — 7 171 129 158 Total derivative assets — gross 201 140 189 Gross amounts offset in the balance sheet (83) (88) (116) Cash collateral received (31) (14) (17) Total derivative assets — net $ 87 $ 38 $ 56 Derivative liabilities: Derivatives designated as hedging instruments: Foreign currency contracts $ — $ — $ (1) Interest rate contracts (9) (22) (16) (9) (22) (17) Derivatives subject to PGC and DS mechanisms: Commodity contracts — (1) (22) Derivatives not designated as hedging instruments: Commodity contracts (112) (151) (309) Foreign currency contracts (1) (9) (5) (113) (160) (314) Total derivative liabilities — gross (122) (183) (353) Gross amounts offset in the balance sheet 83 88 116 Cash collateral pledged 4 36 64 Total derivative liabilities — net $ (35) $ (59) $ (173)
Schedule of Effects of Derivative Instruments on Condensed Consolidated Statements of Income and Changes in AOCI	The following tables provide information on the effects of derivative instruments on the Condensed Consolidated Statements of Income and changes in AOCI: Three Months Ended December 31,: Gain (Loss) Gain (Loss) Location of Gain (Loss) Reclassified from Cash Flow Hedges: 2024 2023 2024 2023 Interest rate contracts $ 20 $ (22) $ 2 $ 13 Interest expense Net Investment Hedges: Foreign currency contracts $ 13 $ (10) Gain (Loss) Derivatives Not Designated as Hedging Instruments: 2024 2023 Location of Gain (Loss) Recognized in Income Commodity contracts $ (1) $ 2 Revenues Commodity contracts 69 (155) Cost of sales Commodity contracts (1) 3 Other operating expense (income), net Foreign currency contracts 25 (16) Other non-operating income (expense), net Total $ 92 $ (166)

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Dec. 31, 2024
Equity [Abstract]
Schedule of Changes in AOCI, Net of Tax	The tables below present changes in AOCI, net of tax: Three Months Ended December 31, 2024 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2024 $ 10 $ (23) $ (240) $ (253) Other comprehensive income (loss) before reclassification adjustments — 15 (72) (57) Amounts reclassified from AOCI (1) (2) — (3) Other comprehensive income (loss) attributable to UGI (1) 13 (72) (60) AOCI — December 31, 2024 $ 9 $ (10) $ (312) $ (313) Three Months Ended December 31, 2023 Postretirement Benefit Plans Derivative Instruments Foreign Currency Total AOCI — September 30, 2023 $ 17 $ 26 $ (299) $ (256) Other comprehensive income (loss) before reclassification adjustments — (15) 49 34 Amounts reclassified from AOCI — (10) — (10) Other comprehensive income (loss) attributable to UGI — (25) 49 24 AOCI — December 31, 2023 $ 17 $ 1 $ (250) $ (232)

Equity Method Investments (Tabl

Equity Method Investments (Tables)	3 Months Ended
	Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	Equity method investments comprise the following: Carrying Value Ownership Interest Investees December 31, 2024 September 30, December 31, December 31, September 30, December 31, 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.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Three Months Ended December 31, 2024 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,030 $ — $ 470 $ 296 $ 638 $ 627 $ (1) Intersegment revenues $ — $ (86) (b) $ 15 $ 71 $ — $ — $ — Cost of sales $ 923 $ (86) (b) $ 204 $ 229 $ 374 $ 280 $ (78) Operating income $ 487 $ 1 $ 138 $ 91 $ 106 $ 74 $ 77 Income (loss) from equity investees 3 — — 4 (1) — — Other non-operating income (expense), net 29 — 3 — 5 — 21 Earnings before interest expense and income taxes 519 1 141 95 110 74 98 Interest expense (102) — (26) (12) (10) (33) (21) Income before income taxes $ 417 $ 1 $ 115 $ 83 $ 100 $ 41 $ 77 Depreciation and amortization $ 138 $ — $ 44 $ 20 $ 29 $ 45 $ — Capital expenditures (including the effects of accruals) $ 175 $ — $ 106 $ 32 $ 14 $ 23 $ — As of December 31, 2024 Total assets $ 15,412 $ (220) $ 6,183 $ 3,321 $ 2,835 $ 3,082 $ 211 Three Months Ended December 31, 2023 Total Eliminations Utilities Midstream & Marketing UGI International AmeriGas Corporate Revenues from external customers $ 2,121 $ — $ 480 $ 327 $ 725 $ 629 $ (40) Intersegment revenues $ — $ (80) (b) $ 13 $ 67 $ — $ — $ — Cost of sales $ 1,202 $ (80) (b) $ 221 $ 239 $ 446 $ 283 $ 93 Operating income (loss) $ 232 $ (1) $ 134 $ 99 $ 113 $ 71 $ (184) Income (loss) from equity investees 1 — — 3 (2) — — Other non-operating income (expense), net (13) — 1 — 6 — (20) Earnings (loss) before interest expense and income taxes 220 (1) 135 102 117 71 (204) Interest expense (100) — (23) (11) (11) (41) (14) Income (loss) before income taxes $ 120 $ (1) $ 112 $ 91 $ 106 $ 30 $ (218) Depreciation and amortization $ 137 $ — $ 41 $ 22 $ 30 $ 44 $ — Capital expenditures (including the effects of accruals) $ 133 $ — $ 82 $ 19 $ 12 $ 20 $ — As of December 31, 2023 Total assets $ 15,716 $ (190) $ 5,855 $ 3,236 $ 3,150 $ 3,460 $ 205 (a) Corporate & Other includes specific items attributable to our reportable segments that are not included in the segment profit measures used by our CODM in assessing our reportable segments’ performance or allocating resources. The following table presents such pre-tax gains (losses) which have been included in Corporate & Other, and the reportable segments to which they relate: Three Months Ended December 31, 2024 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains (losses) on commodity derivative instruments not associated with current-period transactions Revenues $ (1) $ — $ — Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ 59 $ 12 $ 7 Net gains (losses) on commodity derivative instruments not associated with current-period transactions Other operating expense (income), net $ — $ 1 $ — Unrealized gains (losses) on foreign currency derivative instruments Other non-operating income (expense), net $ — $ 22 $ — Three Months Ended December 31, 2023 Location on Income Statement Midstream & Marketing UGI International AmeriGas Propane Net gains (losses) on commodity derivative instruments not associated with current-period transactions Revenues $ 1 $ 1 $ — Net gains (losses) on commodity derivative instruments not associated with current-period transactions Cost of sales $ (47) $ (41) $ (6) Net gains (losses) on commodity derivative instruments not associated with current-period transactions Other operating expense (income), net $ — $ (3) $ — Unrealized gains (losses) on foreign currency derivative instruments Other non-operating income (expense), net $ — $ (20) $ — AmeriGas operations enhancement for growth project Operating and administrative expenses $ — $ — $ (7) Costs associated with exit of the UGI International energy marketing business Revenues $ — $ (42) $ — Costs associated with exit of the UGI International energy marketing business Operating and administrative expenses/Other non-operating income (expense), net $ — $ (8) $ — Costs associated with exit of the UGI International energy marketing business Loss on disposal of business $ — $ (28) $ — (b) Represents the elimination of intersegment transactions principally among Utilities, Midstream & Marketing and AmeriGas Propane.

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Cash and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 240	$ 213	$ 204
Restricted cash	6	15	98
Cash, cash equivalents and restricted cash	$ 246	$ 228	$ 302	$ 340

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Shares Used in Computing Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Denominator (thousands of shares):
Weighted-average common shares outstanding - basic (in shares)	214,933	209,782
Incremental shares issuable for stock options, common stock awards, UGI Corporation Senior Notes, and Equity Units (in shares)	762	5,788
Weighted-average common shares outstanding - diluted (in shares)	215,695	215,570
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	7,792	8,285

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Goodwill	$ 2,871	$ 2,805	$ 3,070
UGI International
Schedule of Equity Method Investments [Line Items]
Percentage of fair value exceeding carrying value	30%
AmeriGas Propane
Schedule of Equity Method Investments [Line Items]
Impairment of goodwill	$ 195
Goodwill		1,100
UGI International
Schedule of Equity Method Investments [Line Items]
Goodwill		$ 883

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregated Revenues by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 1,988	$ 2,074
Other revenues	42	47
Total revenues	2,030	2,121
Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	460	469
Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	276	282
Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	105	108
Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	52	49
Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	19	21
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8	9
Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,528	1,605
Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1,071	1,057
Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	72	71
Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	252	327
Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	58	65
Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	1	3
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4	3
Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	8
Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	70	71
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(86)	(80)
Other revenues	0	0
Total revenues	(86)	(80)
Eliminations | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(15)	(12)
Eliminations | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(15)	(12)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(71)	(68)
Eliminations | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(31)	(26)
Eliminations | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	(40)	(42)
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Eliminations | Utilities
Disaggregation of Revenue [Line Items]
Total revenues	15	13
Eliminations | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues	71	67
Eliminations | UGI International
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Utilities
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	475	481
Other revenues	10	12
Total revenues	485	493
Operating Segments | Utilities | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	475	481
Operating Segments | Utilities | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	276	282
Operating Segments | Utilities | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	105	108
Operating Segments | Utilities | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	52	49
Operating Segments | Utilities | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	34	33
Operating Segments | Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	8	9
Operating Segments | Utilities | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Utilities | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	367	393
Other revenues	0	1
Total revenues	367	394
Operating Segments | Midstream & Marketing | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	367	393
Operating Segments | Midstream & Marketing | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | Midstream & Marketing | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	264	272
Operating Segments | Midstream & Marketing | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	58	65
Operating Segments | Midstream & Marketing | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	41	45
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	4	3
Operating Segments | Midstream & Marketing | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	8
Operating Segments | Midstream & Marketing | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	627	715
Other revenues	11	10
Total revenues	638	725
Operating Segments | UGI International | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	627	715
Operating Segments | UGI International | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	538	524
Operating Segments | UGI International | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	50	49
Operating Segments | UGI International | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	19	123
Operating Segments | UGI International | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | UGI International | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	20	19
Operating Segments | AmeriGas Propane
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	605	607
Other revenues	22	22
Total revenues	627	629
Operating Segments | AmeriGas Propane | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	605	607
Operating Segments | AmeriGas Propane | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	533	533
Operating Segments | AmeriGas Propane | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	22	22
Operating Segments | AmeriGas Propane | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Operating Segments | AmeriGas Propane | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	50	52
Corporate & Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)
Other revenues	(1)	2
Total revenues	(1)	(40)
Corporate & Other | Total Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Residential
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Commercial & Industrial
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Large delivery service
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Off-system sales and capacity releases
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Total Non-Utility
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)
Corporate & Other | Retail
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Wholesale
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Energy Marketing
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	(42)
Reduction in revenue		42
Corporate & Other | Pipeline
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Peaking
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Electricity Generation
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	0	0
Corporate & Other | Other
Disaggregation of Revenue [Line Items]
Total revenues from contracts with customers	$ 0	$ 0

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Contract liabilities	$ 123	$ 153	$ 140
Revenue recognized	58	$ 75
Midstream & Marketing
Disaggregation of Revenue [Line Items]
Expected revenue	2,300
Utilities
Disaggregation of Revenue [Line Items]
Expected revenue	$ 200

Dispositions (Details)

Dispositions (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Sale | Netherlands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Reduction in revenue		$ 42
Sale | European energy marketing business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Settlement gain (loss)	$ (5)
Total settlement consideration	$ 5
Pending sale | France
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Pre-tax loss		$ 28

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Inventory
Total inventories	$ 381	$ 411	$ 441
Non-utility LPG and natural gas
Inventory
Total inventories	184	195	217
Gas Utility natural gas
Inventory
Total inventories	42	50	46
Energy certificates
Inventory
Total inventories	59	69	71
Materials, supplies and other
Inventory
Total inventories	$ 96	$ 97	$ 107

Utility Regulatory Assets and_3

Utility Regulatory Assets and Liabilities and Regulatory Matters - Schedule of Regulatory Assets and Liabilities (Details) - Utilities - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Regulatory Assets
Regulatory assets	$ 313	$ 319	$ 328
Regulatory Liabilities
Regulatory liabilities	322	329	367
Postretirement benefits
Regulatory Liabilities
Regulatory liabilities	13	13	11
Deferred fuel and power refunds
Regulatory Liabilities
Regulatory liabilities	12	17	59
State income tax benefits — distribution system repairs
Regulatory Liabilities
Regulatory liabilities	45	44	43
Excess federal deferred income taxes
Regulatory Liabilities
Regulatory liabilities	245	247	252
Other
Regulatory Liabilities
Regulatory liabilities	7	8	2
Income taxes recoverable
Regulatory Assets
Regulatory assets	107	105	94
Underfunded pension plans
Regulatory Assets
Regulatory assets	105	106	110
Environmental costs
Regulatory Assets
Regulatory assets	26	28	26
Deferred fuel and power costs
Regulatory Assets
Regulatory assets	0	0	17
Removal costs, net
Regulatory Assets
Regulatory assets	30	28	23
Other
Regulatory Assets
Regulatory assets	$ 45	$ 52	$ 58

Utility Regulatory Assets and_4

Utility Regulatory Assets and Liabilities and Regulatory Matters - Narrative (Details) - USD ($) $ in Millions								3 Months Ended		12 Months Ended
	Jan. 27, 2025	Jul. 31, 2024	Apr. 11, 2024	Dec. 21, 2023	Oct. 06, 2023	Jul. 31, 2023	Mar. 06, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Regulatory Assets
Net unrealized gains (losses)								$ 100	$ (141)
Gas Utility
Regulatory Assets
Net unrealized gains (losses)								$ 6	$ (11)	$ 2
Utilities | PAPUC | 2025 Pennsylvania Public Utility Commission For Base Operating Revenues | Subsequent event
Regulatory Assets
Requested rate increase (decrease)	$ 110
Mountaineer | WVPSC | Weather normalization adjustment rider
Regulatory Assets
Approved rate			2%
Adjustment rider period				5 years
Weather deviates threshold			2%
Mountaineer | WVPSC | 2024 IREP Expected
Regulatory Assets
Requested rate increase (decrease)		$ 19
Total capital investments		197
Mountaineer | WVPSC | 2024 Infrastructure Replacement and Expansion Plan, Prior Year Under-recovery
Regulatory Assets
Requested rate increase (decrease)		3
Mountaineer | WVPSC | 2024 IREP For 2024
Regulatory Assets
Total capital investments		74
Mountaineer | WVPSC | 2024 IREP Recovery
Regulatory Assets
Total capital investments		$ 418
Mountaineer | WVPSC | 2023 IREP Recovery
Regulatory Assets
Requested rate increase (decrease)						$ 10
Total capital investments						383
Mountaineer | WVPSC | 2023 Infrastructure Replacement and Expansion Plan, Capital Investments After 2022
Regulatory Assets
Requested rate increase (decrease)						6
Mountaineer | WVPSC | 2023 IREP
Regulatory Assets
Costs associated with capital investments						131
Mountaineer | WVPSC | 2023 IREP For 2024
Regulatory Assets
Costs associated with capital investments						67
Mountaineer | WVPSC | 2023 Infrastructure Replacement and Expansion Plan, Expected
Regulatory Assets
Total capital investments						$ (12)
Mountaineer | WVPSC | Net Revenue Increase
Regulatory Assets
Requested rate increase (decrease)					$ 14		$ 20
Mountaineer | WVPSC | Base Rates
Regulatory Assets
Requested rate increase (decrease)							38
Mountaineer | WVPSC | IREP rate
Regulatory Assets
Requested rate increase (decrease)							$ (18)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		1 Months Ended	3 Months Ended
	Feb. 04, 2025	Oct. 31, 2024	Dec. 31, 2024	Feb. 05, 2025	Sep. 30, 2024	Jun. 30, 2024	Nov. 30, 2023
Subsequent event | AmeriGas Partners
Debt Instrument [Line Items]
Intercompany loan	$ 221,000,000
Energy Services Accounts Receivable Securitization Facility | Energy Services | Receivables Facility
Debt Instrument [Line Items]
Option to increase		$ 50,000,000
Energy Services Accounts Receivable Securitization Facility | Energy Services | Receivables Facility | Period October 18, 2024 to April 30, 2025
Debt Instrument [Line Items]
Maximum borrowing capacity		150,000,000
Energy Services Accounts Receivable Securitization Facility | Energy Services | Receivables Facility | Period May 1, 2025 to October 17, 2025
Debt Instrument [Line Items]
Maximum borrowing capacity		75,000,000
Senior Notes | Senior Notes Due 2029 | Utilities
Debt Instrument [Line Items]
Principal amount							$ 50,000,000
Interest rate							5.24%
Senior Notes | Senior Notes Due 2034 | Utilities
Debt Instrument [Line Items]
Principal amount							$ 125,000,000
Interest rate							5.52%
Senior Notes | UGI Corporation Senior Notes
Debt Instrument [Line Items]
Principal amount						$ 700,000,000
Interest rate						5%
Interest Expense, Debt			$ 10,000,000
Effective interest rate (as a percentage)			5.62%
Senior Notes | UGI Corporation Senior Notes | Fair Value, Inputs, Level 2 [Member]
Debt Instrument [Line Items]
Long-term debt			$ 797,000,000		$ 744,000,000
Senior Notes | 5.50 Percent Senior Notes | AmeriGas Partners | Subsequent event
Debt Instrument [Line Items]
Interest rate	5.50%			5.50%
Early redemption notice, aggregate principal				$ 218,000,000
Credit Agreement | UGI Corporation Credit Facility Agreement | Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		475,000,000
Credit Agreement | UGI Corporation Credit Facility Agreement | Revolver | Subsequent event
Debt Instrument [Line Items]
Proceeds	$ 221,000,000
Credit Agreement | UGI Corporation Credit Facility Agreement | Letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity		10,000,000
Credit Agreement | UGI Corporation Credit Facility Agreement | Secured Debt
Debt Instrument [Line Items]
Maximum borrowing capacity		400,000,000
Credit Agreement | AmeriGas Senior Secured Revolving Credit Facility | Revolver
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 300,000,000			$ 200,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2024 USD ($) subsidiary	Sep. 30, 2024 USD ($)	Dec. 31, 2017 USD ($) record_of_decision	Dec. 31, 2023 USD ($)	Mar. 24, 2023 person
Loss Contingencies
Environmental expenditures cap during calendar year	$ 5,000,000
West Reading, Pennsylvania Explosion
Loss Contingencies
Number of fatalities | person					7
MGP sites in Pennsylvania
Loss Contingencies
Accrual for environmental loss contingencies	$ 52,000,000	$ 54,000,000		$ 50,000,000
Utilities
Loss Contingencies
Number of subsidiaries acquired with similar histories | subsidiary	2
AmeriGas OLP | Saranac Lake, New York | NYDEC ROD
Loss Contingencies
Accrual for environmental loss contingencies	$ 8,000,000
Loss contingency, number of remediation plans | record_of_decision			3
Estimated remediation plan cost			$ 28,000,000
AmeriGas OLP | Saranac Lake, New York | NYDEC RP
Loss Contingencies
Environmental remediation expense, before recovery		$ 19,000,000

Defined Benefit Pension and O_3

Defined Benefit Pension and Other Postretirement Plans - Components of Net Periodic Pension Benefit Cost (Income) (Details) - Pension Plan - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure
Service cost	$ 2	$ 2
Interest cost	9	9
Expected return on plan assets	(12)	(11)
Amortization of:
Actuarial loss (gain)	1	0
Net benefit cost (income)	$ 0	$ 0

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	$ 201	$ 140	$ 189
Liabilities:	(122)	(183)	(353)
Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	6	4	11
Liabilities:	0	(1)	(22)
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	44	43	42
Recurring | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	163	133	162
Liabilities:	(112)	(152)	(331)
Recurring | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	33	6	12
Liabilities:	(1)	(9)	(6)
Recurring | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	5	1	15
Liabilities:	(9)	(22)	(16)
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	44	43	42
Recurring | Level 1 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	130	106	112
Liabilities:	(98)	(120)	(227)
Recurring | Level 1 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	0	0	0
Liabilities:	0	0	0
Recurring | Level 1 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	0	0	0
Liabilities:	0	0	0
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	0	0	0
Recurring | Level 2 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	33	27	50
Liabilities:	(14)	(32)	(104)
Recurring | Level 2 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	33	6	12
Liabilities:	(1)	(9)	(6)
Recurring | Level 2 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	5	1	15
Liabilities:	(9)	(22)	(16)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Non-qualified supplemental postretirement grantor trust investments	0	0	0
Recurring | Level 3 | Commodity contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	0	0	0
Liabilities:	0	0	0
Recurring | Level 3 | Foreign currency contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	0	0	0
Liabilities:	0	0	0
Recurring | Level 3 | Interest rate contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Assets:	0	0	0
Liabilities:	$ 0	$ 0	$ 0

Fair Value Measurements - Carry

Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Long-term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Carrying amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,907	$ 6,733	$ 6,866
Estimated fair value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 6,523	$ 6,663	$ 6,644

Derivative Instruments and He_3

Derivative Instruments and Hedging Activities - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Derivative [Line Items]
Net gains (losses) on derivative instruments		$ 15,000,000	$ (15,000,000)
Pre-tax gains (losses) associated with net investment hedges		55,000,000	(32,000,000)
Maximum amount of loss		201,000,000
Cash collateral received		31,000,000	17,000,000	$ 14,000,000
Revolver | Credit Agreement
Derivative [Line Items]
Net gains (losses) on derivative instruments	$ 32,000,000
IRPAs
Derivative [Line Items]
Notional amount		0	$ 0	$ 0
Pre-tax net gains associated with interest rate hedges		$ 5,000,000
Forward foreign currency exchange contracts
Derivative [Line Items]
Derivative notional amount percent of required need coverage		90%

Derivative Instruments and He_4

Derivative Instruments and Hedging Activities - Schedule of Notional Amounts (Details) € in Millions, kWh in Millions, gal in Millions, DTH in Millions, $ in Millions	3 Months Ended		12 Months Ended
	Dec. 31, 2024 USD ($) DTH kWh gal	Dec. 31, 2023 USD ($) DTH kWh gal	Sep. 30, 2024 USD ($) DTH kWh gal	Dec. 31, 2024 EUR (€) DTH	Sep. 30, 2024 EUR (€) DTH	Dec. 31, 2023 EUR (€) DTH
Commodity contracts | Regulated Utility Operations | Natural Gas
Derivative [Line Items]
Notional amount (in units)	22	16	26	22	26	16
Commodity contracts | Non-utility Operations | LPG swaps
Derivative [Line Items]
LPG swaps (in gallons) | gal	410	638	458
Commodity contracts | Non-utility Operations | Electricity forward and futures contracts
Derivative [Line Items]
Electricity forward and futures contracts (in kilowatt hours) | kWh	1,031	634	1,113
Natural gas futures, forward, basis swap, options and pipeline contracts | Non-utility Operations | Natural Gas
Derivative [Line Items]
Notional amount (in units)	310	331	325	310	325	331
Interest rate swaps
Derivative [Line Items]
Notional amount	$ 1,228	$ 1,267	$ 1,231	€ 300	€ 300	€ 300
Forward foreign currency exchange contracts
Derivative [Line Items]
Notional amount	$ 299	$ 348	$ 389	€ 181	€ 181	€ 256

Derivative Instruments and He_5

Derivative Instruments and Hedging Activities - Fair Value of Derivative Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2023
Derivative assets:
Total derivative assets — gross	$ 201	$ 140	$ 189
Gross amounts offset in the balance sheet	(83)	(88)	(116)
Cash collateral received	(31)	(14)	(17)
Total derivative assets — net	87	38	56
Derivative liabilities:
Total derivative liabilities — gross	(122)	(183)	(353)
Gross amounts offset in the balance sheet	83	88	116
Cash collateral pledged	4	36	64
Total derivative liabilities — net	(35)	(59)	(173)
Commodity contracts
Derivative assets:
Total derivative assets — gross	6	4	11
Derivative liabilities:
Total derivative liabilities — gross	0	(1)	(22)
Derivatives designated as hedging instruments:
Derivative assets:
Total derivative assets — gross	24	7	20
Derivative liabilities:
Total derivative liabilities — gross	(9)	(22)	(17)
Derivatives designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross	19	6	5
Derivative liabilities:
Total derivative liabilities — gross	0	0	(1)
Derivatives designated as hedging instruments: | Interest rate contracts
Derivative assets:
Total derivative assets — gross	5	1	15
Derivative liabilities:
Total derivative liabilities — gross	(9)	(22)	(16)
Derivatives not designated as hedging instruments:
Derivative assets:
Total derivative assets — gross	171	129	158
Derivative liabilities:
Total derivative liabilities — gross	(113)	(160)	(314)
Derivatives not designated as hedging instruments: | Foreign currency contracts
Derivative assets:
Total derivative assets — gross	14	0	7
Derivative liabilities:
Total derivative liabilities — gross	(1)	(9)	(5)
Derivatives not designated as hedging instruments: | Commodity contracts
Derivative assets:
Total derivative assets — gross	157	129	151
Derivative liabilities:
Total derivative liabilities — gross	$ (112)	$ (151)	$ (309)

Derivative Instruments and He_6

Derivative Instruments and Hedging Activities - Effects of Derivative Instruments on the Condensed Consolidated Statements of Income and Changes in AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivatives not designated as hedging instruments:
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	$ 92	$ (166)
Interest rate contracts | Derivatives designated as hedging instruments: | Cash Flow Hedges:
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in AOCI	20	(22)
Interest rate contracts | Derivatives designated as hedging instruments: | Interest expense | Cash Flow Hedges:
Derivative Instruments, Gain (Loss)
Gain (Loss) Reclassified from AOCI into Income	2	13
Foreign currency contracts | Derivatives designated as hedging instruments: | Net Investment Hedges:
Derivative Instruments, Gain (Loss)
Foreign currency contracts	13	(10)
Foreign currency contracts | Derivatives not designated as hedging instruments: | Other non-operating income (expense), net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	25	(16)
Commodity contracts | Derivatives not designated as hedging instruments: | Revenues
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	(1)	2
Commodity contracts | Derivatives not designated as hedging instruments: | Cost of sales
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	69	(155)
Commodity contracts | Derivatives not designated as hedging instruments: | Other operating expense (income), net
Derivative Instruments, Gain (Loss)
Gain (Loss) Recognized in Income	$ (1)	$ 3

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	$ 4,354
Other comprehensive income (loss) before reclassification adjustments	(57)	$ 34
Amounts reclassified from AOCI	(3)	(10)
Other comprehensive income (loss)	(60)	24
Balance, end of period	4,588	4,432
Total
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	(253)	(256)
Balance, end of period	(313)	(232)
Postretirement Benefit Plans
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	10	17
Other comprehensive income (loss) before reclassification adjustments	0	0
Amounts reclassified from AOCI	(1)	0
Other comprehensive income (loss)	(1)	0
Balance, end of period	9	17
Derivative Instruments
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	(23)	26
Other comprehensive income (loss) before reclassification adjustments	15	(15)
Amounts reclassified from AOCI	(2)	(10)
Other comprehensive income (loss)	13	(25)
Balance, end of period	(10)	1
Foreign Currency
AOCI Attributable to Parent, Net of Tax
Balance, beginning of period	(240)	(299)
Other comprehensive income (loss) before reclassification adjustments	(72)	49
Amounts reclassified from AOCI	0	0
Other comprehensive income (loss)	(72)	49
Balance, end of period	$ (312)	$ (250)

Equity Method Investments - Sch

Equity Method Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 370	$ 389	$ 329
Other
Schedule of Equity Method Investments [Line Items]
Carrying Value	1	0	0
Midstream & Marketing
Schedule of Equity Method Investments [Line Items]
Carrying Value	359	379	294
Midstream & Marketing | Aurum Renewables
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 47	$ 47	$ 46
Ownership Interest	40%	40%	40%
Midstream & Marketing | Pine Run
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 86	$ 86	$ 80
Ownership Interest	49%	49%	49%
Midstream & Marketing | MBL Bioenergy
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 206	$ 225	$ 147
Ownership Interest	99.99%	99.99%	99.99%
Midstream & Marketing | Other
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 20	$ 21	$ 21
UGI International
Schedule of Equity Method Investments [Line Items]
Carrying Value	10	$ 10	$ 35
UGI International | Joint Venture
Schedule of Equity Method Investments [Line Items]
Loss on extinguishments of debt	$ 26

Segment Information - Narrative

Segment Information - Narrative (Details)	3 Months Ended
	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	4

Segment Information - Schedule

Segment Information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
Segment Reporting Information [Line Items]
Revenues	$ 2,030	$ 2,121
Cost of sales	923	1,202
Operating income (loss)	487	232
Income (loss) from equity investees	3	1
Other non-operating income (expense), net	29	(13)
Earnings (loss) before interest expense and income taxes	519	220
Interest expense	(102)	(100)
Income before income taxes	417	120
Depreciation and amortization	138	137
Capital expenditures (including the effects of accruals)	175	133
Total assets	15,412	15,716	$ 15,098
Eliminations
Segment Reporting Information [Line Items]
Revenues	(86)	(80)
Cost of sales	(86)	(80)
Operating income (loss)	1	(1)
Income (loss) from equity investees	0	0
Other non-operating income (expense), net	0	0
Earnings (loss) before interest expense and income taxes	1	(1)
Interest expense	0	0
Income before income taxes	1	(1)
Depreciation and amortization	0	0
Capital expenditures (including the effects of accruals)	0	0
Total assets	(220)	(190)
Eliminations | Utilities
Segment Reporting Information [Line Items]
Revenues	15	13
Eliminations | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues	71	67
Eliminations | UGI International
Segment Reporting Information [Line Items]
Revenues	0	0
Eliminations | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	0	0
Operating Segments | Utilities
Segment Reporting Information [Line Items]
Revenues	485	493
Revenues from external customers	470	480
Cost of sales	204	221
Operating income (loss)	138	134
Income (loss) from equity investees	0	0
Other non-operating income (expense), net	3	1
Earnings (loss) before interest expense and income taxes	141	135
Interest expense	(26)	(23)
Income before income taxes	115	112
Depreciation and amortization	44	41
Capital expenditures (including the effects of accruals)	106	82
Total assets	6,183	5,855
Operating Segments | Midstream & Marketing
Segment Reporting Information [Line Items]
Revenues	367	394
Revenues from external customers	296	327
Cost of sales	229	239
Operating income (loss)	91	99
Income (loss) from equity investees	4	3
Other non-operating income (expense), net	0	0
Earnings (loss) before interest expense and income taxes	95	102
Interest expense	(12)	(11)
Income before income taxes	83	91
Depreciation and amortization	20	22
Capital expenditures (including the effects of accruals)	32	19
Total assets	3,321	3,236
Operating Segments | UGI International
Segment Reporting Information [Line Items]
Revenues	638	725
Cost of sales	374	446
Operating income (loss)	106	113
Income (loss) from equity investees	(1)	(2)
Other non-operating income (expense), net	5	6
Earnings (loss) before interest expense and income taxes	110	117
Interest expense	(10)	(11)
Income before income taxes	100	106
Depreciation and amortization	29	30
Capital expenditures (including the effects of accruals)	14	12
Total assets	2,835	3,150
Operating Segments | AmeriGas Propane
Segment Reporting Information [Line Items]
Revenues	627	629
Cost of sales	280	283
Operating income (loss)	74	71
Income (loss) from equity investees	0	0
Other non-operating income (expense), net	0	0
Earnings (loss) before interest expense and income taxes	74	71
Interest expense	(33)	(41)
Income before income taxes	41	30
Depreciation and amortization	45	44
Capital expenditures (including the effects of accruals)	23	20
Total assets	3,082	3,460
Corporate & Other
Segment Reporting Information [Line Items]
Revenues from external customers	(1)	(40)
Cost of sales	(78)	93
Operating income (loss)	77	(184)
Income (loss) from equity investees	0	0
Other non-operating income (expense), net	21	(20)
Earnings (loss) before interest expense and income taxes	98	(204)
Interest expense	(21)	(14)
Income before income taxes	77	(218)
Depreciation and amortization	0	0
Capital expenditures (including the effects of accruals)	0	0
Total assets	211	205
Intersegment revenues Corporate & Other
Segment Reporting Information [Line Items]
Revenues	$ 0	$ 0

Segment Information - Reconcili

Segment Information - Reconciliation of Partnership Adjusted EBITDA (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	$ 100	$ (141)
Midstream & Marketing | Revenues
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	(1)	1
Costs associated with exit of the UGI International energy marketing business		0
Midstream & Marketing | Cost of sales
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	59	(47)
Midstream & Marketing | Other operating expense (income), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	0	0
Midstream & Marketing | Operating and administrative expenses
Segment Reporting Information [Line Items]
AmeriGas operations enhancement for growth project		0
Midstream & Marketing | Other non-operating income (expense), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	0	0
Midstream & Marketing | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		0
Midstream & Marketing | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		0
UGI International | Revenues
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	0	1
Costs associated with exit of the UGI International energy marketing business		(42)
UGI International | Cost of sales
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	12	(41)
UGI International | Other operating expense (income), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	1	(3)
UGI International | Operating and administrative expenses
Segment Reporting Information [Line Items]
AmeriGas operations enhancement for growth project		0
UGI International | Other non-operating income (expense), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	22	(20)
UGI International | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		(8)
UGI International | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		(28)
AmeriGas Propane | Revenues
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	0	0
Costs associated with exit of the UGI International energy marketing business		0
AmeriGas Propane | Cost of sales
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	7	(6)
AmeriGas Propane | Other operating expense (income), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	0	0
AmeriGas Propane | Operating and administrative expenses
Segment Reporting Information [Line Items]
AmeriGas operations enhancement for growth project		(7)
AmeriGas Propane | Other non-operating income (expense), net
Segment Reporting Information [Line Items]
Net gains (losses) on commodity derivative instruments not associated with current-period transactions	$ 0	0
AmeriGas Propane | Operating and administrative expenses/Other operating income, net
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		0
AmeriGas Propane | Loss on disposal of UGI International energy marketing business
Segment Reporting Information [Line Items]
Costs associated with exit of the UGI International energy marketing business		$ 0