Operating Segments

3 Months Ended

Mar. 31, 2014

Segment Reporting [Abstract]

Operating Segments

Note 10 – Operating Segments

The Company classifies its segments to provide investors with a view of the business through management’s eyes. The Company primarily separates its state regulated utility businesses from the non-regulated marketing and production business, and pipeline business. Transactions between reportable segments are accounted for on the accrual basis, and eliminated prior to external financial reporting. Inter-company eliminations between segments consist primarily of gas sales from the marketing and production operations to the natural gas operations, inter-company accounts receivable and payable, equity, and subsidiary investments.

The following tables set forth summarized financial information for the Company’s natural gas, marketing and production, pipeline, and corporate & other operations.

Three Months Ended March 31, 2014
	Natural Gas     Operations			Marketing and Production			Pipeline Operations		Corporate &     Other			Consolidated
OPERATING REVENUES	$	60,340,354		$	7,929,773		$	99,014	$	—		$	68,369,141
Intersegment elimination		(86,544	)		(3,240,417	)		—		—			(3,326,961	)
Total operating revenue		60,253,810			4,689,356			99,014		—			65,042,180
COST OF SALES		42,041,979			7,481,382			—		—			49,523,361
Intersegment elimination		(86,544	)		(3,240,417	)		—		—			(3,326,961	)
Total cost of sales		41,955,435			4,240,965			—		—			46,196,400
GROSS MARGIN	$	18,298,375		$	448,391		$	99,014	$	—		$	18,845,780
OPERATING EXPENSES		8,602,160			382,458			22,012		1,076,184			10,082,814
Intersegment elimination		—			—			—		(25,245	)		(25,245	)
Total operating expenses		8,602,160			382,458			22,012		1,050,939			10,057,569
OPERATING INCOME (LOSS)	$	9,696,215		$	65,933		$	77,002	$	(1,050,939	)	$	8,788,211
DISCONTINUED OPERATIONS	$	—		$	—		$	—	$	(15,561	)	$	(15,561	)
NET INCOME (LOSS)	$	5,693,246		$	20,801		$	44,948	$	(740,504	)	$	5,018,491

Three Months Ended March 31, 2013
	Natural Gas     Operations			Marketing and Production			Pipeline Operations		Corporate &     Other			Consolidated
OPERATING REVENUES	$	40,030,408		$	5,588,212		$	98,287	$	—		$	45,716,907
Intersegment elimination		(85,746	)		(2,016,433	)		—		—			(2,102,179	)
Total operating revenue		39,944,662			3,571,779			98,287		—			43,614,728
COST OF SALES		24,202,167			4,876,468			—		—			29,078,635
Intersegment elimination		(85,746	)		(2,016,433	)		—		—			(2,102,179	)
Total cost of sales		24,116,421			2,860,035			—		—			26,976,456
GROSS MARGIN	$	15,828,241		$	711,744		$	98,287	$	—		$	16,638,272
OPERATING EXPENSE		7,576,871			261,251			47,678		141,397			8,027,197
OPERATING INCOME (LOSS)	$	8,251,370		$	450,493		$	50,609	$	(141,397	)	$	8,611,075
DISCONTINUED OPERATIONS	$	—		$	—		$	—	$	18,113		$	18,113
NET INCOME (LOSS)	$	4,711,206		$	248,461		$	27,114	$	(199,058	)	$	4,787,723