Revenue from Contracts with Customers

12 Months Ended

Sep. 30, 2025

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 years ended September 30, 2025, 2024 and 2023, presented by type of service from each reportable segment.

	Year Ended September 30, 2025
Revenues by Type of Service	Integrated Upstream and Gathering		Pipeline and Storage		Utility		Total Reportable Segments		All Other		Corporate and Intersegment Eliminations		Total Consolidated
	(Thousands)
Production of Natural Gas	$	1,104,283	$	—	$	—	$	1,104,283	$	—	$	—	$	1,104,283
Production of Crude Oil	1,837		—		—		1,837		—		—		1,837
Natural Gas Processing	1,196		—		—		1,196		—		—		1,196
Natural Gas Gathering Service	11,813		—		—		11,813		—		—		11,813
Natural Gas Transportation Service	—		324,179		109,443		433,622		—		(108,351)		325,271
Natural Gas Storage Service	—		100,292		—		100,292		—		(42,485)		57,807
Natural Gas Residential Sales	—		—		596,988		596,988		—		—		596,988
Natural Gas Commercial Sales	—		—		84,515		84,515		—		—		84,515
Natural Gas Industrial Sales	—		—		4,403		4,403		—		(4)		4,399
Other	18,050		3,130		10,813		31,993		—		(985)		31,008
Total Revenues from Contracts with Customers	1,137,179		427,601		806,162		2,370,942		—		(151,825)		2,219,117
Alternative Revenue Programs	—		—		11,467		11,467		—		—		11,467
Derivative Financial Instruments	46,957		—		—		46,957		—		—		46,957
Total Revenues	$	1,184,136	$	427,601	$	817,629	$	2,429,366	$	—	$	(151,825)	$	2,277,541

	Year Ended September 30, 2024
Revenues by Type of Service	Integrated Upstream and Gathering		Pipeline and Storage		Utility		Total Reportable Segments		All Other		Corporate and Intersegment Eliminations		Total Consolidated
	(Thousands)
Production of Natural Gas	$	738,778	$	—	$	—	$	738,778	$	—	$	—	$	738,778
Production of Crude Oil	2,298		—		—		2,298		—		—		2,298
Natural Gas Processing	1,053		—		—		1,053		—		—		1,053
Natural Gas Gathering Service	15,537		—		—		15,537		—		—		15,537
Natural Gas Transportation Service	—		311,900		103,866		415,766		—		(99,658)		316,108
Natural Gas Storage Service	—		95,933		—		95,933		—		(40,995)		54,938
Natural Gas Residential Sales	—		—		502,744		502,744		—		—		502,744
Natural Gas Commercial Sales	—		—		68,466		68,466		—		—		68,466
Natural Gas Industrial Sales	—		—		3,103		3,103		—		(5)		3,098
Other	1,937		4,560		(1,256)		5,241		—		(902)		4,339
Total Revenues from Contracts with Customers	759,603		412,393		676,923		1,848,919		—		(141,560)		1,707,359
Alternative Revenue Programs	—		—		20,439		20,439		—		—		20,439
Derivative Financial Instruments	217,012		—		—		217,012		—		—		217,012
Total Revenues	$	976,615	$	412,393	$	697,362	$	2,086,370	$	—	$	(141,560)	$	1,944,810

	Year Ended September 30, 2023
Revenues by Type of Service	Integrated Upstream and Gathering		Pipeline and Storage		Utility		Total Reportable Segments		All Other		Corporate and Intersegment Eliminations		Total Consolidated
	(Thousands)
Production of Natural Gas	$	1,036,499	$	—	$	—	$	1,036,499	$	—	$	—	$	1,036,499
Production of Crude Oil	2,261		—		—		2,261		—		—		2,261
Natural Gas Processing	1,203		—		—		1,203		—		—		1,203
Natural Gas Gathering Service	13,891		—		—		13,891		—		—		13,891
Natural Gas Transportation Service	—		291,225		98,304		389,529		—		(82,889)		306,640
Natural Gas Storage Service	—		84,962		—		84,962		—		(36,283)		48,679
Natural Gas Residential Sales	—		—		727,728		727,728		—		—		727,728
Natural Gas Commercial Sales	—		—		103,270		103,270		—		—		103,270
Natural Gas Industrial Sales	—		—		5,658		5,658		—		(7)		5,651
Other	6,507		3,004		508		10,019		—		(947)		9,072
Total Revenues from Contracts with Customers	1,060,361		379,191		935,468		2,375,020		—		(120,126)		2,254,894
Alternative Revenue Programs	—		—		6,892		6,892		—		—		6,892
Derivative Financial Instruments	(88,015)		—		—		(88,015)		—		—		(88,015)
Total Revenues	$	972,346	$	379,191	$	942,360	$	2,293,897	$	—	$	(120,126)	$	2,173,771

The Company records revenue related to its derivative financial instruments in the Integrated Upstream and Gathering 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.

Integrated Upstream and Gathering Segment Revenue

The Company’s Integrated Upstream and Gathering segment records revenue from the sale of the natural gas and oil that it produces, which means that revenue is recorded based on the actual amount of natural gas or oil that is delivered to a pipeline, or upon pick-up in the case of oil, netted down for the Company’s ownership interest. Substantially all Integrated Upstream and Gathering segment production consists of natural gas production from the Appalachian region of the United States. If a production imbalance occurs between what

was supposed to be delivered to a pipeline and what was actually produced and delivered, the Company accrues the difference as an imbalance.  The sales contracts generally require the Company to deliver a specific quantity of a commodity per day for a specific number of days at a price that is either fixed or variable and considers the delivery of each unit (MMBtu or Bbl) to be a separate performance obligation that is satisfied upon delivery.  

The transaction price for the sale of natural gas and oil is contractually agreed upon based on prevailing market pricing (primarily tied to a market index with certain adjustments based on factors such as delivery location and prevailing supply and demand conditions) or fixed pricing.  The Company allocates the transaction price to each performance obligation on the basis of the relative standalone selling price of each distinct unit sold. Revenue is recognized at a point in time when the transfer of the commodity occurs at the delivery point per the contract. The amount billable, as determined by the contracted quantity and price, indicates the value to the customer, and is used for revenue recognition purposes by the Integrated Upstream and Gathering segment as specified by the “invoice practical expedient” (the amount that the Integrated Upstream and Gathering segment has the right to invoice) under the authoritative guidance for revenue recognition. The contracts typically require payment within 30 days of the end of the calendar month in which the natural gas and oil is delivered.

The Company’s Integrated Upstream and Gathering segment also provides gathering and processing services in the Appalachian region of Pennsylvania. The primary performance obligation associated with the Integrated Upstream and Gathering segment’s gathering and processing services is to deliver gathered natural gas volumes from producers’ wells, into interstate pipelines at contractually agreed upon per unit rates. This obligation is satisfied over time. The performance obligation is satisfied based on the passage of time and meter reads, which correlates to the period for which the charges are eligible to be invoiced. The amount billable, as determined by the meter read and the contracted volumetric rate, indicates the value to the customer, and is used for revenue recognition purposes by the Integrated Upstream and Gathering segment as specified by the “invoice practical expedient” (the amount that the Integrated Upstream and Gathering segment has the right to invoice) under the authoritative guidance for revenue recognition. Customers are billed after the end of each calendar month, with payment typically due by the 10th day after the invoice is received.

The Company uses derivative financial instruments to manage commodity price risk in the Integrated Upstream and Gathering segment related to sales of the natural gas that it produces. Gains or losses on such derivative financial instruments are recorded as adjustments to revenue; however, they are not considered to be revenue from contracts with customers.

Pipeline and Storage Segment Revenue

The Company’s Pipeline and Storage segment records revenue for natural gas transportation and storage services in New York and Pennsylvania at tariff-based rates regulated by the FERC. Customers secure their own gas supply and the Pipeline and Storage segment provides transportation and/or storage services to move the customer-supplied gas to the intended location, including injections into or withdrawals from the storage field. This performance obligation is satisfied over time. The rate design for the Pipeline and Storage segment’s customers generally includes a combination of volumetric or commodity charges as well as monthly “fixed” charges (including charges commonly referred to as capacity charges, demand charges, or reservation charges). These types of fixed charges represent compensation for standing ready over the period of the month to deliver quantities of gas, regardless of whether the customer takes delivery of any quantity of gas. The performance obligation under these circumstances is satisfied based on the passage of time and meter reads, if applicable, which correlates to the period for which the charges are eligible to be invoiced. The amount billable, as determined by the meter read and the “fixed” monthly charge, indicates the value to the customer, and is used for revenue recognition purposes by the Pipeline and Storage segment as specified by the “invoice practical expedient” (the amount that the Pipeline and Storage segment has the right to invoice) under the authoritative guidance for revenue recognition. Customers are billed after the end of each calendar month, with payment typically due by the 25th day of the month in which the invoice is received.

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: $228.0 million for fiscal 2026; $214.1 million for fiscal 2027; $162.7 million for fiscal 2028; $129.7 million for fiscal 2029; $122.7 million for fiscal 2030; and $529.1 million thereafter.

Utility Segment Revenue

The Company’s Utility segment records revenue for natural gas sales and natural gas transportation services in western New York and northwestern Pennsylvania at tariff-based rates regulated by the NYPSC and the PaPUC, respectively. Natural gas sales and transportation services are provided largely to residential, commercial and industrial customers. The Utility segment’s performance obligation to its customers is to deliver natural gas, an obligation which is satisfied over time. This obligation generally remains in effect as long as the customer consumes the natural gas provided by the Utility segment. The Utility segment recognizes revenue when it satisfies its performance obligation by delivering natural gas to the customer. Natural gas is delivered and consumed by the customer simultaneously. The satisfaction of the performance obligation is measured by the turn of the meter dial. The amount billable, as determined by the meter read and the tariff-based rate, indicates the value to the customer, and is used for revenue recognition purposes by the Utility segment as specified by the “invoice practical expedient” (the amount that the Utility segment has the right to invoice) under the authoritative guidance for revenue recognition. Since the Utility segment bills its customers in cycles having billing dates that do not generally coincide with the end of a calendar month, a receivable is recorded for natural gas delivered but not yet billed to customers based on an estimate of the amount of natural gas delivered between the last meter reading date and the end of the accounting period. Such receivables are a component of Unbilled Revenue on the Consolidated Balance Sheets. The Utility segment’s tariffs allow customers to utilize budget billing. In this situation, since the amount billed may differ from the amount of natural gas delivered to the customer in any given month, revenue is recognized monthly based on the amount of natural gas consumed. The differential between the amount billed and the amount consumed is recorded as a component of Receivables or Customer Advances on the Consolidated Balance Sheets. All receivables or advances related to budget billing are settled within one year.

Utility Segment Alternative Revenue Programs

As indicated in the revenue table shown above, the Company’s Utility segment has alternative revenue programs that are excluded from the scope of the authoritative guidance regarding revenue recognition. The NYPSC has authorized alternative revenue programs that are designed to mitigate the impact that weather and conservation have on margin. The NYPSC and PaPUC have also authorized additional alternative revenue programs that adjust billings for the effects of broad external factors or to compensate the Company for demand-side management initiatives. These alternative revenue programs primarily allow the Company and customer to share in variances from imputed margins due to migration of transportation customers, allow for adjustments to the gas cost recovery mechanism for fluctuations in uncollectible expenses associated with gas costs, and allow the Company to pass on to customers costs associated with customer energy efficiency programs. In general, revenue is adjusted monthly for these programs and is collected from or passed back to customers within 24 months of the annual reconciliation period.