(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||
☑ | Accelerated Filer | ☐ | |||||||||
Non-Accelerated Filer | ☐ | Smaller Reporting Company | |||||||||
Emerging Growth Company |
National Fuel Gas Companies | |||||
Company | The Registrant, the Registrant and its subsidiaries or the Registrant’s subsidiaries as appropriate in the context of the disclosure | ||||
Distribution Corporation | National Fuel Gas Distribution Corporation | ||||
Empire | Empire Pipeline, Inc. | ||||
Midstream Company | National Fuel Gas Midstream Company, LLC | ||||
National Fuel | National Fuel Gas Company | ||||
NFR | National Fuel Resources, Inc. | ||||
Registrant | National Fuel Gas Company | ||||
Seneca | Seneca Resources Company, LLC | ||||
Supply Corporation | National Fuel Gas Supply Corporation | ||||
Regulatory Agencies | |||||
CFTC | Commodity Futures Trading Commission | ||||
EPA | United States Environmental Protection Agency | ||||
FASB | Financial Accounting Standards Board | ||||
FERC | Federal Energy Regulatory Commission | ||||
NYDEC | New York State Department of Environmental Conservation | ||||
NYPSC | State of New York Public Service Commission | ||||
PaDEP | Pennsylvania Department of Environmental Protection | ||||
PaPUC | Pennsylvania Public Utility Commission | ||||
PHMSA | Pipeline and Hazardous Materials Safety Administration | ||||
SEC | Securities and Exchange Commission |
Other | |||||
2020 Form 10-K | The Company’s Annual Report on Form 10-K for the year ended September 30, 2020 | ||||
2017 Tax Reform Act | Tax legislation referred to as the "Tax Cuts and Jobs Act," enacted December 22, 2017. | ||||
Bbl | Barrel (of oil) | ||||
Bcf | Billion cubic feet (of natural gas) | ||||
Bcfe (or Mcfe) – represents Bcf (or Mcf) Equivalent | The total heat value (Btu) of natural gas and oil expressed as a volume of natural gas. The Company uses a conversion formula of 1 barrel of oil = 6 Mcf of natural gas. | ||||
Btu | British thermal unit; the amount of heat needed to raise the temperature of one pound of water one degree Fahrenheit | ||||
Capital expenditure | Represents additions to property, plant, and equipment, or the amount of money a company spends to buy capital assets or upgrade its existing capital assets. | ||||
Cashout revenues | A cash resolution of a gas imbalance whereby a customer (e.g. a marketer) pays for gas the customer receives in excess of amounts delivered into pipeline/storage or distribution systems by the customer’s shipper. | ||||
CLCPA | Legislation referred to as the "Climate Leadership & Community Protection Act," enacted by the State of New York on July 18, 2019. | ||||
Degree day | A measure of the coldness of the weather experienced, based on the extent to which the daily average temperature falls below a reference temperature, usually 65 degrees Fahrenheit. |
Derivative | A financial instrument or other contract, the terms of which include an underlying variable (a price, interest rate, index rate, exchange rate, or other variable) and a notional amount (number of units, barrels, cubic feet, etc.). The terms also permit for the instrument or contract to be settled net and no initial net investment is required to enter into the financial instrument or contract. Examples include futures contracts, forward contracts, options, no cost collars and swaps. | ||||
Development costs | Costs incurred to obtain access to proved oil and gas reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas | ||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act. | ||||
Dth | Decatherm; one Dth of natural gas has a heating value of 1,000,000 British thermal units, approximately equal to the heating value of 1 Mcf of natural gas. | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
Expenditures for long-lived assets | Includes capital expenditures, stock acquisitions and/or investments in partnerships. | ||||
Exploration costs | Costs incurred in identifying areas that may warrant examination, as well as costs incurred in examining specific areas, including drilling exploratory wells. | ||||
Exploratory well | A well drilled in unproven or semi-proven territory for the purpose of ascertaining the presence underground of a commercial hydrocarbon deposit. | ||||
FERC 7(c) application | An application to the FERC under Section 7(c) of the federal Natural Gas Act for authority to construct, operate (and provide services through) facilities to transport or store natural gas in interstate commerce. | ||||
Firm transportation and/or storage | The transportation and/or storage service that a supplier of such service is obligated by contract to provide and for which the customer is obligated to pay whether or not the service is utilized. | ||||
GAAP | Accounting principles generally accepted in the United States of America | ||||
Goodwill | An intangible asset representing the difference between the fair value of a company and the price at which a company is purchased. | ||||
Hedging | A method of minimizing the impact of price, interest rate, and/or foreign currency exchange rate changes, often times through the use of derivative financial instruments. | ||||
Hub | Location where pipelines intersect enabling the trading, transportation, storage, exchange, lending and borrowing of natural gas. | ||||
ICE | Intercontinental Exchange. An exchange which maintains a futures market for crude oil and natural gas. | ||||
Interruptible transportation and/or storage | The transportation and/or storage service that, in accordance with contractual arrangements, can be interrupted by the supplier of such service, and for which the customer does not pay unless utilized. | ||||
LDC | Local distribution company | ||||
LIBOR | London Interbank Offered Rate | ||||
LIFO | Last-in, first-out | ||||
Marcellus Shale | A Middle Devonian-age geological shale formation that is present nearly a mile or more below the surface in the Appalachian region of the United States, including much of Pennsylvania and southern New York. | ||||
Mbbl | Thousand barrels (of oil) | ||||
Mcf | Thousand cubic feet (of natural gas) | ||||
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations | ||||
MDth | Thousand decatherms (of natural gas) | ||||
MMBtu | Million British thermal units (heating value of one decatherm of natural gas) | ||||
MMcf | Million cubic feet (of natural gas) |
NGA | The Natural Gas Act of 1938, as amended; the federal law regulating interstate natural gas pipeline and storage companies, among other things, codified beginning at 15 U.S.C. Section 717. | ||||
NYMEX | New York Mercantile Exchange. An exchange which maintains a futures market for crude oil and natural gas. | ||||
OPEB | Other Post-Employment Benefit | ||||
Open Season | A bidding procedure used by pipelines to allocate firm transportation or storage capacity among prospective shippers, in which all bids submitted during a defined time period are evaluated as if they had been submitted simultaneously. | ||||
Precedent Agreement | An agreement between a pipeline company and a potential customer to sign a service agreement after specified events (called “conditions precedent”) happen, usually within a specified time. | ||||
Proved developed reserves | Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. | ||||
Proved undeveloped (PUD) reserves | Reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required to make these reserves productive. | ||||
Reserves | The unproduced but recoverable oil and/or gas in place in a formation which has been proven by production. | ||||
Revenue decoupling mechanism | A rate mechanism which adjusts customer rates to render a utility financially indifferent to throughput decreases resulting from conservation. | ||||
S&P | Standard & Poor’s Rating Service | ||||
SAR | Stock appreciation right | ||||
Service agreement | The binding agreement by which the pipeline company agrees to provide service and the shipper agrees to pay for the service. | ||||
Stock acquisitions | Investments in corporations | ||||
Utica Shale | A Middle Ordovician-age geological formation lying several thousand feet below the Marcellus Shale in the Appalachian region of the United States, including much of Ohio, Pennsylvania, West Virginia and southern New York. | ||||
VEBA | Voluntary Employees’ Beneficiary Association | ||||
WNC | Weather normalization clause; a clause in utility rates which adjusts customer rates to allow a utility to recover its normal operating costs calculated at normal temperatures. If temperatures during the measured period are warmer than normal, customer rates are adjusted upward in order to recover projected operating costs. If temperatures during the measured period are colder than normal, customer rates are adjusted downward so that only the projected operating costs will be recovered. |
INDEX | Page | |||||||
Item 3. Defaults Upon Senior Securities | • | |||||||
Item 4. Mine Safety Disclosures | • | |||||||
Item 5. Other Information | • | |||||||
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Thousands of U.S. Dollars, Except Per Common Share Amounts) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
INCOME | |||||||||||||||||||||||
Operating Revenues: | |||||||||||||||||||||||
Utility and Energy Marketing Revenues | $ | $ | $ | $ | |||||||||||||||||||
Exploration and Production and Other Revenues | |||||||||||||||||||||||
Pipeline and Storage and Gathering Revenues | |||||||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
Purchased Gas | |||||||||||||||||||||||
Operation and Maintenance: | |||||||||||||||||||||||
Utility and Energy Marketing | |||||||||||||||||||||||
Exploration and Production and Other | |||||||||||||||||||||||
Pipeline and Storage and Gathering | |||||||||||||||||||||||
Property, Franchise and Other Taxes | |||||||||||||||||||||||
Depreciation, Depletion and Amortization | |||||||||||||||||||||||
Impairment of Oil and Gas Producing Properties | |||||||||||||||||||||||
Gain on Sale of Timber Properties | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other Income (Expense): | |||||||||||||||||||||||
Other Income (Deductions) | ( | ( | ( | ||||||||||||||||||||
Interest Expense on Long-Term Debt | ( | ( | ( | ( | |||||||||||||||||||
Other Interest Expense | ( | ( | ( | ( | |||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||
EARNINGS REINVESTED IN THE BUSINESS | |||||||||||||||||||||||
Balance at Beginning of Period | |||||||||||||||||||||||
Dividends on Common Stock | ( | ( | ( | ( | |||||||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | ( | ||||||||||||||||||||||
Balance at June 30 | $ | $ | $ | $ | |||||||||||||||||||
Earnings Per Common Share: | |||||||||||||||||||||||
Basic: | |||||||||||||||||||||||
Net Income Available for Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Diluted: | |||||||||||||||||||||||
Net Income Available for Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Common Shares Outstanding: | |||||||||||||||||||||||
Used in Basic Calculation | |||||||||||||||||||||||
Used in Diluted Calculation | |||||||||||||||||||||||
Dividends Per Common Share: | |||||||||||||||||||||||
Dividends Declared | $ | $ | $ | $ |
Three Months Ended June 30, | Nine Months Ended June 30, | ||||||||||||||||||||||
(Thousands of U.S. Dollars) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net Income Available for Common Stock | $ | $ | $ | $ | |||||||||||||||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||||||||||||||
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | ( | ( | |||||||||||||||||||||
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | ( | ( | |||||||||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | |||||||||||||||||||||||
Other Comprehensive Income (Loss), Before Tax | ( | ( | ( | ||||||||||||||||||||
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | ( | ( | |||||||||||||||||||||
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | ( | ( | |||||||||||||||||||||
Income Tax Benefit (Expense) on Cumulative Effect of Adoption of Authoritative Guidance for Hedging | |||||||||||||||||||||||
Income Taxes – Net | ( | ( | ( | ||||||||||||||||||||
Other Comprehensive Income (Loss) | ( | ( | ( | ||||||||||||||||||||
Comprehensive Income (Loss) | $ | ( | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||
(Thousands of U.S. Dollars) | |||||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | $ | $ | |||||||||
Less - Accumulated Depreciation, Depletion and Amortization | |||||||||||
Assets Held for Sale, Net | |||||||||||
Current Assets | |||||||||||
Cash and Temporary Cash Investments | |||||||||||
Hedging Collateral Deposits | |||||||||||
Receivables – Net of Allowance for Uncollectible Accounts of $ | |||||||||||
Unbilled Revenue | |||||||||||
Gas Stored Underground | |||||||||||
Materials, Supplies and Emission Allowances | |||||||||||
Other Current Assets | |||||||||||
Other Assets | |||||||||||
Recoverable Future Taxes | |||||||||||
Unamortized Debt Expense | |||||||||||
Other Regulatory Assets | |||||||||||
Deferred Charges | |||||||||||
Other Investments | |||||||||||
Goodwill | |||||||||||
Prepaid Post-Retirement Benefit Costs | |||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||
(Thousands of U.S. Dollars) | |||||||||||
CAPITALIZATION AND LIABILITIES | |||||||||||
Capitalization: | |||||||||||
Comprehensive Shareholders’ Equity | |||||||||||
Common Stock, $ | |||||||||||
Authorized - and | $ | $ | |||||||||
Paid in Capital | |||||||||||
Earnings Reinvested in the Business | |||||||||||
Accumulated Other Comprehensive Loss | ( | ( | |||||||||
Total Comprehensive Shareholders’ Equity | |||||||||||
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | |||||||||||
Total Capitalization | |||||||||||
Current and Accrued Liabilities | |||||||||||
Notes Payable to Banks and Commercial Paper | |||||||||||
Accounts Payable | |||||||||||
Amounts Payable to Customers | |||||||||||
Dividends Payable | |||||||||||
Interest Payable on Long-Term Debt | |||||||||||
Customer Advances | |||||||||||
Customer Security Deposits | |||||||||||
Other Accruals and Current Liabilities | |||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||
Deferred Credits | |||||||||||
Deferred Income Taxes | |||||||||||
Taxes Refundable to Customers | |||||||||||
Cost of Removal Regulatory Liability | |||||||||||
Other Regulatory Liabilities | |||||||||||
Pension and Other Post-Retirement Liabilities | |||||||||||
Asset Retirement Obligations | |||||||||||
Other Deferred Credits | |||||||||||
Commitments and Contingencies (Note 8) | |||||||||||
Total Capitalization and Liabilities | $ | $ |
Nine Months Ended June 30, | |||||||||||
(Thousands of U.S. Dollars) | 2021 | 2020 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income Available for Common Stock | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Gain on Sale of Timber Properties | ( | ||||||||||
Impairment of Oil and Gas Producing Properties | |||||||||||
Depreciation, Depletion and Amortization | |||||||||||
Deferred Income Taxes | |||||||||||
Premium Paid on Early Redemption of Debt | |||||||||||
Stock-Based Compensation | |||||||||||
Other | |||||||||||
Change in: | |||||||||||
Receivables and Unbilled Revenue | ( | ||||||||||
Gas Stored Underground and Materials, Supplies and Emission Allowances | |||||||||||
Unrecovered Purchased Gas Costs | |||||||||||
Other Current Assets | ( | ||||||||||
Accounts Payable | ( | ||||||||||
Amounts Payable to Customers | ( | ||||||||||
Customer Advances | ( | ( | |||||||||
Customer Security Deposits | ( | ||||||||||
Other Accruals and Current Liabilities | |||||||||||
Other Assets | ( | ||||||||||
Other Liabilities | ( | ||||||||||
Net Cash Provided by Operating Activities | |||||||||||
INVESTING ACTIVITIES | |||||||||||
Capital Expenditures | ( | ( | |||||||||
Net Proceeds from Sale of Timber Properties | |||||||||||
Acquisition of Upstream Assets and Midstream Gathering Assets | ( | ||||||||||
Other | |||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Changes in Notes Payable to Banks and Commercial Paper | ( | ( | |||||||||
Net Proceeds from Issuance of Long-Term Debt | |||||||||||
Reduction of Long-Term Debt | ( | ||||||||||
Dividends Paid on Common Stock | ( | ( | |||||||||
Net Proceeds from Issuance (Repurchases) of Common Stock | ( | ||||||||||
Net Cash Provided by (Used in) Financing Activities | ( | ||||||||||
Net Increase in Cash, Cash Equivalents, and Restricted Cash | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at October 1 | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at June 30 | $ | $ | |||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Non-Cash Investing Activities: | |||||||||||
Non-Cash Capital Expenditures | $ | $ | |||||||||
Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | ||||||||||||||||||||||
Balance at October 1, 2020 | Balance at June 30, 2021 | Balance at October 1, 2019 | Balance at June 30, 2020 | ||||||||||||||||||||
Cash and Temporary Cash Investments | $ | $ | $ | $ | |||||||||||||||||||
Hedging Collateral Deposits | |||||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash | $ | $ | $ | $ |
Balance at Beginning of Period | Additions Charged to Costs and Expenses | Add: Discounts on Purchased Receivables | Deduct: Net Accounts Receivable Written-Off | Balance at End of Period | |||||||||||||||||||||||||
Nine Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | $ | $ | $ | $ | $ |
At June 30, 2021 | At September 30, 2020 | ||||||||||
Materials and Supplies - at average cost | $ | $ | |||||||||
Emission Allowances | |||||||||||
$ | $ |
Gains and Losses on Derivative Financial Instruments | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | |||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||
Balance at April 1, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | ( | ( | |||||||||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | |||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Nine Months Ended June 30, 2021 | |||||||||||||||||
Balance at October 1, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | ( | ( | |||||||||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | |||||||||||||||||
Balance at June 30, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Three Months Ended June 30, 2020 | |||||||||||||||||
Balance at April 1, 2020 | $ | $ | ( | $ | ( | ||||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | |||||||||||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | ( | ||||||||||||
Nine Months Ended June 30, 2020 | |||||||||||||||||
Balance at October 1, 2019 | $ | $ | ( | $ | ( | ||||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | |||||||||||||||||
Amounts Reclassified From Other Comprehensive Income (Loss) | ( | ( | |||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | |||||||||||||||||
Balance at June 30, 2020 | $ | $ | ( | $ | ( |
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||||||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | ||||||||||||||||||||||||||||||||
Commodity Contracts | ($ | $ | ($ | $ | Operating Revenues | |||||||||||||||||||||||||||
Commodity Contracts | ( | Purchased Gas | ||||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ( | Operating Revenues | |||||||||||||||||||||||||||||
( | ( | Total Before Income Tax | ||||||||||||||||||||||||||||||
( | ( | Income Tax Expense | ||||||||||||||||||||||||||||||
($ | $ | ($ | $ | Net of Tax |
At June 30, 2021 | At September 30, 2020 | ||||||||||
Prepayments | $ | $ | |||||||||
Prepaid Property and Other Taxes | |||||||||||
State Income Taxes Receivable | |||||||||||
Regulatory Assets | |||||||||||
$ | $ |
At June 30, 2021 | At September 30, 2020 | ||||||||||
Accrued Capital Expenditures | $ | $ | |||||||||
Regulatory Liabilities | |||||||||||
Reserve for Gas Replacement | |||||||||||
Liability for Royalty and Working Interests | |||||||||||
Non-Qualified Benefit Plan Liability | |||||||||||
Other | |||||||||||
$ | $ |
Quarter Ended June 30, 2021 (Thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenues By Type of Service | Exploration and Production | Pipeline and Storage | Gathering | Utility | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||||||||||||||||||
Production of Natural Gas | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Production of Crude Oil | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Processing | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Gathering Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Transportation Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Storage Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Residential Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Commercial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Industrial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Marketing | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
Nine Months Ended June 30, 2021 (Thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenues By Type of Service | Exploration and Production | Pipeline and Storage | Gathering | Utility | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||||||||||||||||||
Production of Natural Gas | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Production of Crude Oil | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Processing | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Gathering Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Transportation Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Storage Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Residential Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Commercial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Industrial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Marketing | ( | ||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Quarter Ended June 30, 2020 (Thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenues By Type of Service | Exploration and Production | Pipeline and Storage | Gathering | Utility | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||||||||||||||||||
Production of Natural Gas | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Production of Crude Oil | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Processing | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Gathering Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Transportation Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Storage Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Residential Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Commercial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Industrial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Marketing | ( | ||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
Nine Months Ended June 30, 2020 (Thousands) | |||||||||||||||||||||||||||||||||||||||||
Revenues By Type of Service | Exploration and Production | Pipeline and Storage | Gathering | Utility | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||||||||||||||||||
Production of Natural Gas | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||
Production of Crude Oil | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Processing | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Gathering Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Transportation Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Storage Service | ( | ||||||||||||||||||||||||||||||||||||||||
Natural Gas Residential Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Commercial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Industrial Sales | |||||||||||||||||||||||||||||||||||||||||
Natural Gas Marketing | ( | ||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ||||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Recurring Fair Value Measures | At fair value as of June 30, 2021 | ||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Hedging Collateral Deposits | |||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas and Oil | ( | ||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||||||
Balanced Equity Mutual Fund | |||||||||||||||||||||||||||||
Fixed Income Mutual Fund | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas and Oil | ( | ||||||||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | |||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ( | |||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Net Assets/(Liabilities) | $ | $ | ( | $ | $ | $ |
Recurring Fair Value Measures | At fair value as of September 30, 2020 | ||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas and Oil | ( | ||||||||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | ( | ( | |||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ( | |||||||||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||||||
Balanced Equity Mutual Fund | |||||||||||||||||||||||||||||
Fixed Income Mutual Fund | |||||||||||||||||||||||||||||
Common Stock – Financial Services Industry | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas and Oil | ( | ||||||||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | ( | ||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Net Assets/(Liabilities) | $ | $ | ( | $ | $ | $ |
June 30, 2021 | September 30, 2020 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Long-Term Debt | $ | $ | $ | $ |
At June 30, 2021 | At September 30, 2020 | ||||||||||
Life Insurance Contracts | $ | $ | |||||||||
Equity Mutual Fund | |||||||||||
Fixed Income Mutual Fund | |||||||||||
Marketable Equity Securities | |||||||||||
$ | $ |
Commodity | Units | |||||||
Natural Gas | Bcf | |||||||
Crude Oil | Bbls |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | |||||||||||||||||
Three Months Ended June 30, 2021 and 2020 (Thousands of Dollars) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) for the Three Months Ended June 30, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income for the Three Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Commodity Contracts | $ | ( | $ | Operating Revenue | $ | ( | $ | ||||||||||
Commodity Contracts | ( | Purchased Gas | ( | ||||||||||||||
Foreign Currency Contracts | Operating Revenue | ( | |||||||||||||||
Total | $ | ( | $ | $ | ( | $ |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | |||||||||||||||||
Nine Months Ended June 30, 2021 and 2020 (Thousands of Dollars) | |||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) for the Nine Months Ended June 30, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income for the Nine Months Ended June 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||
Commodity Contracts | $ | ( | $ | Operating Revenue | $ | ( | $ | ||||||||||
Commodity Contracts | Purchased Gas | ||||||||||||||||
Foreign Currency Contracts | ( | Operating Revenue | ( | ||||||||||||||
Total | $ | ( | $ | $ | ( | $ | |||||||||||
Common Stock | Paid In Capital | Earnings Reinvested in the Business | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
(Thousands, except per share amounts) | |||||||||||||||||||||||||||||
Balance at April 1, 2021 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | ( | ||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Balance at October 1, 2020 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | ( | ||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Common Stock | Paid In Capital | Earnings Reinvested in the Business | Accumulated Other Comprehensive Income (Loss) | ||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||
(Thousands, except per share amounts) | |||||||||||||||||||||||||||||
Balance at April 1, 2020 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Other Comprehensive Loss, Net of Tax | ( | ||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued from Sale of Common Stock | |||||||||||||||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Balance at October 1, 2019 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | ( | ||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued from Sale of Common Stock | |||||||||||||||||||||||||||||
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | ( | ||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | $ | ( |
Quarter Ended June 30, 2021 (Thousands) | ||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||
Revenue from External Customers | $ | $ | $ | $ | $ | $( | $ | $ | ||||||||||||||||||
Intersegment Revenues | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Segment Profit: Net Income (Loss) | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Nine Months Ended June 30, 2021 (Thousands) | ||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||
Revenue from External Customers | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intersegment Revenues | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Segment Profit: Net Income | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
(Thousands) | Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Segment Assets: | ||||||||||||||||||||||||||
At June 30, 2021 | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
At September 30, 2020 | $ | $ | $ | $ | $ | $ | $( | $ |
Quarter Ended June 30, 2020 (Thousands) | ||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||
Revenue from External Customers | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intersegment Revenues | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Segment Profit: Net Income (Loss) | $( | $ | $ | $ | $ | $( | $ | $ |
Nine Months Ended June 30, 2020 (Thousands) | ||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||
Revenue from External Customers | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||
Intersegment Revenues | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Segment Profit: Net Income (Loss) | $( | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||
Three Months Ended June 30, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Service Cost | $ | $ | $ | $ | |||||||||||||
Interest Cost | |||||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | |||||||||||||
Amortization of Prior Service Cost (Credit) | ( | ( | |||||||||||||||
Amortization of Losses | |||||||||||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | |||||||||||||||||
Net Periodic Benefit Cost | $ | $ | $ | $ |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||
Nine Months Ended June 30, | 2021 | 2020 | 2021 | 2020 | |||||||||||||
Service Cost | $ | $ | $ | $ | |||||||||||||
Interest Cost | |||||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | |||||||||||||
Amortization of Prior Service Cost (Credit) | ( | ( | |||||||||||||||
Amortization of Losses | |||||||||||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | |||||||||||||||||
Net Periodic Benefit Cost | $ | $ | $ | $ | |||||||||||||
Ceiling Testing Sensitivity to Commodity Price Changes | |||||||||||||||||
(Millions) | $0.25/MMBtu Decrease in Natural Gas Prices | $5.00/Bbl Decrease in Crude Oil Prices | $0.25/MMBtu Decrease in Natural Gas Prices and $5.00/Bbl Decrease in Crude Oil Prices | ||||||||||||||
Excess of Ceiling over Book Value under Sensitivity Analysis | $ | 149.3 | $ | 377.4 | $ | 117.0 | |||||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(Thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Exploration and Production | $ | 39,015 | $ | (6,434) | $ | 45,449 | $ | 46,213 | $ | (157,733) | $ | 203,946 | ||||||||
Pipeline and Storage | 21,948 | 22,623 | (675) | 71,060 | 62,815 | 8,245 | ||||||||||||||
Gathering | 20,427 | 15,239 | 5,188 | 61,677 | 51,081 | 10,596 | ||||||||||||||
Utility | 4,841 | 6,254 | (1,413) | 59,922 | 64,335 | (4,413) | ||||||||||||||
Total Reportable Segments | 86,231 | 37,682 | 48,549 | 238,872 | 20,498 | 218,374 | ||||||||||||||
All Other | 1,039 | (9) | 1,048 | 37,617 | 1,532 | 36,085 | ||||||||||||||
Corporate | (795) | 3,577 | (4,372) | 196 | (257) | 453 | ||||||||||||||
Total Consolidated | $ | 86,475 | $ | 41,250 | $ | 45,225 | $ | 276,685 | $ | 21,773 | $ | 254,912 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(Thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Gas (after Hedging) | $ | 175,378 | $ | 100,951 | $ | 74,427 | $ | 524,417 | $ | 347,327 | $ | 177,090 | ||||||||
Oil (after Hedging) | 33,065 | 29,624 | 3,441 | 93,256 | 102,766 | (9,510) | ||||||||||||||
Gas Processing Plant | 732 | 435 | 297 | 2,056 | 1,838 | 218 | ||||||||||||||
Other | 360 | 218 | 142 | 1,387 | 797 | 590 | ||||||||||||||
$ | 209,535 | $ | 131,228 | $ | 78,307 | $ | 621,116 | $ | 452,728 | $ | 168,388 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||
Gas Production (MMcf) | ||||||||||||||||||||
Appalachia | 79,314 | 52,043 | 27,271 | 236,429 | 161,965 | 74,464 | ||||||||||||||
West Coast | 431 | 468 | (37) | 1,300 | 1,434 | (134) | ||||||||||||||
Total Production | 79,745 | 52,511 | 27,234 | 237,729 | 163,399 | 74,330 | ||||||||||||||
Oil Production (Mbbl) | ||||||||||||||||||||
Appalachia | 1 | — | 1 | 2 | 2 | — | ||||||||||||||
West Coast | 557 | 584 | (27) | 1,681 | 1,790 | (109) | ||||||||||||||
Total Production | 558 | 584 | (26) | 1,683 | 1,792 | (109) |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||
Average Gas Price/Mcf | ||||||||||||||||||||
Appalachia | $ | 2.29 | $ | 1.45 | $ | 0.84 | $ | 2.25 | $ | 1.80 | $ | 0.45 | ||||||||
West Coast | $ | 5.36 | $ | 2.58 | $ | 2.78 | $ | 5.83 | $ | 3.98 | $ | 1.85 | ||||||||
Weighted Average | $ | 2.31 | $ | 1.46 | $ | 0.85 | $ | 2.27 | $ | 1.82 | $ | 0.45 | ||||||||
Weighted Average After Hedging | $ | 2.20 | $ | 1.92 | $ | 0.28 | $ | 2.21 | $ | 2.13 | $ | 0.08 | ||||||||
Average Oil Price/Bbl | ||||||||||||||||||||
Appalachia | $ | 42.09 | $ | 27.50 | $ | 14.59 | $ | 43.13 | $ | 50.28 | $ | (7.15) | ||||||||
West Coast | $ | 67.55 | $ | 29.13 | $ | 38.42 | $ | 56.92 | $ | 47.40 | $ | 9.52 | ||||||||
Weighted Average | $ | 67.52 | $ | 29.12 | $ | 38.40 | $ | 56.90 | $ | 47.41 | $ | 9.49 | ||||||||
Weighted Average After Hedging | $ | 59.22 | $ | 50.70 | $ | 8.52 | $ | 55.40 | $ | 57.35 | $ | (1.95) |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(Thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Firm Transportation | $ | 62,886 | $ | 57,346 | $ | 5,540 | $ | 191,889 | $ | 168,777 | $ | 23,112 | ||||||||
Interruptible Transportation | 221 | 217 | 4 | 691 | 692 | (1) | ||||||||||||||
63,107 | 57,563 | 5,544 | 192,580 | 169,469 | 23,111 | |||||||||||||||
Firm Storage Service | 20,646 | 19,999 | 647 | 62,351 | 58,942 | 3,409 | ||||||||||||||
Interruptible Storage Service | — | 17 | (17) | 43 | 24 | 19 | ||||||||||||||
Other | 310 | 234 | 76 | 3,558 | 843 | 2,715 | ||||||||||||||
$ | 84,063 | $ | 77,813 | $ | 6,250 | $ | 258,532 | $ | 229,278 | $ | 29,254 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(MMcf) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Firm Transportation | 174,224 | 172,579 | 1,645 | 586,748 | 577,025 | 9,723 | ||||||||||||||
Interruptible Transportation | 181 | 757 | (576) | 1,205 | 2,002 | (797) | ||||||||||||||
174,405 | 173,336 | 1,069 | 587,953 | 579,027 | 8,926 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(Thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Gathering Revenues | $ | 48,656 | $ | 33,299 | $ | 15,357 | $ | 145,927 | $ | 103,355 | $ | 42,572 | ||||||||
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | |||||||||||||||
Gathered Volume - (MMcf) | 91,817 | 61,338 | 30,479 | 275,283 | 190,864 | 84,419 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(Thousands) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Retail Sales Revenues: | ||||||||||||||||||||
Residential | $ | 94,611 | $ | 93,329 | $ | 1,282 | $ | 439,853 | $ | 426,877 | $ | 12,976 | ||||||||
Commercial | 10,966 | 10,577 | 389 | 57,369 | 56,450 | 919 | ||||||||||||||
Industrial | 497 | 616 | (119) | 2,798 | 3,045 | (247) | ||||||||||||||
106,074 | 104,522 | 1,552 | 500,020 | 486,372 | 13,648 | |||||||||||||||
Transportation | 21,371 | 23,176 | (1,805) | 93,437 | 99,492 | (6,055) | ||||||||||||||
Other | (437) | (661) | 224 | (6,568) | (7,509) | 941 | ||||||||||||||
$ | 127,008 | $ | 127,037 | $ | (29) | $ | 586,889 | $ | 578,355 | $ | 8,534 |
Three Months Ended June 30, | Nine Months Ended June 30, | |||||||||||||||||||
(MMcf) | 2021 | 2020 | Increase (Decrease) | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
Retail Sales: | ||||||||||||||||||||
Residential | 9,776 | 11,312 | (1,536) | 57,241 | 56,943 | 298 | ||||||||||||||
Commercial | 1,369 | 1,450 | (81) | 8,206 | 8,295 | (89) | ||||||||||||||
Industrial | 65 | 106 | (41) | 441 | 506 | (65) | ||||||||||||||
11,210 | 12,868 | (1,658) | 65,888 | 65,744 | 144 | |||||||||||||||
Transportation | 13,298 | 13,520 | (222) | 55,815 | 59,233 | (3,418) | ||||||||||||||
24,508 | 26,388 | (1,880) | 121,703 | 124,977 | (3,274) |
Three Months Ended June 30, | Percent Colder (Warmer) Than | ||||||||||||||||
Normal | 2021 | 2020 | Normal(1) | Prior Year(1) | |||||||||||||
Buffalo, NY | 912 | 794 | 1,032 | (12.9) | % | (23.1) | % | ||||||||||
Erie, PA | 871 | 741 | 920 | (14.9) | % | (19.5) | % | ||||||||||
Nine Months Ended June 30, | |||||||||||||||||
Buffalo, NY | 6,455 | 5,693 | 6,002 | (11.8) | % | (5.1) | % | ||||||||||
Erie, PA | 6,023 | 5,188 | 5,381 | (13.9) | % | (3.6) | % |
Total Expenditures for Long-Lived Assets | |||||||||||||||||
Nine Months Ended June 30, | 2021 | 2020 | Increase (Decrease) | ||||||||||||||
(Millions) | |||||||||||||||||
Exploration and Production: | |||||||||||||||||
Capital Expenditures | $ | 263.8 | (1) | $ | 295.0 | (2) | $ | (31.2) | |||||||||
Pipeline and Storage: | |||||||||||||||||
Capital Expenditures | 155.5 | (1) | 124.1 | (2) | 31.4 | ||||||||||||
Gathering: | |||||||||||||||||
Capital Expenditures | 25.6 | (1) | 46.2 | (2) | (20.6) | ||||||||||||
Utility: | |||||||||||||||||
Capital Expenditures | 66.7 | (1) | 62.2 | (2) | 4.5 | ||||||||||||
All Other: | |||||||||||||||||
Capital Expenditures | 0.2 | 0.5 | (0.3) | ||||||||||||||
Eliminations | (2.1) | — | (2.1) | ||||||||||||||
$ | 509.7 | $ | 528.0 | $ | (18.3) |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under Share Repurchase Plans or Programs (b) | ||||||||||
Apr. 1 - 30, 2021 | 11,479 | $50.57 | — | 6,971,019 | ||||||||||
May 1 - 31, 2021 | 11,317 | $52.59 | — | 6,971,019 | ||||||||||
June 1 - 30, 2021 | 10,990 | $54.55 | — | 6,971,019 | ||||||||||
Total | 33,786 | $52.54 | — | 6,971,019 |
Exhibit Number | Description of Exhibit | |||||||
• | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32•• | ||||||||
99 | ||||||||
101 | Interactive data files submitted pursuant to Regulation S-T, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Consolidated Statements of Income and Earnings Reinvested in the Business for the three and nine months ended June 30, 2021 and 2020, (ii) the Consolidated Statements of Comprehensive Income for the three and nine months ended June 30, 2021 and 2020, (iii) the Consolidated Balance Sheets at June 30, 2021 and September 30, 2020, (iv) the Consolidated Statements of Cash Flows for the nine months ended June 30, 2021 and 2020 and (v) the Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
• | Incorporated herein by reference as indicated. | |||||||
•• | In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management’s Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the material contained in Exhibit 32 is “furnished” and not deemed “filed” with the SEC and is not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language contained in such filing, except to the extent that the Registrant specifically incorporates it by reference. |
NATIONAL FUEL GAS COMPANY | |||||
(Registrant) | |||||
/s/ K. M. Camiolo | |||||
K. M. Camiolo | |||||
Treasurer and Principal Financial Officer | |||||
/s/ E. G. Mendel | |||||
E. G. Mendel | |||||
Controller and Principal Accounting Officer |
/s/ D. P. Bauer | ||
D. P. Bauer | ||
President and Chief Executive Officer |
/s/ K. M. Camiolo | ||
K. M. Camiolo | ||
Treasurer and Principal Financial Officer |
Exhibit 99 | |||||||||||
NATIONAL FUEL GAS | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(UNAUDITED) | |||||||||||
Twelve Months Ended | |||||||||||
June 30, | |||||||||||
(Thousands of Dollars) | 2021 | 2020 | |||||||||
INCOME | |||||||||||
Operating Revenues: | |||||||||||
Utility and Energy Marketing Revenues | $ | 665,263 | $ | 730,246 | |||||||
Exploration and Production and Other Revenues | 777,744 | 622,335 | |||||||||
Pipeline and Storage and Gathering Revenues | 231,653 | 199,061 | |||||||||
1,674,660 | 1,551,642 | ||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | 171,244 | 244,391 | |||||||||
Operation and Maintenance: | |||||||||||
Utility and Energy Marketing | 181,641 | 178,321 | |||||||||
Exploration and Production and Other | 166,834 | 147,902 | |||||||||
Pipeline and Storage and Gathering | 118,622 | 108,415 | |||||||||
Property, Franchise and Other Taxes | 92,392 | 88,107 | |||||||||
Depreciation, Depletion and Amortization | 331,728 | 300,732 | |||||||||
Impairment of Oil and Gas Producing Properties | 329,593 | 195,997 | |||||||||
1,392,054 | 1,263,865 | ||||||||||
Gain on Sale of Timber Properties | 51,066 | — | |||||||||
Operating Income | 333,672 | 287,777 | |||||||||
Other Income (Expense): | |||||||||||
Other Income (Deductions) | (14,920) | (16,537) | |||||||||
Interest Expense on Long-Term Debt | (143,455) | (103,451) | |||||||||
Other Interest Expense | (6,832) | (5,944) | |||||||||
Income Before Income Taxes | 168,465 | 161,845 | |||||||||
Income Tax Expense | 37,325 | 92,791 | |||||||||
Net Income Available for Common Stock | $ | 131,140 | $ | 69,054 | |||||||
Earnings Per Common Share: | |||||||||||
Basic: | |||||||||||
Net Income Available for Common Stock | $ | 1.44 | $ | 0.80 | |||||||
Diluted: | |||||||||||
Net Income Available for Common Stock | $ | 1.43 | $ | 0.79 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Used in Basic Calculation | 91,073,766 | 86,802,706 | |||||||||
Used in Diluted Calculation | 91,576,260 | 87,177,232 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables, Allowance for Uncollectible Accounts | $ 32,322 | $ 22,810 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 91,172,701 | 90,954,696 |
Common Stock, Shares Outstanding | 91,172,701 | 90,954,696 |
Summary Of Significant Accounting Policies |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Form 10-Q) that are necessary for a fair statement of the results of operations for the reported periods. The consolidated financial statements and notes thereto, included herein, should be read in conjunction with the financial statements and notes for the years ended September 30, 2020, 2019 and 2018 that are included in the Company's 2020 Form 10-K. The consolidated financial statements for the year ended September 30, 2021 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year. The earnings for the nine months ended June 30, 2021 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2021. Most of the business of the Utility segment is seasonal in nature and is influenced by weather conditions. Due to the seasonal nature of the heating business in the Utility segment, earnings during the winter months normally represent a substantial part of the earnings that this business is expected to achieve for the entire fiscal year. The Company’s business segments are discussed more fully in Note 9 – Business Segment Information. Consolidated Statements of Cash Flows. The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents. The Company’s restricted cash is composed entirely of amounts reported as Hedging Collateral Deposits on the Consolidated Balance Sheets. Hedging Collateral Deposits is an account title for cash held in margin accounts funded by the Company to serve as collateral for hedging positions. In accordance with its accounting policy, the Company does not offset hedging collateral deposits paid or received against related derivative financial instruments liability or asset balances. Allowance for Uncollectible Accounts. The allowance for uncollectible accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic environment. Account balances are charged off against the allowance twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. As a result of the COVID-19 pandemic and associated increase in customer non-payment, the Company has increased the bad debt reserve to account for the modestly higher receivable balances. Activity in the allowance for uncollectible accounts for the nine months ended June 30, 2021 are as follows (in thousands):
Gas Stored Underground. In the Utility segment, gas stored underground is carried at lower of cost or net realizable value, on a LIFO method. Gas stored underground normally declines during the first and second quarters of the year and is replenished during the third and fourth quarters. In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.” Such reserve, which amounted to $9.2 million at June 30, 2021, is reduced to zero by September 30 of each year as the inventory is replenished. Materials, Supplies and Emission Allowances. The components of the Company's materials, supplies and emission allowances are as follows (in thousands):
Property, Plant and Equipment. In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Company's capitalized costs relating to oil and gas producing activities, net of accumulated depreciation, depletion and amortization, were $1.8 billion at both June 30, 2021 and September 30, 2020. Capitalized costs include costs related to unproved properties, which are excluded from amortization until proved reserves are found or it is determined that the unproved properties are impaired. Such costs amounted to $136.7 million and $148.1 million at June 30, 2021 and September 30, 2020, respectively. All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the pool of capitalized costs being amortized. Capitalized costs are subject to the SEC full cost ceiling test. The ceiling test, which is performed each quarter, determines a limit, or ceiling, on the amount of property acquisition, exploration and development costs that can be capitalized. The ceiling under this test represents (a) the present value of estimated future net cash flows, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, using a discount factor of 10%, which is computed by applying prices of oil and gas (as adjusted for hedging) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet, less estimated future expenditures, plus (b) the cost of unevaluated properties not being depleted, less (c) income tax effects related to the differences between the book and tax basis of the properties. The gas and oil prices used to calculate the full cost ceiling are based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the twelve-month period prior to the end of the reporting period. If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent non-cash impairment is required to be charged to earnings in that quarter. At June 30, 2021, the ceiling exceeded the book value of the oil and gas properties by approximately $409.8 million. The book value of the oil and gas properties exceeded the ceiling at December 31, 2020. As such, the Company recognized a non-cash, pre-tax impairment charge of $76.2 million for the quarter ended December 31, 2020. A deferred income tax benefit of $21.0 million related to the non-cash impairment charge was also recognized for the quarter ended December 31, 2020. In adjusting estimated future cash flows for hedging under the ceiling test at June 30, 2021, estimated future net cash flows were increased by $91.0 million. The principal assets of the Utility, Pipeline and Storage and Gathering segments, consisting primarily of gas distribution pipelines, transmission pipelines, storage facilities, gathering lines and compressor stations, are recorded at historical cost. Despite the economic conditions arising from the COVID-19 pandemic, there were no indications of any impairments to property, plant and equipment in the Utility, Pipeline and Storage and Gathering segments at June 30, 2021. Management will continue to monitor the situation on a quarterly basis. Accumulated Other Comprehensive Income (Loss). The components of Accumulated Other Comprehensive Income (Loss) and changes for the nine months ended June 30, 2021 and 2020, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
In August 2017, the FASB issued authoritative guidance which changed the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and to simplify the application of hedge accounting. The Company adopted this authoritative guidance effective October 1, 2019, recognizing a cumulative effect adjustment that decreased retained earnings by $1.0 million and increased accumulated other comprehensive income by the same amount. Reclassifications Out of Accumulated Other Comprehensive Income (Loss). The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the nine months ended June 30, 2021 and 2020 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
Other Current Assets. The components of the Company’s Other Current Assets are as follows (in thousands):
Other Accruals and Current Liabilities. The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
Earnings Per Common Share. Basic earnings per common share is computed by dividing income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For purposes of determining earnings per common share, the potentially dilutive securities the Company had outstanding were SARs, restricted stock units and performance shares. For the quarter and nine months ended June 30, 2021, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these securities as determined using the Treasury Stock Method. SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 334,335 securities and 333,445 securities excluded as being antidilutive for the quarter and nine months ended June 30, 2021, respectively. There were 513,428 securities and 513,180 securities excluded as being antidilutive for the quarter and nine months ended June 30, 2020, respectively. Stock-Based Compensation. The Company granted 309,470 performance shares during the nine months ended June 30, 2021. The weighted average fair value of such performance shares was $39.19 per share for the nine months ended June 30, 2021. Performance shares are an award constituting units denominated in common stock of the Company, the number of which may be adjusted over a performance cycle based upon the extent to which performance goals have been satisfied. Earned performance shares may be distributed in the form of shares of common stock of the Company, an equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company. The performance shares do not entitle the participant to receive dividends during the vesting period. Half of the performance shares granted during the nine months ended June 30, 2021 must meet a performance goal related to relative return on capital over a three-year performance cycle. The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”). Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database. The number of these performance shares that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company. The fair value of these performance shares is calculated by multiplying the expected number of shares that will be issued by the average market price of Company common stock on the date of grant reduced by the present value of forgone dividends over the vesting term of the award. The fair value is recorded as compensation expense over the vesting term of the award. The other half of the performance shares granted during the nine months ended June 30, 2021 must meet a performance goal related to relative total shareholder return over a three-year performance cycle. The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group. Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database. The number of these total shareholder return performance shares ("TSR performance shares") that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company. The fair value price at the date of grant for the TSR performance shares is determined using a Monte Carlo simulation technique, which includes a reduction in value for the present value of forgone dividends over the vesting term of the award. This price is multiplied by the number of TSR performance shares awarded, the result of which is recorded as compensation expense over the vesting term of the award. The Company granted 172,513 restricted stock units during the nine months ended June 30, 2021. The weighted average fair value of such restricted stock units was $37.98 per share for the nine months ended June 30, 2021. Restricted stock units represent the right to receive shares of common stock of the Company (or the equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company) at the end of a specified time period. These restricted stock units do not entitle the participant to receive dividends during the vesting period. The accounting for restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award. New Authoritative Accounting and Financial Reporting Guidance. On October 1, 2020, the Company adopted authoritative guidance regarding the measurement of credit losses on financial assets measured at amortized cost. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected, which means that companies are required to recognize an allowance for credit losses for the difference between the amortized cost basis of the financial asset and the amount expected to be collected over the contractual life of the asset. Prior to adoption, the Company analyzed its financial assets measured at amortized cost, primarily trade receivables. The adoption of this guidance did not have a material impact to the Company’s financial statements.
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Asset Acquisitions and Divestitures |
9 Months Ended |
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Jun. 30, 2021 | |
Asset Acquisition [Abstract] | |
Asset Acquisitions and Divestitures | Asset Acquisitions and Divestitures On December 10, 2020, the Company completed the sale of substantially all timber properties in Pennsylvania to Lyme Emporium Highlands III LLC and Lyme Allegheny Land Company II LLC for net proceeds of $104.6 million. At September 30, 2020, these assets, amounting to $53.4 million, which previously were recorded as Net Property, Plant and Equipment, were presented as Assets Held for Sale, Net on the Consolidated Balance Sheet. The assets were a component of the Company’s All Other category and did not have a major impact on the Company’s operations or financial results. After purchase price adjustments and transaction costs, a gain of $51.1 million was recognized on the sale of these assets. Since the sale did not represent a strategic shift in focus for the Company, the financial results associated with operating these assets as well as the gain on sale have not been reported as discontinued operations. The sale of the timber properties completed a reverse like-kind exchange pursuant to Section 1031 of the Internal Revenue Code, as amended (“Reverse 1031 Exchange”). On July 31, 2020, the Company completed its acquisition of certain upstream assets and midstream gathering assets in Pennsylvania from SWEPI LP, a subsidiary of Royal Dutch Shell plc (“Shell”) for total consideration of $506.3 million. The purchase and sale agreement with Shell was structured, in part, as a Reverse 1031 Exchange. In connection with the Reverse 1031 Exchange, the Company, through a subsidiary, assigned the rights to acquire legal title to certain oil and natural gas properties to a Variable Interest Entity ("VIE") formed by an exchange accommodation titleholder. From July 31, 2020 to December 10, 2020, a subsidiary of the Company operated the properties pursuant to a lease agreement with the VIE. As the Company was deemed to be the primary beneficiary of the VIE, the VIE was included in the consolidated financial statements of the Company. Upon completion of the sale of the timber properties on December 10, 2020, the affected properties were conveyed to the Company and the VIE structure was terminated. Refer to Note B – Asset Acquisitions and Divestitures of the Company’s 2020 Form 10-K for additional information concerning the Company’s acquisition of certain upstream assets and midstream gathering assets from Shell. |
Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables provide a disaggregation of the Company's revenues for the quarter and nine months ended June 30, 2021 and 2020, presented by type of service from each reportable segment.
The Company records revenue related to its derivative financial instruments in the Exploration and Production segment as well as in its NFR operations (included in the All Other category). The Company discontinued use of derivative financial instruments in its NFR operations upon completing the sale of its commercial and industrial contracts and certain other assets on August 1, 2020. The Company has been winding down its NFR operations since August 1, 2020 which has resulted in a significant reduction in natural gas marketing revenues as shown in the tables above. The Company also records revenue related to alternative revenue programs in its Utility segment. Revenue related to derivative financial instruments and alternative revenue programs are excluded from the scope of the authoritative guidance regarding revenue recognition since they are accounted for under other existing accounting guidance. The Company’s Pipeline and Storage segment expects to recognize the following revenue amounts in future periods related to “fixed” charges associated with remaining performance obligations for transportation and storage contracts: $47.8 million for the remainder of fiscal 2021; $183.1 million for fiscal 2022; $145.9 million for fiscal 2023; $125.3 million for fiscal 2024; $118.0 million for fiscal 2025; and $524.8 million thereafter.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The FASB authoritative guidance regarding fair value measurements establishes a fair-value hierarchy and prioritizes the inputs used in valuation techniques that measure fair value. Those inputs are prioritized into three levels. Level 1 inputs are unadjusted quoted prices in active markets for assets or liabilities that the Company can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly at the measurement date. Level 3 inputs are unobservable inputs for the asset or liability at the measurement date. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of June 30, 2021 and September 30, 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over-the-counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.
(1)Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet. Derivative Financial Instruments The derivative financial instruments reported in Level 2 at June 30, 2021 and September 30, 2020 consist of natural gas price swap agreements, natural gas no cost collars, crude oil price swap agreements, and foreign currency contracts, all of which are used in the Company’s Exploration and Production segment. Hedging collateral deposits of $1.7 million at June 30, 2021, which were associated with the price swap agreements, no cost collars and foreign currency contracts, have been reported in Level 1 at June 30, 2021. The fair value of the Level 2 price swap agreements and no cost collars is based on an internal, discounted cash flow model that uses observable inputs (i.e. LIBOR based discount rates and basis differential information, if applicable, at active natural gas and crude oil trading markets). The fair value of the Level 2 foreign currency contracts is determined using the market approach based on observable market transactions of forward Canadian currency rates. The authoritative guidance for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At June 30, 2021, the Company determined that nonperformance risk would have no material impact on its financial position or results of operation. To assess nonperformance risk, the Company considered information such as any applicable collateral posted, master netting arrangements, and applied a market-based method by using the counterparty's (assuming the derivative is in a gain position) or the Company’s (assuming the derivative is in a loss position) credit default swaps rates. |
Financial Instruments |
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Financial Instruments, Owned, at Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Long-Term Debt. The fair market value of the Company’s debt, as presented in the table below, was determined using a discounted cash flow model, which incorporates the Company’s credit ratings and current market conditions in determining the yield, and subsequently, the fair market value of the debt. Based on these criteria, the fair market value of long-term debt, including current portion, was as follows (in thousands):
The fair value amounts are not intended to reflect principal amounts that the Company will ultimately be required to pay. Carrying amounts for other financial instruments recorded on the Company’s Consolidated Balance Sheets approximate fair value. The fair value of long-term debt was calculated using observable inputs (U.S. Treasuries/LIBOR for the risk free component and company specific credit spread information – generally obtained from recent trade activity in the debt). As such, the Company considers the debt to be Level 2. Any temporary cash investments, notes payable to banks and commercial paper are stated at cost. Temporary cash investments are considered Level 1, while notes payable to banks and commercial paper are considered to be Level 2. Given the short-term nature of the notes payable to banks and commercial paper, the Company believes cost is a reasonable approximation of fair value. Other Investments. The components of the Company's Other Investments are as follows (in thousands):
Investments in life insurance contracts are stated at their cash surrender values or net present value. Investments in an equity mutual fund and a fixed income mutual fund are stated at fair value based on quoted market prices with changes in fair value recognized in net income. The insurance contracts and fixed income securities are primarily informal funding mechanisms for various benefit obligations the Company has to certain employees. Derivative Financial Instruments. The Company uses derivative financial instruments to manage commodity price risk in the Exploration and Production segment. The Company enters into over-the-counter no cost collars and over-the-counter swap agreements for natural gas and crude oil to manage the price risk associated with forecasted sales of gas and oil. In addition, the Company also enters into foreign exchange forward contracts to manage the risk of currency fluctuations associated with transportation costs denominated in Canadian currency in the Exploration and Production segment. These instruments are accounted for as cash flow hedges. The duration of the Company’s cash flow hedges does not typically exceed 5 years while the foreign currency forward contracts do not exceed 10 years. The Company has presented its net derivative assets and liabilities as “Fair Value of Derivative Financial Instruments” on its Consolidated Balance Sheets at June 30, 2021 and September 30, 2020. Substantially all of the derivative financial instruments reported on those line items relate to commodity contracts and a small portion relates to foreign currency forward contracts. Cash Flow Hedges For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative is reported as a component of other comprehensive income (loss) and reclassified into earnings in the period or periods during which the hedged transaction affects earnings. As of June 30, 2021, the Company had the following commodity derivative contracts (swaps and no cost collars) outstanding:
As of June 30, 2021, the Company was hedging a total of $65.0 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts. As of June 30, 2021, the Company had $205.5 million ($148.6 million after-tax) of net hedging losses included in the accumulated other comprehensive income (loss) balance. It is expected that $166.3 million ($120.2 million after-tax) of unrealized losses will be reclassified into the Consolidated Statement of Income within the next 12 months as the underlying hedged transactions are recorded in earnings.
Credit Risk The Company may be exposed to credit risk on any of the derivative financial instruments that are in a gain position. Credit risk relates to the risk of loss that the Company would incur as a result of nonperformance by counterparties pursuant to the terms of their contractual obligations. To mitigate such credit risk, management performs a credit check, and then on a quarterly basis monitors counterparty credit exposure. The majority of the Company’s counterparties are financial institutions and energy traders. The Company has over-the-counter swap positions, no cost collars and applicable foreign currency forward contracts with seventeen counterparties of which one is in a net gain position of less than $0.1 million. As of June 30, 2021, no collateral was received from the counterparties by the Company. The Company's gain position on such derivative financial instruments had not exceeded the established thresholds at which the counterparties would be required to post collateral, nor had the counterparties' credit ratings declined to levels at which the counterparties were required to post collateral. As of June 30, 2021, fifteen of the seventeen counterparties to the Company’s outstanding derivative instrument contracts (specifically the over-the-counter swaps, over-the-counter no cost collars and applicable foreign currency forward contracts) had a common credit-risk related contingency feature. In the event the Company’s credit rating increases or falls below a certain threshold (applicable debt ratings), the available credit extended to the Company would either increase or decrease. A decline in the Company’s credit rating, in and of itself, would not cause the Company to be required to increase the level of its hedging collateral deposits (in the form of cash deposits, letters of credit or treasury debt instruments). If the Company’s outstanding derivative instrument contracts were in a liability position (or if the liability were larger) and/or the Company’s credit rating declined, then additional hedging collateral deposits may be required. At June 30, 2021, the fair market value of the derivative financial instrument assets with a credit-risk related contingency feature was less than $0.1 million according to the Company’s internal model (discussed in Note 4 – Fair Value Measurements). At June 30, 2021, the fair market value of the derivative financial instrument liabilities with a credit-risk related contingency feature was $190.4 million according to the Company's internal model. For its over-the-counter swap agreements, no cost collars and foreign currency forward contracts, $1.7 million of hedging collateral deposits were required to be posted by the Company at June 30, 2021. |
Income Taxes |
9 Months Ended |
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Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the quarters ended June 30, 2021 and June 30, 2020 were 26.0% and 24.1%, respectively. The quarter increase is primarily due to a higher effective state income tax rate as a result of the Appalachian acquisition that caused a change in the mix of earnings between state jurisdictions. The effective tax rates for the nine months ended June 30, 2021 and June 30, 2020 were 26.5% and 78.9%, respectively. The change in the tax rate is primarily the result of a valuation allowance initially established in the quarter ended March 31, 2020, discussed below. A valuation allowance for deferred tax assets, including net operating losses and tax credits, is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. The Company continually assesses the realizability of its deferred tax assets, including factors such as future taxable income, reversal of existing temporary differences, and tax planning strategies. The Company considers both positive and negative evidence related to the likelihood of the realization of the deferred tax assets. As of March 31, 2020, the Company recorded a valuation allowance against certain state deferred tax assets in the amount of $56.8 million based on its conclusion, considering all available objective evidence and the Company’s history of subsidiary state tax losses, that it was more likely than not that the deferred tax assets would not be realized. The valuation allowance increased to $64.5 million as of June 30, 2021 as a result of certain state net operating loss and tax credit activity. Changes in judgment regarding future realization of these deferred tax assets may result in a reversal of all or a portion of the valuation allowance. The Company will continue to re-assess this position each quarter. |
Capitalization |
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Capitalization, Long-term Debt and Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization | Capitalization Summary of Changes in Common Stock Equity
(1)Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits. Common Stock. During the nine months ended June 30, 2021, the Company issued 105,307 original issue shares of common stock for restricted stock units that vested and 165,161 original issue shares of common stock for performance shares that vested. The Company also issued 30,520 original issue shares of common stock to the non-employee directors of the Company who receive compensation under the Company’s 2009 Non-Employee Director Equity Compensation Plan, including the reinvestment of dividends for certain non-employee directors who elected to defer their shares pursuant to the dividend reinvestment feature of the Company's Non-Employee Directors Deferred Compensation Plan during the nine months ended June 30, 2021. Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes. During the nine months ended June 30, 2021, 82,983 shares of common stock were tendered to the Company for such purposes. The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law. Current Portion of Long-Term Debt. None of the Company's long-term debt as of June 30, 2021 and September 30, 2020 had a maturity date within the following twelve-month period. Long-Term Debt. On February 24, 2021, the Company issued $500.0 million of 2.95% notes due March 1, 2031. After deducting underwriting discounts, commissions and other debt issuance costs, the net proceeds to the Company amounted to $495.3 million. The holders of the notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade. Additionally, the interest rate payable on the notes will be subject to adjustment from time to time, with a maximum adjustment of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). The proceeds of this debt issuance were used for general corporate purposes, including the redemption of $500.0 million of 4.90% notes on March 11, 2021 that were scheduled to mature in December 2021. The Company redeemed those notes for $515.7 million, plus accrued interest. The early redemption premium of $15.7 million was recorded to Interest Expense on Long-Term Debt on the Consolidated Income Statement during the quarter ended March 31, 2021. Short-Term Borrowings. On February 3, 2021, the Company amended its existing 364-day credit facility agreement. The amendment extends the maturity date of the facility from May 3, 2021 to December 30, 2022, and increases the commitment provided under the facility from $200.0 million to $250.0 million of unsecured committed revolving credit access. The Company entered into the amendment with a syndicate of twelve banks, all of which are also lenders under the Company's existing $750.0 million multi-year credit facility.
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Commitments And Contingencies |
9 Months Ended |
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Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | Commitments and Contingencies Environmental Matters. The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and to comply with regulatory requirements. It is the Company’s policy to accrue estimated environmental clean-up costs (investigation and remediation) when such amounts can reasonably be estimated and it is probable that the Company will be required to incur such costs. At June 30, 2021, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $3.0 million, which includes a $0.3 million estimated minimum liability to remediate a former manufactured gas plant site located in New York. In March 2018, the NYDEC issued a Record of Decision for this New York site. Active remedial work at the site has been completed and restoration is currently underway. The Company's liability for such clean-up costs has been recorded in Other Deferred Credits on the Consolidated Balance Sheet at June 30, 2021. The Company expects to recover its environmental clean-up costs through rate recovery over a period of approximately 1 year and is currently not aware of any material additional exposure to environmental liabilities. However, changes in environmental laws and regulations, new information or other factors could have an adverse financial impact on the Company. Northern Access Project. On February 3, 2017, Supply Corporation and Empire received FERC approval of the Northern Access project described herein. Shortly thereafter, the NYDEC issued a Notice of Denial of the federal Clean Water Act Section 401 Water Quality Certification and other state stream and wetland permits for the New York portion of the project (the Water Quality Certification for the Pennsylvania portion of the project was received in January of 2017). The United States Court of Appeals for the Second Circuit (the “Second Circuit Court of Appeals”) held in the Company’s favor in its appeal of this decision, vacating the NYDEC denial and remanding to the NYDEC. The NYDEC subsequently issued a second denial, which the Company has appealed to the Second Circuit Court of Appeals. The court has held this appeal in abeyance pending the outcome of the FERC waiver appeal, described below. While the Company’s initial appeal was pending before the Second Circuit Court of Appeals, the FERC issued an Order finding that the NYDEC exceeded the statutory time frame to take action under the Clean Water Act and, therefore, waived its opportunity to approve or deny the Water Quality Certification. FERC denied rehearing requests associated with its Order and FERC's decisions were appealed. Recently, the Second Circuit Court of Appeals issued an order upholding the FERC waiver orders. In addition, in the Company's state court litigation challenging the NYDEC's actions with regard to various state permits, the New York State Supreme Court issued a decision finding these permits to be preempted. The Company remains committed to the project. Other. The Company is involved in other litigation and regulatory matters arising in the normal course of business. These other matters may include, for example, negligence claims and tax, regulatory or other governmental audits, inspections, investigations and other proceedings. These matters may involve state and federal taxes, safety, compliance with regulations, rate base, cost of service and purchased gas cost issues, among other things. While these other matters arising in the normal course of business could have a material effect on earnings and cash flows in the period in which they are resolved, an estimate of the possible loss or range of loss, if any, cannot be made at this time.
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Business Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segment Information | Business Segment Information The Company reports financial results for four segments: Exploration and Production, Pipeline and Storage, Gathering and Utility. The division of the Company’s operations into reportable segments is based upon a combination of factors including differences in products and services, regulatory environment and geographic factors. The data presented in the tables below reflect financial information for the segments and reconciliations to consolidated amounts. As stated in the 2020 Form 10-K, the Company evaluates segment performance based on income before discontinued operations (when applicable). When this is not applicable, the Company evaluates performance based on net income. There have not been any changes in the basis of segmentation nor in the basis of measuring segment profit or loss from those used in the Company’s 2020 Form 10-K. A listing of segment assets at June 30, 2021 and September 30, 2020 is shown in the tables below.
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Retirement Plan And Other Post-Retirement Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Plan and Other Post-Retirement Benefits | Retirement Plan and Other Post-Retirement Benefits Components of Net Periodic Benefit Cost (in thousands):
(1)The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months. The components of net periodic benefit cost other than service cost are presented in Other Income (Deductions) on the Consolidated Statements of Income. Employer Contributions. During the nine months ended June 30, 2021, the Company contributed $18.9 million to its tax-qualified, noncontributory defined-benefit retirement plan (Retirement Plan) and $2.7 million to its VEBA trusts for its other post-retirement benefits. In the remainder of 2021, the Company expects to contribute approximately $1.1 million to the Retirement Plan. In the remainder of 2021, the Company expects to contribute approximately $0.2 million to its VEBA trusts.
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Regulatory Matters |
9 Months Ended |
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Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Regulatory Matters | Regulatory Matters New York Jurisdiction Distribution Corporation's current delivery rates in its New York jurisdiction were approved by the NYPSC in an order issued on April 20, 2017 with rates becoming effective May 1, 2017. The order provided for a return on equity of 8.7%. The order also directed the implementation of an earnings sharing mechanism to be in place beginning on April 1, 2018. In New York, on March 13, 2020, in response to the COVID-19 pandemic, the Company agreed to NYPSC Staff’s request that the Company suspend service terminations and disconnections. Thereafter, on June 17, 2020, New York enacted a law that prohibits utilities from terminating or disconnecting services to any residential customer for non-payment for the duration of the state disaster emergency. While that legislation expired on March 31, 2021, new legislation was enacted in May 2021 that prohibits utility terminations for non-payment for residential and small commercial customers who experienced a change in financial circumstances due to the COVID-19 state of emergency, with such prohibition running for a period of one hundred eighty days after either the New York State COVID-19 state of emergency is lifted or expires or December 31, 2021, whichever is earlier. On June 24, 2021, the New York State COVID-19 state of emergency expired. Updated guidance issued by the NYPSC on July 6, 2021 confirmed that qualified customers are protected from termination through December 21, 2021 and are eligible for a deferred payment agreement without the requirement of a down payment, late fees, penalties or interest on arrears incurred during the COVID-19 state of emergency. It is uncertain at this point as to whether there would be any regulatory relief for utilities with regard to an increase in costs associated with the COVID-19 pandemic, but it is one of many issues currently being considered in a generic NYPSC proceeding entitled “Proceeding on Motion of the Commission Regarding the Effects of COVID-19 on Utility Service” (Case No. 20-M-0266). Correspondence from NYPSC Staff has recommended that utilities rely on existing avenues of relief for these costs, and has identified additional, more stringent requirements that must be met to achieve relief. Pennsylvania Jurisdiction Distribution Corporation’s current delivery rates in its Pennsylvania jurisdiction were approved by the PaPUC on November 30, 2006 as part of a settlement agreement that became effective January 1, 2007. The rate settlement does not specify any requirement to file a future rate case. On July 22, 2021, Distribution Corporation filed a supplement to its current Pennsylvania tariff proposing to reduce base rates effective October 1, 2021 by $7.7 million in order to stop collecting other post-employment benefit (“OPEB”) expenses from customers at this time, to begin to refund to customers over-collected OPEB expenses in the amount of $50.0 million, and to make certain other adjustments to further reduce Distribution Corporation’s regulatory liability associated with OPEB expenses. The refund would be funded entirely by grantor trust assets held by the Company, most of which are included in a fixed income mutual fund that is a component of Other Investments on the Company’s Consolidated Balance Sheet. With the elimination of OPEB expenses in base rates, Distribution Corporation would no longer fund the grantor trust or its VEBA trusts in its Pennsylvania jurisdiction. The proposals in the supplement filed by Distribution Corporation are subject to change and require PaPUC approval. On March 26, 2020, the PaPUC ratified an Emergency Order that established a Service Termination Moratorium intended to continue during the pendency of Governor Wolf’s March 6, 2020 Proclamation of Disaster Emergency associated with the COVID-19 pandemic. On May 13, 2020, the Company (and other Pennsylvania local distribution companies) received a Secretarial Letter from the PaPUC regarding COVID-19 pandemic cost tracking and regulatory assets. The Secretarial Letter directs utilities to track “extraordinary, nonrecurring incremental COVID-19 related expenses” so the Commission can understand the impact of these expenses on the utilities’ finances. It also authorizes the creation of a utility regulatory asset, but only for incremental uncollectible expenses incurred above those embedded in rates (and incurred since the issuance of the Emergency Order). On October 8, 2020, the Commission issued an order ending the moratorium effective November 9, 2020, imposing a list of enhanced customer protections that expired on March 31, 2021. On March 11, 2021, the Commission adopted an order lifting the utility service termination moratorium effective April 1, 2021, and authorizing utilities to return to the regular collections process with certain modifications to customer payment arrangements. The October and March orders expanded the aforementioned potential utility regulatory asset to include all incremental COVID-19 related expenses incurred above those embedded in rates resulting from directives contained in the orders. The Company continues to monitor this item for potential deferral opportunity. FERC Jurisdiction Supply Corporation’s rate settlement, approved June 1, 2020, provides that no party may make a rate filing for new rates to be effective before February 1, 2024, except that Supply Corporation may file an NGA general Section 4 rate case to change rates if the corporate federal income tax rate is increased. If no case has been filed, Supply Corporation must file for rates to be effective February 1, 2025. Supply has no rate case currently on file. Empire’s 2019 rate settlement provides that Empire must make a rate case filing no later than May 1, 2025.
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Summary Of Significant Accounting Policies (Policy) |
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Principles of Consolidation | Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Earnings For Interim Periods | Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Form 10-Q) that are necessary for a fair statement of the results of operations for the reported periods. The consolidated financial statements and notes thereto, included herein, should be read in conjunction with the financial statements and notes for the years ended September 30, 2020, 2019 and 2018 that are included in the Company's 2020 Form 10-K. The consolidated financial statements for the year ended September 30, 2021 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year. |
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Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows. The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents. The Company’s restricted cash is composed entirely of amounts reported as Hedging Collateral Deposits on the Consolidated Balance Sheets. Hedging Collateral Deposits is an account title for cash held in margin accounts funded by the Company to serve as collateral for hedging positions. In accordance with its accounting policy, the Company does not offset hedging collateral deposits paid or received against related derivative financial instruments liability or asset balances.
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Allowance for Uncollectible Accounts | Allowance for Uncollectible Accounts. The allowance for uncollectible accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic environment. Account balances are charged off against the allowance twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. As a result of the COVID-19 pandemic and associated increase in customer non-payment, the Company has increased the bad debt reserve to account for the modestly higher receivable balances. Activity in the allowance for uncollectible accounts for the nine months ended June 30, 2021 are as follows (in thousands):
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Gas Stored Underground | Gas Stored Underground. In the Utility segment, gas stored underground is carried at lower of cost or net realizable value, on a LIFO method. Gas stored underground normally declines during the first and second quarters of the year and is replenished during the third and fourth quarters. In the Utility segment, the current cost of replacing gas withdrawn from storage is recorded in the Consolidated Statements of Income and a reserve for gas replacement is recorded in the Consolidated Balance Sheets under the caption “Other Accruals and Current Liabilities.” Such reserve, which amounted to $9.2 million at June 30, 2021, is reduced to zero by September 30 of each year as the inventory is replenished. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Materials, Supplies and Emission Allowances | Materials, Supplies and Emission Allowances. The components of the Company's materials, supplies and emission allowances are as follows (in thousands):
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Property, Plant and Equipment | Property, Plant and Equipment. In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Company's capitalized costs relating to oil and gas producing activities, net of accumulated depreciation, depletion and amortization, were $1.8 billion at both June 30, 2021 and September 30, 2020. Capitalized costs include costs related to unproved properties, which are excluded from amortization until proved reserves are found or it is determined that the unproved properties are impaired. Such costs amounted to $136.7 million and $148.1 million at June 30, 2021 and September 30, 2020, respectively. All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the pool of capitalized costs being amortized. Capitalized costs are subject to the SEC full cost ceiling test. The ceiling test, which is performed each quarter, determines a limit, or ceiling, on the amount of property acquisition, exploration and development costs that can be capitalized. The ceiling under this test represents (a) the present value of estimated future net cash flows, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, using a discount factor of 10%, which is computed by applying prices of oil and gas (as adjusted for hedging) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet, less estimated future expenditures, plus (b) the cost of unevaluated properties not being depleted, less (c) income tax effects related to the differences between the book and tax basis of the properties. The gas and oil prices used to calculate the full cost ceiling are based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the twelve-month period prior to the end of the reporting period. If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent non-cash impairment is required to be charged to earnings in that quarter. At June 30, 2021, the ceiling exceeded the book value of the oil and gas properties by approximately $409.8 million. The book value of the oil and gas properties exceeded the ceiling at December 31, 2020. As such, the Company recognized a non-cash, pre-tax impairment charge of $76.2 million for the quarter ended December 31, 2020. A deferred income tax benefit of $21.0 million related to the non-cash impairment charge was also recognized for the quarter ended December 31, 2020. In adjusting estimated future cash flows for hedging under the ceiling test at June 30, 2021, estimated future net cash flows were increased by $91.0 million. |
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Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss). The components of Accumulated Other Comprehensive Income (Loss) and changes for the nine months ended June 30, 2021 and 2020, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
In August 2017, the FASB issued authoritative guidance which changed the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and to simplify the application of hedge accounting. The Company adopted this authoritative guidance effective October 1, 2019, recognizing a cumulative effect adjustment that decreased retained earnings by $1.0 million and increased accumulated other comprehensive income by the same amount.
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Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | Reclassifications Out of Accumulated Other Comprehensive Income (Loss). The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the nine months ended June 30, 2021 and 2020 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
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Other Current Assets | Other Current Assets. The components of the Company’s Other Current Assets are as follows (in thousands):
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Other Accruals and Current Liabilities | Other Accruals and Current Liabilities. The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
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Earnings Per Common Share | Earnings Per Common Share. Basic earnings per common share is computed by dividing income or loss by the weighted average number of common shares outstanding for the period. Diluted earnings per common share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For purposes of determining earnings per common share, the potentially dilutive securities the Company had outstanding were SARs, restricted stock units and performance shares. For the quarter and nine months ended June 30, 2021, the diluted weighted average shares outstanding shown on the Consolidated Statements of Income reflects the potential dilution as a result of these securities as determined using the Treasury Stock Method. SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 334,335 securities and 333,445 securities excluded as being antidilutive for the quarter and nine months ended June 30, 2021, respectively. There were 513,428 securities and 513,180 securities excluded as being antidilutive for the quarter and nine months ended June 30, 2020, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation. The Company granted 309,470 performance shares during the nine months ended June 30, 2021. The weighted average fair value of such performance shares was $39.19 per share for the nine months ended June 30, 2021. Performance shares are an award constituting units denominated in common stock of the Company, the number of which may be adjusted over a performance cycle based upon the extent to which performance goals have been satisfied. Earned performance shares may be distributed in the form of shares of common stock of the Company, an equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company. The performance shares do not entitle the participant to receive dividends during the vesting period. Half of the performance shares granted during the nine months ended June 30, 2021 must meet a performance goal related to relative return on capital over a three-year performance cycle. The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”). Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database. The number of these performance shares that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company. The fair value of these performance shares is calculated by multiplying the expected number of shares that will be issued by the average market price of Company common stock on the date of grant reduced by the present value of forgone dividends over the vesting term of the award. The fair value is recorded as compensation expense over the vesting term of the award. The other half of the performance shares granted during the nine months ended June 30, 2021 must meet a performance goal related to relative total shareholder return over a three-year performance cycle. The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group. Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database. The number of these total shareholder return performance shares ("TSR performance shares") that will vest and be paid will depend upon the Company’s performance relative to the Report Group and not upon the absolute level of return achieved by the Company. The fair value price at the date of grant for the TSR performance shares is determined using a Monte Carlo simulation technique, which includes a reduction in value for the present value of forgone dividends over the vesting term of the award. This price is multiplied by the number of TSR performance shares awarded, the result of which is recorded as compensation expense over the vesting term of the award. The Company granted 172,513 restricted stock units during the nine months ended June 30, 2021. The weighted average fair value of such restricted stock units was $37.98 per share for the nine months ended June 30, 2021. Restricted stock units represent the right to receive shares of common stock of the Company (or the equivalent value in cash or a combination of cash and shares of common stock of the Company, as determined by the Company) at the end of a specified time period. These restricted stock units do not entitle the participant to receive dividends during the vesting period. The accounting for restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award.
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New Authoritative Accounting and Financial Reporting Guidance | New Authoritative Accounting and Financial Reporting Guidance. On October 1, 2020, the Company adopted authoritative guidance regarding the measurement of credit losses on financial assets measured at amortized cost. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected, which means that companies are required to recognize an allowance for credit losses for the difference between the amortized cost basis of the financial asset and the amount expected to be collected over the contractual life of the asset. Prior to adoption, the Company analyzed its financial assets measured at amortized cost, primarily trade receivables. The adoption of this guidance did not have a material impact to the Company’s financial statements. |
Summary Of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Cash, Cash Equivalents and Restricted Cash | The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands):
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Schedule of Allowance for Uncollectible Accounts | Activity in the allowance for uncollectible accounts for the nine months ended June 30, 2021 are as follows (in thousands):
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Schedule of Materials, Supplies and Emission Allowances | The components of the Company's materials, supplies and emission allowances are as follows (in thousands):
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Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income (Loss) and changes for the nine months ended June 30, 2021 and 2020, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
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Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the nine months ended June 30, 2021 and 2020 are as follows (amounts in parentheses indicate debits to the income statement) (in thousands):
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Schedule of Other Current Assets | The components of the Company’s Other Current Assets are as follows (in thousands):
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Schedule of Other Accruals and Current Liabilities | The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
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Revenue from Contracts with Customers (Tables) |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables provide a disaggregation of the Company's revenues for the quarter and nine months ended June 30, 2021 and 2020, presented by type of service from each reportable segment.
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of June 30, 2021 and September 30, 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over-the-counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.
(1)Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet.
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Financial Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments, Owned, at Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | Based on these criteria, the fair market value of long-term debt, including current portion, was as follows (in thousands):
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Schedule Of Other Investments | The components of the Company's Other Investments are as follows (in thousands):
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Schedule of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance |
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Capitalization (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization, Long-term Debt and Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Common Stock Equity | Summary of Changes in Common Stock Equity
(1)Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits.
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Business Segment Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Segment Information By Segment |
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Retirement Plan And Other Post-Retirement Benefits (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost (in thousands):
(1)The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
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Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
---|---|---|---|---|
Cash and Cash Equivalents [Line Items] | ||||
Cash and Temporary Cash Investments | $ 118,012 | $ 20,541 | $ 556,264 | $ 20,428 |
Hedging Collateral Deposits | 1,710 | 0 | 7,699 | 6,832 |
Cash, Cash Equivalents and Restricted Cash | $ 119,722 | $ 20,541 | $ 563,963 | $ 27,260 |
Summary Of Significant Accounting Policies (Allowance for Uncollectible Accounts) (Details) $ in Thousands |
9 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Allowance for Uncollectible Accounts [Roll Forward] | |
Balance at Beginning of Period | $ 22,810 |
Additions Charged to Costs and Expenses | 13,375 |
Add: Discounts on Purchased Receivables | 1,097 |
Deduct: Net Accounts Receivable Written-Off | 4,960 |
Balance at End of Period | $ 32,322 |
Summary of Significant Account Policies (Materials, Supplies and Emission Allowances) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Materials, Supplies and Emission Allowances [Line Items] | ||
Materials and Supplies - at average cost | $ 35,060 | $ 33,859 |
Emission Allowances | 18,680 | 18,018 |
Materials, Supplies and Emission Allowances | $ 53,740 | $ 51,877 |
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Prepayments | $ 17,106 | $ 12,851 |
Prepaid Property and Other Taxes | 11,442 | 14,269 |
Regulatory Assets | 23,421 | 16,609 |
Other Current Assets | 51,969 | 47,557 |
State [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Income Taxes Receivable | $ 0 | $ 3,828 |
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Regulatory Liabilities | $ 29,786 | $ 44,890 |
Reserve for Gas Replacement | 12,451 | 33,338 |
Liability for Royalty and Working Interests | 23,619 | 15,665 |
Other Accruals and Current Liabilities | 168,378 | 140,176 |
Accrued Capital Expenditures [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 55,632 | 33,344 |
Reserve For Gas Replacement [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reserve for Gas Replacement | 9,185 | 0 |
Other Accruals [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 35,696 | 31,817 |
Non-Qualified [Member] | Current [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non-Qualified Benefit Plan Liability | $ 14,460 | $ 14,460 |
Asset Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Asset Acquisition and Divestitures [Line Items] | |||||
Total Consideration for Asset Acquisition | $ 506,300 | ||||
Assets Held for Sale, Net | $ 0 | $ 0 | $ 53,424 | ||
Net Proceeds from Sale of Timber Properties | 104,582 | $ 0 | |||
Gain on Sale of Timber Properties | $ 0 | $ 0 | $ 51,066 | $ 0 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
Jun. 30, 2021 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Sep. 30, 2019 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Hedging Collateral Deposits | $ 1,710,000 | $ 0 | $ 7,699,000 | $ 6,832,000 |
Fair Value, Inputs, Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Hedging Collateral Deposits | 1,710,000 | |||
Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Level 3 Fair Value | $ 0 | $ 0 |
Financial Instruments (Narrative) (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021
USD ($)
counterparty
bbl
MMcf
|
Sep. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Sep. 30, 2019
USD ($)
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign Currency Forward Contract Hedge Duration | 10 years | |||
Net hedging gains (losses) in accumulated other comprehensive income (loss) | $ (205,500) | |||
After tax net hedging gains (losses) in accumulated other comprehensive income (loss) | (148,600) | |||
Pre-Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | (166,300) | |||
After Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | (120,200) | |||
Fair market value of derivative liability with a credit-risk related contingency | 190,400 | |||
Hedging Collateral Deposits | 1,710 | $ 0 | $ 7,699 | $ 6,832 |
Less Than $100,000 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Fair market value of derivative asset with a credit-risk related contingency | $ 100 | |||
Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedge Duration | 5 years | |||
Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of counterparties in which the company holds over-the-counter swap positions | counterparty | 17 | |||
Number of counterparties in net gain position | counterparty | 1 | |||
Collateral Received by the Company | $ 0 | |||
Hedging Collateral Deposits | 1,700 | |||
Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts [Member] | Less Than $100,000 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Credit risk exposure per counterparty | $ 100 | |||
Natural Gas MMCf [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Nonmonetary notional amount of price risk cash flow hedge derivatives, natural gas | MMcf | 359,400 | |||
Crude Oil Bbls [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Nonmonetary notional amount of price risk cash flow hedge derivatives, crude oil | bbl | 2,409,000 | |||
Foreign Currency Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 65,000 | |||
Credit Risk Related Contingency Feature [Member] | Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of counterparties with a common credit-risk related contingency | counterparty | 15 |
Financial Instruments (Long-Term Debt) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Financial Instruments, Owned, at Fair Value [Abstract] | ||
Carrying Amount | $ 2,627,860 | $ 2,629,576 |
Fair Value | $ 2,913,834 | $ 2,778,556 |
Financial Investments (Other Investments) (Details) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Sep. 30, 2020 |
---|---|---|
Investment Holdings [Line Items] | ||
Life Insurance Contracts | $ 44,013 | $ 41,992 |
Other Investments | 149,250 | 154,502 |
Equity Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 34,849 | 39,618 |
Fixed Income Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 70,388 | 72,253 |
Marketable Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | $ 0 | $ 639 |
Financial Instruments (Schedule Of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | $ (201,498) | $ 4,904 | $ (187,850) | $ 81,703 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (13,129) | 36,347 | (17,106) | 68,733 |
Foreign Currency Contracts [Member] | Operating Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | 616 | 2,058 | 3,792 | (1,693) |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | 152 | (357) | 245 | (820) |
Commodity Contracts [Member] | Operating Revenues [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | (202,114) | 3,273 | (191,642) | 82,825 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (13,281) | 36,726 | (17,351) | 67,663 |
Commodity Contracts [Member] | Purchased Gas [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | 0 | (427) | 0 | 571 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | $ 0 | $ (22) | $ 0 | $ 1,890 |
Income Taxes (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Income Taxes [Line Items] | |||||
Effective Tax Rate | 26.00% | 24.10% | 26.50% | 78.90% | |
Valuation Allowance | $ 64.5 | $ 64.5 | $ 56.8 |
Capitalization (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | ||||
---|---|---|---|---|---|
Feb. 24, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 11, 2021 |
Sep. 30, 2020 |
|
Debt Instrument [Line Items] | |||||
Shares tendered | 82,983 | ||||
Current Portion of Long-Term Debt | $ 0 | $ 0 | |||
Net Proceeds from Issuance of Long-Term Debt | 495,267 | $ 493,108 | |||
Gain (Loss) on Extinguishment of Debt | (15,715) | $ 0 | |||
4.90% Notes Due December 1, 2021 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt, face value | $ 500,000 | ||||
Long-term debt, interest rate | 4.90% | ||||
Debt Instrument, Redeemed | 515,700 | ||||
Gain (Loss) on Extinguishment of Debt | (15,700) | ||||
2.95% Notes Due March 1, 2031 [Member] | |||||
Debt Instrument [Line Items] | |||||
Long-Term Debt, face value | $ 500,000 | ||||
Long-term debt, interest rate | 2.95% | ||||
Net Proceeds from Issuance of Long-Term Debt | $ 495,300 | ||||
Maximum interest rate adjustment | 2.00% | ||||
Percentage of Principal Amount | 101.00% | ||||
Fourth Amended & Restated Credit Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 750,000 | ||||
364-Day Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000 | ||||
Line of Credit Facility, Original Maximum Borrowing Capacity | $ 200,000 | ||||
Restricted Stock Units [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock issued | 105,307 | ||||
Performance Shares [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock issued | 165,161 | ||||
Board Of Directors [Member] | |||||
Debt Instrument [Line Items] | |||||
Common stock issued | 30,520 |
Capitalization and Short-Term Borrowings (Summary of Changes in Common Stock Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Schedule of Capitalization, Equity [Line Items] | ||||||
Beginning balance (shares) | 90,954,696 | |||||
Beginning balance | $ 1,004,158 | |||||
Balance at Beginning of Period | $ 1,100,718 | $ 1,176,870 | 991,630 | $ 1,272,601 | ||
Balance at Beginning of Period | (101,988) | (18,917) | (114,757) | (52,155) | ||
Net Income Available for Common Stock | 86,475 | 41,250 | 276,685 | 21,773 | ||
Dividends Declared on Common Stock | (41,493) | (40,470) | (122,615) | (115,774) | ||
Other Comprehensive Income (Loss), Net of Tax | $ (136,474) | (22,877) | $ (123,705) | 10,361 | ||
Ending balance (shares) | 91,172,701 | 91,172,701 | ||||
Ending balance | $ 1,012,703 | $ 1,012,703 | ||||
Balance at June 30 | 1,145,700 | 1,177,650 | 1,145,700 | 1,177,650 | ||
Balance at End of Period | $ (238,462) | $ (41,794) | $ (238,462) | $ (41,794) | ||
Dividends per share | $ 0.455 | $ 0.445 | $ 1.345 | $ 1.315 | ||
Paid-in Capital [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Common Stock Issued Under Stock and Benefit Plans | $ 432 | $ 426 | ||||
Common Stock Issued from Sale of Common Stock (Value) | 161,488 | $ 161,488 | ||||
Beginning balance | 1,009,075 | 835,444 | $ 1,004,158 | 832,264 | ||
Share-Based Payment Expense | [1] | 3,196 | 1,699 | 10,975 | 8,403 | |
Stock Repurchased under Stock and Benefit Plans | (2,430) | (3,098) | ||||
Ending balance | 1,012,703 | 999,057 | 1,012,703 | 999,057 | ||
Earnings Reinvested in The Business [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Balance at Beginning of Period | 1,100,718 | 1,176,870 | 991,630 | 1,272,601 | ||
Net Income Available for Common Stock | 86,475 | 41,250 | 276,685 | 21,773 | ||
Dividends Declared on Common Stock | (41,493) | (40,470) | (122,615) | (115,774) | ||
Balance at June 30 | 1,145,700 | 1,177,650 | 1,145,700 | 1,177,650 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Balance at Beginning of Period | (101,988) | (18,917) | (114,757) | (52,155) | ||
Other Comprehensive Income (Loss), Net of Tax | (136,474) | (22,877) | (123,705) | 10,361 | ||
Balance at End of Period | $ (238,462) | $ (41,794) | $ (238,462) | $ (41,794) | ||
Common Stock [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Beginning balance (shares) | 91,164,000 | 86,562,000 | 90,955,000 | 86,315,000 | ||
Beginning balance (value) | $ 91,164 | $ 86,562 | $ 90,955 | $ 86,315 | ||
Common Stock Issued Under Stock and Benefit Plans (Shares) | 9,000 | 12,000 | 218,000 | 259,000 | ||
Common Stock Issued Under Stock and Benefit Plans | $ 9 | $ 12 | $ 218 | $ 259 | ||
Common Stock Issued from Sale of Common Stock (Shares) | 4,370,000 | 4,370,000 | ||||
Common Stock Issued from Sale of Common Stock (Value) | $ 4,370 | $ 4,370 | ||||
Ending balance (shares) | 91,173,000 | 90,944,000 | 91,173,000 | 90,944,000 | ||
Ending balance (value) | $ 91,173 | $ 90,944 | $ 91,173 | $ 90,944 | ||
Guidance for Hedging [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Balance at Beginning of Period | $ 0 | $ 0 | $ 0 | (950) | ||
Guidance for Hedging [Member] | Earnings Reinvested in The Business [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Balance at Beginning of Period | $ (950) | |||||
|
Commitments And Contingencies (Details) $ in Millions |
9 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Site Contingency [Line Items] | |
Estimated minimum liability for environmental remediation | $ 3.0 |
Rate recovery period | 1 year |
Former Manufactured Gas Plant Site New York [Member] | |
Site Contingency [Line Items] | |
Estimated minimum liability for environmental remediation | $ 0.3 |
Business Segment Information (Narrative) (Details) |
9 Months Ended |
---|---|
Jun. 30, 2021
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (Financial Segment Information By Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Sep. 30, 2020 |
|
Segment Reporting Information [Line Items] | |||||
Revenue | $ 394,397 | $ 323,019 | $ 1,386,671 | $ 1,258,301 | |
Segment Profit: Net Income (Loss) | 86,475 | 41,250 | 276,685 | 21,773 | |
Segment Assets | 7,208,675 | 7,208,675 | $ 6,964,935 | ||
Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 394,397 | 323,019 | 1,386,671 | 1,258,301 | |
Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Exploration And Production [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 209,535 | 131,228 | 621,116 | 452,728 | |
Segment Profit: Net Income (Loss) | 39,015 | (6,434) | 46,213 | (157,733) | |
Segment Assets | 2,068,003 | 2,068,003 | 1,979,028 | ||
Exploration And Production [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 209,535 | 131,228 | 621,116 | 452,728 | |
Exploration And Production [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 0 | 0 | 0 | 0 | |
Pipeline And Storage [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 84,063 | 77,813 | 258,532 | 229,278 | |
Segment Profit: Net Income (Loss) | 21,948 | 22,623 | 71,060 | 62,815 | |
Segment Assets | 2,280,993 | 2,280,993 | 2,204,971 | ||
Pipeline And Storage [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 57,258 | 51,020 | 175,881 | 151,908 | |
Pipeline And Storage [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 26,805 | 26,793 | 82,651 | 77,370 | |
Gathering [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 48,656 | 33,299 | 145,927 | 103,355 | |
Segment Profit: Net Income (Loss) | 20,427 | 15,239 | 61,677 | 51,081 | |
Segment Assets | 840,635 | 840,635 | 945,199 | ||
Gathering [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 588 | 0 | 1,610 | 0 | |
Gathering [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 48,068 | 33,299 | 144,317 | 103,355 | |
Utility [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 127,008 | 127,037 | 586,889 | 578,355 | |
Segment Profit: Net Income (Loss) | 4,841 | 6,254 | 59,922 | 64,335 | |
Segment Assets | 2,119,835 | 2,119,835 | 2,067,852 | ||
Utility [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 126,934 | 124,390 | 586,618 | 569,856 | |
Utility [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 74 | 2,647 | 271 | 8,499 | |
Total Reportable Segments [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Segment Profit: Net Income (Loss) | 86,231 | 37,682 | 238,872 | 20,498 | |
Segment Assets | 7,309,466 | 7,309,466 | 7,197,050 | ||
Total Reportable Segments [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 394,315 | 306,638 | 1,385,225 | 1,174,492 | |
Total Reportable Segments [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 74,947 | 62,739 | 227,239 | 189,224 | |
All Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1 | 16,627 | 1,196 | 84,043 | |
Segment Profit: Net Income (Loss) | 1,039 | (9) | 37,617 | 1,532 | |
Segment Assets | 3,971 | 3,971 | 113,571 | ||
All Other [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (1) | 16,286 | 1,174 | 83,445 | |
All Other [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 2 | 341 | 22 | 598 | |
Corporate And Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | (74,866) | (62,985) | (226,989) | (189,458) | |
Segment Profit: Net Income (Loss) | (795) | 3,577 | 196 | (257) | |
Segment Assets | (104,762) | (104,762) | $ (345,686) | ||
Corporate And Intersegment Eliminations [Member] | Revenue from External Customers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 83 | 95 | 272 | 364 | |
Corporate And Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ (74,949) | $ (63,080) | $ (227,261) | $ (189,822) |
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details) $ in Millions |
9 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 18.9 |
Estimated future contributions in remainder of fiscal year | 1.1 |
VEBA Trusts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | 2.7 |
Estimated future contributions in remainder of fiscal year | $ 0.2 |
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Retirement Plan [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service Cost | $ 2,466 | $ 2,330 | $ 7,399 | $ 6,989 | ||
Interest Cost | 5,422 | 7,483 | 16,265 | 22,448 | ||
Expected Return on Plan Assets | (14,537) | (15,016) | (43,611) | (45,048) | ||
Amortization of Prior Service Cost (Credit) | 158 | 182 | 473 | 547 | ||
Amortization of Losses | 9,203 | 9,846 | 27,610 | 29,538 | ||
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) | [1] | 2,772 | 604 | 14,194 | 7,651 | |
Net Periodic Benefit Cost | 5,484 | 5,429 | 22,330 | 22,125 | ||
Other Post-Retirement Benefit Plans [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service Cost | 400 | 402 | 1,202 | 1,206 | ||
Interest Cost | 2,326 | 3,228 | 6,977 | 9,685 | ||
Expected Return on Plan Assets | (7,241) | (7,308) | (21,723) | (21,924) | ||
Amortization of Prior Service Cost (Credit) | (107) | (107) | (321) | (322) | ||
Amortization of Losses | 212 | 134 | 636 | 401 | ||
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) | [1] | 6,639 | 6,036 | 22,942 | 21,131 | |
Net Periodic Benefit Cost | $ 2,229 | $ 2,385 | $ 9,713 | $ 10,177 | ||
|
Regulatory Matters (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended |
---|---|---|
Jun. 30, 2021 |
Jun. 30, 2021 |
|
NEW YORK | ||
Regulatory Matters [Line Items] | ||
Approved Return on Equity | 8.70% | |
PENNSYLVANIA | ||
Regulatory Matters [Line Items] | ||
Proposed Base Rate Reduction | $ (7.7) | |
Proposed refund to customers from over-collection of OPEB expenses | $ 50.0 |
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