(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 | ||||
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 | |||||
2022 Form 10-K | The Company’s Annual Report on Form 10-K for the year ended September 30, 2022 | ||||
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. | ||||
EAP | Energy Affordability Program; a program that provides bill discounts to gas customers who receive benefits under qualifying public assistance programs. | ||||
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 | ||||
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. | ||||
SOFR | Secured Overnight Financing Rate | ||||
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/WNA | Weather normalization clause/adjustment; 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 December 31, | |||||||||||
(Thousands of U.S. Dollars, Except Per Common Share Amounts) | 2022 | 2021 | |||||||||
INCOME | |||||||||||
Operating Revenues: | |||||||||||
Utility Revenues | $ | $ | |||||||||
Exploration and Production and Other Revenues | |||||||||||
Pipeline and Storage and Gathering Revenues | |||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | |||||||||||
Operation and Maintenance: | |||||||||||
Utility | |||||||||||
Exploration and Production and Other | |||||||||||
Pipeline and Storage and Gathering | |||||||||||
Property, Franchise and Other Taxes | |||||||||||
Depreciation, Depletion and Amortization | |||||||||||
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 | ( | ( | |||||||||
Balance at December 31 | $ | $ | |||||||||
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 December 31, | |||||||||||
(Thousands of U.S. Dollars) | 2022 | 2021 | |||||||||
Net Income Available for Common Stock | $ | $ | |||||||||
Other Comprehensive Income, 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 | |||||||||||
Other Comprehensive Income, 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 Taxes – Net | |||||||||||
Other Comprehensive Income | |||||||||||
Comprehensive Income | $ | $ |
December 31, 2022 | September 30, 2022 | ||||||||||
(Thousands of U.S. Dollars) | |||||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | $ | $ | |||||||||
Less - Accumulated Depreciation, Depletion and Amortization | |||||||||||
Current Assets | |||||||||||
Cash and Temporary Cash Investments | |||||||||||
Hedging Collateral Deposits | |||||||||||
Receivables – Net of Allowance for Uncollectible Accounts of $ | |||||||||||
Unbilled Revenue | |||||||||||
Gas Stored Underground | |||||||||||
Materials and Supplies - at average cost | |||||||||||
Unrecovered Purchased Gas Costs | |||||||||||
Other Current Assets | |||||||||||
Other Assets | |||||||||||
Recoverable Future Taxes | |||||||||||
Unamortized Debt Expense | |||||||||||
Other Regulatory Assets | |||||||||||
Deferred Charges | |||||||||||
Other Investments | |||||||||||
Goodwill | |||||||||||
Prepaid Pension and Post-Retirement Benefit Costs | |||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
December 31, 2022 | September 30, 2022 | ||||||||||
(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 | |||||||||||
Current Portion of Long-Term Debt | |||||||||||
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 | |||||||||||
Other Liabilities | |||||||||||
Deferred Income Taxes | |||||||||||
Taxes Refundable to Customers | |||||||||||
Cost of Removal Regulatory Liability | |||||||||||
Other Regulatory Liabilities | |||||||||||
Other Post-Retirement Liabilities | |||||||||||
Asset Retirement Obligations | |||||||||||
Other Liabilities | |||||||||||
Commitments and Contingencies (Note 8) | |||||||||||
Total Capitalization and Liabilities | $ | $ |
Three Months Ended December 31, | |||||||||||
(Thousands of U.S. Dollars) | 2022 | 2021 | |||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income Available for Common Stock | $ | $ | |||||||||
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||||||||||
Depreciation, Depletion and Amortization | |||||||||||
Deferred Income Taxes | |||||||||||
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 | ( | ( | |||||||||
Sale of Fixed Income Mutual Fund Shares in Grantor Trust | |||||||||||
Other | |||||||||||
Net Cash Used in Investing Activities | ( | ( | |||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from Issuance of Short-Term Note Payable to Bank | |||||||||||
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper | ( | ||||||||||
Reduction of Long-Term Debt | ( | ||||||||||
Dividends Paid on Common Stock | ( | ( | |||||||||
Net Repurchases of Common Stock | ( | ( | |||||||||
Net Cash Used in Financing Activities | ( | ( | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents, and Restricted Cash at October 1 | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at December 31 | $ | $ | |||||||||
Supplemental Disclosure of Cash Flow Information | |||||||||||
Non-Cash Investing Activities: | |||||||||||
Non-Cash Capital Expenditures | $ | $ | |||||||||
Three Months Ended December 31, 2022 | Three Months Ended December 31, 2021 | ||||||||||||||||||||||
Balance at December 31, 2022 | Balance at October 1, 2022 | Balance at December 31, 2021 | Balance at October 1, 2021 | ||||||||||||||||||||
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 | Discounts on Purchased Receivables | Net Accounts Receivable Recovered (Written-Off) | Balance at End of Period | |||||||||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | $ | $ | $ | $ | $ |
Gains and Losses on Derivative Financial Instruments | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | |||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||
Balance at October 1, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | |||||||||||||||||
Amounts Reclassified From Other Comprehensive Income | |||||||||||||||||
Balance at December 31, 2022 | $ | ( | $ | ( | $ | ( | |||||||||||
Three Months Ended December 31, 2021 | |||||||||||||||||
Balance at October 1, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | |||||||||||||||||
Amounts Reclassified From Other Comprehensive Income | |||||||||||||||||
Balance at December 31, 2021 | $ | ( | $ | ( | $ | ( | |||||||||||
Details About Accumulated Other Comprehensive Loss Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Loss | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | ||||||||||||||||||||
Commodity Contracts | ($ | ($ | Operating Revenues | |||||||||||||||||
Foreign Currency Contracts | ( | Operating Revenues | ||||||||||||||||||
( | ( | Total Before Income Tax | ||||||||||||||||||
Income Tax Expense | ||||||||||||||||||||
($ | ($ | Net of Tax |
At December 31, 2022 | At September 30, 2022 | ||||||||||
Prepayments | $ | $ | |||||||||
Prepaid Property and Other Taxes | |||||||||||
Prepaid State Income Taxes | |||||||||||
Regulatory Assets | |||||||||||
$ | $ |
At December 31, 2022 | At September 30, 2022 | ||||||||||
Accrued Capital Expenditures | $ | $ | |||||||||
Regulatory Liabilities | |||||||||||
Reserve for Gas Replacement | |||||||||||
Liability for Royalty and Working Interests | |||||||||||
Non-Qualified Benefit Plan Liability | |||||||||||
Other | |||||||||||
$ | $ |
Quarter Ended December 31, 2022 (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 | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
Quarter Ended December 31, 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 | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues from Contracts with Customers | ( | ||||||||||||||||||||||||||||||||||||||||
Alternative Revenue Programs | |||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | ( | ( | |||||||||||||||||||||||||||||||||||||||
Total Revenues | $ | $ | $ | $ | $ | $ | ( | $ |
Recurring Fair Value Measures | At fair value as of December 31, 2022 | ||||||||||||||||||||||||||||
(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 | ( | ||||||||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | ( | ||||||||||||||||||||||||||||
Contingent Consideration for Asset Sale | |||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ( | |||||||||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||||||
Balanced Equity Mutual Fund | |||||||||||||||||||||||||||||
Fixed Income Mutual Fund | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
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, 2022 | ||||||||||||||||||||||||||||
(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 | ( | ||||||||||||||||||||||||||||
Contingent Consideration for Asset Sale | |||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Other Investments: | |||||||||||||||||||||||||||||
Balanced Equity Mutual Fund | |||||||||||||||||||||||||||||
Fixed Income Mutual Fund | |||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | |||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Net Assets/(Liabilities) | $ | $ | ( | $ | $ | $ | ( |
December 31, 2022 | September 30, 2022 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Long-Term Debt | $ | $ | $ | $ |
At December 31, 2022 | At September 30, 2022 | ||||||||||
Life Insurance Contracts | $ | $ | |||||||||
Equity Mutual Fund | |||||||||||
Fixed Income Mutual Fund | |||||||||||
$ | $ |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the | |||||||||||||||||
Three Months Ended December 31, 2022 and 2021 (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 December 31, | 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 December 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Commodity Contracts | $ | $ | Operating Revenue | $ | ( | $ | ( | ||||||||||
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 October 1, 2022 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | ( | ||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Balance at October 1, 2021 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Net Income Available for Common Stock | |||||||||||||||||||||||||||||
Dividends Declared on Common Stock ($ | ( | ||||||||||||||||||||||||||||
Other Comprehensive Income, Net of Tax | |||||||||||||||||||||||||||||
Share-Based Payment Expense (1) | |||||||||||||||||||||||||||||
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | ( | ||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Quarter Ended December 31, 2022 (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) | $ | $ | $ | $ | $ | $( | $ | $ | ||||||||||||||||||
(Thousands) | Exploration and Production | Pipeline and Storage | Gathering | Utility | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | ||||||||||||||||||
Segment Assets: | ||||||||||||||||||||||||||
At December 31, 2022 | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
At September 30, 2022 | $ | $ | $ | $ | $ | $ | $( | $ |
Quarter Ended December 31, 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) | $ | $ | $ | $ | $ | $( | $( | $ |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||
Three Months Ended December 31, | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Service Cost | $ | $ | $ | $ | |||||||||||||
Interest Cost | |||||||||||||||||
Expected Return on Plan Assets | ( | ( | ( | ( | |||||||||||||
Amortization of Prior Service Cost (Credit) | ( | ( | |||||||||||||||
Amortization of (Gains) Losses | ( | ( | ( | ||||||||||||||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | |||||||||||||||||
Net Periodic Benefit Cost (Income) | $ | ( | $ | $ | ( | $ | ( |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2022 | 2021 | Increase (Decrease) | ||||||||
Exploration and Production | $ | 91,192 | $ | 62,369 | $ | 28,823 | |||||
Pipeline and Storage | 29,476 | 25,168 | 4,308 | ||||||||
Gathering | 24,738 | 23,137 | 1,601 | ||||||||
Utility | 23,817 | 22,130 | 1,687 | ||||||||
Total Reportable Segments | 169,223 | 132,804 | 36,419 | ||||||||
All Other | (280) | (7) | (273) | ||||||||
Corporate | 746 | (405) | 1,151 | ||||||||
Total Consolidated | $ | 169,689 | $ | 132,392 | $ | 37,297 |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2022 | 2021 | Increase (Decrease) | ||||||||
Gas (after Hedging) | $ | 273,197 | $ | 205,801 | $ | 67,396 | |||||
Oil (after Hedging) | 628 | 35,223 | (34,595) | ||||||||
Gas Processing Plant | 374 | 1,029 | (655) | ||||||||
Other | 2,774 | 2,145 | 629 | ||||||||
$ | 276,973 | $ | 244,198 | $ | 32,775 |
Three Months Ended December 31, | |||||||||||
2022 | 2021 | Increase (Decrease) | |||||||||
Gas Production (MMcf) | |||||||||||
Appalachia | 90,574 | 81,389 | 9,185 | ||||||||
West Coast | — | 408 | (408) | ||||||||
Total Production | 90,574 | 81,797 | 8,777 | ||||||||
Oil Production (Mbbl) | |||||||||||
Appalachia | 8 | — | 8 | ||||||||
West Coast | — | 548 | (548) | ||||||||
Total Production | 8 | 548 | (540) |
Three Months Ended December 31, | |||||||||||
2022 | 2021 | Increase (Decrease) | |||||||||
Average Gas Price/Mcf | |||||||||||
Appalachia | $ | 4.77 | $ | 4.39 | $ | 0.38 | |||||
West Coast | N/M | $ | 9.79 | N/M | |||||||
Weighted Average | $ | 4.77 | $ | 4.42 | $ | 0.35 | |||||
Weighted Average After Hedging | $ | 3.02 | $ | 2.52 | $ | 0.50 | |||||
Average Oil Price/Bbl | |||||||||||
Appalachia | $ | 82.09 | $ | 70.86 | $ | 11.23 | |||||
West Coast | N/M | $ | 77.34 | N/M | |||||||
Weighted Average | $ | 82.09 | $ | 77.34 | $ | 4.75 | |||||
Weighted Average After Hedging | $ | 82.09 | $ | 64.29 | $ | 17.80 |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2022 | 2021 | Increase (Decrease) | ||||||||
Firm Transportation | $ | 75,456 | $ | 65,825 | $ | 9,631 | |||||
Interruptible Transportation | 745 | 444 | 301 | ||||||||
76,201 | 66,269 | 9,932 | |||||||||
Firm Storage Service | 21,284 | 20,800 | 484 | ||||||||
Interruptible Storage Service | 2 | — | 2 | ||||||||
Other | 168 | 1,281 | (1,113) | ||||||||
$ | 97,655 | $ | 88,350 | $ | 9,305 |
Three Months Ended December 31, | |||||||||||
(MMcf) | 2022 | 2021 | Increase (Decrease) | ||||||||
Firm Transportation | 224,623 | 193,594 | 31,029 | ||||||||
Interruptible Transportation | 1,308 | 767 | 541 | ||||||||
225,931 | 194,361 | 31,570 |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2022 | 2021 | Increase (Decrease) | ||||||||
Gathering Revenues | $ | 56,413 | $ | 52,225 | $ | 4,188 | |||||
Three Months Ended December 31, | |||||||||||
2022 | 2021 | Increase (Decrease) | |||||||||
Gathered Volume - (MMcf) | 108,027 | 101,094 | 6,933 |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2022 | 2021 | Increase (Decrease) | ||||||||
Retail Sales Revenues: | |||||||||||
Residential | $ | 245,442 | $ | 182,708 | $ | 62,734 | |||||
Commercial | 35,343 | 25,242 | 10,101 | ||||||||
Industrial | 1,643 | 1,157 | 486 | ||||||||
282,428 | 209,107 | 73,321 | |||||||||
Transportation | 29,512 | 29,652 | (140) | ||||||||
Other | (259) | (2,000) | 1,741 | ||||||||
$ | 311,681 | $ | 236,759 | $ | 74,922 |
Three Months Ended December 31, | |||||||||||
(MMcf) | 2022 | 2021 | Increase (Decrease) | ||||||||
Retail Sales: | |||||||||||
Residential | 20,153 | 17,496 | 2,657 | ||||||||
Commercial | 2,994 | 2,543 | 451 | ||||||||
Industrial | 151 | 123 | 28 | ||||||||
23,298 | 20,162 | 3,136 | |||||||||
Transportation | 18,310 | 17,593 | 717 | ||||||||
41,608 | 37,755 | 3,853 |
Three Months Ended December 31, | Percent Colder (Warmer) Than | ||||||||||||||||
Normal | 2022 | 2021 | Normal(1) | Prior Year(1) | |||||||||||||
Buffalo, NY | 2,253 | 2,048 | 1,704 | (9.1) | % | 20.2 | % | ||||||||||
Erie, PA | 2,044 | 1,987 | 1,560 | (2.8) | % | 27.4 | % | ||||||||||
Total Expenditures for Long-Lived Assets | |||||||||||||||||
Three Months Ended December 31, | 2022 | 2021 | Increase (Decrease) | ||||||||||||||
(Millions) | |||||||||||||||||
Exploration and Production: | |||||||||||||||||
Capital Expenditures | $ | 168.5 | (1) | $ | 139.2 | (2) | $ | 29.3 | |||||||||
Pipeline and Storage: | |||||||||||||||||
Capital Expenditures | 16.4 | (1) | 24.1 | (2) | (7.7) | ||||||||||||
Gathering: | |||||||||||||||||
Capital Expenditures | 13.3 | (1) | 8.9 | (2) | 4.4 | ||||||||||||
Utility: | |||||||||||||||||
Capital Expenditures | 25.3 | (1) | 19.4 | (2) | 5.9 | ||||||||||||
All Other: | |||||||||||||||||
Capital Expenditures | — | 0.2 | (0.2) | ||||||||||||||
$ | 223.5 | $ | 191.8 | $ | 31.7 |
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) | ||||||||||
Oct. 1 - 31, 2022 | 10,091 | $65.17 | — | 6,971,019 | ||||||||||
Nov 1 - 30, 2022 | 9,905 | $64.19 | — | 6,971,019 | ||||||||||
Dec 1 - 31, 2022 | 110,964 | $64.97 | — | 6,971,019 | ||||||||||
Total | 130,960 | $64.91 | — | 6,971,019 |
Exhibit Number | Description of Exhibit | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
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 months ended December 31, 2022 and 2021, (ii) the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2022 and 2021, (iii) the Consolidated Balance Sheets at December 31, 2022 and September 30, 2022, (iv) the Consolidated Statements of Cash Flows for the three months ended December 31, 2022 and 2021 and (v) the Notes to Condensed Consolidated Financial Statements. | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
•• | 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 |
Company’s Percentile Ranking | Percentage of Target Opportunity Paid | ||||
< 45th | 0% | ||||
45th | 50% | ||||
60th | 100% | ||||
75th | 150% | ||||
100th | 200% |
NATIONAL FUEL GAS COMPANY | ||||||||
By: | ||||||||
[Name] | ||||||||
[Title] |
Company’s Percentile Ranking | Percentage of Target Opportunity Paid | ||||
30th or below | 0% | ||||
40th | 50% | ||||
50th | 100% | ||||
70th | 150% | ||||
90th or above | 200% |
NATIONAL FUEL GAS COMPANY | ||||||||
By: | ||||||||
[Name] | ||||||||
[Title] |
For Reference Purposes Only | |||||||||||
Segment | 2025 Target Rate (kg CO2e/BOE) | 2020 Baseline Rate (kg CO2e/BOE) | Percentage Decrease | ||||||||
Utility | 12.1 | 14.53 | 16.7% | ||||||||
Pipeline and Storage | 1.69 | 2.491 | 32.1% | ||||||||
Gathering | 1.92 | 2.45 | 21.6% | ||||||||
Exploration and Production | 1.80 | 2.672 | 32.6% |
Performance Level | Percentage of Target Opportunity Paid | ||||
2 of 4 Part A segment targets achieved | 50% | ||||
3 of 4 Part A segment targets achieved | 100% | ||||
4 of 4 Part A segment targets achieved | 150% | ||||
4 of 4 Part A segment targets achieved and Part B greenhouse gas emissions goal achieved | 200% |
NATIONAL FUEL GAS COMPANY | ||||||||
By: | ||||||||
[Name] | ||||||||
[Title] |
/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 | |||||||||||
December 31, | |||||||||||
(Thousands of Dollars) | 2022 | 2021 | |||||||||
INCOME | |||||||||||
Operating Revenues: | |||||||||||
Utility Revenues | $ | 972,850 | $ | 714,704 | |||||||
Exploration and Production and Other Revenues | 1,043,322 | 889,907 | |||||||||
Pipeline and Storage and Gathering Revenues | 282,176 | 243,445 | |||||||||
2,298,348 | 1,848,056 | ||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | 461,661 | 221,835 | |||||||||
Operation and Maintenance: | |||||||||||
Utility | 196,766 | 181,377 | |||||||||
Exploration and Production and Other | 172,827 | 176,560 | |||||||||
Pipeline and Storage and Gathering | 139,904 | 125,048 | |||||||||
Property, Franchise and Other Taxes | 102,885 | 96,434 | |||||||||
Depreciation, Depletion and Amortization | 377,811 | 340,761 | |||||||||
1,451,854 | 1,142,015 | ||||||||||
Gain on Sale of Assets | 12,736 | — | |||||||||
Operating Income | 859,230 | 706,041 | |||||||||
Other Income (Expense): | |||||||||||
Other Income (Deductions) | 5,886 | (14,142) | |||||||||
Interest Expense on Long-Term Debt | (119,982) | (139,331) | |||||||||
Other Interest Expense | (12,532) | (4,142) | |||||||||
Income Before Income Taxes | 732,602 | 548,426 | |||||||||
Income Tax Expense | 129,284 | 130,161 | |||||||||
Net Income Available for Common Stock | $ | 603,318 | $ | 418,265 | |||||||
Earnings Per Common Share: | |||||||||||
Basic: | |||||||||||
Net Income Available for Common Stock | $ | 6.59 | $ | 4.59 | |||||||
Diluted: | |||||||||||
Net Income Available for Common Stock | $ | 6.54 | $ | 4.55 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Used in Basic Calculation | 91,489,650 | 91,196,134 | |||||||||
Used in Diluted Calculation | 92,198,015 | 91,853,955 |
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income Available for Common Stock | $ 169,689 | $ 132,392 |
Other Comprehensive Income, Before Tax: | ||
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 297,593 | 163,132 |
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | 159,342 | 162,588 |
Other Comprehensive Income, Before Tax | 456,935 | 325,720 |
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 81,377 | 44,649 |
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | 43,571 | 44,500 |
Income Taxes – Net | 124,948 | 89,149 |
Other Comprehensive Income | 331,987 | 236,571 |
Comprehensive Income | $ 501,676 | $ 368,963 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables, Allowance for Uncollectible Accounts | $ 43,925 | $ 40,228 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 91,786,806 | 91,478,064 |
Common Stock, Shares Outstanding | 91,786,806 | 91,478,064 |
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
OPERATING ACTIVITIES | ||
Net Income Available for Common Stock | $ 169,689 | $ 132,392 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Depreciation, Depletion and Amortization | 96,600 | 88,578 |
Deferred Income Taxes | 53,457 | 44,122 |
Stock-Based Compensation | 5,575 | 5,487 |
Other | 4,078 | 4,675 |
Change in: | ||
Receivables and Unbilled Revenue | (29,522) | (98,688) |
Gas Stored Underground and Materials, Supplies and Emission Allowances | 5,622 | 17,111 |
Unrecovered Purchased Gas Costs | 20,603 | 526 |
Other Current Assets | (1,748) | (4,654) |
Accounts Payable | 6,091 | (10,888) |
Amounts Payable to Customers | (265) | 15 |
Customer Advances | 5,206 | (2,603) |
Customer Security Deposits | 4,546 | 981 |
Other Accruals and Current Liabilities | 4,523 | 5,044 |
Other Assets | (20,238) | (6,838) |
Other Liabilities | 3,122 | (3,777) |
Net Cash Provided by Operating Activities | 327,339 | 171,483 |
INVESTING ACTIVITIES | ||
Capital Expenditures | (233,473) | (213,491) |
Sale of Fixed Income Mutual Fund Shares in Grantor Trust | 10,000 | 30,000 |
Other | 14,637 | 13,781 |
Net Cash Used in Investing Activities | (208,836) | (169,710) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Short-Term Note Payable to Bank | 250,000 | 0 |
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper | (60,000) | 7,500 |
Reduction of Long-Term Debt | (150,000) | 0 |
Dividends Paid on Common Stock | (43,452) | (41,487) |
Net Repurchases of Common Stock | (6,694) | (8,859) |
Net Cash Used in Financing Activities | (10,146) | (42,846) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 108,357 | (41,073) |
Cash, Cash Equivalents and Restricted Cash at October 1 | 137,718 | 120,138 |
Cash, Cash Equivalents and Restricted Cash at December 31 | 246,075 | 79,065 |
Supplemental Disclosure of Cash Flow Information, Non-Cash Investing Activities: | ||
Non-Cash Capital Expenditures | $ 110,314 | $ 81,010 |
Summary Of Significant Accounting Policies |
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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, 2022, 2021 and 2020 that are included in the Company's 2022 Form 10-K. The consolidated financial statements for the year ended September 30, 2023 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year. The earnings for the three months ended December 31, 2022 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2023. 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 derivative financial instruments in an unrealized loss position. 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, the majority of which is in the Utility segment, is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic and regulatory environment. Account balances are charged off against the allowance approximately twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. Activity in the allowance for uncollectible accounts for the three months ended December 31, 2022 and 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 $17.7 million at December 31, 2022, is reduced to zero by September 30 of each year as the inventory is replenished. 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 $2.1 billion and $1.9 billion at December 31, 2022 and September 30, 2022, respectively. 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 $67.5 million and $66.0 million at December 31, 2022 and September 30, 2022, 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 unproved 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 December 31, 2022, the ceiling exceeded the book value of the oil and gas properties by approximately $3.3 billion. The estimated future net cash flows were decreased by $954.3 million for hedging under the ceiling test at December 31, 2022. 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. There were no indications of any impairments to property, plant and equipment in the Utility, Pipeline and Storage and Gathering segments at December 31, 2022. Accumulated Other Comprehensive Loss. The components of Accumulated Other Comprehensive Loss and changes for the three months ended December 31, 2022 and 2021, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
Reclassifications Out of Accumulated Other Comprehensive Loss. The details about the reclassification adjustments out of accumulated other comprehensive loss for the three months ended December 31, 2022 and 2021 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 restricted stock units and performance shares. For the quarter ended December 31, 2022, 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. Restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 1,987 securities and 8,732 securities excluded as being antidilutive for the quarters ended December 31, 2022 and December 31, 2021, respectively. Stock-Based Compensation. The Company granted 202,259 performance shares during the quarter ended December 31, 2022. The weighted average fair value of such performance shares was $64.28 per share for the quarter ended December 31, 2022. 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. The performance shares granted during the quarter ended December 31, 2022 include awards that must meet a performance goal related to either relative return on capital over a three-year performance cycle ("ROC performance shares"), methane intensity and greenhouse gas emissions reductions over a three-year performance cycle ("ESG performance shares") or relative shareholder return over a three-year performance cycle ("TSR performance shares"). The performance goal related to the ROC performance shares over the three-year 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 ROC 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 the ROC 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 performance goal related to the ESG performance shares over the three-year performance cycle consists of two parts: reductions in the rates of intensity of methane emissions for each of the Company's operating segments, and reduction of the consolidated Company's total greenhouse gas emissions. The Company's Compensation Committee set specific target levels for methane intensity rates and total greenhouse gas emissions, and the performance goal is intended to incentivize and reward performance to the extent management achieves methane intensity and greenhouse gas reduction targets making progress towards the Company's 2030 goals. The number of these ESG performance shares that will vest and be paid out will depend upon the number of methane intensity segment targets achieved and whether the Company meets the total greenhouse gas emissions target. The fair value of these ESG 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 performance goal related to the TSR performance shares over the three-year 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 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 115,073 restricted stock units during the quarter ended December 31, 2022. The weighted average fair value of such restricted stock units was $59.69 per share for the quarter ended December 31, 2022. 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 fair value at the date of grant of the restricted stock units (represented by the market value of Company common stock on the date of the award) must be reduced by the present value of forgone dividends over the vesting term of the award. The fair value of restricted stock units on the date of award is recorded as compensation expense over the vesting period.
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Asset Acquisitions and Divestitures |
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Asset Acquisition [Abstract] | |
Asset Acquisitions and Divestitures | Asset Acquisitions and Divestitures On June 30, 2022, the Company completed the sale of Seneca’s California assets, all of which are in the Exploration and Production segment, to Sentinel Peak Resources California LLC for a total sale price of $253.5 million, consisting of $240.9 million in cash and contingent consideration valued at $12.6 million at closing. The Company pursued this sale given the strong commodity price environment and the Company's strategic focus in the Appalachian Basin. Under the terms of the purchase and sale agreement, the Company can receive up to three annual contingent payments between calendar year 2023 and calendar year 2025, not to exceed $10 million per year, with the amount of each annual payment calculated as $1.0 million for each $1 per barrel that the ICE Brent Average for each calendar year exceeds $95 per barrel up to $105 per barrel. The sale price, which reflected an effective date of April 1, 2022, was reduced for production revenues less expenses that were retained by Seneca from the effective date to the closing date. Under the full cost method of accounting for oil and natural gas properties, $220.7 million of the sale price at closing was accounted for as reduction of capitalized costs since the disposition did not alter the relationship between capitalized costs and proved reserves of oil and gas attributable to the cost center. The remainder of the sale price ($32.8 million) was applied against assets that are not subject to the full cost method of accounting, with the Company recognizing a gain of $12.7 million on the sale of such assets. The majority of this gain related to the sale of emission allowances. The Company also eliminated the asset retirement obligation associated with Seneca’s California oil and gas assets. This obligation amounted to $50.1 million and was accounted for as a reduction of capitalized costs under the full cost method of accounting. |
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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 three months ended December 31, 2022 and 2021, 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. 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: $157.6 million for the remainder of fiscal 2023; $195.2 million for fiscal 2024; $169.6 million for fiscal 2025; $145.7 million for fiscal 2026; $123.0 million for fiscal 2027; and $692.6 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 December 31, 2022 and September 30, 2022. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
(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 December 31, 2022 and September 30, 2022 include natural gas price swap agreements, natural gas no cost collars, and foreign currency contracts, all of which are used in the Company’s Exploration and Production segment. Hedging collateral deposits of $1.6 million (at December 31, 2022) and $91.7 million (at September 30, 2022), which were associated with the price swap agreements, no cost collars and foreign currency contracts, have been reported in Level 1. The fair value of the Level 2 price swap agreements and no cost collars is based on an internal cash flow model that uses observable inputs (i.e. SOFR based discount rates for the price swap agreements 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 December 31, 2022, the Company determined that nonperformance risk associated with the price swap agreements, no cost collars and foreign currency contracts 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. Derivative financial instruments reported in Level 2 at December 31, 2022 also includes the contingent consideration associated with the sale of the Exploration and Production segment's California assets on June 30, 2022, which is discussed at Note 2 – Asset Acquisitions and Divestitures and at Note 5 – Financial Instruments. The fair value of the contingent consideration was calculated using a Monte Carlo simulation model that uses observable inputs, including the ICE Brent closing price as of the valuation date, initial and max trigger price, volatility, risk free rate, time of maturity and counterparty risk. |
Financial Instruments |
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Financial Instruments, Owned, at Fair Value, by Type, Alternative [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 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 equity mutual fund are primarily informal funding mechanisms for various benefit obligations the Company has to certain employees. The fixed income mutual fund is primarily an informal funding mechanism for certain regulatory obligations that the Company has to Utility segment customers in its Pennsylvania jurisdiction, as discussed in Note 11 – Regulatory Matters, and 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 to manage the price risk associated with forecasted sales of natural gas. 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 8 years. On June 30, 2022, the Company completed the sale of Seneca’s California assets. Under the terms of the purchase and sale agreement, the Company can receive up to three annual contingent payments between calendar year 2023 and calendar year 2025, not to exceed $10 million per year, with the amount of each annual payment calculated as $1.0 million for each $1 per barrel that the ICE Brent Average for each calendar year exceeds $95 per barrel up to $105 per barrel. The Company has determined that this contingent consideration meets the definition of a derivative under the authoritative accounting guidance. Changes in the fair value of this contingent consideration are marked-to-market each reporting period, with changes in fair value recognized in Other Income (Deductions) on the Consolidated Statement of Income. The fair value of this contingent consideration was estimated to be $8.4 million and $8.2 million at December 31, 2022 and September 30, 2022, respectively. A $0.2 million mark-to-market adjustment was recorded during the quarter ended December 31, 2022. The Company has presented its net derivative assets and liabilities as “Fair Value of Derivative Financial Instruments” on its Consolidated Balance Sheets at December 31, 2022 and September 30, 2022. Cash Flow Hedges For derivative financial 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 December 31, 2022, the Company had 389.0 Bcf of natural gas commodity derivative contracts (swaps and no cost collars) outstanding. As of December 31, 2022, the Company was hedging a total of $54.7 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts. As of December 31, 2022, the Company had $327.8 million ($240.2 million after-tax) of net hedging losses included in the accumulated other comprehensive income (loss) balance. It is expected that $180.6 million ($132.4 million after-tax) of such 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 fifteen counterparties of which one is in a net gain position. The Company had $3.8 million of credit exposure with the counterparty in a gain position at December 31, 2022. As of December 31, 2022, 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 December 31, 2022, thirteen of the fifteen counterparties to the Company’s outstanding derivative financial 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 post or 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 financial contracts with a credit-risk contingency feature were in a liability position (or if the liability were larger) and/or the Company’s credit rating declined, then hedging collateral deposits or an increase to such deposits could be required. At December 31, 2022, the fair market value of the derivative financial instrument liabilities with a credit-risk related contingency feature was $224.9 million according to the Company’s internal model (discussed in Note 4 – Fair Value Measurements), and the Company posted $1.6 million in hedging collateral deposits. Depending on the movement of commodity prices in the future, it is possible that these liability positions could swing into asset positions, at which point the Company would be exposed to credit risk on its derivative financial instruments. In that case, the Company's counterparties could be required to post hedging collateral deposits. |
Income Taxes |
3 Months Ended |
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Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rate was 25.3% for both of the quarters ended December 31, 2022 and December 31, 2021. During the quarter ended December 31, 2022, the Company was unable to utilize the Enhanced Oil Recovery tax credit, which it was able to utilize during the quarter ended December 31, 2021. However, the effective tax rate remained the same for both periods as the Company continues to record a benefit of the reduction in the Pennsylvania state income tax rate that was enacted in July 2022. |
Capitalization |
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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 three months ended December 31, 2022, the Company issued 12,055 original issue shares of common stock as a result of SARs exercises, 113,531 original issue shares of common stock for restricted stock units that vested and 278,687 original issue shares of common stock for performance shares that vested. The Company also issued 7,230 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 Deferred Compensation Plan for Directors and Officers during the three months ended December 31, 2022. Holders of stock-based compensation awards will often tender shares of common stock to the Company for payment of applicable withholding taxes. During the three months ended December 31, 2022, 102,761 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. Short-Term Borrowings. On June 30, 2022, the Company entered into a new 364-Day Credit Agreement (the "364-Day Credit Agreement") with a syndicate of five banks, all of which are also lenders under the Credit Agreement. The 364-Day Credit Agreement provides an additional $250.0 million unsecured committed delayed draw term loan credit facility with a maturity date of June 29, 2023. The Company elected to draw $250.0 million under the facility on October 27, 2022. The Company is using the proceeds for general corporate purposes, which included the redemption in November 2022 of $150.0 million of the Company's outstanding long-term debt maturing in March 2023. |
Commitments And Contingencies |
3 Months Ended |
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Dec. 31, 2022 | |
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 December 31, 2022, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $4.0 million. The Company's liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at December 31, 2022. The Company expects to recover its environmental clean-up costs through rate recovery over a period of approximately one 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). Subsequently, 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. 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 and, on June 29, 2022, received an extension of time from FERC, until December 31, 2024, to construct the project. As of December 31, 2022, the Company has spent approximately $55.9 million on the project, all of which is recorded on the balance sheet. 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 reconcile to consolidated amounts. As stated in the 2022 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 2022 Form 10-K. A listing of segment assets at December 31, 2022 and September 30, 2022 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. The Company did not make any contributions to its tax-qualified, noncontributory defined benefit retirement plan (Retirement Plan) or its VEBA trusts for its other post-retirement benefits during the three months ended December 31, 2022, and does not anticipate making any such contributions during the remainder of fiscal 2023.
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Regulatory Matters |
3 Months Ended |
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Dec. 31, 2022 | |
Regulatory Assets and Liabilities, Other Disclosure [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%, and directed the implementation of an earnings sharing mechanism to be in place beginning on April 1, 2018. The order also authorized the Company to recover approximately $15 million annually for pension and other post-employment benefit ("OPEB") expenses from customers. Because the Company’s future pension and OPEB costs were projected to be satisfied with existing funds held in reserve, in July, Distribution Corporation made a filing with the NYPSC to effectuate a pension and OPEB surcredit to customers to offset these amounts being collected in base rates effective October 1, 2022. On September 16, 2022, the NYPSC issued an order approving the filing. The surcredit will remain in effect until modified by the NYPSC in another proceeding, or until December 31, 2024, whichever is earlier. With the implementation of this surcredit, Distribution Corporation will no longer be funding the Retirement Plan or its VEBA trusts in its New York jurisdiction. On August 13, 2021, the NYPSC issued an order extending the date through which qualified pipeline replacement costs incurred by the Company can be recovered using the existing system modernization tracker for two years (until March 31, 2023). The extension is contingent on the Company not filing a base rate case that would result in new rates becoming effective prior to April 1, 2023. On December 9, 2022, the Company filed a petition with the NYPSC to effectuate a system improvement tracker through which qualified pipeline replacement costs would be tracked and recovered, and to recover certain deferred costs associated with the existing system modernization tracker, effective April 1, 2023. That petition has been noticed for public comment and a determination is pending. On January 19, 2023, the NYPSC issued an order in its Effects of COVID-19 on Utility Service (20-M-0266) and Energy Affordability for Low Income Utility Customers (14-M-0565) proceedings whereby a Phase 2 Utility Arrears Relief Program was authorized. Specifically, the order directed Distribution Corporation and certain other New York utilities to, among other things, address arrears on residential non-energy affordability program ratepayer accounts that did not receive a credit under the NYPSC’s Phase 1 program and small commercial ratepayer accounts by issuing a one-time bill credit to such customers to reduce or eliminate accrued arrears through May 1, 2022. The credits shall be processed within 90 days of the effective date of the order, provided that residential non-EAP customers who had their service disconnected for non-payment in 2022 shall be allowed the opportunity to have their service reinstated in order to receive the credit through June 30, 2023. The order further directs utilities to suspend residential service terminations for non-payment while arrears credits are applied to accounts through March 1, 2023, or 30 days after credits have been applied, whichever is later. The order authorizes the utilities to recover the Phase 2 costs (the arrears credits and associated carrying charges) through a surcharge. Utilities proposed various offsets to Phase 2 program costs, and Distribution Corporation has proposed certain offsets as part of an uncollectible expense reconciliation proposal. Distribution Corporation will make a filing with the NYPSC seeking approval of its uncollectible expense reconciliation mechanism no later than 30 days from the January 19, 2023 effective date of the order. Application of the proposed offsets and collection periods will be determined when the NYPSC rules on the uncollectible expense reconciliation filing. 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. On October 28, 2022, Distribution Corporation made a filing with the PaPUC seeking an increase in its annual base rate operating revenues of $28.1 million with a proposed effective date of December 27, 2022. The Company is also proposing, among other things, to implement a weather normalization adjustment (WNA) mechanism and a new energy efficiency and conservation pilot program for residential customers. On December 8, 2022, the PaPUC issued an order suspending the filing until July 27, 2023 by operation of law unless directed otherwise by the PaPUC. The matter has been assigned to an administrative law judge and remains pending. Effective October 1, 2021, pursuant to a tariff supplement filed with the PaPUC, Distribution Corporation reduced base rates by $7.7 million in order to stop collecting OPEB expenses from customers. It also began to refund customers overcollected OPEB expenses in the amount of $50.0 million. Certain other matters in the tariff supplement were unresolved. These matters were resolved with the PaPUC’s approval of an Administrative Law Judge’s Recommended Decision on February 24, 2022. Concurrent with that decision, the Company discontinued regulatory accounting for OPEB expenses and recorded an $18.5 million adjustment during the quarter ended March 31, 2022 to reduce its regulatory liability for previously deferred OPEB income amounts through September 30, 2021 and to increase Other Income (Deductions) on the consolidated financial statements by a like amount. The Company also increased customer refunds of overcollected OPEB expenses from $50.0 million to $54.0 million. All refunds specified in the tariff supplement are being 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 is no longer funding the grantor trust or its VEBA trusts in its Pennsylvania jurisdiction. FERC Jurisdiction Supply Corporation’s 2020 rate settlement 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. 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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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2022, 2021 and 2020 that are included in the Company's 2022 Form 10-K. The consolidated financial statements for the year ended September 30, 2023 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 derivative financial instruments in an unrealized loss position. 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, the majority of which is in the Utility segment, is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic and regulatory environment. Account balances are charged off against the allowance approximately twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. Activity in the allowance for uncollectible accounts for the three months ended December 31, 2022 and 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 $17.7 million at December 31, 2022, is reduced to zero by September 30 of each year as the inventory is replenished. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 $2.1 billion and $1.9 billion at December 31, 2022 and September 30, 2022, respectively. 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 $67.5 million and $66.0 million at December 31, 2022 and September 30, 2022, 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 unproved 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 December 31, 2022, the ceiling exceeded the book value of the oil and gas properties by approximately $3.3 billion. The estimated future net cash flows were decreased by $954.3 million for hedging under the ceiling test at December 31, 2022. |
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Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss. The components of Accumulated Other Comprehensive Loss and changes for the three months ended December 31, 2022 and 2021, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
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Reclassifications Out of Accumulated Other Comprehensive Loss | Reclassifications Out of Accumulated Other Comprehensive Loss. The details about the reclassification adjustments out of accumulated other comprehensive loss for the three months ended December 31, 2022 and 2021 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 restricted stock units and performance shares. For the quarter ended December 31, 2022, 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. Restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 1,987 securities and 8,732 securities excluded as being antidilutive for the quarters ended December 31, 2022 and December 31, 2021, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation. The Company granted 202,259 performance shares during the quarter ended December 31, 2022. The weighted average fair value of such performance shares was $64.28 per share for the quarter ended December 31, 2022. 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. The performance shares granted during the quarter ended December 31, 2022 include awards that must meet a performance goal related to either relative return on capital over a three-year performance cycle ("ROC performance shares"), methane intensity and greenhouse gas emissions reductions over a three-year performance cycle ("ESG performance shares") or relative shareholder return over a three-year performance cycle ("TSR performance shares"). The performance goal related to the ROC performance shares over the three-year 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 ROC 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 the ROC 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 performance goal related to the ESG performance shares over the three-year performance cycle consists of two parts: reductions in the rates of intensity of methane emissions for each of the Company's operating segments, and reduction of the consolidated Company's total greenhouse gas emissions. The Company's Compensation Committee set specific target levels for methane intensity rates and total greenhouse gas emissions, and the performance goal is intended to incentivize and reward performance to the extent management achieves methane intensity and greenhouse gas reduction targets making progress towards the Company's 2030 goals. The number of these ESG performance shares that will vest and be paid out will depend upon the number of methane intensity segment targets achieved and whether the Company meets the total greenhouse gas emissions target. The fair value of these ESG 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 performance goal related to the TSR performance shares over the three-year 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 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 115,073 restricted stock units during the quarter ended December 31, 2022. The weighted average fair value of such restricted stock units was $59.69 per share for the quarter ended December 31, 2022. 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 fair value at the date of grant of the restricted stock units (represented by the market value of Company common stock on the date of the award) must be reduced by the present value of forgone dividends over the vesting term of the award. The fair value of restricted stock units on the date of award is recorded as compensation expense over the vesting period.
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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 three months ended December 31, 2022 and 2021 are as follows (in thousands):
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Components of Accumulated Other Comprehensive Loss | The components of Accumulated Other Comprehensive Loss and changes for the three months ended December 31, 2022 and 2021, 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 Loss | The details about the reclassification adjustments out of accumulated other comprehensive loss for the three months ended December 31, 2022 and 2021 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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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following tables provide a disaggregation of the Company's revenues for the three months ended December 31, 2022 and 2021, presented by type of service from each reportable segment.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 December 31, 2022 and September 30, 2022. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.
(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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments, Owned, at Fair Value, by Type, Alternative [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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Segment Information By Segment |
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Retirement Plan And Other Post-Retirement Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Periodic Benefit Cost (Income) | 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 (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||
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Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2022 |
Sep. 30, 2023 |
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Summary Of Significant Accounting Policies [Line Items] | ||||
Gas Stored Underground | $ 23,780 | $ 32,364 | ||
Capitalized Costs Oil and Gas Producing Activities Net | 2,100,000 | 1,900,000 | ||
Capitalized costs of unproved properties excluded from amortization | $ 67,500 | 66,000 | ||
Full cost ceiling test discount factor | 10.00% | |||
Amount Full Cost Ceiling Exceeds Book Value Of Oil And Gas Properties | $ 3,300,000 | |||
Decrease estimated future net cash flows | $ (954,300) | |||
Antidilutive securities | 1,987 | 8,732 | ||
Reserve For Gas Replacement [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Gas Stored Underground | $ 17,695 | $ 0 | ||
Restricted Stock Units [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Share based compensation other than options grants in period | 115,073 | |||
Granted in fiscal year, weighted average grant date fair value | $ 59.69 | |||
Performance Shares [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Share based compensation other than options grants in period | 202,259 | |||
Granted in fiscal year, weighted average grant date fair value | $ 64.28 | |||
Subsequent Event [Member] | Reserve For Gas Replacement [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Gas Stored Underground | $ 0 |
Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
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Cash and Cash Equivalents [Line Items] | ||||||||
Cash and Temporary Cash Investments | $ 244,475 | $ 46,048 | $ 79,065 | $ 31,528 | ||||
Hedging Collateral Deposits | 1,600 | [1] | 91,670 | [1] | 0 | 88,610 | ||
Cash, Cash Equivalents and Restricted Cash | $ 246,075 | $ 137,718 | $ 79,065 | $ 120,138 | ||||
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Summary Of Significant Accounting Policies (Allowance for Uncollectible Accounts) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Dec. 31, 2022 |
Dec. 31, 2021 |
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Allowance for Uncollectible Accounts [Roll Forward] | ||
Balance at Beginning of Period | $ 40,228 | $ 31,639 |
Additions Charged to Costs and Expenses | 5,035 | 3,742 |
Discounts on Purchased Receivables | 228 | 161 |
Net Accounts Receivable Written-Off | (1,566) | |
Net Accounts Receivable Recovered | 57 | |
Balance at End of Period | $ 43,925 | $ 35,599 |
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Dec. 31, 2022 |
Dec. 31, 2021 |
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Accumulated Other Comprehensive Loss [Roll Forward] | ||
Balance at Beginning of Period | $ (625,733) | $ (513,597) |
Other Comprehensive Gains and Losses Before Reclassifications | 216,216 | 118,483 |
Amounts Reclassified From Other Comprehensive Income | 115,771 | 118,088 |
Balance at End of Period | (293,746) | (277,026) |
Gains And Losses On Derivative Financial Instruments [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Balance at Beginning of Period | (572,163) | (449,962) |
Other Comprehensive Gains and Losses Before Reclassifications | 216,216 | 118,483 |
Amounts Reclassified From Other Comprehensive Income | 115,771 | 118,088 |
Balance at End of Period | (240,176) | (213,391) |
Funded Status Of The Pension And Other Post-Retirement Benefit Plans [Member] | ||
Accumulated Other Comprehensive Loss [Roll Forward] | ||
Balance at Beginning of Period | (53,570) | (63,635) |
Other Comprehensive Gains and Losses Before Reclassifications | 0 | 0 |
Amounts Reclassified From Other Comprehensive Income | 0 | 0 |
Balance at End of Period | $ (53,570) | $ (63,635) |
Summary Of Significant Accounting Policies (Reclassification Out Of Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | ||
Operating Revenues | $ 658,859 | $ 546,557 |
Income Before Income Taxes | 227,241 | 177,289 |
Income Tax Expense | (57,552) | (44,897) |
Net Income Available for Common Stock | 169,689 | 132,392 |
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | ||
Income Before Income Taxes | (159,342) | (162,588) |
Income Tax Expense | 43,571 | 44,500 |
Net Income Available for Common Stock | (115,771) | (118,088) |
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Commodity Contracts [Member] | Gains And Losses On Derivative Financial Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | ||
Operating Revenues | (159,162) | (162,629) |
Foreign Currency Contracts [Member] | Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Loss [Member] | Gains And Losses On Derivative Financial Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Loss [Line Items] | ||
Operating Revenues | $ (180) | $ 41 |
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Prepayments | $ 19,828 | $ 17,757 |
Prepaid Property and Other Taxes | 14,564 | 14,321 |
Regulatory Assets | 21,117 | 21,358 |
Other Current Assets | 61,117 | 59,369 |
State [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Prepaid State Income Taxes | $ 5,608 | $ 5,933 |
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Regulatory Liabilities | $ 32,357 | $ 31,293 |
Reserve for Gas Replacement | 23,780 | 32,364 |
Liability for Royalty and Working Interests | 43,122 | 86,206 |
Other Accruals and Current Liabilities | 239,097 | 257,327 |
Accrued Capital Expenditures [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 71,421 | 64,720 |
Reserve For Gas Replacement [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reserve for Gas Replacement | 17,695 | 0 |
Other Accruals [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 57,028 | 57,634 |
Non-Qualified [Member] | Current [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non-Qualified Benefit Plan Liability | $ 17,474 | $ 17,474 |
Asset Acquisitions and Divestitures (Narrative) (Details) - California Asset Sale [Member] - USD ($) |
12 Months Ended | ||
---|---|---|---|
Sep. 30, 2022 |
Dec. 31, 2022 |
Jun. 30, 2022 |
|
Asset Acquisitions and Divestitures [Line Items] | |||
Consideration for Asset Sale | $ 253,500,000 | ||
Net Proceeds from Sale of Oil and Gas Producing Properties | $ 240,900,000 | ||
Maximum Annual Contingent Payments | 10,000,000 | ||
Amount of Each Incremental Contingent Payment | 1,000,000 | ||
Incremental Dollar Per Barrel That ICE Brent Average Exceeds Price | 1 | ||
Gain on Sale of Assets | 12,700,000 | ||
Asset Retirement Obligation Reduction | 50,100,000 | ||
Minimum [Member] | |||
Asset Acquisitions and Divestitures [Line Items] | |||
ICE Brent Average per Barrel | 95 | ||
Maximum [Member] | |||
Asset Acquisitions and Divestitures [Line Items] | |||
ICE Brent Average per Barrel | 105 | ||
Present Value of Contingent Consideration [Member] | |||
Asset Acquisitions and Divestitures [Line Items] | |||
Value of Contingent Consideration from Asset Sale | $ 8,200,000 | $ 8,400,000 | 12,600,000 |
Full Cost Method of Accounting Assets [Member] | |||
Asset Acquisitions and Divestitures [Line Items] | |||
Property, Plant and Equipment Disposal | 220,700,000 | ||
Assets Not Subject to Full Cost Method of Accounting [Member] | |||
Asset Acquisitions and Divestitures [Line Items] | |||
Property, Plant and Equipment Disposal | $ 32,800,000 |
Revenue from Contracts with Customers (Narrative) (Details) $ in Millions |
Dec. 31, 2022
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 157.6 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 195.2 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 169.6 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 145.7 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 123.0 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 692.6 |
Remaining Performance Obligation, Expected Timing of Satisfaction |
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 658,859 | $ 546,557 |
Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 436,135 | 406,827 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | (159,162) | (162,629) |
Revenue | 276,973 | 244,198 |
Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 97,655 | 88,350 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 97,655 | 88,350 |
Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 56,413 | 52,225 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 56,413 | 52,225 |
Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 308,558 | 229,931 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 3,123 | 6,828 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 311,681 | 236,759 |
All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 6 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 0 | 6 |
Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (83,863) | (74,981) |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | (83,863) | (74,981) |
Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 814,898 | 702,358 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 3,123 | 6,828 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | (159,162) | (162,629) |
Revenue | 658,859 | 546,557 |
Production of Natural Gas [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 432,359 | 361,282 |
Production of Natural Gas [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 432,359 | 361,282 |
Production of Crude Oil [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 628 | 42,371 |
Production of Crude Oil [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 628 | 42,371 |
Natural Gas Processing [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 374 | 1,029 |
Natural Gas Processing [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 374 | 1,029 |
Natural Gas Gathering Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 56,413 | 52,225 |
Natural Gas Gathering Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (53,767) | (48,180) |
Natural Gas Gathering Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,646 | 4,045 |
Natural Gas Transportation Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 76,201 | 66,269 |
Natural Gas Transportation Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 28,378 | 27,775 |
Natural Gas Transportation Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (20,817) | (17,625) |
Natural Gas Transportation Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 83,762 | 76,419 |
Natural Gas Storage Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 21,286 | 20,800 |
Natural Gas Storage Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (8,996) | (9,024) |
Natural Gas Storage Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 12,290 | 11,776 |
Natural Gas Residential Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 244,306 | 179,011 |
Natural Gas Residential Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 244,306 | 179,011 |
Natural Gas Commercial Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,495 | 23,998 |
Natural Gas Commercial Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 34,495 | 23,998 |
Natural Gas Industrial Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,638 | 1,147 |
Natural Gas Industrial Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,638 | 1,147 |
Other [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,774 | 2,145 |
Other [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 168 | 1,281 |
Other [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Other [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (259) | (2,000) |
Other [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 6 |
Other [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (283) | (152) |
Other [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 2,400 | $ 1,280 |
Fair Value Measurements (Narrative) (Details) - USD ($) |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
||||
---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Hedging Collateral Deposits | $ 1,600,000 | [1] | $ 91,670,000 | [1] | $ 0 | $ 88,610,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Hedging Collateral Deposits | [1] | 1,600,000 | $ 91,670,000 | |||||
Derivative Financial Instruments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||
Level 3 Fair Value | $ 0 | $ 0 | ||||||
|
Fair Value Measurements (Recurring Fair Value Measures Of Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
||||
---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Cash Equivalents - Money Market Mutual Funds | [1] | $ 228,919 | $ 35,015 | |||||
Hedging Collateral Deposits | 1,600 | [1] | 91,670 | [1] | $ 0 | $ 88,610 | ||
Total Assets | [1] | 273,226 | 188,714 | |||||
Total Liabilities | [1] | 331,521 | 785,659 | |||||
Total Net Assets/(Liabilities) | [1] | (58,295) | (596,945) | |||||
Over the Counter Swaps - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | 2,210 | 999 | |||||
Derivative Liability | [1] | 226,231 | 513,286 | |||||
Over the Counter No Cost Collars - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | 1,641 | ||||||
Derivative Liability | [1] | 104,078 | 270,453 | |||||
Contingent Consideration for Asset Sale [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | 8,374 | 8,176 | |||||
Foreign Currency Contracts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | (55) | 0 | |||||
Derivative Liability | [1] | 1,212 | 1,920 | |||||
Balanced Equity Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | [1] | 14,929 | 19,506 | |||||
Fixed Income Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | [1] | 15,608 | 33,348 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Cash Equivalents - Money Market Mutual Funds | 228,919 | 35,015 | ||||||
Hedging Collateral Deposits | [1] | 1,600 | 91,670 | |||||
Total Assets | 261,056 | 179,539 | ||||||
Total Liabilities | 0 | 0 | ||||||
Total Net Assets/(Liabilities) | 261,056 | 179,539 | ||||||
Fair Value, Inputs, Level 1 [Member] | Over the Counter Swaps - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | |||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Contingent Consideration for Asset Sale [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 1 [Member] | Balanced Equity Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 14,929 | 19,506 | ||||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 15,608 | 33,348 | ||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Cash Equivalents - Money Market Mutual Funds | 0 | 0 | ||||||
Hedging Collateral Deposits | [1] | 0 | 0 | |||||
Total Assets | 31,591 | 13,481 | ||||||
Total Liabilities | 350,942 | 789,965 | ||||||
Total Net Assets/(Liabilities) | (319,351) | (776,484) | ||||||
Fair Value, Inputs, Level 2 [Member] | Over the Counter Swaps - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 9,091 | 5,177 | ||||||
Derivative Liability | 233,112 | 517,464 | ||||||
Fair Value, Inputs, Level 2 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 13,915 | |||||||
Derivative Liability | 116,352 | 270,453 | ||||||
Fair Value, Inputs, Level 2 [Member] | Contingent Consideration for Asset Sale [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 8,374 | 8,176 | ||||||
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 211 | 128 | ||||||
Derivative Liability | 1,478 | 2,048 | ||||||
Fair Value, Inputs, Level 2 [Member] | Balanced Equity Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 0 | 0 | ||||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Cash Equivalents - Money Market Mutual Funds | 0 | 0 | ||||||
Hedging Collateral Deposits | [1] | 0 | 0 | |||||
Total Assets | 0 | 0 | ||||||
Total Liabilities | 0 | 0 | ||||||
Total Net Assets/(Liabilities) | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Over the Counter Swaps - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | |||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Contingent Consideration for Asset Sale [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | 0 | 0 | ||||||
Derivative Liability | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Balanced Equity Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 0 | 0 | ||||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | 0 | 0 | ||||||
Netting Adjustments [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Cash Equivalents - Money Market Mutual Funds | [1] | 0 | 0 | |||||
Hedging Collateral Deposits | [1] | 0 | 0 | |||||
Total Assets | [1] | (19,421) | (4,306) | |||||
Total Liabilities | [1] | (19,421) | (4,306) | |||||
Total Net Assets/(Liabilities) | [1] | 0 | 0 | |||||
Netting Adjustments [Member] | Over the Counter Swaps - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | (6,881) | (4,178) | |||||
Derivative Liability | [1] | (6,881) | (4,178) | |||||
Netting Adjustments [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | (12,274) | ||||||
Derivative Liability | [1] | (12,274) | 0 | |||||
Netting Adjustments [Member] | Contingent Consideration for Asset Sale [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | 0 | 0 | |||||
Netting Adjustments [Member] | Foreign Currency Contracts [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Derivative Asset | [1] | (266) | (128) | |||||
Derivative Liability | [1] | (266) | (128) | |||||
Netting Adjustments [Member] | Balanced Equity Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | [1] | 0 | 0 | |||||
Netting Adjustments [Member] | Fixed Income Mutual Fund [Member] | ||||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||||
Other Investments | [1] | $ 0 | $ 0 | |||||
|
Financial Instruments (Narrative) (Details) |
3 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2022
USD ($)
counterparty
MMcf
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
Sep. 30, 2021
USD ($)
|
|||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Foreign Currency Forward Contract Hedge Duration | 8 years | ||||||||
Net hedging gains (losses) in accumulated other comprehensive loss | $ (327,800,000) | ||||||||
After tax net hedging gains (losses) in accumulated other comprehensive loss | (240,200,000) | ||||||||
Pre-Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | (180,600,000) | ||||||||
After Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | (132,400,000) | ||||||||
Fair market value of derivative liability with a credit-risk related contingency | 224,900,000 | ||||||||
Hedging Collateral Deposits | 1,600,000 | [1] | $ 91,670,000 | [1] | $ 0 | $ 88,610,000 | |||
California Asset Sale [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Maximum Annual Contingent Payments | $ 10,000,000 | ||||||||
Amount of Each Incremental Contingent Payment | 1,000,000 | ||||||||
Incremental Dollar Per Barrel That ICE Brent Average Exceeds Price | 1 | ||||||||
California Asset Sale [Member] | Present Value of Contingent Consideration [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Value of Contingent Consideration from Asset Sale | 8,400,000 | $ 8,200,000 | 12,600,000 | ||||||
California Asset Sale [Member] | Mark to Market of Contingent Consideration [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Mark-to-Market Adjustment for Contingent Consideration | $ 200,000 | ||||||||
California Asset Sale [Member] | Minimum [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
ICE Brent Average per Barrel | 95 | ||||||||
California Asset Sale [Member] | Maximum [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
ICE Brent Average per Barrel | $ 105 | ||||||||
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 | 15 | ||||||||
Number of counterparties in net gain position | counterparty | 1 | ||||||||
Credit risk exposure per counterparty | $ 3,800,000 | ||||||||
Collateral Received by the Company | 0 | ||||||||
Hedging Collateral Deposits | $ 1,600,000 | ||||||||
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 | 389,000.0 | ||||||||
Foreign Currency Contracts [Member] | |||||||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||||||
Derivative, Notional Amount | $ 54,700,000 | ||||||||
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 | 13 | ||||||||
|
Financial Instruments (Long-Term Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | ||
Carrying Amount | $ 2,483,363 | $ 2,632,409 |
Fair Value | $ 2,320,923 | $ 2,453,209 |
Financial Instruments (Other Investments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|
Investment Holdings [Line Items] | ||
Life Insurance Contracts | $ 42,333 | $ 42,171 |
Other Investments | 72,870 | 95,025 |
Equity Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 14,929 | 19,506 |
Fixed Income Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | $ 15,608 | $ 33,348 |
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 | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
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) | $ 297,593 | $ 163,132 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (159,342) | (162,588) |
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) | 473 | 6 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (180) | 41 |
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) | 297,120 | 163,126 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | $ (159,162) | $ (162,629) |
Income Taxes (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Income Tax Disclosure [Abstract] | ||
Effective Tax Rate | 25.30% | 25.30% |
Capitalization (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
|
Debt Instrument [Line Items] | ||
Common stock shares issued due to SARs exercises | 12,055 | |
Shares tendered | 102,761 | |
Current Portion of Long-Term Debt | $ 399,000 | $ 549,000 |
364-Day Credit Agreement | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 250,000 | |
Committed Credit Facility Amount Drawn | 250,000 | |
3.75% Notes Due March 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument redeemed | 150,000 | |
Current Portion of Long-Term Debt | $ 350,000 | $ 500,000 |
Long-term debt, interest rate | 3.75% | 3.75% |
7.395% Notes Due March 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Current Portion of Long-Term Debt | $ 49,000 | $ 49,000 |
Long-term debt, interest rate | 7.395% | 7.395% |
Restricted Stock Units [Member] | ||
Debt Instrument [Line Items] | ||
Common stock issued | 113,531 | |
Performance Shares [Member] | ||
Debt Instrument [Line Items] | ||
Common stock issued | 278,687 | |
Board Of Directors [Member] | ||
Debt Instrument [Line Items] | ||
Common stock issued | 7,230 |
Capitalization and Short-Term Borrowings (Summary of Changes in Common Stock Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning balance (shares) | 91,478,064 | |||
Beginning balance | $ 1,027,066 | |||
Balance at Beginning of Period | 1,587,085 | $ 1,191,175 | ||
Balance at Beginning of Period | (625,733) | (513,597) | ||
Net Income Available for Common Stock | 169,689 | 132,392 | ||
Dividends Declared on Common Stock | (43,598) | (41,604) | ||
Other Comprehensive Income, Net of Tax | $ 331,987 | 236,571 | ||
Ending balance (shares) | 91,786,806 | |||
Ending balance | $ 1,025,639 | |||
Balance at December 31 | 1,713,176 | 1,281,963 | ||
Balance at End of Period | $ (293,746) | $ (277,026) | ||
Dividends per share | $ 0.475 | $ 0.455 | ||
Paid-in Capital [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning balance | $ 1,027,066 | $ 1,017,446 | ||
Share-Based Payment Expense | [1] | 5,118 | 5,039 | |
Stock Repurchased under Stock and Benefit Plans | (6,545) | (8,664) | ||
Ending balance | 1,025,639 | 1,013,821 | ||
Earnings Reinvested in The Business [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Balance at Beginning of Period | 1,587,085 | 1,191,175 | ||
Net Income Available for Common Stock | 169,689 | 132,392 | ||
Dividends Declared on Common Stock | (43,598) | (41,604) | ||
Balance at December 31 | 1,713,176 | 1,281,963 | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Balance at Beginning of Period | (625,733) | (513,597) | ||
Other Comprehensive Income, Net of Tax | 331,987 | 236,571 | ||
Balance at End of Period | $ (293,746) | $ (277,026) | ||
Common Stock [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Beginning balance (shares) | 91,478,000 | 91,182,000 | ||
Beginning balance (value) | $ 91,478 | $ 91,182 | ||
Common Stock Issued Under Stock and Benefit Plans (Shares) | 309,000 | 255,000 | ||
Common Stock Issued Under Stock and Benefit Plans | $ 309 | $ 255 | ||
Ending balance (shares) | 91,787,000 | 91,437,000 | ||
Ending balance (value) | $ 91,787 | $ 91,437 | ||
|
Commitments And Contingencies (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Estimated minimum liability for environmental remediation | $ 4.0 |
Rate recovery period | 1 year |
Project Costs | $ 55.9 |
Business Segment Information (Narrative) (Details) |
3 Months Ended |
---|---|
Dec. 31, 2022
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (Financial Segment Information By Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2022 |
|
Segment Reporting Information [Line Items] | |||
Revenue | $ 658,859 | $ 546,557 | |
Segment Profit: Net Income (Loss) | 169,689 | 132,392 | |
Segment Assets | 8,134,914 | $ 7,896,262 | |
Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 658,859 | 546,557 | |
Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Exploration And Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 276,973 | 244,198 | |
Segment Profit: Net Income (Loss) | 91,192 | 62,369 | |
Segment Assets | 2,531,218 | 2,507,541 | |
Exploration And Production [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 276,973 | 244,198 | |
Exploration And Production [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Pipeline And Storage [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 97,655 | 88,350 | |
Segment Profit: Net Income (Loss) | 29,476 | 25,168 | |
Segment Assets | 2,355,063 | 2,394,697 | |
Pipeline And Storage [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 67,621 | 61,547 | |
Pipeline And Storage [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 30,034 | 26,803 | |
Gathering [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 56,413 | 52,225 | |
Segment Profit: Net Income (Loss) | 24,738 | 23,137 | |
Segment Assets | 894,564 | 878,796 | |
Gathering [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 2,646 | 4,045 | |
Gathering [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 53,767 | 48,180 | |
Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 311,681 | 236,759 | |
Segment Profit: Net Income (Loss) | 23,817 | 22,130 | |
Segment Assets | 2,392,682 | 2,299,473 | |
Utility [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 311,619 | 236,684 | |
Utility [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 62 | 75 | |
Total Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Profit: Net Income (Loss) | 169,223 | 132,804 | |
Segment Assets | 8,173,527 | 8,080,507 | |
Total Reportable Segments [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 658,859 | 546,474 | |
Total Reportable Segments [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 83,863 | 75,058 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 6 | |
Segment Profit: Net Income (Loss) | (280) | (7) | |
Segment Assets | 1,681 | 2,036 | |
All Other [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
All Other [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 6 | |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (83,863) | (74,981) | |
Segment Profit: Net Income (Loss) | 746 | (405) | |
Segment Assets | (40,294) | $ (186,281) | |
Corporate And Intersegment Eliminations [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 83 | |
Corporate And Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (83,863) | $ (75,064) |
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2022
USD ($)
| |
Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 0.0 |
VEBA Trusts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 0.0 |
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|||
Retirement Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 1,297 | $ 2,190 | ||
Interest Cost | 10,629 | 5,707 | ||
Expected Return on Plan Assets | (16,648) | (13,074) | ||
Amortization of Prior Service Cost (Credit) | 109 | 134 | ||
Amortization of (Gains) Losses | (1,920) | 6,601 | ||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) | [1] | 5,378 | 4,420 | |
Net Periodic Benefit Cost (Income) | (1,155) | 5,978 | ||
Other Post-Retirement Benefit Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 147 | 332 | ||
Interest Cost | 3,912 | 2,267 | ||
Expected Return on Plan Assets | (6,403) | (7,340) | ||
Amortization of Prior Service Cost (Credit) | (107) | (107) | ||
Amortization of (Gains) Losses | (2,189) | (1,903) | ||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) | [1] | 3,820 | 6,246 | |
Net Periodic Benefit Cost (Income) | $ (820) | $ (505) | ||
|
Regulatory Matters (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended |
---|---|---|
Dec. 31, 2022 |
Sep. 30, 2022 |
|
NEW YORK | ||
Regulatory Matters [Line Items] | ||
Approved Return on Equity | 8.70% | |
Authorized Annual Recovery from Customers for Pension and OPEB Expense | $ 15.0 | |
PENNSYLVANIA | ||
Regulatory Matters [Line Items] | ||
Proposed Base Rate Increase | $ 28.1 | |
Approved Base Rate Reduction related to OPEB Expenses | (7.7) | |
Proposed Refund to Customers from Over-Collection of OPEB Expenses | 50.0 | |
Reduction of Other Post-Retirement Regulatory Liability | (18.5) | |
Approved Refund to Customers from Over-Collection of OPEB Expenses | $ 54.0 |
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