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Business Segment Information
12 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
In the Company’s 2024 Form 10-K and its Form 10-Q’s for the first three quarters of 2025, the Company reported 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 as well as regulatory environment. During the quarter ended September 30, 2025, the president and chief executive officer, who is the chief operating decision maker (CODM), determined that the Exploration and Production segment and Gathering segment should be treated as one operating segment. The CODM made this decision to provide more clarity for management and investors as to the interdependence of both Seneca and Midstream Company in bringing Appalachian natural gas to market. As a result of this decision, during the quarter ended September 30, 2025, the CODM began reviewing financial information of these three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. As a result, the Company is now reporting financial results for these three segments. Prior year segment information shown below has been recast to reflect this change in presentation.
The Integrated Upstream and Gathering segment is composed of the operations of Seneca and Midstream Company. Seneca is engaged in the exploration for and development of natural gas reserves in the Appalachian region of the United States. Midstream Company builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region, primarily providing gathering services to Seneca.
The Pipeline and Storage segment operations are regulated by the FERC for both Supply Corporation and Empire. Supply Corporation transports and stores natural gas for utilities (including Distribution Corporation), natural gas marketers, exploration and production companies (including Seneca) and pipeline companies in the northeastern United States markets. Empire transports and stores natural gas for major industrial companies, utilities (including Distribution Corporation) and power producers in New York State. Empire also transports natural gas for natural gas marketers and exploration and production companies (including Seneca) from natural gas producing areas in Pennsylvania to markets in New York and to interstate pipeline delivery points with access to additional markets in the northeastern United States and Canada.
The Utility segment operations are regulated by the NYPSC and the PaPUC and are carried out by Distribution Corporation. Distribution Corporation sells natural gas to retail customers and provides natural gas transportation services in western New York and northwestern Pennsylvania.
The data presented in the tables below reflects financial information for the segments and reconciliations to consolidated amounts. The CODM uses net income (loss) by segment, or income (loss) by segment before discontinued operations when applicable, to assess performance and allocate capital and other resources, considering actual-to-budget and actual-to-prior year variances on a monthly basis when making such decisions. The accounting policies of the segments are the same as those described in Note A — Summary of Significant Accounting Policies. Sales of products or services between segments are billed at regulated rates or at market rates, as applicable.
 
Year Ended September 30, 2025
 Integrated Upstream and GatheringPipeline
and
Storage
UtilityTotal
Reportable
Segments
All
Other
Corporate
and
Intersegment
Eliminations
Total
Consolidated
 (Thousands)
Revenue from External Customers(1)(2)$1,184,136 $276,131 $817,274 $2,277,541 $— $— $2,277,541 
Intersegment Revenues
— 151,470 355 151,825 — (151,825)— 
  Total Revenues1,184,136 427,601 817,629 2,429,366 — (151,825)2,277,541 
Operation and Maintenance Expense(4):
Upstream General and Administrative Expense75,280 — — 75,280 — (223)75,057 
Lease Operating Expense50,665 — — 50,665 — (5,817)44,848 
Gathering Operation and Maintenance Expense48,635 — — 48,635 — (246)48,389 
All Other Operation and Maintenance Expense16,049 122,379 234,455 372,883 — 16,688 389,571 
Purchased Gas Expense(4)— — 358,454 358,454 — (145,013)213,441 
Depreciation, Depletion and Amortization Expense(4)311,817 74,480 69,701 455,998 — 596 456,594 
Impairment of Assets (Significant Non-Cash Item)(4)141,802 — — 141,802 — — 141,802 
Interest Expense(4)76,633 45,509 42,969 165,111 536 (9,813)155,834 
Interest Income(1,445)(6,085)(2,284)(9,814)(11)3,809 (6,016)
Income Tax Expense (Benefit)(4)121,095 39,748 15,653 176,496 (245)(702)175,549 
Other Expense (Income) Items(5)18,907 30,613 15,432 64,952 534 (1,518)63,968 
Segment Profit: Net Income (Loss)
$324,698 $120,957 $83,249 $528,904 $(814)$(9,586)$518,504 
Expenditures for Additions to Long-Lived Assets
$605,433 $121,798 $189,961 $917,192 $— $909 $918,101 
 At September 30, 2025
 (Thousands)
Segment Assets$3,701,646 $2,412,747 $2,534,289 $8,648,682 $8,704 $61,718 $8,719,104 
 
 
Year Ended September 30, 2024
 Integrated Upstream and GatheringPipeline
and
Storage
UtilityTotal
Reportable
Segments
All
Other
Corporate
and
Intersegment
Elimination
Total
Consolidated
 (Thousands)
Revenue from External Customers(1)$976,615 $271,388 $696,807 $1,944,810 $— $— $1,944,810 
Intersegment Revenues
— 141,005 555 141,560 — (141,560)— 
  Total Revenues976,615 412,393 697,362 2,086,370 — (141,560)1,944,810 
Operation and Maintenance Expense(4):
Upstream General and Administrative Expense71,148 — — 71,148 — (221)70,927 
 Lease Operating Expense52,053 — — 52,053 — (5,723)46,330 
 Gathering Operation and Maintenance Expense36,140 — — 36,140 — (237)35,903 
 All Other Operation and Maintenance Expense15,529 116,335 222,142 354,006 17 12,835 366,858 
Purchased Gas Expense(4)— — 283,215 283,215 — (133,153)150,062 
Depreciation, Depletion and Amortization Expense(4)316,762 74,530 65,261 456,553 — 473 457,026 
Impairment of Assets (Significant Non-Cash Item)(4)473,054 46,075 — 519,129 — — 519,129 
Interest Expense(4)74,005 47,428 34,727 156,160 374 (17,839)138,695 
Interest Income(3,062)(8,632)(5,736)(17,430)— 8,703 (8,727)
Income Tax Expense (Benefit)(4)(20,213)26,045 3,951 9,783 (186)145 9,742 
Other Expense (Income) Items(5)18,240 30,942 36,713 85,895 412 (4,955)81,352 
Segment Profit: Net Income (Loss)
$(57,041)$79,670 $57,089 $79,718 $(617)$(1,588)$77,513 
Expenditures for Additions to Long-Lived Assets
$645,600 $110,830 $184,615 $941,045 $— $970 $942,015 
 At September 30, 2024
 (Thousands)
Segment Assets$3,614,318 $2,446,243 $2,398,709 $8,459,270 $6,227 $(145,727)$8,319,770 
 
 
Year Ended September 30, 2023
 Integrated Upstream and GatheringPipeline
and
Storage
UtilityTotal
Reportable
Segments
All
Other
 Corporate
and
Intersegment
Eliminations
Total
Consolidated
 (Thousands)
Revenue from External Customers(1)(3)$972,346 $259,646 $941,779 $2,173,771 $— $— $2,173,771 
Intersegment Revenues
— 119,545 581 120,126 — (120,126)— 
  Total Revenues972,346 379,191 942,360 2,293,897 — (120,126)2,173,771 
Operation and Maintenance Expense(4):
Upstream General and Administrative Expense66,074 — — 66,074 — (241)65,833 
Lease Operating Expense47,854 — — 47,854 — (6,902)40,952 
Gathering Operation and Maintenance Expense33,650 — — 33,650 — (255)33,395 
All Other Operation and Maintenance Expense9,327 106,654 208,539 324,520 21 14,035 338,576 
Purchased Gas Expense(4)— — 548,195 548,195 — (110,600)437,595 
Depreciation, Depletion and Amortization Expense(4)276,867 70,827 61,450 409,144 — 429 409,573 
Interest Expense(4)69,306 43,499 34,233 147,038 157 (15,309)131,886 
Interest Income(3,793)(7,052)(6,296)(17,141)— 5,662 (11,479)
Income Tax Expense (Benefit)(4)123,924 34,489 7,267 165,680 (164)(983)164,533 
Other Expense (Income) Items(5)17,138 30,273 40,577 87,988 517 (2,464)86,041 
Segment Profit: Net Income (Loss)
$331,999 $100,501 $48,395 $480,895 $(531)$(3,498)$476,866 
Expenditures for Additions to Long-Lived Assets
$841,020 $141,877 $139,922 $1,122,819 $— $754 $1,123,573 
 At September 30, 2023
 (Thousands)
Segment Assets$3,710,155 $2,427,214 $2,247,743 $8,385,112 $4,795 $(109,647)$8,280,260 
(1)All Revenue from External Customers originated in the United States.
(2)Revenue from one customer of the Company’s Integrated Upstream and Gathering segment, exclusive of hedging losses transacted with separate parties, represented approximately $258 million of the Company’s consolidated revenue for the year ended September 30, 2025. This one customer was also a customer of the Company’s Pipeline and Storage segment, accounting for an additional $16 million of the Company’s consolidated revenue for the year ended September 30, 2025.
(3)Revenue from one customer of the Company’s Integrated Upstream and Gathering segment, exclusive of hedging losses transacted with separate parties, represented approximately $208 million of the Company’s consolidated revenue for the year ended September 30, 2023. This one customer was also a customer of the Company’s Pipeline and Storage segment, accounting for an additional $14 million of the Company’s consolidated revenue for the year ended September 30, 2023.
(4)The Company considers this line to be a significant expense.
(5)Consists of Property, Franchise and Other Taxes, Non-Service Pension and Post-Retirement Benefits Costs (Credits), Other (Income) Deductions, and Purchased Gas Expense for the Pipeline and Storage segment.
Geographic InformationAt September 30
 202520242023
 (Thousands)
Long-Lived Assets:
United States$8,308,377 $7,963,851 $7,865,832