Segment Information

Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance.

Intersegment transactions are recorded at cost.

The reportable segments disclosed herein are defined as follows:

Gas Utility - The natural gas segment of the Company generates revenue from its tariff rates and other regulatory mechanisms through which it provides the sale and distribution of natural gas to its residential, commercial and industrial customers.

Investment in Affiliates - The investment in affiliates segment reflects the income generated through the activities of the Company's investment in the MVP and Southgate projects.

Parent and Other - The category parent and other includes the unregulated activities of the Company as well as certain corporate eliminations.

Information related to the segments of the Company are provided below:



	Three Months Ended March 31, 2020
	Gas Utility		Investment in Affiliates			Parent and Other		Consolidated Total
Operating revenues	$	22,275,719	$	—		$	162,012	$	22,437,731
Depreciation	1,988,216		—			—		1,988,216
Operating income (loss)	6,988,528		(69,526		)	80,614		6,999,616
Equity in earnings	—		1,188,593			—		1,188,593
Interest expense	661,997		376,296			—		1,038,293
Income before income taxes	6,642,411		744,698			80,699		7,467,808



	Three Months Ended March 31, 2019
	Gas Utility		Investment in Affiliates			Parent and Other		Consolidated Total
Operating revenues	$	25,058,749	$	—		$	216,210	$	25,274,959
Depreciation	1,905,475		—			—		1,905,475
Operating income (loss)	6,154,052		(39,394		)	88,825		6,203,483
Equity in earnings	—		698,175			—		698,175
Interest expense	585,509		307,140			—		892,649
Income before income taxes	5,689,205		352,581			88,932		6,130,718



	Six Months Ended March 31, 2020
	Gas Utility		Investment in Affiliates			Parent and Other		Consolidated Total
Operating revenues	$	41,901,325	$	—		$	321,859	$	42,223,184
Depreciation	3,976,721		—			—		3,976,721
Operating income (loss)	12,030,013		(108,117		)	159,699		12,081,595
Equity in earnings	—		2,282,679			—		2,282,679
Interest expense	1,380,850		742,628			—		2,123,478
Income before income taxes	11,121,293		1,435,052			159,986		12,716,331



	Six Months Ended March 31, 2019
	Gas Utility		Investment in Affiliates			Parent and Other		Consolidated Total
Operating revenues	$	46,095,330	$	—		$	396,376	$	46,491,706
Depreciation	3,810,950		—			—		3,810,950
Operating income (loss)	9,384,877		(73,281		)	156,109		9,467,705
Equity in earnings	—		1,261,224			—		1,261,224
Interest expense	1,161,748		547,683			—		1,709,431
Income before income taxes	8,468,126		642,676			156,291		9,267,093



	March 31, 2020
	Gas Utility		Investment in Affiliates		Parent and Other		Consolidated Total
Total assets	$	201,148,338	$	52,637,208	$	16,802,630	$	270,588,176

	September 30, 2019
	Gas Utility		Investment in Affiliates		Parent and Other		Consolidated Total
Total assets	$	195,969,019	$	47,429,368	$	14,955,309	$	258,353,696