(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 | ||||
IRS | Internal Revenue Service | ||||
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 | |||||
2023 Form 10-K | The Company’s Annual Report on Form 10-K for the year ended September 30, 2023 | ||||
2017 Tax Reform Act | Tax legislation referred to as the "Tax Cuts and Jobs Act," enacted December 22, 2017. | ||||
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. | ||||
ESG | Environmental, social and governance | ||||
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 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. | ||||
Impact Fee | An annual fee imposed on unconventional wells spud in Pennsylvania. The fee is administered by the PaPUC and fees are distributed to counties and municipalities where the well is located. | ||||
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. | ||||
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) | ||||
Methane | The primary component of natural gas. It is a compound made up of one carbon atom and four hydrogen atoms (CH4). | ||||
MMBtu | Million British thermal units (heating value of one decatherm of natural gas) | ||||
MMcf | Million cubic feet (of natural gas) | ||||
Natural Gas | A naturally occurring mixture of gaseous hydrocarbons consisting primarily of methane and found in underground rock formations. |
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. | ||||
NOAA | National Oceanic and Atmospheric Administration | ||||
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 | Weather normalization clause; a clause/adjustment 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 | • | |||||||
Three Months Ended December 31, | |||||||||||
(Thousands of U.S. Dollars, Except Per Common Share Amounts) | 2023 | 2022 | |||||||||
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) | 2023 | 2022 | |||||||||
Net Income Available for Common Stock | $ | $ | |||||||||
Other Comprehensive Income (Loss), Before Tax: | |||||||||||
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | |||||||||||
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | ( | ||||||||||
Other Comprehensive Income (Loss), Before Tax | |||||||||||
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | |||||||||||
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | ( | ||||||||||
Income Taxes – Net | |||||||||||
Other Comprehensive Income (Loss) | |||||||||||
Comprehensive Income | $ | $ |
December 31, 2023 | September 30, 2023 | ||||||||||
(Thousands of U.S. Dollars) | |||||||||||
ASSETS | |||||||||||
Property, Plant and Equipment | $ | $ | |||||||||
Less - Accumulated Depreciation, Depletion and Amortization | |||||||||||
Current Assets | |||||||||||
Cash and Temporary Cash Investments | |||||||||||
Receivables – Net of Allowance for Uncollectible Accounts of $ | |||||||||||
Unbilled Revenue | |||||||||||
Gas Stored Underground | |||||||||||
Materials and Supplies - at average cost | |||||||||||
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, 2023 | September 30, 2023 | ||||||||||
(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 Income (Loss) | ( | ||||||||||
Total Comprehensive Shareholders’ Equity | |||||||||||
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | |||||||||||
Total Capitalization | |||||||||||
Current and Accrued Liabilities | |||||||||||
Notes Payable to Banks and Commercial Paper | |||||||||||
Accounts Payable | |||||||||||
Amounts Payable to Customers | |||||||||||
Dividends Payable | |||||||||||
Interest Payable on Long-Term Debt | |||||||||||
Customer Advances | |||||||||||
Customer Security Deposits | |||||||||||
Other Accruals and Current Liabilities | |||||||||||
Fair Value of Derivative Financial Instruments | |||||||||||
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 7) | |||||||||||
Total Capitalization and Liabilities | $ | $ |
Three Months Ended December 31, | |||||||||||
(Thousands of U.S. Dollars) | 2023 | 2022 | |||||||||
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 and Supplies | |||||||||||
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, 2023 | Three Months Ended December 31, 2022 | ||||||||||||||||||||||
Balance at December 31, 2023 | Balance at October 1, 2023 | Balance at December 31, 2022 | Balance at October 1, 2022 | ||||||||||||||||||||
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 Written-Off | Balance at End of Period | |||||||||||||||||||||||||
Three Months Ended December 31, 2023 | |||||||||||||||||||||||||||||
Allowance for Uncollectible Accounts | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||
Balance at October 1, 2023 | $ | $ | ( | $ | ( | ||||||||||||
Other Comprehensive Gains and Losses Before Reclassifications | |||||||||||||||||
Amounts Reclassified From Other Comprehensive Income | ( | ( | |||||||||||||||
Balance at December 31, 2023 | $ | $ | ( | $ | |||||||||||||
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 | $ | ( | $ | ( | $ | ( | |||||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
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, 2023 | At September 30, 2023 | ||||||||||
Prepayments | $ | $ | |||||||||
Prepaid Property and Other Taxes | |||||||||||
Federal Income Taxes Receivable | |||||||||||
State Income Taxes Receivable | |||||||||||
Regulatory Assets | |||||||||||
$ | $ |
At December 31, 2023 | At September 30, 2023 | ||||||||||
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, 2023 (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, 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 | $ | $ | $ | $ | $ | $ | ( | $ |
Recurring Fair Value Measures | At fair value as of December 31, 2023 | ||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Net Assets/(Liabilities) | $ | $ | $ | $ | $ |
Recurring Fair Value Measures | At fair value as of September 30, 2023 | ||||||||||||||||||||||||||||
(Thousands of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Cash Equivalents – Money Market Mutual Funds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
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: | |||||||||||||||||||||||||||||
Over the Counter Swaps – Gas | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Over the Counter No Cost Collars – Gas | ( | ||||||||||||||||||||||||||||
Foreign Currency Contracts | ( | ||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||
Total Net Assets/(Liabilities) | $ | $ | $ | $ | $ |
December 31, 2023 | September 30, 2023 | ||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||
Long-Term Debt | $ | $ | $ | $ |
At December 31, 2023 | At September 30, 2023 | ||||||||||
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, 2023 and 2022 (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, | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||
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, 2023 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
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, 2023 | $ | $ | $ | $ | |||||||||||||||||||||||||
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 | $ | $ | $ | $ | ( | ||||||||||||||||||||||||
Quarter Ended December 31, 2023 (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, 2023 | $ | $ | $ | $ | $ | $ | $( | $ | ||||||||||||||||||
At September 30, 2023 | $ | $ | $ | $ | $ | $ | $( | $ |
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) | $ | $ | $ | $ | $ | $( | $ | $ |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||
Three Months Ended December 31, | 2023 | 2022 | 2023 | 2022 | |||||||||||||
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) | 2023 | 2022 | Increase (Decrease) | ||||||||
Exploration and Production | $ | 52,483 | $ | 91,192 | $ | (38,709) | |||||
Pipeline and Storage | 24,055 | 29,476 | (5,421) | ||||||||
Gathering | 28,825 | 24,738 | 4,087 | ||||||||
Utility | 26,551 | 23,817 | 2,734 | ||||||||
Total Reportable Segments | 131,914 | 169,223 | (37,309) | ||||||||
All Other | (121) | (280) | 159 | ||||||||
Corporate | 1,227 | 746 | 481 | ||||||||
Total Consolidated | $ | 133,020 | $ | 169,689 | $ | (36,669) |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2023 | 2022 | Increase (Decrease) | ||||||||
Gas Produced in Appalachia (after Hedging) | $ | 252,416 | $ | 273,197 | $ | (20,781) | |||||
Other | 1,603 | 3,776 | (2,173) | ||||||||
$ | 254,019 | $ | 276,973 | $ | (22,954) |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||
Gas Production per MMcf | 100,757 | 90,574 | 10,183 | ||||||||
Three Months Ended December 31, | |||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||
Average Gas Price/Mcf | |||||||||||
Weighted Average | $ | 2.31 | $ | 4.77 | $ | (2.46) | |||||
Weighted Average After Hedging | $ | 2.51 | $ | 3.02 | $ | (0.51) | |||||
Three Months Ended December 31, | |||||||||||
(Thousands) | 2023 | 2022 | Increase (Decrease) | ||||||||
Firm Transportation | $ | 71,495 | $ | 75,456 | $ | (3,961) | |||||
Interruptible Transportation | 123 | 745 | (622) | ||||||||
71,618 | 76,201 | (4,583) | |||||||||
Firm Storage Service | 21,291 | 21,284 | 7 | ||||||||
Interruptible Storage Service | 1 | 2 | (1) | ||||||||
Other | 1,503 | 168 | 1,335 | ||||||||
$ | 94,413 | $ | 97,655 | $ | (3,242) |
Three Months Ended December 31, | |||||||||||
(MMcf) | 2023 | 2022 | Increase (Decrease) | ||||||||
Firm Transportation | 200,101 | 224,623 | (24,522) | ||||||||
Interruptible Transportation | 118 | 1,308 | (1,190) | ||||||||
200,219 | 225,931 | (25,712) |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2023 | 2022 | Increase (Decrease) | ||||||||
Gathering Revenues | $ | 62,588 | $ | 56,413 | $ | 6,175 | |||||
Three Months Ended December 31, | |||||||||||
2023 | 2022 | Increase (Decrease) | |||||||||
Gathered Volume - (MMcf) | 124,261 | 108,027 | 16,234 |
Three Months Ended December 31, | |||||||||||
(Thousands) | 2023 | 2022 | Increase (Decrease) | ||||||||
Retail Sales Revenues: | |||||||||||
Residential | $ | 149,656 | $ | 245,442 | $ | (95,786) | |||||
Commercial | 21,209 | 35,343 | (14,134) | ||||||||
Industrial | 911 | 1,643 | (732) | ||||||||
171,776 | 282,428 | (110,652) | |||||||||
Transportation | 30,798 | 29,512 | 1,286 | ||||||||
Other | (567) | (259) | (308) | ||||||||
$ | 202,007 | $ | 311,681 | $ | (109,674) |
Three Months Ended December 31, | |||||||||||
(MMcf) | 2023 | 2022 | Increase (Decrease) | ||||||||
Retail Sales: | |||||||||||
Residential | 17,982 | 20,153 | (2,171) | ||||||||
Commercial | 2,800 | 2,994 | (194) | ||||||||
Industrial | 138 | 151 | (13) | ||||||||
20,920 | 23,298 | (2,378) | |||||||||
Transportation | 17,528 | 18,310 | (782) | ||||||||
38,448 | 41,608 | (3,160) |
Three Months Ended December 31, | Percent Colder (Warmer) Than | ||||||||||||||||
Normal | 2023 | 2022 | Normal(1) | Prior Year(1) | |||||||||||||
Buffalo, NY | 2,253 | 1,858 | 2,048 | (17.5) | % | (9.3) | % | ||||||||||
Erie, PA(2) | 1,894 | 1,664 | 1,987 | (12.1) | % | (16.3) | % | ||||||||||
Total Expenditures for Long-Lived Assets | |||||||||||||||||
Three Months Ended December 31, | 2023 | 2022 | Increase (Decrease) | ||||||||||||||
(Millions) | |||||||||||||||||
Exploration and Production: | |||||||||||||||||
Capital Expenditures | $ | 161.0 | (1) | $ | 168.5 | (2) | $ | (7.5) | |||||||||
Pipeline and Storage: | |||||||||||||||||
Capital Expenditures | 24.6 | (1) | 16.4 | (2) | 8.2 | ||||||||||||
Gathering: | |||||||||||||||||
Capital Expenditures | 19.6 | (1) | 13.3 | (2) | 6.3 | ||||||||||||
Utility: | |||||||||||||||||
Capital Expenditures | 30.5 | (1) | 25.3 | (2) | 5.2 | ||||||||||||
All Other: | |||||||||||||||||
Capital Expenditures | — | — | — | ||||||||||||||
$ | 235.7 | $ | 223.5 | $ | 12.2 |
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, 2023 | 10,443 | $53.91 | — | 6,971,019 | ||||||||||
Nov. 1 - 30, 2023 | 11,134 | $50.80 | — | 6,971,019 | ||||||||||
Dec. 1 - 31, 2023 | 88,473 | $50.50 | — | 6,971,019 | ||||||||||
Total | 110,050 | $50.85 | — | 6,971,019 |
Exhibit Number | Description of Exhibit | |||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
Exhibit Number | Description of Exhibit | |||||||
10.5 | ||||||||
10.6 | ||||||||
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, 2023 and 2022, (ii) the Consolidated Statements of Comprehensive Income for the three months ended December 31, 2023 and 2022, (iii) the Consolidated Balance Sheets at December 31, 2023 and September 30, 2023, (iv) the Consolidated Statements of Cash Flows for the three months ended December 31, 2023 and 2022 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/ T. J. Silverstein | |||||
T. J. Silverstein | |||||
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 | 2026 Target Rate (kg CO2e/BOE) | 2020 Baseline Rate (kg CO2e/BOE) | Percentage Decrease | ||||||||
Utility | 11.7 | 14.53 | 19.5% | ||||||||
Pipeline and Storage | 1.60 | 2.491 | 35.7% | ||||||||
Gathering | 1.88 | 2.45 | 23.3% | ||||||||
Exploration and Production | 1.76 | 2.702 | 34.8% |
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] |
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] |
I. | Meetings | 1 | ||||||||||||||||||||||||||||||
II . | Quorum and Voting; Delegation | 2 | ||||||||||||||||||||||||||||||
III . | Grants and Awards Under the Plans | 2 | ||||||||||||||||||||||||||||||
A. | General Rules Regarding Awards Under the 2010 Plan | 3 | ||||||||||||||||||||||||||||||
1 | Making of an Award | 3 | ||||||||||||||||||||||||||||||
2 | Contemporaneous Awards | 3 | ||||||||||||||||||||||||||||||
3 | Stock-based Awards | 3 | ||||||||||||||||||||||||||||||
a. | Source | 3 | ||||||||||||||||||||||||||||||
b. | Cash Dividends and Cash Dividend Equivalents | 3 | ||||||||||||||||||||||||||||||
i. | Stock-based Awards Other Than Restricted Stock | 3 | ||||||||||||||||||||||||||||||
ii. | Restricted Stock Awards | 4 | ||||||||||||||||||||||||||||||
c. | Payment | 4 | ||||||||||||||||||||||||||||||
4 | Withholding Taxes | 4 | ||||||||||||||||||||||||||||||
5 | Deferral of Payment | 5 | ||||||||||||||||||||||||||||||
B. | Stock Options Under the 2010 Plan | 6 | ||||||||||||||||||||||||||||||
1 | Designation | 6 | ||||||||||||||||||||||||||||||
2 | Price | 6 | ||||||||||||||||||||||||||||||
3 | Exercise Period/Duration | 6 | ||||||||||||||||||||||||||||||
a. | Non-Qualified Stock Options | 6 | ||||||||||||||||||||||||||||||
b. | Incentive Stock Options | 7 | ||||||||||||||||||||||||||||||
4 | Mechanics of Exercise | 7 | ||||||||||||||||||||||||||||||
5 | Reload Options | 7 | ||||||||||||||||||||||||||||||
C. | SARs Under the 2010 Plan | 7 | ||||||||||||||||||||||||||||||
D. | Restricted Stock, Restricted Stock Units and Performance Shares Under the 2010 Plans | 8 | ||||||||||||||||||||||||||||||
1. | Restrictions on Transferability; Vesting | 8 | ||||||||||||||||||||||||||||||
2. | Mechanics of Grant | 9 | ||||||||||||||||||||||||||||||
E. | Suspension of Exercisability or Payment of Awards | 9 | ||||||||||||||||||||||||||||||
1. | Authority to Suspend | 9 | ||||||||||||||||||||||||||||||
2. | Delegation of Authority | 9 | ||||||||||||||||||||||||||||||
IV . | Procedures For Exercising Stock Options and SARs | 10 | ||||||||||||||||||||||||||||||
A. | Authority and Scope | 10 | ||||||||||||||||||||||||||||||
B. | Notice of Exercise | 10 | ||||||||||||||||||||||||||||||
1. | Form and Delivery | 10 | ||||||||||||||||||||||||||||||
2. | Exercise Date | 10 | ||||||||||||||||||||||||||||||
C. | Payment of Exercise Price | 11 | ||||||||||||||||||||||||||||||
1. | Cash Payment | 11 | ||||||||||||||||||||||||||||||
2. | Payment with Existing Company Stock | 11 | ||||||||||||||||||||||||||||||
3. | Additional Time to Pay Exercise Price | 12 | ||||||||||||||||||||||||||||||
4. | Cashless Exercise | 13 | ||||||||||||||||||||||||||||||
D. | Restrictions Relating to Possession of Material Nonpublic Information | 14 |
/s/ D. P. Bauer | ||
D. P. Bauer | ||
President and Chief Executive Officer |
/s/ T. J. Silverstein | ||
T. J. Silverstein | ||
Treasurer and Principal Financial Officer |
Exhibit 99 | |||||||||||
NATIONAL FUEL GAS | |||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
(UNAUDITED) | |||||||||||
Twelve Months Ended | |||||||||||
December 31, | |||||||||||
(Thousands of Dollars) | 2023 | 2022 | |||||||||
INCOME | |||||||||||
Operating Revenues: | |||||||||||
Utility Revenues | $ | 832,081 | $ | 972,850 | |||||||
Exploration and Production and Other Revenues | 935,500 | 1,043,322 | |||||||||
Pipeline and Storage and Gathering Revenues | 272,693 | 282,176 | |||||||||
2,040,274 | 2,298,348 | ||||||||||
Operating Expenses: | |||||||||||
Purchased Gas | 322,950 | 461,661 | |||||||||
Operation and Maintenance: | |||||||||||
Utility | 208,592 | 196,766 | |||||||||
Exploration and Production and Other | 132,222 | 172,827 | |||||||||
Pipeline and Storage and Gathering | 150,949 | 139,904 | |||||||||
Property, Franchise and Other Taxes | 88,910 | 102,885 | |||||||||
Depreciation, Depletion and Amortization | 428,763 | 377,811 | |||||||||
1,332,386 | 1,451,854 | ||||||||||
Gain on Sale of Assets | — | 12,736 | |||||||||
Operating Income | 707,888 | 859,230 | |||||||||
Other Income (Expense): | |||||||||||
Other Income (Deductions) | 15,552 | 5,886 | |||||||||
Interest Expense on Long-Term Debt | (110,806) | (119,982) | |||||||||
Other Interest Expense | (22,369) | (12,532) | |||||||||
Income Before Income Taxes | 590,265 | 732,602 | |||||||||
Income Tax Expense | 150,068 | 129,284 | |||||||||
Net Income Available for Common Stock | $ | 440,197 | $ | 603,318 | |||||||
Earnings Per Common Share: | |||||||||||
Basic: | |||||||||||
Net Income Available for Common Stock | $ | 4.79 | $ | 6.59 | |||||||
Diluted: | |||||||||||
Net Income Available for Common Stock | $ | 4.77 | $ | 6.54 | |||||||
Weighted Average Common Shares Outstanding: | |||||||||||
Used in Basic Calculation | 91,832,178 | 91,489,650 | |||||||||
Used in Diluted Calculation | 92,308,466 | 92,198,015 |
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Income Available for Common Stock | $ 133,020 | $ 169,689 |
Other Comprehensive Income (Loss), Before Tax: | ||
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 189,167 | 297,593 |
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | (19,708) | 159,342 |
Other Comprehensive Income (Loss), Before Tax | 169,459 | 456,935 |
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 52,486 | 81,377 |
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | (5,468) | 43,571 |
Income Taxes – Net | 47,018 | 124,948 |
Other Comprehensive Income (Loss) | 122,441 | 331,987 |
Comprehensive Income | $ 255,461 | $ 501,676 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Receivables, allowance for uncollectible accounts | $ 37,116 | $ 36,295 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 92,115,581 | 91,819,405 |
Common stock, shares outstanding (in shares) | 92,115,581 | 91,819,405 |
Summary Of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Quarterly Report on 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, 2023, 2022 and 2021 that are included in the Company's 2023 Form 10-K. The consolidated financial statements for the year ended September 30, 2024 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, 2023 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2024. 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 8 – 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 have historically been written 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. During 2022 and 2021, final billings were suppressed in the Utility segment as a result of state shut-off moratoriums arising from the COVID-19 pandemic. Those moratoriums were lifted in 2022 which allowed for the resumption of final billings during 2022, thereby resulting in higher amounts being written off in 2023 and 2024. Activity in the allowance for uncollectible accounts for the three months ended December 31, 2023 and 2022 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 $1.2 million at December 31, 2023, 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 $2.5 billion and $2.4 billion at December 31, 2023 and September 30, 2023, 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 $159.1 million and $161.1 million at December 31, 2023 and September 30, 2023, 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, 2023, the ceiling exceeded the book value of the oil and gas properties by approximately $84.4 million. The estimated future net cash flows were increased by $307.0 million for hedging under the ceiling test at December 31, 2023. 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, 2023. Accumulated Other Comprehensive Income (Loss). The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2023 and 2022, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
Reclassifications Out of Accumulated Other Comprehensive Income (Loss). The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the three months ended December 31, 2023 and 2022 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, 2023, 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 no securities excluded as being antidilutive for the quarter ended December 31, 2023. For the quarter ended December 31, 2022, 1,987 securities were excluded as being antidilutive. Stock-Based Compensation. The Company granted 361,729 performance shares during the quarter ended December 31, 2023. The weighted average fair value of such performance shares was $44.23 per share for the quarter ended December 31, 2023. 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, 2023 include awards that must meet a performance goal related to either relative return on capital over a three-year or five-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 or five-year performance cycle ("TSR performance shares"). The performance goal related to the ROC performance shares over the respective performance cycles 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 respective performance cycles is the Company’s three-year (or five-year) total shareholder return relative to the three-year (or five-year) total shareholder return of the other companies in the Report Group. Three-year (or five-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 219,578 restricted stock units during the quarter ended December 31, 2023. The weighted average fair value of such restricted stock units was $42.44 per share for the quarter ended December 31, 2023. 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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Revenue from Contracts with Customers |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables provide a disaggregation of the Company's revenues for the three months ended December 31, 2023 and 2022, 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: $159.1 million for the remainder of fiscal 2024; $191.6 million for fiscal 2025; $149.2 million for fiscal 2026; $123.3 million for fiscal 2027; $107.5 million for fiscal 2028; and $581.0 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, 2023 and September 30, 2023. 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, 2023 and September 30, 2023 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. 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 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, 2023, 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, 2023 also includes the contingent consideration associated with the sale of the Exploration and Production segment's California assets on June 30, 2022. The terms of the purchase and sale agreement specified that the Company could 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 at $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 calendar 2023 contingency period expired with the ICE Brent Average falling below $95 per barrel. 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 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 collar and 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 7 years. On June 30, 2022, the Company completed the sale of Seneca’s California assets. The terms of the purchase and sale agreement specified that the Company could 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 calendar 2023 contingency period expired with the ICE Brent Average falling below $95 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 $3.1 million and $7.3 million at December 31, 2023 and September 30, 2023, respectively. A $4.2 million mark-to-market adjustment to reduce the fair value of the contingent consideration was recorded during the quarter ended December 31, 2023. 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, 2023 and September 30, 2023. 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, 2023, the Company had 380.2 Bcf of natural gas commodity derivative contracts (swaps and no cost collars) outstanding. As of December 31, 2023, the Company was hedging a total of $53.7 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts. As of December 31, 2023, the Company had $127.1 million of net hedging gains after taxes included in the accumulated other comprehensive income (loss) balance. Of this amount, it is expected that $92.3 million of unrealized gains after taxes 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 nineteen counterparties of which all nineteen are in a net gain position. On average, the Company had $9.6 million of credit exposure per counterparty in a gain position at December 31, 2023. The maximum credit exposure per counterparty in a gain position at December 31, 2023 was $35.6 million. As of December 31, 2023, 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, 2023, sixteen of the nineteen 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 that could be extended to the Company when it is in a derivative financial liability position 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 instrument 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, 2023, the Company did not have any derivative financial instrument liabilities with a credit-risk related contingency feature according to the Company’s internal model (discussed in Note 3 – Fair Value Measurements), and no hedging collateral deposits were required to be posted by the Company at December 31, 2023. Depending on the movement of commodity prices in the future, it is possible that the Company's derivative asset positions could swing into liability positions, at which point the Company could be required to post hedging collateral deposits. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the quarters ended December 31, 2023 and December 31, 2022 were 24.5% and 25.3%, respectively. The reduction in effective income tax rates was primarily driven by a methodology change for repairs and maintenance tax deductions.
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Capitalization |
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Capitalization, Long-Term Debt and Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization | Capitalization Summary of Changes in Common Stock Equity
(1)Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits. Common Stock. During the three months ended December 31, 2023, the Company issued 111,832 original issue shares of common stock for restricted stock units that vested and 251,255 original issue shares of common stock for performance shares that vested. The Company also issued 9,128 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 (the "DCP") during the three months ended December 31, 2023. In addition, the Company issued 1,055 original issue shares of common stock to officers of the Company who elected to defer their shares pursuant to the dividend reinvestment feature of the Company's DCP Plan during the three months ended December 31, 2023. 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, 2023, 77,094 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 February 28, 2022, the Company entered into a Credit Agreement (as amended from time to time, the "Credit Agreement") with a syndicate of twelve banks. The Credit Agreement replaced the previous Fourth Amended and Restated Credit Agreement and a previous 364-Day Credit Agreement. The Credit Agreement provides a $1.0 billion unsecured committed revolving credit facility with a maturity date of February 26, 2027. On February 7, 2024, the Company and certain lenders under the Credit Agreement consented to an extension of the maturity date of the Credit Agreement from February 26, 2027 to February 25, 2028. As a result, the Company has aggregate commitments available under the Credit Agreement of $1.0 billion before February 26, 2027, and $940 million in aggregate commitments available on and after February 26, 2027 to February 25, 2028. Current Portion of Long-Term Debt. None of the Company's long-term debt as of December 31, 2023 and September 30, 2023 had a maturity date within the following twelve-month period.
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Commitments And Contingencies |
3 Months Ended |
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Dec. 31, 2023 | |
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, 2023, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $3.2 million. The Company's liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at December 31, 2023. The Company has recovered its environmental clean-up costs through rate recovery 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 which is the subject of an ongoing appeal at the U.S. Court of Appeals for the D.C. Circuit. As of December 31, 2023, the Company has spent approximately $56.0 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 2023 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 2023 Form 10-K. A listing of segment assets at December 31, 2023 and September 30, 2023 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) during the three months ended December 31, 2023. In the remainder of fiscal 2024, the Company expects its contributions to the Retirement Plan to be in the range of zero to $5.0 million. The Company did not make any contributions to its VEBA trusts for its other post-retirement benefits during the three months ended December 31, 2023, and does not anticipate making any such contributions during the remainder of fiscal 2024.
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Regulatory Matters |
3 Months Ended |
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Dec. 31, 2023 | |
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 ("2017 Rate Order"). The 2017 Rate 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. On October 31, 2023, Distribution Corporation made a filing with the NYPSC seeking an increase of approximately $88 million in its total annual operating revenues for the projected rate year ending September 30, 2025, with a proposed effective date of October 1, 2024 that includes the maximum suspension period permitted under the New York Public Service Law ("2023 Rate Filing"). The Company is also proposing, among other things, to continue its leak prone pipe replacement program and to implement a number of initiatives that will facilitate achievement of the emissions reduction goals of the CLCPA. 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). On December 9, 2022, the Company filed a petition with the NYPSC to effectuate a system improvement tracker through which qualified pipeline replacement costs through September 30, 2024 would be tracked and recovered, and to recover certain deferred costs associated with the existing system modernization tracker, effective April 1, 2023. The NYPSC approved the petition by order dated March 17, 2023 contingent on the Company not filing a base rate case that would result in new rates becoming effective prior to October 1, 2024. The 2023 Rate Filing proposes to stop accruing and collecting revenues under its current system modernization and system improvement trackers and shift those revenues into the Company’s new base delivery rates. In the absence of a multi-year rate plan settlement, the Company is requesting that it be allowed to reinstate a tracking mechanism similar to the existing system modernization tracker. Pennsylvania Jurisdiction 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. A settlement involving all active parties to the proceeding was reached and filed with the PaPUC on April 13, 2023. The settlement provided for, among other things, an increase in Distribution Corporation’s annual base rate operating revenues of $23 million. The PaPUC approved the settlement in full, without modification or correction, on June 15, 2023 and new rates went into effect on August 1, 2023. FERC Jurisdiction Supply Corporation filed a NGA Section 4 rate case at FERC on July 31, 2023 proposing rate increases to be effective February 1, 2024. The proposed rates reflect an annual cost of service of $385.4 million, a rate base of $1.32 billion and a proposed cost of equity of 15.12%. If the proposed rate increases finally approved at the end of the proceeding exceed the rates that were in effect at July 31, 2023, but are less than rates put into effect subject to refund on February 1, 2024, Supply Corporation would be required to refund the difference between the rates collected subject to refund and the final approved rates, with interest at the FERC-approved rate. If the rates approved at the end of the proceeding are lower than the rates in effect at July 31, 2023, such lower rates will become effective prospectively from the effective date provided by the applicable FERC order, and refunds with interest will be limited to the difference between the rates collected subject to refund and the rates in effect at July 31, 2023. Empire’s 2019 rate settlement provides that Empire must make a rate case filing no later than May 1, 2025.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Dec. 31, 2023 |
Dec. 31, 2022 |
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Pay vs Performance Disclosure | ||
Net Income Available for Common Stock | $ 133,020 | $ 169,689 |
Insider Trading Arrangements |
3 Months Ended |
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Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary Of Significant Accounting Policies (Policy) |
3 Months Ended |
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Dec. 31, 2023 | |
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 Quarterly Report on 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, 2023, 2022 and 2021 that are included in the Company's 2023 Form 10-K. The consolidated financial statements for the year ended September 30, 2024 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year. |
Consolidated Statements of Cash Flows | 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 | 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 have historically been written 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. During 2022 and 2021, final billings were suppressed in the Utility segment as a result of state shut-off moratoriums arising from the COVID-19 pandemic. Those moratoriums were lifted in 2022 which allowed for the resumption of final billings during 2022, thereby resulting in higher amounts being written off in 2023 and 2024. |
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 $1.2 million at December 31, 2023, is reduced to zero by September 30 of each year as the inventory is replenished.
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Property, Plant and Equipment | Property, Plant and Equipment. In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Company's capitalized costs relating to oil and gas producing activities, net of accumulated depreciation, depletion and amortization, were $2.5 billion and $2.4 billion at December 31, 2023 and September 30, 2023, 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 $159.1 million and $161.1 million at December 31, 2023 and September 30, 2023, 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, 2023, the ceiling exceeded the book value of the oil and gas properties by approximately $84.4 million. The estimated future net cash flows were increased by $307.0 million for hedging under the ceiling test at December 31, 2023. |
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, 2023, 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 no securities excluded as being antidilutive for the quarter ended December 31, 2023. For the quarter ended December 31, 2022, 1,987 securities were excluded as being antidilutive. |
Stock-Based Compensation | Stock-Based Compensation. The Company granted 361,729 performance shares during the quarter ended December 31, 2023. The weighted average fair value of such performance shares was $44.23 per share for the quarter ended December 31, 2023. 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, 2023 include awards that must meet a performance goal related to either relative return on capital over a three-year or five-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 or five-year performance cycle ("TSR performance shares"). The performance goal related to the ROC performance shares over the respective performance cycles 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 respective performance cycles is the Company’s three-year (or five-year) total shareholder return relative to the three-year (or five-year) total shareholder return of the other companies in the Report Group. Three-year (or five-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 219,578 restricted stock units during the quarter ended December 31, 2023. The weighted average fair value of such restricted stock units was $42.44 per share for the quarter ended December 31, 2023. 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2023 and 2022 are as follows (in thousands):
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Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2023 and 2022, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
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Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | The details about the reclassification adjustments out of accumulated other comprehensive income (loss) for the three months ended December 31, 2023 and 2022 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) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 and 2022, presented by type of service from each reportable segment.
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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, 2023 and September 30, 2023. 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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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.
|
Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
---|---|---|---|---|
Accounting Policies [Abstract] | ||||
Cash and Temporary Cash Investments | $ 41,685 | $ 55,447 | $ 244,475 | $ 46,048 |
Hedging Collateral Deposits | 0 | 0 | 1,600 | 91,670 |
Cash, Cash Equivalents, and Restricted Cash | $ 41,685 | $ 55,447 | $ 246,075 | $ 137,718 |
Summary Of Significant Accounting Policies (Allowance for Uncollectible Accounts) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Allowance for Uncollectible Accounts [Roll Forward] | ||
Balance at Beginning of Period | $ 36,295 | $ 40,228 |
Additions Charged to Costs and Expenses | 4,157 | 5,035 |
Discounts on Purchased Receivables | 119 | 228 |
Net Accounts Receivable Written-Off | (3,455) | (1,566) |
Balance at End of Period | $ 37,116 | $ 43,925 |
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Summary Of Significant Accounting Policies [Line Items] | ||
Prepayments | $ 17,993 | $ 18,966 |
Prepaid Property and Other Taxes | 14,778 | 14,186 |
Regulatory Assets | 37,622 | 36,373 |
Other Current Assets | 99,400 | 100,260 |
Federal | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Income Taxes Receivable | 10,799 | 14,602 |
State | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Income Taxes Receivable | $ 18,208 | $ 16,133 |
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Accounting Policies [Abstract] | ||
Accrued Capital Expenditures | $ 75,485 | $ 43,323 |
Regulatory Liabilities | 35,770 | 38,105 |
Reserve for Gas Replacement | 1,247 | 0 |
Liability for Royalty and Working Interests | 25,529 | 17,679 |
Non-Qualified Benefit Plan Liability | 13,052 | 13,052 |
Other | 48,926 | 48,815 |
Other Accruals and Current Liabilities | $ 200,009 | $ 160,974 |
Fair Value Measurements (Narrative) (Details) |
12 Months Ended | 36 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2025
USD ($)
payment
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Hedging Collateral Deposits | $ 0 | $ 0 | $ 1,600,000 | $ 91,670,000 | |
California Asset Sale | Forecast | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Maximum Annual Contingent Payment | $ 10,000,000 | ||||
Amount of Each Incremental Contingency Payment | 1,000,000 | ||||
Incremental price, exceeding ICE Brent Average Price (in dollars per barrel) | 1 | ||||
California Asset Sale | Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
ICE Brent Average (in dollars per barrel) | 95 | ||||
California Asset Sale | Minimum | Forecast | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
ICE Brent Average (in dollars per barrel) | $ 95 | ||||
California Asset Sale | Maximum | Forecast | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Number Of Annual Contingent Payments | payment | 3 | ||||
ICE Brent Average (in dollars per barrel) | $ 105 | ||||
Derivative Financial Instruments | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Level 3 Fair Value | $ 0 | $ 0 |
Financial Instruments (Narrative) (Details) Bcf in Billions |
3 Months Ended | 12 Months Ended | 36 Months Ended | |||
---|---|---|---|---|---|---|
Dec. 31, 2023
USD ($)
counterparty
Bcf
|
Dec. 31, 2023
USD ($)
counterparty
Bcf
|
Dec. 31, 2025
USD ($)
payment
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
|
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Foreign Currency Forward Contract Hedge Duration | 7 years | |||||
After tax net hedging gains in accumulated other comprehensive income (loss) | $ 127,100,000 | $ 127,100,000 | ||||
After Tax Net Hedging Gains Reclassified Within Twelve Months | 92,300,000 | |||||
Fair market value of derivative liability with a credit-risk related contingency | 0 | 0 | ||||
Hedging Collateral Deposits | 0 | 0 | $ 0 | $ 1,600,000 | $ 91,670,000 | |
California Asset Sale | Forecast | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Maximum Annual Contingent Payment | $ 10,000,000 | |||||
Amount of Each Incremental Contingency Payment | 1,000,000 | |||||
Incremental price, exceeding ICE Brent Average Price (in dollars per barrel) | 1 | |||||
California Asset Sale | Present Value of Contingent Consideration | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Value of Contingent Consideration Received from Sale of Assets | 3,100,000 | 3,100,000 | $ 7,300,000 | |||
California Asset Sale | Mark to Market of Contingent Consideration | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Mark-to-Market Adjustment for Contingent Consideration | $ (4,200,000) | |||||
California Asset Sale | Minimum | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
ICE Brent Average (in dollars per barrel) | $ 95 | |||||
California Asset Sale | Minimum | Forecast | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
ICE Brent Average (in dollars per barrel) | $ 95 | |||||
California Asset Sale | Maximum | Forecast | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number Of Annual Contingent Payments | payment | 3 | |||||
ICE Brent Average (in dollars per barrel) | $ 105 | |||||
Cash Flow Hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Hedge Duration | 5 years | |||||
Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of counterparties in which the company holds over-the-counter swap positions | counterparty | 19 | 19 | ||||
Number of counterparties in net gain position | counterparty | 19 | 19 | ||||
Credit risk exposure per counterparty | $ 9,600,000 | $ 9,600,000 | ||||
Maximum Credit Risk Exposure Per Counterparty | 35,600,000 | |||||
Collateral Received by the Company | $ 0 | $ 0 | ||||
Number of counterparties with a common credit-risk related contingency | counterparty | 16 | 16 | ||||
Hedging Collateral Deposits | $ 0 | $ 0 | ||||
Natural Gas Bcf | Cash Flow Hedges | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Nonmonetary notional amount of price risk cash flow hedge derivatives, natural gas | Bcf | 380.2 | 380.2 | ||||
Foreign Currency Contracts | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Hedging Notional Amount of Forecasted Transportation Costs | $ 53,700,000 | $ 53,700,000 |
Financial Instruments (Long-Term Debt) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Financial Instruments, Owned, at Fair Value, by Type, Alternative [Abstract] | ||
Carrying Amount | $ 2,385,523 | $ 2,384,485 |
Fair Value | $ 2,286,446 | $ 2,210,478 |
Financial Instruments (Other Investments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
---|---|---|
Investment Holdings [Line Items] | ||
Life Insurance Contracts | $ 42,639 | $ 42,242 |
Other Investments | 76,633 | 73,976 |
Equity Mutual Fund | ||
Investment Holdings [Line Items] | ||
Mutual Funds | 17,484 | 15,837 |
Fixed Income Mutual Fund | ||
Investment Holdings [Line Items] | ||
Mutual Funds | $ 16,510 | $ 15,897 |
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, 2023 |
Dec. 31, 2022 |
|
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) | $ 189,167 | $ 297,593 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | 19,708 | (159,342) |
Commodity Contracts | Operating Revenues | ||
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) | 187,989 | 297,120 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | 19,755 | (159,162) |
Foreign Currency Contracts | Operating Revenues | ||
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) | 1,178 | 473 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | $ (47) | $ (180) |
Income Taxes (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective Tax Rate | 24.50% | 25.30% |
Capitalization and Short-Term Borrowings (Summary of Changes in Common Stock Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 91,819,405 | |||
Beginning balance | $ 2,963,376 | |||
Net Income Available for Common Stock | 133,020 | $ 169,689 | ||
Dividends Declared on Common Stock | (45,597) | (43,598) | ||
Other Comprehensive Income, Net of Tax | $ 122,441 | $ 331,987 | ||
Ending balance (in shares) | 92,115,581 | |||
Ending balance | $ 3,174,002 | |||
Dividends per share (in dollars per share) | $ 0.495 | $ 0.475 | ||
Common Stock | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance (in shares) | 91,819,000 | 91,478,000 | ||
Beginning balance | $ 91,819 | $ 91,478 | ||
Common Stock Issued Under Stock and Benefit Plans (Shares) | 297,000 | 309,000 | ||
Common Stock Issued Under Stock and Benefit Plans | $ 297 | $ 309 | ||
Ending balance (in shares) | 92,116,000 | 91,787,000 | ||
Ending balance | $ 92,116 | $ 91,787 | ||
Paid In Capital | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,040,761 | 1,027,066 | ||
Share-Based Payment Expense | [1] | 4,135 | 5,118 | |
Stock Repurchased under Stock and Benefit Plans | (3,670) | (6,545) | ||
Ending balance | 1,041,226 | 1,025,639 | ||
Earnings Reinvested in the Business | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | 1,885,856 | 1,587,085 | ||
Net Income Available for Common Stock | 133,020 | 169,689 | ||
Dividends Declared on Common Stock | (45,597) | (43,598) | ||
Ending balance | 1,973,279 | 1,713,176 | ||
Accumulated Other Comprehensive Income (Loss) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Beginning balance | (55,060) | (625,733) | ||
Other Comprehensive Income, Net of Tax | 122,441 | 331,987 | ||
Ending balance | $ 67,381 | $ (293,746) | ||
|
Capitalization (Narrative) (Details) $ in Millions |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023
USD ($)
shares
|
Feb. 26, 2027
USD ($)
|
Sep. 30, 2023
USD ($)
|
Feb. 28, 2022
USD ($)
bank
|
|
Debt Instrument [Line Items] | ||||
Shares tendered (in shares) | 77,094 | |||
Current Portion of Long-Term Debt | $ | $ 0.0 | $ 0.0 | ||
Credit Agreement | ||||
Debt Instrument [Line Items] | ||||
Number of banks In syndicate | bank | 12 | |||
Maximum borrowing capacity | $ | $ 1,000.0 | |||
Credit Agreement | Forecast | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ | $ 940.0 | |||
Restricted Stock Units | ||||
Debt Instrument [Line Items] | ||||
Common stock issued (in shares) | 111,832 | |||
Performance Shares | ||||
Debt Instrument [Line Items] | ||||
Common stock issued (in shares) | 251,255 | |||
Board Of Directors | ||||
Debt Instrument [Line Items] | ||||
Common stock issued (in shares) | 9,128 | |||
Officer DCP Plan | ||||
Debt Instrument [Line Items] | ||||
Common stock issued (in shares) | 1,055 |
Commitments And Contingencies (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Estimated minimum liability for environmental remediation | $ 3.2 |
Project costs | $ 56.0 |
Business Segment Information (Narrative) (Details) |
3 Months Ended |
---|---|
Dec. 31, 2023
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, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
|
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | $ 525,361 | $ 658,859 | |
Intersegment Revenues | 0 | 0 | |
Segment Profit: Net Income (Loss) | 133,020 | 169,689 | |
Segment Assets: | 8,587,492 | $ 8,280,260 | |
Total Reportable Segments | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 525,361 | 658,859 | |
Intersegment Revenues | 87,666 | 83,863 | |
Segment Profit: Net Income (Loss) | 131,914 | 169,223 | |
Segment Assets: | 8,734,487 | 8,402,098 | |
Exploration and Production | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 254,019 | 276,973 | |
Intersegment Revenues | 0 | 0 | |
Segment Profit: Net Income (Loss) | 52,483 | 91,192 | |
Segment Assets: | 3,057,345 | 2,814,218 | |
Pipeline and Storage | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 64,826 | 67,621 | |
Intersegment Revenues | 29,587 | 30,034 | |
Segment Profit: Net Income (Loss) | 24,055 | 29,476 | |
Segment Assets: | 2,439,479 | 2,427,214 | |
Gathering | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 4,596 | 2,646 | |
Intersegment Revenues | 57,992 | 53,767 | |
Segment Profit: Net Income (Loss) | 28,825 | 24,738 | |
Segment Assets: | 936,547 | 912,923 | |
Utility | Total Reportable Segments | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 201,920 | 311,619 | |
Intersegment Revenues | 87 | 62 | |
Segment Profit: Net Income (Loss) | 26,551 | 23,817 | |
Segment Assets: | 2,301,116 | 2,247,743 | |
All Other | All Other | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 0 | 0 | |
Intersegment Revenues | 0 | 0 | |
Segment Profit: Net Income (Loss) | (121) | (280) | |
Segment Assets: | 4,758 | 4,795 | |
Corporate and Intersegment Eliminations | Corporate | |||
Segment Reporting Information [Line Items] | |||
Revenue from External Customers | 0 | 0 | |
Corporate and Intersegment Eliminations | Corporate and Intersegment Eliminations | |||
Segment Reporting Information [Line Items] | |||
Intersegment Revenues | (87,666) | (83,863) | |
Segment Profit: Net Income (Loss) | 1,227 | $ 746 | |
Segment Assets: | $ (151,753) | $ (126,633) |
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
Retirement Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | $ 1,049 | $ 1,297 | ||
Interest Cost | 10,890 | 10,629 | ||
Expected Return on Plan Assets | (17,086) | (16,648) | ||
Amortization of Prior Service Cost (Credit) | 91 | 109 | ||
Amortization of (Gains) Losses | (335) | (1,920) | ||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) | [1] | 4,057 | 5,378 | |
Net Periodic Benefit Cost (Income) | (1,334) | (1,155) | ||
Other Post-Retirement Benefits | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Service Cost | 109 | 147 | ||
Interest Cost | 3,890 | 3,912 | ||
Expected Return on Plan Assets | (6,660) | (6,403) | ||
Amortization of Prior Service Cost (Credit) | (107) | (107) | ||
Amortization of (Gains) Losses | (567) | (2,189) | ||
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) | [1] | 2,238 | 3,820 | |
Net Periodic Benefit Cost (Income) | $ (1,097) | $ (820) | ||
|
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2023
USD ($)
| |
Retirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 0 |
Retirement Plan | Minimum | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | 0 |
Retirement Plan | Maximum | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | 5 |
VEBA Trusts | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | 0 |
Estimated future contributions in remainder of fiscal year | $ 0 |
Regulatory Matters (Details) - USD ($) $ in Millions |
80 Months Ended | ||||
---|---|---|---|---|---|
Oct. 31, 2023 |
Aug. 01, 2023 |
Jul. 31, 2023 |
Oct. 28, 2022 |
Dec. 31, 2023 |
|
Supply Corporation | |||||
Regulatory Matters [Line Items] | |||||
Public Utilities Proposed Annual Cost of Service | $ 385.4 | ||||
Public Utilities Proposed Rate Base | $ 1,320.0 | ||||
Proposed Return on Equity (as a percent) | 15.12% | ||||
NEW YORK | |||||
Regulatory Matters [Line Items] | |||||
Approved Return on Equity (as a percent) | 8.70% | ||||
Proposed Base Rate Increase | $ 88.0 | ||||
PENNSYLVANIA | |||||
Regulatory Matters [Line Items] | |||||
Proposed Base Rate Increase | $ 28.1 | ||||
Public Utilities Authorized Rate Increase, Amount | $ 23.0 |
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