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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from____ to_____
Commission File Number 1-3880
NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)
| | | | | | | | |
New Jersey | 13-1086010 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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6363 Main Street | |
Williamsville, | New York | 14221 |
(Address of principal executive offices) | (Zip Code) |
(716) 857-7000
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common Stock, par value $1.00 per share | NFG | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ☑ | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ |
| | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common stock, par value $1.00 per share, outstanding at January 31, 2024: 92,127,623 shares.
GLOSSARY OF TERMS
Frequently used abbreviations, acronyms, or terms used in this report:
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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 |
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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 |
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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. |
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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. |
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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. |
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INDEX | | Page |
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Item 3. Defaults Upon Senior Securities | | • |
Item 4. Mine Safety Disclosures | | • |
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• The Company has nothing to report under this item.
All references to a certain year in this report are to the Company’s fiscal year ended September 30 of that year, unless otherwise noted.
Part I. Financial Information
Item 1. Financial Statements
National Fuel Gas Company
Consolidated Statements of Income and Earnings
Reinvested in the Business
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | |
(Thousands of U.S. Dollars, Except Per Common Share Amounts) | 2023 | | 2022 | | | | |
INCOME | | | | | | | |
Operating Revenues: | | | | | | | |
Utility Revenues | $ | 201,920 | | | $ | 311,619 | | | | | |
Exploration and Production and Other Revenues | 254,019 | | | 276,973 | | | | | |
Pipeline and Storage and Gathering Revenues | 69,422 | | | 70,267 | | | | | |
| 525,361 | | | 658,859 | | | | | |
| | | | | | | |
Operating Expenses: | | | | | | | |
Purchased Gas | 56,552 | | | 171,197 | | | | | |
Operation and Maintenance: | | | | | | | |
Utility | 53,705 | | | 50,352 | | | | | |
Exploration and Production and Other | 34,826 | | | 26,874 | | | | | |
Pipeline and Storage and Gathering | 34,962 | | | 33,261 | | | | | |
Property, Franchise and Other Taxes | 22,416 | | | 26,205 | | | | | |
Depreciation, Depletion and Amortization | 115,790 | | | 96,600 | | | | | |
| | | | | | | |
| 318,251 | | | 404,489 | | | | | |
| | | | | | | |
Operating Income | 207,110 | | | 254,370 | | | | | |
Other Income (Expense): | | | | | | | |
| | | | | | | |
Other Income (Deductions) | 3,732 | | | 6,318 | | | | | |
Interest Expense on Long-Term Debt | (28,462) | | | (29,604) | | | | | |
Other Interest Expense | (6,273) | | | (3,843) | | | | | |
Income Before Income Taxes | 176,107 | | | 227,241 | | | | | |
Income Tax Expense | 43,087 | | | 57,552 | | | | | |
| | | | | | | |
Net Income Available for Common Stock | 133,020 | | | 169,689 | | | | | |
| | | | | | | |
EARNINGS REINVESTED IN THE BUSINESS | | | | | | | |
Balance at Beginning of Period | 1,885,856 | | | 1,587,085 | | | | | |
| 2,018,876 | | | 1,756,774 | | | | | |
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Dividends on Common Stock | (45,597) | | | (43,598) | | | | | |
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Balance at December 31 | $ | 1,973,279 | | | $ | 1,713,176 | | | | | |
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Earnings Per Common Share: | | | | | | | |
Basic: | | | | | | | |
Net Income Available for Common Stock | $ | 1.45 | | | $ | 1.85 | | | | | |
Diluted: | | | | | | | |
Net Income Available for Common Stock | $ | 1.44 | | | $ | 1.84 | | | | | |
Weighted Average Common Shares Outstanding: | | | | | | | |
Used in Basic Calculation | 91,910,244 | | | 91,579,814 | | | | | |
Used in Diluted Calculation | 92,442,145 | | | 92,268,210 | | | | | |
Dividends Per Common Share: | | | | | | | |
Dividends Declared | $ | 0.495 | | | $ | 0.475 | | | | | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Statements of Comprehensive Income
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended December 31, | | |
(Thousands of U.S. Dollars) | 2023 | | 2022 | | | | |
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 | | | | | |
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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 | | | | | |
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Income Taxes – Net | 47,018 | | | 124,948 | | | | | |
Other Comprehensive Income (Loss) | 122,441 | | | 331,987 | | | | | |
Comprehensive Income | $ | 255,461 | | | $ | 501,676 | | | | | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
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| December 31, 2023 | | September 30, 2023 |
(Thousands of U.S. Dollars) | | | |
ASSETS | | | |
Property, Plant and Equipment | $ | 13,857,060 | | | $ | 13,635,303 | |
Less - Accumulated Depreciation, Depletion and Amortization | 6,435,129 | | | 6,335,441 | |
| 7,421,931 | | | 7,299,862 | |
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Current Assets | | | |
Cash and Temporary Cash Investments | 41,685 | | | 55,447 | |
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Receivables – Net of Allowance for Uncollectible Accounts of $37,116 and $36,295, Respectively | 189,669 | | | 160,601 | |
Unbilled Revenue | 48,265 | | | 16,622 | |
Gas Stored Underground | 26,891 | | | 32,509 | |
Materials and Supplies - at average cost | 47,692 | | | 48,989 | |
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Other Current Assets | 99,400 | | | 100,260 | |
| 453,602 | | | 414,428 | |
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Other Assets | | | |
Recoverable Future Taxes | 73,283 | | | 69,045 | |
Unamortized Debt Expense | 6,829 | | | 7,240 | |
Other Regulatory Assets | 72,088 | | | 72,138 | |
Deferred Charges | 80,347 | | | 82,416 | |
Other Investments | 76,633 | | | 73,976 | |
Goodwill | 5,476 | | | 5,476 | |
Prepaid Pension and Post-Retirement Benefit Costs | 208,015 | | | 200,301 | |
Fair Value of Derivative Financial Instruments | 184,739 | | | 50,487 | |
Other | 4,549 | | | 4,891 | |
| 711,959 | | | 565,970 | |
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Total Assets | $ | 8,587,492 | | | $ | 8,280,260 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
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| December 31, 2023 | | September 30, 2023 |
(Thousands of U.S. Dollars) | | | |
CAPITALIZATION AND LIABILITIES | | | |
Capitalization: | | | |
Comprehensive Shareholders’ Equity | | | |
Common Stock, $1 Par Value | | | |
Authorized - 200,000,000 Shares; Issued And Outstanding – 92,115,581 Shares and 91,819,405 Shares, Respectively | $ | 92,116 | | | $ | 91,819 | |
Paid in Capital | 1,041,226 | | | 1,040,761 | |
Earnings Reinvested in the Business | 1,973,279 | | | 1,885,856 | |
Accumulated Other Comprehensive Income (Loss) | 67,381 | | | (55,060) | |
Total Comprehensive Shareholders’ Equity | 3,174,002 | | | 2,963,376 | |
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 2,385,523 | | | 2,384,485 | |
Total Capitalization | 5,559,525 | | | 5,347,861 | |
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Current and Accrued Liabilities | | | |
Notes Payable to Banks and Commercial Paper | 300,000 | | | 287,500 | |
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Accounts Payable | 105,390 | | | 152,193 | |
Amounts Payable to Customers | 60,032 | | | 59,019 | |
Dividends Payable | 45,597 | | | 45,451 | |
Interest Payable on Long-Term Debt | 42,288 | | | 20,399 | |
Customer Advances | 23,086 | | | 21,003 | |
Customer Security Deposits | 30,843 | | | 28,764 | |
Other Accruals and Current Liabilities | 200,009 | | | 160,974 | |
Fair Value of Derivative Financial Instruments | — | | | 31,009 | |
| 807,245 | | | 806,312 | |
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Other Liabilities | | | |
Deferred Income Taxes | 1,164,512 | | | 1,124,170 | |
Taxes Refundable to Customers | 317,838 | | | 268,562 | |
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Cost of Removal Regulatory Liability | 284,687 | | | 277,694 | |
Other Regulatory Liabilities | 165,988 | | | 165,441 | |
Other Post-Retirement Liabilities | 2,859 | | | 2,915 | |
Asset Retirement Obligations | 164,777 | | | 165,492 | |
Other Liabilities | 120,061 | | | 121,813 | |
| 2,220,722 | | | 2,126,087 | |
Commitments and Contingencies (Note 7) | — | | | — | |
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Total Capitalization and Liabilities | $ | 8,587,492 | | | $ | 8,280,260 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | | |
| Three Months Ended December 31, | |
(Thousands of U.S. Dollars) | 2023 | | 2022 | |
OPERATING ACTIVITIES | | | | |
Net Income Available for Common Stock | $ | 133,020 | | | $ | 169,689 | | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | |
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Depreciation, Depletion and Amortization | 115,790 | | | 96,600 | | |
Deferred Income Taxes | 38,362 | | | 53,457 | | |
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Stock-Based Compensation | 4,660 | | | 5,575 | | |
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Other | 8,041 | | | 4,078 | | |
Change in: | | | | |
Receivables and Unbilled Revenue | (58,459) | | | (29,522) | | |
Gas Stored Underground and Materials and Supplies | 6,915 | | | 5,622 | | |
Unrecovered Purchased Gas Costs | — | | | 20,603 | | |
Other Current Assets | 892 | | | (1,748) | | |
Accounts Payable | (3,355) | | | 6,091 | | |
Amounts Payable to Customers | 1,013 | | | (265) | | |
Customer Advances | 2,083 | | | 5,206 | | |
Customer Security Deposits | 2,079 | | | 4,546 | | |
Other Accruals and Current Liabilities | 28,612 | | | 4,523 | | |
Other Assets | (6,306) | | | (20,238) | | |
Other Liabilities | (2,403) | | | 3,122 | | |
Net Cash Provided by Operating Activities | 270,944 | | | 327,339 | | |
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INVESTING ACTIVITIES | | | | |
Capital Expenditures | (246,938) | | | (233,473) | | |
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Sale of Fixed Income Mutual Fund Shares in Grantor Trust | — | | | 10,000 | | |
Other | (920) | | | 14,637 | | |
Net Cash Used in Investing Activities | (247,858) | | | (208,836) | | |
| | | | |
FINANCING ACTIVITIES | | | | |
Proceeds from Issuance of Short-Term Note Payable to Bank | — | | | 250,000 | | |
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Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper | 12,500 | | | (60,000) | | |
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Reduction of Long-Term Debt | — | | | (150,000) | | |
Dividends Paid on Common Stock | (45,451) | | | (43,452) | | |
Net Repurchases of Common Stock | (3,897) | | | (6,694) | | |
Net Cash Used in Financing Activities | (36,848) | | | (10,146) | | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (13,762) | | | 108,357 | | |
Cash, Cash Equivalents, and Restricted Cash at October 1 | 55,447 | | | 137,718 | | |
Cash, Cash Equivalents, and Restricted Cash at December 31 | $ | 41,685 | | | $ | 246,075 | | |
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Supplemental Disclosure of Cash Flow Information | | | | |
Non-Cash Investing Activities: | | | | |
Non-Cash Capital Expenditures | $ | 97,922 | | | $ | 110,314 | | |
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See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – 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):
| | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 41,685 | | | $ | 55,447 | | | $ | 244,475 | | | $ | 46,048 | |
Hedging Collateral Deposits | — | | | — | | | 1,600 | | | 91,670 | |
Cash, Cash Equivalents, and Restricted Cash | $ | 41,685 | | | $ | 55,447 | | | $ | 246,075 | | | $ | 137,718 | |
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):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 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 | $ | 36,295 | | | $ | 4,157 | | | $ | 119 | | | $ | (3,455) | | | $ | 37,116 | |
Three Months Ended December 31, 2022 | | | | | | | | | |
Allowance for Uncollectible Accounts | $ | 40,228 | | | $ | 5,035 | | | $ | 228 | | | $ | (1,566) | | | $ | 43,925 | |
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):
| | | | | | | | | | | | | | | | | | | |
| 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 | $ | 4,623 | | | | | $ | (59,683) | | | $ | (55,060) | |
Other Comprehensive Gains and Losses Before Reclassifications | 136,681 | | | | | — | | | 136,681 | |
Amounts Reclassified From Other Comprehensive Income | (14,240) | | | | | — | | | (14,240) | |
| | | | | | | |
Balance at December 31, 2023 | $ | 127,064 | | | | | $ | (59,683) | | | $ | 67,381 | |
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Three Months Ended December 31, 2022 | | | | | | | |
Balance at October 1, 2022 | $ | (572,163) | | | | | $ | (53,570) | | | $ | (625,733) | |
Other Comprehensive Gains and Losses Before Reclassifications | 216,216 | | | | | — | | | 216,216 | |
Amounts Reclassified From Other Comprehensive Income | 115,771 | | | | | — | | | 115,771 | |
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Balance at December 31, 2022 | $ | (240,176) | | | | | $ | (53,570) | | | $ | (293,746) | |
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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):
| | | | | | | | | | | | | | | | | | | | | | | | |
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 | | $19,755 | | | ($159,162) | | | | | | | Operating Revenues |
| | | | | | | | | | |
Foreign Currency Contracts | | (47) | | | (180) | | | | | | | Operating Revenues |
| | 19,708 | | | (159,342) | | | | | | | Total Before Income Tax |
| | (5,468) | | | 43,571 | | | | | | | Income Tax Expense |
| | $14,240 | | | ($115,771) | | | | | | | Net of Tax |
Other Current Assets. The components of the Company’s Other Current Assets are as follows (in thousands):
| | | | | | | | | | | |
| At December 31, 2023 | | At September 30, 2023 |
| | | |
Prepayments | $ | 17,993 | | | $ | 18,966 | |
Prepaid Property and Other Taxes | 14,778 | | | 14,186 | |
Federal Income Taxes Receivable | 10,799 | | | 14,602 | |
State Income Taxes Receivable | 18,208 | | | 16,133 | |
| | | |
Regulatory Assets | 37,622 | | | 36,373 | |
| $ | 99,400 | | | $ | 100,260 | |
Other Accruals and Current Liabilities. The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands):
| | | | | | | | | | | |
| At December 31, 2023 | | At September 30, 2023 |
| | | |
Accrued Capital Expenditures | $ | 75,485 | | | $ | 43,323 | |
Regulatory Liabilities | 35,770 | | | 38,105 | |
Reserve for Gas Replacement | 1,247 | | | — | |
Liability for Royalty and Working Interests | 25,529 | | | 17,679 | |
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| | | |
| | | |
| | | |
Non-Qualified Benefit Plan Liability | 13,052 | | | 13,052 | |
Other | 48,926 | | | 48,815 | |
| $ | 200,009 | | | $ | 160,974 | |
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.
Note 2 – 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.
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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 | $ | 232,661 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 232,661 | |
Production of Crude Oil | 687 | | | — | | | — | | | — | | | — | | | — | | | 687 | |
Natural Gas Processing | 267 | | | — | | | — | | | — | | | — | | | — | | | 267 | |
Natural Gas Gathering Service | — | | | — | | | 62,588 | | | — | | | — | | | (57,992) | | | 4,596 | |
Natural Gas Transportation Service | — | | | 71,618 | | | — | | | 29,285 | | | — | | | (20,362) | | | 80,541 | |
Natural Gas Storage Service | — | | | 21,292 | | | — | | | — | | | — | | | (9,059) | | | 12,233 | |
Natural Gas Residential Sales | — | | | — | | | — | | | 146,546 | | | — | | | — | | | 146,546 | |
Natural Gas Commercial Sales | — | | | — | | | — | | | 20,281 | | | — | | | — | | | 20,281 | |
Natural Gas Industrial Sales | — | | | — | | | — | | | 906 | | | — | | | (2) | | | 904 | |
| | | | | | | | | | | | | |
Other | 649 | | | 1,503 | | | — | | | (567) | | | — | | | (251) | | | 1,334 | |
Total Revenues from Contracts with Customers | 234,264 | | | 94,413 | | | 62,588 | | | 196,451 | | | — | | | (87,666) | | | 500,050 | |
Alternative Revenue Programs | — | | | — | | | — | | | 5,556 | | | — | | | — | | | 5,556 | |
Derivative Financial Instruments | 19,755 | | | — | | | — | | | — | | | — | | | — | | | 19,755 | |
Total Revenues | $ | 254,019 | | | $ | 94,413 | | | $ | 62,588 | | | $ | 202,007 | | | $ | — | | | $ | (87,666) | | | $ | 525,361 | |
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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 | $ | 432,359 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 432,359 | |
Production of Crude Oil | 628 | | | — | | | — | | | — | | | — | | | — | | | 628 | |
Natural Gas Processing | 374 | | | — | | | — | | | — | | | — | | | — | | | 374 | |
Natural Gas Gathering Service | — | | | — | | | 56,413 | | | — | | | — | | | (53,767) | | | 2,646 | |
Natural Gas Transportation Service | — | | | 76,201 | | | — | | | 28,378 | | | — | | | (20,817) | | | 83,762 | |
Natural Gas Storage Service | — | | | 21,286 | | | — | | | — | | | — | | | (8,996) | | | 12,290 | |
Natural Gas Residential Sales | — | | | — | | | — | | | 244,306 | | | — | | | — | | | 244,306 | |
Natural Gas Commercial Sales | — | | | — | | | — | | | 34,495 | | | — | | | — | | | 34,495 | |
Natural Gas Industrial Sales | — | | | — | | | — | | | 1,638 | | | — | | | — | | | 1,638 | |
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Other | 2,774 | | | 168 | | | — | | | (259) | | | — | | | (283) | | | 2,400 | |
Total Revenues from Contracts with Customers | 436,135 | | | 97,655 | | | 56,413 | | | 308,558 | | | — | | | (83,863) | | | 814,898 | |
Alternative Revenue Programs | — | | | — | | | — | | | 3,123 | | | — | | | — | | | 3,123 | |
Derivative Financial Instruments | (159,162) | | | — | | | — | | | — | | | — | | | — | | | (159,162) | |
Total Revenues | $ | 276,973 | | | $ | 97,655 | | | $ | 56,413 | | | $ | 311,681 | | | $ | — | | | $ | (83,863) | | | $ | 658,859 | |
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.
Note 3 – 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.
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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 | $ | 32,781 | | | $ | — | | | $ | — | | | $ | — | | | $ | 32,781 | |
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Derivative Financial Instruments: | | | | | | | | | |
| | | | | | | | | |
Over the Counter Swaps – Gas | — | | | 140,548 | | | — | | | (16,722) | | | 123,826 | |
Over the Counter No Cost Collars – Gas | — | | | 57,917 | | | — | | | — | | | 57,917 | |
Contingent Consideration for Asset Sale | — | | | 3,078 | | | — | | | — | | | 3,078 | |
Foreign Currency Contracts | — | | | 505 | | | — | | | (587) | | | (82) | |
Other Investments: | | | | | | | | | |
Balanced Equity Mutual Fund | 17,484 | | | — | | | — | | | — | | | 17,484 | |
Fixed Income Mutual Fund | 16,510 | | | — | | | — | | | — | | | 16,510 | |
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Total | $ | 66,775 | | | $ | 202,048 | | | $ | — | | | $ | (17,309) | | | $ | 251,514 | |
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Liabilities: | | | | | | | | | |
Derivative Financial Instruments: | | | | | | | | | |
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Over the Counter Swaps – Gas | $ | — | | | $ | 16,722 | | | $ | — | | | $ | (16,722) | | | $ | — | |
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Foreign Currency Contracts | — | | | 587 | | | — | | | (587) | | | — | |
Total | $ | — | | | $ | 17,309 | | | $ | — | | | $ | (17,309) | | | $ | — | |
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Total Net Assets/(Liabilities) | $ | 66,775 | | | $ | 184,739 | | | $ | — | | | $ | — | | | $ | 251,514 | |
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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 | $ | 39,332 | | | $ | — | | | $ | — | | | $ | — | | | $ | 39,332 | |
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Derivative Financial Instruments: | | | | | | | | | |
| | | | | | | | | |
Over the Counter Swaps – Gas | — | | | 65,800 | | | — | | | (37,508) | | | 28,292 | |
Over the Counter No Cost Collars – Gas | — | | | 30,966 | | | — | | | (14,745) | | | 16,221 | |
Contingent Consideration for Asset Sale | — | | | 7,277 | | | — | | | — | | | 7,277 | |
Foreign Currency Contracts | — | | | 150 | | | — | | | (1,453) | | | (1,303) | |
Other Investments: | | | | | | | | | |
Balanced Equity Mutual Fund | 15,837 | | | — | | | — | | | — | | | 15,837 | |
Fixed Income Mutual Fund | 15,897 | | | — | | | — | | | — | | | 15,897 | |
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Total | $ | 71,066 | | | $ | 104,193 | | | $ | — | | | $ | (53,706) | | | $ | 121,553 | |
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Liabilities: | | | | | | | | | |
Derivative Financial Instruments: | | | | | | | | | |
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Over the Counter Swaps – Gas | $ | — | | | $ | 68,311 | | | $ | — | | | $ | (37,508) | | | $ | 30,803 | |
Over the Counter No Cost Collars – Gas | — | | | 14,950 | | | — | | | (14,745) | | | 205 | |
Foreign Currency Contracts | — | | | 1,454 | | | — | | | (1,453) | | | 1 | |
Total | $ | — | | | $ | 84,715 | | | $ | — | | | $ | (53,706) | | | $ | 31,009 | |
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Total Net Assets/(Liabilities) | $ | 71,066 | | | $ | 19,478 | | | $ | — | | | $ | — | | | $ | 90,544 | |
(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.
For the quarters ended December 31, 2023 and December 31, 2022, there were no assets or liabilities measured at fair value and classified as Level 3.
Note 4 – 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):
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| December 31, 2023 | | September 30, 2023 |
| Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value |
Long-Term Debt | $ | 2,385,523 | | | $ | 2,286,446 | | | $ | 2,384,485 | | | $ | 2,210,478 | |
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):
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| At December 31, 2023 | | At September 30, 2023 |
| | | |
Life Insurance Contracts | $ | 42,639 | | | $ | 42,242 | |
Equity Mutual Fund | 17,484 | | | 15,837 | |
Fixed Income Mutual Fund | 16,510 | | | 15,897 | |
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| $ | 76,633 | | | $ | 73,976 | |
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.
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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 | $ | 187,989 | | $ | 297,120 | | Operating Revenue | $ | 19,755 | | $ | (159,162) | |
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Foreign Currency Contracts | 1,178 | | 473 | | Operating Revenue | (47) | | (180) | |
Total | $ | 189,167 | | $ | 297,593 | | | $ | 19,708 | | $ | (159,342) | |
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.
The Company’s requirement to post hedging collateral deposits and the Company's right to receive hedging collateral deposits is based on the fair value determined by the Company’s counterparties, which may differ from the Company’s assessment of fair value.
Note 5 – 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.
Note 6 – Capitalization
Summary of Changes in Common Stock Equity
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| 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 | 91,819 | | | $ | 91,819 | | | $ | 1,040,761 | | | $ | 1,885,856 | | | $ | (55,060) | |
Net Income Available for Common Stock | | | | | | | 133,020 | | | |
Dividends Declared on Common Stock ($0.495 Per Share) | | | | | | | (45,597) | | | |
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Other Comprehensive Income, Net of Tax | | | | | | | | | 122,441 | |
Share-Based Payment Expense (1) | | | | | 4,135 | | | | | |
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Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 297 | | | 297 | | | (3,670) | | | | | |
Balance at December 31, 2023 | 92,116 | | | $ | 92,116 | | | $ | 1,041,226 | | | $ | 1,973,279 | | | $ | 67,381 | |
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Balance at October 1, 2022 | 91,478 | | | $ | 91,478 | | | $ | 1,027,066 | | | $ | 1,587,085 | | | $ | (625,733) | |
Net Income Available for Common Stock | | | | | | | 169,689 | | | |
Dividends Declared on Common Stock ($0.475 Per Share) | | | | | | | (43,598) | | | |
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Other Comprehensive Income, Net of Tax | | | | | | | | | 331,987 | |
Share-Based Payment Expense (1) | | | | | 5,118 | | | | | |
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Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 309 | | | 309 | | | (6,545) | | | | | |
Balance at December 31, 2022 | 91,787 | | | $ | 91,787 | | | $ | 1,025,639 | | | $ | 1,713,176 | | | $ | (293,746) | |
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(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.
Note 7 – 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.
Note 8 – 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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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 | $254,019 | $64,826 | $4,596 | $201,920 | $525,361 | $— | $— | $525,361 |
Intersegment Revenues | $— | $29,587 | $57,992 | $87 | $87,666 | $— | $(87,666) | $— |
Segment Profit: Net Income (Loss) | $52,483 | $24,055 | $28,825 | $26,551 | $131,914 | $(121) | $1,227 | $133,020 |
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(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 | $3,057,345 | $2,439,479 | $936,547 | $2,301,116 | $8,734,487 | $4,758 | $(151,753) | $8,587,492 |
At September 30, 2023 | $2,814,218 | $2,427,214 | $912,923 | $2,247,743 | $8,402,098 | $4,795 | $(126,633) | $8,280,260 |
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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 | $276,973 | $67,621 | $2,646 | $311,619 | $658,859 | $— | $— | $658,859 |
Intersegment Revenues | $— | $30,034 | $53,767 | $62 | $83,863 | $— | $(83,863) | $— |
Segment Profit: Net Income (Loss) | $91,192 | $29,476 | $24,738 | $23,817 | $169,223 | $(280) | $746 | $169,689 |
Note 9 – Retirement Plan and Other Post-Retirement Benefits
Components of Net Periodic Benefit Cost (in thousands):
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| Retirement Plan | | Other Post-Retirement Benefits |
Three Months Ended December 31, | 2023 | 2022 | | 2023 | 2022 |
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Service Cost | $ | 1,049 | | $ | 1,297 | | | $ | 109 | | $ | 147 | |
Interest Cost | 10,890 | | 10,629 | | | 3,890 | | 3,912 | |
Expected Return on Plan Assets | (17,086) | | (16,648) | | | (6,660) | | (6,403) | |
Amortization of Prior Service Cost (Credit) | 91 | | 109 | | | (107) | | (107) | |
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Amortization of (Gains) Losses | (335) | | (1,920) | | | (567) | | (2,189) | |
Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 4,057 | | 5,378 | | | 2,238 | | 3,820 | |
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Net Periodic Benefit Cost (Income) | $ | (1,334) | | $ | (1,155) | | | $ | (1,097) | | $ | (820) | |
(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.
Note 10 – 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.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
OVERVIEW
Please note that this overview is a high-level summary of items that are discussed in greater detail in subsequent sections of this report.
The Company is a diversified energy company engaged principally in the production, gathering, transportation, storage and distribution of natural gas. The Company operates an integrated business, with assets centered in western New York and Pennsylvania, being utilized for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin. Current development activities are focused primarily in the Marcellus and Utica shales. The common geographic footprint of the Company’s subsidiaries enables them to share management, labor, facilities and support services across various businesses and pursue coordinated projects designed to produce and transport natural gas from the Appalachian Basin to markets in the eastern United States and Canada. The Company's efforts in this regard are not limited to affiliated projects. The Company has also been designing and building pipeline projects for the transportation of natural gas for non-affiliated natural gas customers in the Appalachian Basin. The Company reports financial results for four business segments. For a discussion of the Company's earnings, refer to the Results of Operations section below.
The Company has continued to pursue development projects to expand its Pipeline and Storage segment. One project on Supply Corporation's system, referred to as the Tioga Pathway Project, would allow for the transportation of 190,000 Dth per day of shale gas supplies from a new interconnection in northwest Tioga County, Pennsylvania to an existing Supply Corporation interconnection with Tennessee Gas Pipeline Company, LLC at Ellisburg and a new virtual delivery point into an existing Transcontinental Gas Pipe Line Company, LLC’s (“Transco”) capacity lease, providing access to Mid-Atlantic markets. The Tioga Pathway Project has a target in-service date in late calendar 2026 and a preliminary cost estimate of approximately $90 million. The Tioga Pathway Project is discussed in more detail in the Capital Resources and Liquidity section that follows.
From a rate perspective, Distribution Corporation, in its Pennsylvania jurisdiction, reached a settlement with the parties to its rate case proceeding. On June 15, 2023, the PaPUC issued an order adopting the settlement in full. The settlement authorized an increase in Distribution Corporation's annual base rate operating revenues of $23 million that became effective August 1, 2023. Distribution Corporation also filed a rate case proceeding with the NYPSC in its New York jurisdiction on October 31, 2023 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. In addition, Supply Corporation filed a NGA Section 4 rate case at FERC on July 31, 2023. For further discussion of Distribution Corporation and Supply Corporation rate matters, refer to the Rate Matters section below.
From a financing perspective, 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.
The Company expects to use cash on hand, cash from operations, and short-term and long-term borrowings, as needed, to meet its financing needs for the remainder of fiscal 2024. The Company continues to evaluate these financing needs and options to meet them. Given the current economic conditions, which include continued inflationary pressures and volatile interest rates, the cost and/or availability of capital may be impacted, but the Company continues to expect to meet its financing needs.
CRITICAL ACCOUNTING ESTIMATES
For a complete discussion of critical accounting estimates, refer to "Critical Accounting Estimates" in Item 7 of the Company's 2023 Form 10-K. There have been no material changes to that disclosure other than as set forth below. The information presented below updates and should be read in conjunction with the critical accounting estimates in that Form 10-K.
Oil and Gas Exploration and Development Costs. The Company, in its Exploration and Production segment, follows the full cost method of accounting for determining the book value of its oil and natural gas properties, with natural gas properties in the Appalachian Region being the primary component after the fiscal 2022 sale of the Company's California oil and natural gas properties. In accordance with the full cost methodology, the Company is required to perform a quarterly ceiling test. Under the ceiling test, the present value of future revenues from the Company's oil and gas reserves 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 (the “ceiling”) is compared with the book value of the Company’s oil and gas properties at the balance sheet date. The present value of future revenues is calculated using a 10% discount factor. If the book value of the oil and gas properties exceeds the ceiling, a non-cash impairment charge must be recorded to reduce the book value of the oil and gas properties to the calculated ceiling. At December 31, 2023, the ceiling exceeded the book value of the oil and gas properties by approximately $84.4 million. The 12-month average of the first day of the month price for natural gas for each month during the twelve months ended December 31, 2023, based on the quoted Henry Hub spot price for natural gas, was $2.64 per MMBtu. (Note: Because actual pricing of the Company’s producing properties vary depending on their location and hedging, the prices used to calculate the ceiling may differ from the Henry Hub price, which is only indicative of 12-month average prices for the twelve months ended December 31, 2023. Actual realized pricing includes adjustments for regional market differentials, transportation fees and contractual arrangements.) In regard to the sensitivity of the ceiling test calculation to commodity price changes, if natural gas prices were $0.25 per MMBtu lower than the average prices in the twelve-month period used at December 31, 2023 in the ceiling test calculation, the book value of the Company's oil and gas properties would have exceeded the ceiling by approximately $250.8 million (after-tax), which would have resulted in an impairment charge. This calculated amount is based solely on price changes and does not take into account any other changes to the ceiling test calculation, including, among others, changes in reserve quantities and future cost estimates.
It is difficult to predict what factors could lead to future non-cash impairments under the SEC's full cost ceiling test. Fluctuations in or subtractions from proved reserves, increases in development costs for undeveloped reserves and significant fluctuations in natural gas prices have an impact on the amount of the ceiling at any point in time. For a more complete discussion of the full cost method of accounting, refer to "Oil and Gas Exploration and Development Costs" under "Critical Accounting Estimates" in Item 7 of the Company's 2023 Form 10-K.
RESULTS OF OPERATIONS
Earnings
The Company's earnings were $133.0 million for the quarter ended December 31, 2023 compared to earnings of $169.7 million for the quarter ended December 31, 2022. The decrease in earnings of $36.7 million is primarily the result of lower earnings in the Exploration and Production segment and the Pipeline and Storage segment. Partially offsetting these decreases were higher earnings in the Gathering segment, Utility segment and Corporate category, as well as a lower loss in the All Other category. Note that all amounts used in earnings discussions are after-tax amounts, unless otherwise noted.
Earnings (Loss) by Segment
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| 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) | | | | |
Exploration and Production
Exploration and Production Operating Revenues
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| Three Months Ended December 31, | |
(Thousands) | 2023 | 2022 | Increase (Decrease) | | | |
Gas Produced in Appalachia (after Hedging) | $ | 252,416 | | $ | 273,197 | | $ | (20,781) | | | | |
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Other | 1,603 | | 3,776 | | (2,173) | | | | |
| $ | 254,019 | | $ | 276,973 | | $ | (22,954) | | | | |
Production Volumes
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| Three Months Ended December 31, | |
| 2023 | 2022 | Increase (Decrease) | | | |
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Gas Production per MMcf | 100,757 | | 90,574 | | 10,183 | | | | |
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Average Prices
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| Three Months Ended December 31, | |
| 2023 | 2022 | Increase (Decrease) | | | |
Average Gas Price/Mcf | | | | | | |
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Weighted Average | $ | 2.31 | | $ | 4.77 | | $ | (2.46) | | | | |
Weighted Average After Hedging | $ | 2.51 | | $ | 3.02 | | $ | (0.51) | | | | |
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2023 Compared with 2022
Operating revenues for the Exploration and Production segment decreased $23.0 million for the quarter ended December 31, 2023 as compared with the quarter ended December 31, 2022. Gas production revenue after hedging decreased $20.8 million due to the impact of a $0.51 per Mcf decrease in the weighted average price of natural gas after hedging, offset by a 10.2 Bcf increase in natural gas production. This was partially offset by increased natural gas production largely due to additional production from new Marcellus and Utica wells in the Appalachian region. In addition, other revenue decreased $2.2 million due to the non-recurrence of temporary capacity release revenue for a portion of this segment's transportation capacity during the quarter ended December 31, 2022.
The Exploration and Production segment's earnings for the quarter ended December 31, 2023 were $52.5 million, a decrease of $38.7 million when compared with earnings of $91.2 million for the quarter ended December 31, 2022. The decrease in earnings was attributable to lower natural gas prices after hedging ($40.7 million), higher depletion expense ($13.0 million), higher lease operating and transportation expenses ($4.4 million), higher other operating expenses ($4.1 million), an increase in interest expense ($1.6 million) and an unrealized loss on contingent consideration received as part of the sale of Seneca's California assets ($3.0 million). These decreases were partially offset by higher natural gas production ($24.3 million) and lower other taxes ($2.6 million). The increase in depletion expense was primarily due to the net increase in production combined with a $0.10 per Mcf increase in the depletion rate. The increase in lease operating and transportation expenses was primarily the result of higher gathering and transportation costs combined with higher workover and saltwater disposal expenses. The increase in other operating expenses was primarily attributable to recognizing an accrual of plugging and abandonment costs related to certain California wells that were formerly owned by Seneca, combined with higher general and administrative costs. The increase in interest expense can largely be attributed to higher average interest rates on intercompany short-term and long-term borrowings, partially offset by lower intercompany long-term debt balances. The decrease in other taxes was primarily attributable to lower Impact Fees in the Appalachian region due to lower NYMEX pricing, which reduces the cost per well due to moving the Company into a lower rate tier.
Pipeline and Storage
Pipeline and Storage Operating Revenues
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| 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) | | | | |
Pipeline and Storage Throughput
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| 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) | | | | |
2023 Compared with 2022
Operating revenues for the Pipeline and Storage segment decreased $3.2 million for the quarter ended December 31, 2023 as compared with the quarter ended December 31, 2022. The decrease in operating revenues was primarily due to a decrease in transportation revenues of $4.6 million, partially offset by an increase in other revenues of $1.3 million. The decrease in transportation revenues is primarily due to contract expirations and revisions combined with a decrease in revenues from an electric surcharge. The increase in other revenues primarily reflects an adjustment to the aforementioned electric surcharge revenues. All customer surcharges and related adjustments for the electric surcharge mechanism are completely offset by an equal amount of electric power costs recorded in operation and maintenance expense.
Transportation volume for the quarter ended December 31, 2023 decreased by 25.7 Bcf from the prior year's quarter ended December 31, 2022 primarily due to a decrease in volume from certain contract expirations combined with a decline in volume from warmer weather. Volume fluctuations, other than those caused by the addition or termination of contracts,
generally do not have a significant impact on revenues as a result of the straight fixed-variable rate design utilized by Supply Corporation and Empire.
The Pipeline and Storage segment’s earnings for the quarter ended December 31, 2023 were $24.1 million, a decrease of $5.4 million when compared with earnings of $29.5 million for the quarter ended December 31, 2022. The decrease in earnings was primarily due to the earnings impact of lower operating revenues ($2.6 million), as discussed above, combined with an increase in operating expenses ($1.5 million), an increase in depreciation expense ($0.6 million) and an increase in interest expense ($0.6 million). The increase in operating expenses was primarily due to an increase in personnel costs, as well as higher power costs related to Empire's electric motor drive compressor station. This increase in electric power costs is offset by an equal increase in revenue, as discussed above. These increases were partially offset by lower pipeline integrity costs. The increase in depreciation expense was primarily due to certain system modernization projects going into service since the prior-year first quarter. The increase in interest expense is mainly due to an increase in intercompany short-term borrowings.
Gathering
Gathering Operating Revenues
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| Three Months Ended December 31, | |
(Thousands) | 2023 | 2022 | Increase (Decrease) | | | |
Gathering Revenues | $ | 62,588 | | $ | 56,413 | | $ | 6,175 | | | | |
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Gathering Volume
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| Three Months Ended December 31, | |
| 2023 | 2022 | Increase (Decrease) | | | |
Gathered Volume - (MMcf) | 124,261 | | 108,027 | | 16,234 | | | | |
2023 Compared with 2022
Operating revenues for the Gathering segment increased $6.2 million for the quarter ended December 31, 2023 as compared with the quarter ended December 31, 2022, which was driven primarily by a 16.2 Bcf increase in gathered volume. Gathered volume on the Trout Run and Tioga gathering systems increased 12.1 Bcf and 6.3 Bcf, respectively, partially offset by a decrease of 2.2 Bcf on the Clermont gathering system. The net increase in gathered volume can be attributed to an increase in gross natural gas production in the Appalachian region by producers connected to the aforementioned gathering systems.
The Gathering segment’s earnings for the quarter ended December 31, 2023 were $28.8 million, an increase of $4.1 million when compared with earnings of $24.7 million for the quarter ended December 31, 2022. The increase in earnings was primarily due to higher gathering revenues ($4.9 million) driven by the increase in gathered volume, as discussed above. This increase was partially offset by higher depreciation expense ($0.6 million). The increase in depreciation expense was largely due to additional plant in-service associated with the Tioga and Clermont gathering systems.
Utility
Utility Operating Revenues
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| 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 | | | | |
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Other | (567) | | (259) | | (308) | | | | |
| $ | 202,007 | | $ | 311,681 | | $ | (109,674) | | | | |
Utility Throughput
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| 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) | | | | |
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| 38,448 | | 41,608 | | (3,160) | | | | |
Degree Days
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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) | % |
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(1)Percents compare actual 2023 degree days to normal degree days and actual 2023 degree days to actual 2022 degree days.
(2)Normal degree days changed from the NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in Pennsylvania in August 2023.
2023 Compared with 2022
Operating revenues for the Utility segment decreased $109.7 million for the quarter ended December 31, 2023 as compared with the quarter ended December 31, 2022. This decrease resulted from a $110.7 million decrease in retail gas sales revenue and a $0.3 million decrease in other revenues, partially offset by a $1.3 million increase in transportation revenue. The decrease in retail gas sales revenue reflects a decrease in the cost of gas sold (per Mcf) and a 2.4 Bcf decrease in throughput mainly due to warmer weather. It should be noted that under its purchased gas adjustment clauses in New York and Pennsylvania, Distribution Corporation's earnings are not impacted by fluctuations in gas costs. Purchased gas expense recorded on the consolidated income statement matches the revenues collected from customers. The decrease in retail gas sales revenue was partially offset by the impact of new base rates in Distribution Corporation's Pennsylvania jurisdiction pursuant to a settlement approved by the PaPUC on June 15, 2023. The increase in transportation revenue was also largely attributable to the impact of new base rates in Pennsylvania combined with an increase in revenues earned under the system modernization
and system improvement tracker mechanisms in Distribution Corporation's New York jurisdiction, which allow for the recovery of investments in leak prone pipe replacement. Additional details regarding the base rate regulatory proceeding in Distribution Corporation's Pennsylvania jurisdiction can be found in the Rate Matters section below.
The Utility segment’s earnings for the quarter ended December 31, 2023 were $26.6 million, an increase of $2.8 million compared to earnings of $23.8 million for the quarter ended December 31, 2022. The increase was primarily due to the impact of new base rates in the Utility's Pennsylvania jurisdiction ($6.8 million) and lower income tax expense ($1.8 million). The lower income tax expense was largely related to an increase in tax deductions related to certain repairs and maintenance expenditures recorded in the Utility's Pennsylvania jurisdiction as a result of recently updated IRS guidance. These factors were partially offset by higher operating expenses ($3.8 million), primarily due to higher personnel costs, and a decrease in customer usage, primarily due to warmer weather ($2.8 million).
The impact of weather variations on earnings in the Utility segment is mitigated by a weather normalization clause (WNC). Prior to October 2023, the impact of weather variations on earnings was mitigated by a WNC solely in the Utility segment’s New York rate jurisdiction. However, effective October 2023, the impact of weather variations on earnings is also mitigated by a WNC in the Utility segment’s Pennsylvania rate jurisdiction. The WNC, which covers the eight-month period from October through May, has had a stabilizing effect on earnings for the Utility segment. In addition, in periods of colder than normal weather, the WNC benefits the Utility segment's customers. For the quarter ended December 31, 2023, the WNC preserved earnings in the Utility segment’s New York rate jurisdiction of approximately $1.4 million and preserved earnings in the Utility segment’s Pennsylvania rate jurisdiction of approximately $0.4 million, as the weather was warmer than normal in both jurisdictions. For the quarter ended December 31, 2022, the WNC preserved earnings in the Utility segment’s New York rate jurisdiction of approximately $0.9 million, as the weather was warmer than normal.
Corporate and All Other
2023 Compared with 2022
Corporate and All Other operations had earnings of $1.1 million for the quarter ended December 31, 2023, an increase of $0.6 million when compared with earnings of $0.5 million for the quarter ended December 31, 2022. The increase was primarily attributable to changes in unrealized gains on investments in equity securities. During the quarter ended December 31, 2023, the Company recorded unrealized gains of $0.8 million. During the quarter ended December 31, 2022, the Company recorded unrealized gains of $0.2 million.
Other Income (Deductions)
Net other income on the Consolidated Statements of Income was $3.7 million for the quarter ended December 31, 2023, compared to net other income of $6.3 million for the quarter ended December 31, 2022, for a decrease of $2.6 million. This decrease can be attributed primarily to a $4.2 million negative mark-to-market valuation adjustment for the contingent consideration received from the sale of Seneca's California assets in June 2022 (compared to a gain of $0.2 million for the quarter ended December 31, 2022), as well as lower interest income of $1.4 million. The decrease in interest income was mainly due to lower interest income from investments and a decrease in interest from hedging collateral for derivative financial instruments. These decreases were partially offset by $2.0 million of business interruption insurance proceeds that Seneca received during the current quarter related to a pipeline outage impacting Seneca's ability to market its gas, along with changes in realized and unrealized gains and losses on investments in equity securities that increased other income by $0.9 million.
Interest Expense on Long-Term Debt
Interest expense on long-term debt on the Consolidated Statement of Income decreased $1.1 million for the quarter ended December 31, 2023 as compared to the quarter ended December 31, 2022. This was primarily due to lower average long-term debt balances. In November 2022 and March 2023, the Company redeemed 3.75% notes, which in the aggregate amounted to $500.0 million, and in March 2023, the Company also redeemed $49.0 million of 7.395% notes. These redemptions were partially offset by the issuance of $300.0 million of 5.50% notes in May 2023.
CAPITAL RESOURCES AND LIQUIDITY
The Company’s primary sources of cash during the three-month period ended December 31, 2023 consisted of cash provided by operating activities and net proceeds from short-term borrowings. The Company’s primary sources of cash during the three-month period ended December 31, 2022 consisted of cash provided by operating activities, net proceeds from short-term borrowings and proceeds from the sale of a fixed income mutual fund held in a grantor trust.
The Company expects to have adequate amounts of cash available to meet both its short-term and long-term cash requirements for at least the next twelve months and for the foreseeable future thereafter. During the remainder of 2024, cash provided by operating activities is forecasted to be lower than 2023, but is expected to be more than enough to fund the Company's capital expenditures. Looking forward to 2025, based on current commodity prices, cash provided by operating activities is again expected to exceed capital expenditures. The Company also has two long-term debt maturities in 2025, totaling $500.0 million, which the Company anticipates funding with cash on hand as well as short-term and long-term borrowings. These cash flow projections do not reflect the impact of acquisitions or divestitures that may arise in the future.
Operating Cash Flow
Internally generated cash from operating activities consists of net income available for common stock, adjusted for non-cash expenses, non-cash income, gains and losses associated with investing and financing activities, and changes in operating assets and liabilities. Non-cash items include depreciation, depletion and amortization, deferred income taxes and stock-based compensation.
Cash provided by operating activities in the Utility and Pipeline and Storage segments may vary substantially from period to period because of the impact of rate cases. In the Utility segment, supplier refunds, over- or under-recovered purchased gas costs and weather may also significantly impact cash flow. The impact of weather on cash flow is tempered in the Pipeline and Storage segment by the straight fixed-variable rate design used by Supply Corporation and Empire. Prior to October 2023, the weather impact on cash flow in the Utility segment was mitigated by a WNC solely in its New York rate jurisdiction. However, effective October 2023, the weather impact on cash flow in the Utility segment is also mitigated by a WNC in its Pennsylvania rate jurisdiction. The Pennsylvania rate jurisdiction WNC resulted from the PaPUC's approved settlement on June 15, 2023, further discussed in the Rate Matters section below.
Because of the seasonal nature of the heating business in the Utility segment, revenues in this business are relatively high during the heating season, primarily the first and second quarters of the fiscal year, and receivable balances historically increase during these periods from the receivable balances at September 30.
The storage gas inventory normally declines during the first and second quarters of the fiscal year and is replenished during the third and fourth quarters. For storage gas inventory accounted for under the LIFO method, 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 is reduced as the inventory is replenished.
Cash provided by operating activities in the Exploration and Production segment may vary from period to period as a result of changes in the commodity prices of natural gas as well as changes in production. The Company uses various derivative financial instruments, including price swap agreements and no cost collars, in an attempt to manage this energy commodity price risk.
Net cash provided by operating activities totaled $270.9 million for the three months ended December 31, 2023, a decrease of $56.4 million compared with $327.3 million provided by operating activities for the three months ended December 31, 2022. The decrease in cash provided by operating activities primarily reflects lower cash provided by operating activities in the Exploration and Production segment, partially offset by higher cash provided by operating activities in the Utility segment. The decrease in the Exploration and Production segment is primarily due to lower cash receipts from lower realized natural gas prices. The increase in the Utility segment is primarily due to the timing of gas cost recovery and the timing of customer receivable balance collections.
Investing Cash Flow
Expenditures for Long-Lived Assets
The Company’s expenditures for long-lived assets totaled $235.7 million during the three months ended December 31, 2023 and $223.5 million during the three months ended December 31, 2022. The table below presents these expenditures:
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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 | — | | | — | | | — | |
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| $ | 235.7 | | | $ | 223.5 | | | $ | 12.2 | |
(1)At December 31, 2023, capital expenditures for the Exploration and Production segment, the Pipeline and Storage segment, the Gathering segment and the Utility segment include $74.9 million, $5.5 million, $11.1 million and $6.4 million, respectively, of non-cash capital expenditures. At September 30, 2023, capital expenditures for the Exploration and Production segment, the Pipeline and Storage segment, the Gathering segment and the Utility segment included $43.2 million, $31.8 million, $20.6 million and $13.6 million, respectively, of non-cash capital expenditures.
(2)At December 31, 2022, capital expenditures for the Exploration and Production segment, the Pipeline and Storage segment, the Gathering segment and the Utility segment included $102.9 million, $2.1 million, $1.1 million and $4.2 million, respectively, of non-cash capital expenditures. At September 30, 2022, capital expenditures for the Exploration and Production segment, the Pipeline and Storage segment, the Gathering segment and the Utility segment included $83.0 million, $15.2 million, $10.7 million and $11.4 million, respectively, of non-cash capital expenditures.
Exploration and Production
The Exploration and Production segment capital expenditures for the three months ended December 31, 2023 were primarily well drilling and completion expenditures in the Appalachian region, and included $37.5 million in the Marcellus Shale area and $120.2 million in the Utica Shale area. These amounts included approximately $106.0 million spent to develop proved undeveloped reserves.
The Exploration and Production segment capital expenditures for the three months ended December 31, 2022 were primarily well drilling and completion expenditures in the Appalachian region, and included $60.9 million in the Marcellus Shale area and $104.6 million in the Utica Shale area. These amounts included approximately $110.5 million spent to develop proved undeveloped reserves.
Pipeline and Storage
The Pipeline and Storage segment capital expenditures for the three months ended December 31, 2023 and December 31, 2022 were primarily for additions, improvements and replacements to this segment's transmission and gas storage systems, which included system modernization expenditures that enhance the reliability and safety of the systems and reduce emissions.
In addition, due to the continuing demand for pipeline capacity to move natural gas from new wells being drilled in Appalachia, specifically in the Marcellus and Utica Shale producing areas, Supply Corporation and Empire have completed and continue to pursue expansion projects designed to move anticipated Marcellus and Utica production gas to other interstate pipelines and to on-system markets, and markets beyond the Supply Corporation and Empire pipeline systems. An expansion and modernization project where the Company has forecasted a significant amount of investment in preliminary survey and investigation costs and/or capital expenditures, and where a precedent agreement has been executed, is discussed below.
Supply Corporation concluded an Open Season on August 25, 2023, and based on post-open season discussions, has designed a project that would allow for the transportation of 190,000 Dth per day of shale gas supplies from a new interconnection in northwest Tioga County, Pennsylvania to an existing Supply Corporation interconnection with Tennessee Gas Pipeline Company, LLC at Ellisburg and a new virtual delivery point into an existing Transcontinental Gas Pipe Line Company, LLC’s (“Transco”) capacity lease, providing access to Mid-Atlantic markets (“Tioga Pathway Project”). The Tioga Pathway Project involves the construction of approximately 19 miles of new pipeline and the replacement of approximately four miles of existing pipeline on the Supply Corporation system. Supply Corporation has executed a Precedent Agreement with Seneca for 190,000 Dth per day of transportation capacity. Supply Corporation expects to file a Section 7(c) application with the FERC in the second half of calendar 2024. The Tioga Pathway Project has a projected in-service date of late calendar year 2026 and an estimated capital cost of approximately $90 million. As of December 31, 2023, $0.2 million has been spent to study this project, all of which has been included in Deferred Charges on the Consolidated Balance Sheet at December 31, 2023.
Gathering
The majority of the Gathering segment capital expenditures for the three months ended December 31, 2023 included expenditures related to the continued expansion of Midstream Company's Tioga and Clermont gathering systems. Midstream Company spent $15.7 million and $3.2 million, respectively, during the three months ended December 31, 2023 on the development of the Tioga and Clermont gathering systems. These expenditures were largely attributable to the installation of new in-field gathering pipelines related to bringing new development online, as well as the continued development of centralized station facilities, including increased dehydration capacity and compression horsepower.
The majority of the Gathering segment capital expenditures for the three months ended December 31, 2022 included expenditures related to the continued expansion of Midstream Company's Clermont and Tioga gathering systems. Midstream Company spent $5.7 million and $5.2 million, respectively, during the three months ended December 31, 2022 on the development of the Clermont and Tioga gathering systems. These expenditures were largely attributable to the installation of new in-field gathering pipelines in the Clermont gathering system. In the Tioga gathering system, expenditures were largely attributable to the expansion of on-pad and centralized station facilities related to bringing new development online.
Utility
The majority of the Utility segment capital expenditures for the three months ended December 31, 2023 and December 31, 2022 were made for main and service line improvements and replacements that enhance the reliability and safety of the system and reduce emissions. Expenditures were also made for main extensions.
The Company estimates that the Utility segment capital expenditures are expected to be approximately $165 million for fiscal 2024, which is approximately $25 million higher than the estimate previously reported. This increase is due to the estimated impact of New York State’s recently enacted Roadway Excavation Quality Assurance Act. This Act requires contractors to pay state published prevailing wages on projects that require a permit to operate in a public right of way, which is expected to increase contractor charges to the Company.
Other Investing Activities
In October 2022, the Company sold $10 million of fixed income mutual fund shares held in a grantor trust that was established for the benefit of Pennsylvania ratepayers. The proceeds were used in the Utility segment's Pennsylvania service territory during fiscal 2023 to fund the second year installment of a 5-year pass back of previously overcollected OPEB expenses, as well as to diversify a portion of grantor trust investments into lower risk money market mutual fund shares.
Project Funding
During the quarter ended December 31, 2023 and fiscal 2023, the Company has been financing capital expenditures with cash from operations and short-term debt. Going forward, the Company expects to use cash on hand, cash from operations and short-term and long-term borrowings, as needed, to finance capital expenditures. The level of short-term and/or long-term borrowings will depend upon the amount of cash provided by operations, which, in turn, will likely be most impacted by natural gas production and the associated commodity price realizations in the Exploration and Production segment. It will also likely depend on the timing of gas cost recovery in the Utility segment.
The Company continuously evaluates capital expenditures and potential investments in corporations, partnerships, and other business entities. The amounts are subject to modification for opportunities such as the acquisition of attractive natural gas properties, accelerated development of existing natural gas properties, natural gas storage and transmission facilities, natural gas gathering and compression facilities and the expansion of natural gas transmission line capacities, regulated utility assets and other opportunities as they may arise. The amounts are also subject to modification for opportunities involving emission reductions and/or energy transition including investments directly related to low- and no-carbon fuels. While the majority of capital expenditures in the Utility segment are necessitated by the continued need for replacement and upgrading of mains and service lines, the magnitude of future capital expenditures or other investments in the Company’s business segments depends, to a large degree, upon market and regulatory conditions as well as legislative actions.
Financing Cash Flow
Consolidated short-term debt increased $12.5 million, to a total of $300.0 million, when comparing the balance sheet at December 31, 2023 to the balance sheet at September 30, 2023. The maximum amount of short-term debt outstanding during the three months ended December 31, 2023 was $402.9 million. In addition to cash provided by operating activities, the Company continues to consider short-term debt (consisting of short-term notes payable to banks and commercial paper) an important source of cash for temporarily financing items such as capital expenditures, asset purchases, gas-in-storage inventory, unrecovered purchased gas costs, margin calls on derivative financial instruments, other working capital needs and repayment of long-term debt. Fluctuations in these items can have a significant impact on the amount and timing of short-term debt. As of December 31, 2023, the Company had outstanding commercial paper of $300.0 million. The Company did not have any short-term notes payable to banks as of December 31, 2023.
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.
The Company also has uncommitted lines of credit with financial institutions for general corporate purposes. Borrowings under these uncommitted lines of credit would be made at competitive market rates. The uncommitted credit lines are revocable at the option of the financial institution and are reviewed on an annual basis. The Company anticipates that its uncommitted lines of credit generally will be renewed or substantially replaced by similar lines. Other financial institutions may also provide the Company with uncommitted or discretionary lines of credit in the future.
The total amount available to be issued under the Company’s commercial paper program is $500.0 million. The commercial paper program is backed by the Credit Agreement, which provides that the Company's debt to capitalization ratio will not exceed 0.65 at the last day of any fiscal quarter. For purposes of calculating the debt to capitalization ratio, the Company's total capitalization will be increased by adding back 50% of the aggregate after-tax amount of non-cash charges directly arising from any ceiling test impairment occurring on or after July 1, 2018, not to exceed $400 million. Since July 1, 2018, the Company recorded non-cash, after-tax ceiling test impairments totaling $381.4 million. As a result, at December 31, 2023, $190.7 million was added back to the Company's total capitalization for purposes of the calculation under the Credit Agreement. On May 3, 2022, the Company entered into Amendment No. 1 to the Credit Agreement with the same twelve banks under the initial Credit Agreement. The amendment further modified the definition of consolidated capitalization, for purposes of calculating the debt to capitalization ratio under the Credit Agreement, to exclude, beginning with the quarter ended June 30, 2022, all unrealized gains or losses on commodity-related derivative financial instruments and up to $10 million in unrealized gains or losses on other derivative financial instruments included in Accumulated Other Comprehensive Income (Loss) within Total Comprehensive Shareholders' Equity on the Company's consolidated balance sheet. Under the Credit Agreement, such unrealized losses will not negatively affect the calculation of the debt to capitalization ratio, and such unrealized gains will not positively affect the calculation. At December 31, 2023, the Company’s debt to capitalization ratio, as calculated under the Credit Agreement was 0.45. The constraints specified in the Credit Agreement would have permitted an additional $3.32 billion in short-term and/or long-term debt to be outstanding at December 31, 2023 before the Company’s debt to capitalization ratio exceeded 0.65.
A downgrade in the Company’s credit ratings could increase borrowing costs, negatively impact the availability of capital from banks, commercial paper purchasers and other sources, and require the Company's subsidiaries to post letters of
credit, cash or other assets as collateral with certain counterparties. If the Company is not able to maintain investment-grade credit ratings, it may not be able to access commercial paper markets. However, the Company expects that it could borrow under its credit facilities or rely upon other liquidity sources.
The Credit Agreement contains a cross-default provision whereby the failure by the Company or its significant subsidiaries to make payments under other borrowing arrangements, or the occurrence of certain events affecting those other borrowing arrangements, could trigger an obligation to repay any amounts outstanding under the Credit Agreement. In particular, a repayment obligation could be triggered if (i) the Company or any of its significant subsidiaries fails to make a payment when due of any principal or interest on any other indebtedness aggregating $40.0 million or more or (ii) an event occurs that causes, or would permit the holders of any other indebtedness aggregating $40.0 million or more to cause, such indebtedness to become due prior to its stated maturity.
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.
The Company’s embedded cost of long-term debt was 4.69% at December 31, 2023 and 4.52% at December 31, 2022.
Under the Company’s existing indenture covenants at December 31, 2023, the Company would have been permitted to issue up to a maximum of approximately $3.83 billion in additional unsubordinated long-term indebtedness at then current market interest rates, in addition to being able to issue new indebtedness to replace existing debt (further limited by the debt to capitalization ratio constraint under the Credit Agreement, as discussed above). The Company's present liquidity position is believed to be adequate to satisfy known demands. It is possible, depending on amounts reported in various income statement and balance sheet line items, that the indenture covenants could, for a period of time, prevent the Company from issuing incremental unsubordinated long-term debt, or significantly limit the amount of such debt that could be issued. Losses incurred as a result of significant impairments of oil and gas properties have in the past resulted in such temporary restrictions. The indenture covenants would not preclude the Company from issuing new long-term debt to replace existing long-term debt, or from issuing additional short-term debt. Please refer to the Critical Accounting Estimates section above for a sensitivity analysis concerning commodity price changes and their impact on the ceiling test.
The Company’s 1974 indenture pursuant to which $50.0 million (or 2.1%) of the Company’s long-term debt (as of December 31, 2023) was issued, contains a cross-default provision whereby the failure by the Company to perform certain obligations under other borrowing arrangements could trigger an obligation to repay the debt outstanding under the indenture. In particular, a repayment obligation could be triggered if the Company fails (i) to pay any scheduled principal or interest on any debt under any other indenture or agreement or (ii) to perform any other term in any other such indenture or agreement, and the effect of the failure causes, or would permit the holders of the debt to cause, the debt under such indenture or agreement to become due prior to its stated maturity, unless cured or waived.
OTHER MATTERS
In addition to the legal proceedings disclosed in Part II, Item 1 of this report, 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 or 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 normal-course matters could have a material effect on earnings and cash flows in the period in which they are resolved, they are not expected to change materially the Company’s present liquidity position, nor are they expected to have a material adverse effect on the financial condition of the Company.
Supply Corporation and Empire have developed a project which would move significant prospective Marcellus and Utica production from Seneca's Western Development Area at Clermont to an Empire interconnection with the TC Energy pipeline at Chippawa and an interconnection with TGP's 200 Line in East Aurora, New York (the “Northern Access project”). The Northern Access project would provide an outlet to Dawn-indexed markets in Canada and to the TGP line serving the U.S. Northeast. The Northern Access project involves the construction of approximately 99 miles of largely 24” pipeline and approximately 27,500 horsepower of compression on the two systems. Supply Corporation, Empire and Seneca executed anchor shipper agreements for 350,000 Dth per day of firm transportation delivery capacity to Chippawa and 140,000 Dth per day of firm transportation capacity to a new interconnection with TGP's 200 Line on this project. 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. The Company will update the $500 million preliminary cost estimate and expected in-service date for the project when there is
further clarity on the timing of receipt of necessary regulatory approvals, including the completion of ongoing litigation. As of December 31, 2023, approximately $56.0 million has been spent on the Northern Access project, including $24.4 million that has been spent to study the project that is included in Deferred Charges on the Consolidated Balance Sheet. The remaining $31.6 million spent on the project is included in Property, Plant and Equipment on the Consolidated Balance Sheet at December 31, 2023.
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.
Market Risk Sensitive Instruments
On July 21, 2010, the Dodd-Frank Act was signed into law. The Dodd-Frank Act required the CFTC, SEC and other regulatory agencies to promulgate rules and regulations implementing the legislation, and includes provisions related to the swaps and over-the-counter derivatives markets that are designed to promote transparency, mitigate systemic risk and protect against market abuse. Although regulators have adopted several final regulations, other rules that may impact the Company have yet to be finalized. Rules adopted by the CFTC and other regulators could adversely impact the Company. While many of those rules place specific conditions on the operations of swap dealers rather than directly on the Company, concern remains that swap dealers with whom the Company may transact will pass along their increased costs stemming from final rules through higher transaction costs and prices or other direct or indirect costs. Some of those rules also may apply directly to the Company and adversely impact its ability to trade swaps and over-the-counter derivatives, whether due to increased costs, limitations on trading capacity or for other reasons. Additionally, given the enforcement authority granted to the CFTC on anti-market manipulation, anti-fraud and anti-disruptive trading practices, it is difficult to predict how the evolving enforcement priorities of the CFTC will impact our business. Should the Company violate any laws or regulations applicable to our hedging activities, it could be subject to CFTC enforcement action and material penalties and sanctions. The Company cannot predict the impact that evolving application of the Dodd-Frank Act may have on its operations.
The authoritative guidance for fair value measurements and disclosures requires 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 its natural gas price swap agreements, natural gas 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.
For a complete discussion of all other market risk sensitive instruments used by the Company, refer to “Market Risk Sensitive Instruments” in Item 7 of the Company’s 2023 Form 10-K.
Rate Matters
Utility Operation
Delivery rates for both the New York and Pennsylvania divisions are regulated by the states’ respective public utility commissions and typically are changed only when approved through a procedure known as a “rate case.” As noted below, the New York division currently has a rate case on file. In both jurisdictions, delivery rates do not reflect the recovery of purchased gas costs. Prudently-incurred gas costs are recovered through operation of automatic adjustment clauses, and are collected primarily through a separately-stated “supply charge” on the customer bill.
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.
Pipeline and Storage
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.
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 comply with regulatory requirements. In 2021, the Company set methane intensity reduction targets at each of its businesses, an absolute greenhouse gas emissions reduction target for the consolidated Company, and greenhouse gas reduction targets associated with the Company’s utility delivery system. In 2022, the Company began measuring progress against these reduction targets. The Company's ability to estimate accurately the time, costs and resources necessary to meet emissions targets may be impacted as environmental exposures, technology and opportunities change and regulatory and policy updates are issued.
For further discussion of the Company's environmental exposures, refer to Item 1 at Note 7 — Commitments and Contingencies under the heading “Environmental Matters.”
Legislative and regulatory measures to address climate change and greenhouse gas emissions are in various phases of discussion or implementation in the United States. These efforts include legislation, legislative proposals and new regulations at the state and federal level, and private party litigation related to greenhouse gas emissions. Legislation or regulation that aims to reduce greenhouse gas emissions could also include emissions limits, reporting requirements, carbon taxes, restrictive permitting, increased efficiency standards, and incentives or mandates to conserve energy or use renewable energy sources. For example, the federal Inflation Reduction Act of 2022 (IRA) legislation was signed into law on August 16, 2022. The IRA includes a methane charge that is expected to be applicable to the reported annual methane emissions of certain oil and gas
facilities, above specified methane intensity thresholds, starting in calendar year 2024. This portion of the IRA is to be administered by the EPA and potential fees will begin with emissions reported for calendar year 2024. The EPA is the lead federal agency that regulates greenhouse gas emissions pursuant to the Clean Air Act. The regulations implemented by the EPA impose stringent leak detection and repair requirements and address reporting and control of methane and volatile organic compound emissions. The Company must continue to comply with all applicable regulations. Additionally, a number of states have adopted energy strategies or plans with aggressive goals for the reduction of greenhouse gas emissions. Pennsylvania has a methane reduction framework with the stated goal of reducing methane emissions from well sites, compressor stations and pipelines. Federal, state or local governments may provide tax advantages and other subsidies to support alternative energy sources, mandate the use of specific fuels or technologies, or promote research into new technologies to reduce the cost and increase the scalability of alternative energy sources. The NYPSC, for example, initiated a proceeding to consider climate-related financial disclosures at the utility operating company level, and the New York State legislature passed the CLCPA that mandates reducing greenhouse gas emissions by 40% from 1990 levels by 2030, and by 85% from 1990 levels by 2050, with the remaining emission reduction achieved by controlled offsets. The CLCPA also requires electric generators to meet 70% of demand with renewable energy by 2030 and 100% with zero emissions generation by 2040. In May 2023, New York State passed legislation that prohibits the installation of fossil fuel burning equipment and building systems in new buildings commencing on or after December 31, 2025, subject to certain exemptions. These climate change and greenhouse gas initiatives could impact the Company's customer base and assets depending on the promulgation of regulations to implement the CLCPA and on regulatory treatment afforded in the process. The NYDEC, in conjunction with the New York State Energy Research and Development Authority, is also in the early phases of developing a cap-and-invest program in the state, which is anticipated to be effective in 2025. The above-enumerated initiatives could also increase the Company’s cost of environmental compliance by increasing reporting requirements, requiring retrofitting of existing equipment, requiring installation of new equipment, and/or requiring the purchase of emission allowances. They could also delay or otherwise negatively affect efforts to obtain permits and other regulatory approvals. Changing market conditions and new regulatory requirements, as well as unanticipated or inconsistent application of existing laws and regulations by administrative agencies, make it difficult to predict a long-term business impact across twenty or more years.
Effects of Inflation
The Company’s operations are sensitive to increases in the rate of inflation because of its operational and capital spending requirements in both its regulated and non-regulated businesses. For the regulated businesses, recovery of increasing costs from customers can be delayed by the regulatory process of a rate case filing. For the non-regulated businesses, prices received for services performed or products produced are determined by market factors that are not necessarily correlated to the underlying costs required to provide the service or product.
Safe Harbor for Forward-Looking Statements
The Company is including the following cautionary statement in this Quarterly Report on Form 10-Q to make applicable and take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 for any forward-looking statements made by, or on behalf of, the Company. Forward-looking statements include statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements which are other than statements of historical facts. From time to time, the Company may publish or otherwise make available forward-looking statements of this nature. All such subsequent forward-looking statements, whether written or oral and whether made by or on behalf of the Company, are also expressly qualified by these cautionary statements. Certain statements contained in this report, including, without limitation, statements regarding future prospects, plans, objectives, goals, projections, estimates of oil and gas quantities, strategies, future events or performance and underlying assumptions, capital structure, anticipated capital expenditures, completion of construction projects, projections for pension and other post-retirement benefit obligations, impacts of the adoption of new authoritative accounting and reporting guidance, and possible outcomes of litigation or regulatory proceedings, as well as statements that are identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may,” and similar expressions, are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 and accordingly involve risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, but there can be no assurance that management’s expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors and matters discussed elsewhere herein, the following are important factors that, in the view of the Company, could cause actual results to differ materially from those discussed in the forward-looking statements:
1.Changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing;
2.Governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal;
3.The Company’s ability to estimate accurately the time and resources necessary to meet emissions targets;
4.Governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas;
5.Changes in economic conditions, including inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services;
6.Changes in the price of natural gas;
7.Impairments under the SEC's full cost ceiling test for natural gas reserves;
8.The creditworthiness or performance of the Company’s key suppliers, customers and counterparties;
9.Financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions;
10.Increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators;
11.Changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations;
12.The impact of information technology disruptions, cybersecurity or data security breaches;
13.Factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations;
14.The Company's ability to complete strategic transactions;
15.Increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits;
16.Other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date;
17.The cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company;
18.Negotiations with the collective bargaining units representing the Company's workforce, including potential work stoppages during negotiations;
19.Uncertainty of natural gas reserve estimates;
20.Significant differences between the Company’s projected and actual production levels for natural gas;
21.Changes in demographic patterns and weather conditions (including those related to climate change);
22.Changes in the availability, price or accounting treatment of derivative financial instruments;
23.Changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities;
24.Economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages;
25.Significant differences between the Company’s projected and actual capital expenditures and operating expenses; or
26.Increasing costs of insurance, changes in coverage and the ability to obtain insurance.
The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
Forward-looking and other statements in this Quarterly Report on Form 10-Q regarding methane and greenhouse gas reduction plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the SEC. In addition, historical, current and forward-looking statements regarding methane and greenhouse gas emissions may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve and assumptions that are subject to change in the future.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Refer to the "Market Risk Sensitive Instruments" section in Item 2 – MD&A.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
The term “disclosure controls and procedures” is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. These rules refer to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed is accumulated and communicated to the company’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. The Company’s management, including the Chief Executive Officer and Principal Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the Company’s Chief Executive Officer and Principal Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2023.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company’s internal control over financial reporting that occurred during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Part II. Other Information
Item 1. Legal Proceedings
For a discussion of various environmental and other matters, refer to Part I, Item 1 at Note 7 – Commitments and Contingencies, and Part I, Item 2 - MD&A of this report under the heading “Other Matters – Environmental Matters.”
For a discussion of certain rate matters involving the NYPSC, refer to Part I, Item 1 of this report at Note 10 – Regulatory Matters.
Item 1A. Risk Factors
The risk factors in Item 1A of the Company’s 2023 Form 10-K have not materially changed.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
On October 3, 2023, the Company issued a total of 8,570 unregistered shares of Company common stock to non-employee directors of the Company then serving on the Board of Directors of the Company (or, in the case of non-employee directors who elected to defer receipt of such shares pursuant to the Company's Deferred Compensation Plan for Directors and
Officers (the “DCP”), to the DCP trustee), consisting of 857 shares per director. All of these unregistered shares were issued under the Company’s 2009 Non-Employee Director Equity Compensation Plan as partial consideration for such directors’ services during the quarter ended December 31, 2023. The Company issued an additional 558 unregistered shares in the aggregate on October 13, 2023 pursuant to the dividend reinvestment feature of the DCP, to the six non-employee directors who participate in the DCP. These transactions were exempt from registration under Section 4(a)(2) of the Securities Act of 1933, as transactions not involving a public offering.
Issuer Purchases of Equity Securities
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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 |
(a)Represents (i) shares of common stock of the Company purchased with Company “matching contributions” for the accounts of participants in the Company’s 401(k) plans, and (ii) shares of common stock of the Company, if any, tendered to the Company by holders of stock-based compensation awards for the payment of applicable withholding taxes. During the quarter ended December 31, 2023, the Company did not purchase any shares of its common stock pursuant to its publicly announced share repurchase program. Of the 110,050 shares purchased other than through a publicly announced share repurchase program, 32,956 were purchased for the Company's 401(k) plans and 77,094 were purchased as a result of shares tendered to the Company by holders of stock-based compensation awards.
(b)In September 2008, the Company’s Board of Directors authorized the repurchase of eight million shares of the Company’s common stock. The Company has not repurchased any shares since September 17, 2008. The repurchase program has no expiration date and management would discuss with the Company's Board of Directors any future repurchases under this program.
Item 5. Other Information
Trading Arrangements
During the quarter ended December 31, 2023, no director or officer (as defined in Rule 16a-1(f) promulgated under the Exchange Act) of the Company adopted or terminated any “Rule 10b5–1 trading arrangement” or any “non-Rule 10b5–1 trading arrangement,” as each term is defined in Item 408 of Regulation S-K.
Credit Agreement Extension
On February 7, 2024, in response to the Company's request to extend the maturity date of the Credit Agreement, certain lenders under the Credit Agreement consented to the Company's request (the “Extension”). The Extension modified the stated maturity date of the Credit Agreement, with such Extension applicable for the lenders approving the Extension, from February 26, 2027 to February 25, 2028. After giving effect to the Extension, 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.
Item 6. Exhibits
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Exhibit Number | | Description of Exhibit |
10.1 | | |
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10.2 | | |
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10.3 | | |
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10.4 | | |
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Exhibit Number | | Description of Exhibit |
10.5 | | |
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10.6 | | |
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31.1 | | |
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31.2 | | |
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32•• | | |
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99 | | |
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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. |
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104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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•• | | 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. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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NATIONAL FUEL GAS COMPANY | |
(Registrant) | |
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/s/ T. J. Silverstein | |
T. J. Silverstein | |
Treasurer and Principal Financial Officer | |
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/s/ E. G. Mendel | |
E. G. Mendel | |
Controller and Principal Accounting Officer | |
Date: February 8, 2024
Exhibit 10.1
Form of Award Notice for Return on Capital Performance Shares under
the National Fuel Gas Company 2010 Equity Compensation Plan
Name
Address
Dear _________:
I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”) granted to you (the “Grantee” or “you”) ____ Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), subject to a Performance Goal related to return on capital, as set forth in this Award Notice. Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your ROC Performance Shares.” The number of Performance Shares set forth above is referred to in this Award Notice as the “Target Opportunity.” The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your ROC Performance Shares, and are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1. Performance Cycle and Performance Goal
The vesting of Your ROC Performance Shares is subject to a Performance Goal as set forth in this Award Notice. The Performance Cycle for Your ROC Performance Shares is [start date] through [end date]. Except as otherwise specified in the Plan or determined by the Committee, and to the extent the Performance Goal has been achieved, Your ROC Performance Shares shall vest on such date as the Committee determines the extent to which the Performance Goal has been achieved. Such determination date shall be not later than [date].
The Performance Goal upon which any vesting and payment of Your ROC Performance Shares is conditioned shall be the Total Return on Capital (as defined below) of the Company over the Performance Cycle relative to the Total Return on Capital of other companies in the Report Group (as defined below) for the Performance Cycle. Total Return on Capital for the Company or any member of the Report Group shall mean the average of the returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the Performance Cycle, based on the data reported for that company in the Bloomberg online database (or, if the Bloomberg database ceases to be available, such alternative publication or service as the Compensation Committee shall designate) for the following group of companies for which data is available for the entire Performance Cycle (the “Report Group”):
Antero Midstream Corporation
Atmos Energy Corporation
CNX Resources Corporation
Coterra Energy Inc.
DT Midstream, Inc.
EQT Corporation
Equitrans Midstream Corp.
Gulfport Energy Corporation
MDU Resources Group Inc.
National Fuel Gas Company
New Jersey Resources Corporation
ONE Gas, Inc.
Range Resources Corporation
SM Energy Company
Southwest Gas Holdings, Inc.
Southwestern Energy Company
Spire Inc.
UGI Corporation
Notwithstanding the foregoing, in comparing the Company’s performance to that of the Report Group, the Committee shall adjust the Company’s Total Return on Capital to include the effect of discontinued operations. To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. Furthermore, to the extent a company in the Report Group declares bankruptcy or becomes subject to any bankruptcy, insolvency or similar proceeding, is delisted or liquidated, or ceases operations for any other reason as determined and approved by the Committee, that company shall not be removed from the Report Group and shall be considered to have performed at a level ranking it at the bottom of the Report Group.
The term “Percentile Ranking” as used in this Award Notice in reference to Total Return on Capital means the percentage determined by dividing:
(A) the difference between (i) the Company’s rank within the Report Group for the Performance Cycle (measured lowest to highest) based on its Total Return on Capital for the Performance Cycle, and (ii) one (1),
by
(B) the number of companies (excluding the Company) in the Report Group for that Performance Cycle.
For purposes of determining the Company’s rank within the Report Group, if the Company’s Total Return on Capital for a Performance Cycle equals that of another company in the Report Group, the Company shall be ranked ahead of such other company.
Your ROC Performance Shares shall vest and payment shall be made on Your ROC Performance Shares to the extent the Company achieves the Percentile Ranking detailed below,
provided that Your ROC Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
| | | | | |
Company’s Percentile Ranking | Percentage of Target Opportunity Paid |
| |
< 45th | 0% |
45th | 50% |
60th | 100% |
75th | 150% |
100th | 200% |
Notwithstanding the foregoing, if the Company’s Total Return on Capital is negative (less than 0.0), the percentage of Target Opportunity paid shall be capped at 100%. For performance between two established performance levels, the percentage of Target Opportunity paid will be determined by mathematical interpolation.
Any and all of Your ROC Performance Shares representing the percentage of the Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited on the date the Compensation Committee makes its determination as to the extent to which the Performance Goal has been achieved, but no later than [date] if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
2. Settlement
At the expiration of the Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned and vested on the basis of performance in relation to the Performance Goal. The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the date of the Committee’s certification. Payments in settlement of Your ROC Performance Shares shall be subject to any applicable deferral election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. Restrictions on Transferability
Your ROC Performance Shares may not be sold, assigned, transferred or pledged during the Performance Cycle, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your ROC Performance Shares to be transferred during the Performance Cycle to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4. Rights as a Shareholder
You shall not have any right, in respect of Your ROC Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your ROC Performance Shares have been issued. Dividend Equivalents
shall not be paid or payable on Your ROC Performance Shares before they become earned and vested.
5. Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death, Disability or Retirement, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, then the number of Your ROC Performance Shares that otherwise would have vested after the end of the Performance Cycle shall be pro-rated to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, as described in Sections 11(a)(i) and 11(c)(i), respectively, of the Plan, and any of Your ROC Performance Shares that do not vest shall automatically be forfeited. In the event your employment with the Company or its Subsidiaries terminates for any other reason, the provisions of the Plan shall control.
6. Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your ROC Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award. In addition, the Committee may direct that each of Your ROC Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control. The Plan also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”
7. Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice. To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your ROC Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event. Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8. Authority of Committee
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other
determinations it believes necessary or advisable for the administration of the Plan. The scope of the Committee’s authority is more fully described in Section 3 of the Plan. All determinations and actions of the Committee are final, conclusive and binding on you.
9. Miscellaneous
(a) This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States. The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries. No contract or right of employment shall be implied by this Award Notice.
(b) The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c) If Your ROC Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d) In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
(e) This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof. You hereby acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.
(f) In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10. Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment. Tax withholdings will be in accordance with the Rules.
11. Securities Law Requirements
The Company will not be required to issue shares in settlement of Your ROC Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective. The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your ROC Performance Shares, an agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12. Performance Shares Subject to Plan and Rules
Your ROC Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.
13. American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your ROC Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004. And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your ROC Performance Shares.
If the foregoing is acceptable to you, kindly click on the "Sign" button below. You will be directed to a signature box where you will create a digital signature. By signing, you
acknowledge that you have read the terms and conditions of the grant and agree to be bound thereby.
Very truly yours,
| | | | | | | | |
NATIONAL FUEL GAS COMPANY | |
| | |
By: | | |
| [Name] | |
| [Title] | |
Exhibit 10.2
Form of Award Notice for Total Shareholder Return Performance Shares
under the National Fuel Gas Company 2010 Equity Compensation Plan
Name
Address
Dear_________:
I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”) granted to you (the “Grantee” or “you”) ____ Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), subject to a Performance Goal related to total shareholder return, as set forth in this Award Notice. Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your TSR Performance Shares.” The number of Performance Shares set forth above is referred to in this Award Notice as the “Target Opportunity.” The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your TSR Performance Shares, and are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1. Performance Cycle and Performance Goal
The vesting of Your TSR Performance Shares is subject to a Performance Goal as set forth in this Award Notice. The Performance Cycle for Your TSR Performance Shares is [start date] through [end date]. Except as otherwise specified in the Plan or determined by the Committee, and to the extent the Performance Goal has been achieved, Your TSR Performance Shares shall vest on such date as the Committee determines the extent to which the Performance Goal has been achieved. Such determination date shall be not later than [date].
The Performance Goal upon which any vesting and payment of Your TSR Performance Shares is conditioned shall be the Three-Year Total Shareholder Return (as defined below) of the Company over the Performance Cycle relative to the Three-Year Total Shareholder Return of other companies in the Report Group (as defined below) for the Performance Cycle. Three-Year Total Shareholder Return for the Company or any member of the Report Group shall 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 online database (or, if the Bloomberg database ceases to be available, such alternative publication or service as the Compensation Committee shall designate) for the
following group of companies for which data is available for the entire Performance Cycle (the “Report Group”):
Antero Midstream Corporation
Atmos Energy Corporation
CNX Resources Corporation
Coterra Energy Inc.
DT Midstream, Inc.
EQT Corporation
Equitrans Midstream Corp.
Gulfport Energy Corporation
MDU Resources Group Inc.
National Fuel Gas Company
New Jersey Resources Corporation
ONE Gas, Inc.
Range Resources Corporation
SM Energy Company
Southwest Gas Holdings, Inc.
Southwestern Energy Company
Spire Inc.
UGI Corporation
To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. Furthermore, to the extent a company in the Report Group declares bankruptcy or becomes subject to any bankruptcy, insolvency or similar proceeding, is delisted or liquidated, or ceases operations for any other reason as determined and approved by the Committee, that company shall not be removed from the Report Group and shall be considered to have performed at a level ranking it at the bottom of the Report Group.
The term “Percentile Ranking” as used in this Award Notice in reference to Three-Year Total Shareholder Return means the percentage determined by dividing:
(A) the difference between (i) the Company’s rank within the Report Group for the Performance Cycle (measured lowest to highest) based on its Three-Year Total Shareholder Return for the Performance Cycle, and (ii) one (1),
by
(B) the number of companies (excluding the Company) in the Report Group for that Performance Cycle.
For purposes of determining the Company’s rank within the Report Group, if the Company’s Three-Year Total Shareholder Return for a Performance Cycle equals that of another company in the Report Group, the Company shall be ranked ahead of such other company.
Your TSR Performance Shares shall vest and payment shall be made on Your TSR Performance Shares to the extent the Company achieves the Percentile Ranking detailed below,
provided that Your TSR Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
| | | | | |
Company’s Percentile Ranking | Percentage of Target Opportunity Paid |
| |
30th or below | 0% |
40th | 50% |
50th | 100% |
70th | 150% |
90th or above | 200% |
Notwithstanding the foregoing, if the Company’s Three-Year Total Shareholder Return is negative (less than 0.0), the percentage of Target Opportunity paid shall be capped at 100%. For performance between two established performance levels, the percentage of Target Opportunity paid will be determined by mathematical interpolation.
Any and all of Your TSR Performance Shares representing the percentage of the Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited on the date the Compensation Committee makes its determination as to the extent to which the Performance Goal has been achieved, but no later than [date], if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
2. Settlement
At the expiration of the Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned and vested on the basis of performance in relation to the Performance Goal. The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the date of the Committee’s certification. Payments in settlement of Your TSR Performance Shares shall be subject to any applicable deferral election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. Restrictions on Transferability
Your TSR Performance Shares may not be sold, assigned, transferred or pledged during the Performance Cycle, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your TSR Performance Shares to be transferred during the Performance Cycle to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4. Rights as a Shareholder
You shall not have any right, in respect of Your TSR Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your TSR Performance Shares have been issued. Dividend Equivalents shall not be paid or payable on Your TSR Performance Shares before they become earned and vested.
5. Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death, Disability or Retirement, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, then the number of Your TSR Performance Shares that otherwise would have vested after the end of the Performance Cycle shall be pro-rated to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, as described in Sections 11(a)(i) and 11(c)(i), respectively, of the Plan, and any of Your TSR Performance Shares that do not vest shall automatically be forfeited. In the event your employment with the Company or its Subsidiaries terminates for any other reason, the provisions of the Plan shall control.
6. Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your TSR Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award. In addition, the Committee may direct that each of Your TSR Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control. The Plan also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”
7. Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice. To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your TSR Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event. Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8. Authority of Committee
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other determinations it believes necessary or advisable for the administration of the Plan. The scope of
the Committee’s authority is more fully described in Section 3 of the Plan. All determinations and actions of the Committee are final, conclusive and binding on you.
9. Miscellaneous
(a) This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States. The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries. No contract or right of employment shall be implied by this Award Notice.
(b) The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c) If Your TSR Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d) In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
(e) This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof. You hereby
acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.
(f) In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10. Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment. Tax withholdings will be in accordance with the Rules.
11. Securities Law Requirements
The Company will not be required to issue shares in settlement of Your TSR Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective. The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your TSR Performance Shares, an agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12. Performance Shares Subject to Plan and Rules
Your TSR Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.
13. American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your TSR Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004. And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your TSR Performance Shares.
If the foregoing is acceptable to you, kindly click on the "Sign" button below. You will be directed to a signature box where you will create a digital signature. By signing, you
acknowledge that you have read the terms and conditions of the grant and agree to be bound thereby.
Very truly yours,
| | | | | | | | |
NATIONAL FUEL GAS COMPANY | |
| | |
By: | | |
| [Name] | |
| [Title] | |
Exhibit 10.3
Form of Award Notice for ESG Performance Shares
under the National Fuel Gas Company 2010 Equity Compensation Plan
Name
Address
Dear_________:
I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”) granted to you (the “Grantee” or “you”) ____ Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), subject to a Performance Goal related to reductions in methane intensity rates and greenhouse gas emissions, as set forth in this Award Notice. Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your ESG Performance Shares.” The number of Performance Shares set forth above is referred to in this Award Notice as the “Target Opportunity.” The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your ESG Performance Shares, and are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1. Performance Cycle and Performance Goal
The vesting of Your ESG Performance Shares is subject to a Performance Goal as set forth in this Award Notice. The Performance Cycle for Your ESG Performance Shares is [start date] through [end date]. Except as otherwise specified in the Plan or determined by the Committee, and to the extent the Performance Goal has been achieved, Your ESG Performance Shares shall vest on such date as the Committee determines the extent to which the Performance Goal has been achieved. Such determination date shall be not later than [date].
The Performance Goal upon which any vesting and payment of Your ESG Performance Shares is conditioned shall consist of two parts:
(A) Methane Intensity Rates. Rates of intensity of Scope 1 methane emissions by the Company’s operating segments do not exceed the following as of the last year of the Performance Cycle:
| | | | | | | | | | | |
| | 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% |
(B) Greenhouse Gas Emissions. Scope 1 greenhouse gas emissions for calendar year 2026, on a Company-wide basis, are lower than 1,636,437 metric tons CO2e, the Company’s 2020 Scope 1 greenhouse gas emissions.
The Performance Goal is intended to incentivize and reward performance that helps position the Company to meet or exceed its 2030 methane intensity and greenhouse gas emissions reduction targets as disclosed in the Company’s Corporate Responsibility Report (as published from time to time, the “Report”). Methane intensity and greenhouse gas emissions shall be measured in all respects in the same manner they are measured for purposes of the Report.
Highland Field Services emissions are excluded from calculations of performance levels under the Performance Goal.
To the extent permissible by applicable law, including without limitation Section 409A, the Compensation Committee may adjust the Performance Goal in the event of (i) any adjustments to measurement methodologies affecting Company or segment target intensity rates, target greenhouse gas emissions, 2020 baseline intensity rates, or 2020 baseline greenhouse gas emissions levels, each as determined in accordance with the Report, or (ii) any joint venture, joint development agreement, restructuring, reorganization, acquisition, disposition and/or wind-down or closing of any business unit.
Your ESG Performance Shares shall vest and payment shall be made on Your ESG Performance Shares to the extent the Company achieves the performance detailed below, provided that Your ESG Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
_______________________
1 2020 value was restated in 2021 Corporate Responsibility Report to include additional EPA Part 98 sources that were identified in 2021.
2 2020 baseline value is restated due to reduction in production volume to exclude non-operated gas production and excludes Highland Field Services.
| | | | | |
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% |
Any and all of Your ESG Performance Shares representing the percentage of the Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited, if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
2. Settlement
At the expiration of the Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned and vested on the basis of performance in relation to the Performance Goal. The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the date of the Committee’s certification. Payments in settlement of Your ESG Performance Shares shall be subject to any applicable deferral election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. Restrictions on Transferability
Your ESG Performance Shares may not be sold, assigned, transferred or pledged during the Performance Cycle, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your ESG Performance Shares to be transferred during the Performance Cycle to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4. Rights as a Shareholder
You shall not have any right, in respect of Your ESG Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your ESG Performance Shares have been issued. Dividend Equivalents shall not be paid or payable on Your ESG Performance Shares before they become earned and vested.
5. Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death, Disability or Retirement, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, then the number of Your ESG Performance Shares that otherwise would have vested after the end of the Performance Cycle shall be pro-rated to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, as described in Sections 11(a)(i)
and 11(c)(i), respectively, of the Plan, and any of Your ESG Performance Shares that do not vest shall automatically be forfeited. In the event your employment with the Company or its Subsidiaries terminates for any other reason, the provisions of the Plan shall control.
6. Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your ESG Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award. In addition, the Committee may direct that each of Your ESG Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control. The Plan also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”
7. Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice. To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your ESG Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event. Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8. Authority of Committee
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other determinations it believes necessary or advisable for the administration of the Plan. The scope of the Committee’s authority is more fully described in Section 3 of the Plan. All determinations and actions of the Committee are final, conclusive and binding on you.
9. Miscellaneous
(a) This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States. The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries. No contract or right of employment shall be implied by this Award Notice.
(b) The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c) If Your ESG Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d) In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
(e) This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof. You hereby acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.
(f) In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10. Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment. Tax withholdings will be in accordance with the Rules.
11. Securities Law Requirements
The Company will not be required to issue shares in settlement of Your ESG Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective. The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your ESG Performance Shares, an agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12. Performance Shares Subject to Plan and Rules
Your ESG Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.
13. American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your ESG Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004. And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your ESG Performance Shares.
If the foregoing is acceptable to you, kindly click on the “Sign” button below. You will be directed to a signature box where you will create a digital signature. By signing, you acknowledge that you have read the terms and conditions of the grant and agree to be bound thereby.
Very truly yours,
| | | | | | | | |
NATIONAL FUEL GAS COMPANY | |
| | |
By: | | |
| [Name] | |
| [Title] | |
Exhibit 10.4
Form of Award Notice for Retention Grant Return on Capital
Performance Shares under the National Fuel Gas Company 2010 Equity
Compensation Plan
Name
Address
Dear :
I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”), as part of a special retention award, granted to you (the “Grantee” or “you”) certain Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), one half of which (numbering Performance Shares) are subject to a three-year Performance Goal related to return on capital, the other half of which (also numbering Performance Shares) are subject to a five-year Performance Goal related to return on capital, and all of which are subject to the performance of additional service, as set forth in this Award Notice. Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your ROC Performance Shares.” Each one-half of Your ROC Performance Shares is referred to in this Award Notice as a “Target Opportunity.” The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your ROC Performance Shares, and are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1. Performance Cycles, Performance Goals and Service Requirement
The vesting of each one-half of Your ROC Performance Shares is subject to a Performance Goal and the performance of additional service, as set forth in this Award Notice. The Performance Cycle for one half of Your ROC Performance Shares is [start date] through [end date] (“Performance Cycle 1”), and the Performance Cycle for the other half of Your ROC Performance Shares is [start date] through [end date] (“Performance Cycle 2”). The Committee shall determine the extent to which the Performance Goals have been achieved. Such determination dates shall be not later than [date] for Performance Cycle 1 and [date] for Performance Cycle 2.
The Performance Goal for one half of Your ROC Performance Shares shall be the Three-Year Total Return on Capital (as described below) of the Company over Performance Cycle 1, relative to the Three-Year Total Return on Capital of other companies in the Report Group (as defined below) for Performance Cycle 1. The Performance Goal for the other half of Your ROC Performance Shares shall be the Five-Year Total Return on Capital (as described below) of the
Company over Performance Cycle 2, relative to the Five-Year Total Return on Capital of other companies in the Report Group for Performance Cycle 2. Three-Year Total Return on Capital and Five-Year Total Return on Capital for the Company or any member of the Report Group shall mean the average of the returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during a Performance Cycle, based on the data reported for that company in the Bloomberg online database (or, if the Bloomberg database ceases to be available, such alternative publication or service as the Compensation Committee shall designate) for the following group of companies for which data is available for the entire Performance Cycle (the “Report Group”):
Antero Midstream Corporation
Atmos Energy Corporation
CNX Resources Corporation
Coterra Energy Inc.
DT Midstream, Inc.
EQT Corporation
Equitrans Midstream Corp.
Gulfport Energy Corporation
MDU Resources Group Inc.
National Fuel Gas Company
New Jersey Resources Corporation
ONE Gas, Inc.
Range Resources Corporation
SM Energy Company
Southwest Gas Holdings, Inc.
Southwestern Energy Company
Spire Inc.
UGI Corporation
Notwithstanding the foregoing, in comparing the Company’s performance to that of the Report Group, the Committee shall adjust the Company’s Total Return on Capital to include the effect of discontinued operations. To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. Furthermore, to the extent a company in the Report Group declares bankruptcy or becomes subject to any bankruptcy, insolvency or similar proceeding, is delisted or liquidated, or ceases operations for any other reason as determined and approved by the Committee, that company shall not be removed from the Report Group and shall be considered to have performed at a level ranking it at the bottom of the Report Group.
The term “Percentile Ranking” as used in this Award Notice in reference to Three-Year Total Return on Capital and Five-Year Total Return on Capital means the percentage determined by dividing:
(A) the difference between (i) the Company’s rank within the Report Group for the Performance Cycle (measured lowest to highest) based on its Total Return on Capital for the Performance Cycle, and (ii) one (1),
by
(B) the number of companies (excluding the Company) in the Report Group for that Performance Cycle.
For purposes of determining the Company’s rank within the Report Group, if the Company’s Three-Year Total Return on Capital or Five-Year Total Return on Capital, as applicable, for a Performance Cycle equals that of another company in the Report Group, the Company shall be ranked ahead of such other company.
Subject to your continued employment as provided below, Your ROC Performance Shares shall vest and payment shall be made on Your ROC Performance Shares to the extent the Company achieves the Percentile Ranking detailed below, provided that Your ROC Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
| | | | | |
Company's Percentile Ranking | Percentage of Target Opportunity Paid |
| |
< 45th | 0% |
45th | 50% |
60th | 100% |
75th | 150% |
100th | 200% |
Notwithstanding the foregoing, if the Company’s Total Return on Capital for a Performance Cycle is negative (less than 0.0), the percentage of Target Opportunity paid for that Performance Cycle shall be capped at 100%. For performance between two established performance levels, the percentage of Target Opportunity paid will be determined by mathematical interpolation.
Any and all of Your ROC Performance Shares representing the percentage of a Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited on the date the Compensation Committee makes its determination as to the extent to which the Performance Goal has been achieved, if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
To the extent the applicable Performance Goals have been achieved, as determined by the Committee, and subject to your continued employment with the Company or its Subsidiaries, Your ROC Performance Shares shall vest in one-fifth (1/5) increments on the sixth through tenth anniversaries of the date of grant, provided that such Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
2. Settlement
At the expiration of a Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned on the basis of performance in relation to the Performance Goal. The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the applicable vesting dates. Payments in settlement of Your ROC Performance Shares
shall be subject to any applicable deferral election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. Restrictions on Transferability
Your ROC Performance Shares may not be sold, assigned, transferred or pledged prior to vesting, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your ROC Performance Shares to be transferred to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4. Rights as a Shareholder
You shall not have any right, in respect of Your ROC Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your ROC Performance Shares have been issued. Dividend Equivalents shall not be paid or payable on Your ROC Performance Shares before they become earned and vested.
5. Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death or Disability, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, you or your designated beneficiary, as the case may be, shall be entitled to a distribution of, and such Performance Shares shall be deemed vested to the extent of, the same number of Your ROC Performance Shares that would have been payable had your service with the Company or its Subsidiaries continued until the end of the ten-year vesting period (pro-rated, in the event termination of employment occurs during a Performance Cycle, to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, relative to the time period from the commencement of the Performance Cycle through the last day of the Performance Cycle), and any of Your ROC Performance Shares that do not vest shall automatically be forfeited.
Notwithstanding Section 11(a)(i) of the Plan, if your employment with the Company or its Subsidiaries terminates due to Retirement prior to a vesting date, the portion of Your ROC Performance Shares associated with that vesting date and with all subsequent vesting dates will be automatically forfeited at the time of such termination of employment. In the event your employment with the Company or its Subsidiaries terminates for any reason other than death, Disability, Retirement, or the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, the provisions of the Plan shall control.
6. Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your ROC Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award. In addition, the Committee may direct that each of Your ROC Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control. The Plan
also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”
7. Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice. To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your ROC Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event. Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8. Authority of Committee
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other determinations it believes necessary or advisable for the administration of the Plan. The scope of the Committee’s authority is more fully described in Section 3 of the Plan. All determinations and actions of the Committee are final, conclusive and binding on you.
9. Miscellaneous
(a) This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States. The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries. No contract or right of employment shall be implied by this Award Notice.
(b) The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c) If Your ROC Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d) In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
(e) This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof. You hereby acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.
(f) In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10. Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment. Tax withholdings will be in accordance with the Rules.
11. Securities Law Requirements
The Company will not be required to issue shares in settlement of Your ROC Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective. The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your ROC Performance Shares, an
agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12. Performance Shares Subject to Plan and Rules
Your ROC Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.
13. American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your ROC Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004. And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your ROC Performance Shares.
If the foregoing is acceptable to you, kindly click on the "Sign" button below. You will be directed to a signature box where you will create a digital signature. By signing, you acknowledge that you have read the terms and conditions of the grant and agree to be bound thereby.
Very truly yours,
| | | | | | | | |
NATIONAL FUEL GAS COMPANY | |
| | |
By: | | |
| [Name] | |
| [Title] | |
Exhibit 10.5
Form of Award Notice for Retention Grant Total Shareholder Return
Performance Shares under the National Fuel Gas Company 2010 Equity
Compensation Plan
Name
Address
Dear :
I am pleased to inform you that on [date of grant] the Compensation Committee (“Committee”) of the Board of Directors of National Fuel Gas Company (the “Company”), as part of a special retention award, granted to you (the “Grantee” or “you”) certain Performance Shares under the National Fuel Gas Company 2010 Equity Compensation Plan (the “Plan”), one half of which (numbering Performance Shares) are subject to a three-year Performance Goal related to total shareholder return, the other half of which (also numbering Performance Shares) are subject to a five-year Performance Goal related to total shareholder return, and all of which are subject to the performance of additional service, as set forth in this Award Notice. Performance Shares are an award, pursuant to Section 9 of the Plan, constituting units denominated in Common Stock, the number of which such units may be adjusted over a Performance Cycle based upon the extent to which Performance Goals have been satisfied.
The Performance Shares covered by this letter agreement (“Award Notice”) may be referred to in this Award Notice as “Your TSR Performance Shares.” Each one-half of Your TSR Performance Shares is referred to in this Award Notice as a “Target Opportunity.” The Plan and the Committee’s Administrative Rules (“Rules”) govern the operation of the Plan, as well as the terms and conditions of Your TSR Performance Shares, and are incorporated herein by reference. Capitalized terms not otherwise defined herein shall have the meanings set forth for such terms in the Plan or the Rules.
1. Performance Cycles, Performance Goals and Service Requirement
The vesting of each one-half of Your TSR Performance Shares is subject to a Performance Goal and the performance of additional service, as set forth in this Award Notice. The Performance Cycle for one half of Your TSR Performance Shares is [start date] through [end date] (“Performance Cycle 1”), and the Performance Cycle for the other half of Your TSR Performance Shares is [start date] through [end date] (“Performance Cycle 2”). The Committee shall determine the extent to which the Performance Goals have been achieved. Such determination dates shall be not later than [date] for Performance Cycle 1 and [date] for Performance Cycle 2.
The Performance Goal for one half of Your TSR Performance Shares shall be the Three-Year Total Shareholder Return (as described below) of the Company over Performance Cycle 1, relative to the Three-Year Total Shareholder Return of other companies in the Report Group (as defined below) for Performance Cycle 1. The Performance Goal for the other half of Your TSR Performance Shares shall be the Five-Year Total Shareholder Return (as described below) of the
Company over Performance Cycle 2, relative to the Five-Year Total Shareholder Return of other companies in the Report Group for Performance Cycle 2. Three-Year Total Shareholder Return and Five-Year Total Shareholder Return for the Company or any member of the Report Group shall 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 online database (or, if the Bloomberg database ceases to be available, such alternative publication or service as the Compensation Committee shall designate) for the following group of companies for which data is available for the entire Performance Cycle (the “Report Group”):
Antero Midstream Corporation
Atmos Energy Corporation
CNX Resources Corporation
Coterra Energy Inc.
DT Midstream, Inc.
EQT Corporation
Equitrans Midstream Corp.
Gulfport Energy Corporation
MDU Resources Group Inc.
National Fuel Gas Company
New Jersey Resources Corporation
ONE Gas, Inc.
Range Resources Corporation
SM Energy Company
Southwest Gas Holdings, Inc.
Southwestern Energy Company
Spire Inc.
UGI Corporation
To the extent reasonably correctible, the Committee shall correct the reported data for a known error in the reporting of the results of the Company. Furthermore, to the extent a company in the Report Group declares bankruptcy or becomes subject to any bankruptcy, insolvency or similar proceeding, is delisted or liquidated, or ceases operations for any other reason as determined and approved by the Committee, that company shall not be removed from the Report Group and shall be considered to have performed at a level ranking it at the bottom of the Report Group.
The term “Percentile Ranking” as used in this Award Notice in reference to Three-Year Total Shareholder Return and Five-Year Total Shareholder Return means the percentage determined by dividing:
(A) the difference between (i) the Company’s rank within the Report Group for the Performance Cycle (measured lowest to highest) based on its Total Shareholder Return for the Performance Cycle, and (ii) one (1),
by
(B) the number of companies (excluding the Company) in the Report Group for that Performance Cycle.
For purposes of determining the Company’s rank within the Report Group, if the Company’s Three-Year Total Shareholder Return or Five-Year Total Shareholder Return, as applicable, for a Performance Cycle equals that of another company in the Report Group, the Company shall be ranked ahead of such other company.
Subject to your continued employment as provided below, Your TSR Performance Shares shall vest and payment shall be made on Your TSR Performance Shares to the extent the Company achieves the Percentile Ranking detailed below, provided that Your TSR Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
| | | | | |
Company's Percentile Ranking | Percentage of Target Opportunity Paid |
| |
30th or below | 0% |
40th | 50% |
50th | 100% |
70th | 150% |
90th or above | 200% |
Notwithstanding the foregoing, if the Company’s Total Shareholder Return for a Performance Cycle is negative (less than 0.0), the percentage of Target Opportunity paid for that Performance Cycle shall be capped at 100%. For performance between two established performance levels, the percentage of Target Opportunity paid will be determined by mathematical interpolation.
Any and all of Your TSR Performance Shares representing the percentage of a Target Opportunity not required to be paid shall not vest, and shall be automatically forfeited on the date the Compensation Committee makes its determination as to the extent to which the Performance Goal has been achieved, if not previously forfeited in accordance with the terms and conditions applicable to such Performance Shares.
To the extent the applicable Performance Goals have been achieved, as determined by the Committee, and subject to your continued employment with the Company or its Subsidiaries, Your TSR Performance Shares shall vest in one-fifth (1/5) increments on the sixth through tenth anniversaries of the date of grant, provided that such Performance Shares have not previously been forfeited in accordance with applicable terms and conditions.
2. Settlement
At the expiration of a Performance Cycle, the Committee shall certify in writing the number of Performance Shares earned on the basis of performance in relation to the Performance Goal. The Committee shall determine whether earned Performance Shares are to be distributed in the form of cash, shares of Common Stock or in a combination thereof, with the value or number of shares payable to be determined based on the Fair Market Value of the Common Stock on the applicable vesting dates. Payments in settlement of Your TSR Performance Shares
shall be subject to any applicable deferral election under the National Fuel Gas Company Deferred Compensation Plan for Directors and Officers.
3. Restrictions on Transferability
Your TSR Performance Shares may not be sold, assigned, transferred or pledged prior to vesting, except that the Committee may permit (on such terms and conditions as it shall establish) some or all of Your TSR Performance Shares to be transferred to a Permitted Transferee in accordance with Section 14(a) of the Plan.
4. Rights as a Shareholder
You shall not have any right, in respect of Your TSR Performance Shares, to vote on any matter submitted to the Company’s stockholders until such time, if any, as the shares of Common Stock attributable to Your TSR Performance Shares have been issued. Dividend Equivalents shall not be paid or payable on Your TSR Performance Shares before they become earned and vested.
5. Termination of Employment
In the event your employment with the Company or its Subsidiaries terminates due to your death or Disability, or due to the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, you or your designated beneficiary, as the case may be, shall be entitled to a distribution of, and such Performance Shares shall be deemed vested to the extent of, the same number of Your TSR Performance Shares that would have been payable had your service with the Company or its Subsidiaries continued until the end of the ten-year vesting period (pro-rated, in the event termination of employment occurs during a Performance Cycle, to reflect the time period from the commencement of the Performance Cycle through the date of the termination of your service to the Company or its Subsidiaries, relative to the time period from the commencement of the Performance Cycle through the last day of the Performance Cycle), and any of Your TSR Performance Shares that do not vest shall automatically be forfeited.
Notwithstanding Section 11(a)(i) of the Plan, if your employment with the Company or its Subsidiaries terminates due to Retirement prior to a vesting date, the portion of Your TSR Performance Shares associated with that vesting date and with all subsequent vesting dates will be automatically forfeited at the time of such termination of employment. In the event your employment with the Company or its Subsidiaries terminates for any reason other than death, Disability, Retirement, or the Company divestiture of one or more Subsidiaries or other business segments, divisions or operations in a transaction that does not otherwise qualify as a Change in Control, the provisions of the Plan shall control.
6. Change in Control
Subject to the terms of the Plan and the Rules, in the event of a Change in Control of the Company, each of Your TSR Performance Shares then outstanding shall be deemed earned at the target level of performance for such Award. In addition, the Committee may direct that each of Your TSR Performance Shares be settled in cash with its value determined based on the value received by the shareholders in any transaction that constitutes a Change in Control. The Plan
also allows the Committee to reasonably determine in good faith, before a Change in Control, that this Award shall be honored or assumed, or new rights substituted therefore, by your employer or the parent or affiliate of your employer, provided that any such honored, assumed or substituted award must satisfy the requirements set forth in Section 12(b) of the Plan, including “substantially equivalent economic value.”
7. Adjustments in Common Stock
In the event of an Adjustment Event, including any stock dividend, stock split, merger, consolidation, reorganization, recapitalization or other similar event affecting the Common Stock, the Committee shall equitably adjust, in its discretion, the number of shares subject to this Award Notice. To the extent the Committee deems equitable and appropriate and subject to any required action by shareholders of the Company or of any successor in interest to the Company or any direct or indirect parent corporation of the Company or any such successor, in any Adjustment Event that is a merger, consolidation, reorganization, liquidation, dissolution or similar transaction, Your TSR Performance Shares shall be deemed to pertain to the securities and other property, including cash, to which a holder of the number of shares of Common Stock covered by this Award Notice would have been entitled to receive in connection with such Adjustment Event. Any Committee determination pursuant to this Section 7 shall be final, binding and conclusive.
8. Authority of Committee
The Committee has the authority to interpret the Plan and all Performance Shares granted thereunder, to establish rules and regulations relating to the Plan and to make all other determinations it believes necessary or advisable for the administration of the Plan. The scope of the Committee’s authority is more fully described in Section 3 of the Plan. All determinations and actions of the Committee are final, conclusive and binding on you.
9. Miscellaneous
(a) This Award Notice shall be binding upon and inure to the benefit of the Company (and its successors and assigns) and you (and your heirs, legal representatives and estate) and shall be governed by the laws of the State of New Jersey, and any applicable laws of the United States. The Performance Share award under the Plan does not alter, amend or otherwise affect your employment status with the Company or its subsidiaries. No contract or right of employment shall be implied by this Award Notice.
(b) The Committee may at any time unilaterally amend any unpaid Performance Shares award, including Awards earned but not yet paid, to the extent it deems appropriate, provided, however, that subject to Section 5(d) of the Plan, any such amendment which is adverse to the Grantee shall require the Grantee’s consent unless the Committee determines that such amendment or modification is necessary or advisable to comply with applicable law as a result of changes in law or regulation or to avoid the imposition of an additional tax, interest or penalty under Section 409A of the Internal Revenue Code of 1986, as amended.
(c) If Your TSR Performance Shares are assumed or new Performance Shares are substituted therefor in any corporate reorganization (including, but not limited to, any transaction of the type referred to in Section 424(a) of the Internal Revenue Code of 1986, as amended), employment by such assuming or substituting company or by a parent company or a subsidiary thereof shall be considered for all purposes of this Award Notice to be employment by the Company.
(d) In consideration of the Grantee’s privilege to participate in the Plan, the Grantee agrees (i) not to disclose any trade secrets of, or other confidential/restricted information of the Company to any unauthorized party, (ii) not to make any unauthorized use of such trade secrets or confidential or restricted information during his or her employment with the Company or its Subsidiaries or after such employment is terminated, and (iii) not to solicit any then current employees of the Company or any other subsidiaries of the Company to join the Grantee at his or her new place of employment after his or her employment with the Company or its Subsidiaries is terminated. Pursuant to 18 U.S.C. § 1833(b), an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made: (1) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney, and solely for the purpose of reporting or investigating a suspected violation of law; or (2) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. Additionally, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the individual: (1) files any document containing the trade secret under seal; and (2) does not disclose the trade secret, except pursuant to court order.
(e) This Award Notice, together with the Plan and the Rules, constitutes the entire agreement between the parties with respect to the subject matter hereof. You hereby acknowledge that you have been provided with a copy of the Plan and the Rules, and understand the terms and conditions of these documents and of this Award Notice.
(f) In the event of the invalidity of any part or provision of this Award Notice, such invalidity shall not affect the enforceability of any other part or provision hereof.
10. Tax Withholding
The Company will be entitled to deduct from any payment under this Award Notice, regardless of the form of such payment, the amount of all applicable income and employment taxes required by law to be withheld with respect to such payment or may require you to pay to it such tax prior to and as a condition of the making of such payment. Tax withholdings will be in accordance with the Rules.
11. Securities Law Requirements
The Company will not be required to issue shares in settlement of Your TSR Performance Shares unless and until (a) such shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (b) a registration statement under the Securities Act of 1933 with respect to such shares is then effective. The Board may require you to furnish to the Company, prior to the issuance of any shares of Common Stock in connection with the settlement of Your TSR Performance Shares, an
agreement, in such form as the Board may from time to time deem appropriate, in which you represent that the shares you acquired upon such settlement are being acquired for investment and not with a view to the sale or distribution thereof.
12. Performance Shares Subject to Plan and Rules
Your TSR Performance Shares shall be subject to all the terms and provisions of the Plan, the Rules and this Award Notice, and you shall abide by and be bound by such terms and provisions and all rules, regulations and determinations of the Board or the Committee now or hereafter made in its discretion in connection with the administration of the Plan.
13. American Jobs Creation Act
In addition to amendments permitted by Section 9(b) above, the Company may make amendments to Your TSR Performance Shares, without your consent, in order to ensure compliance with the American Jobs Creation Act of 2004. And, further, amendments may be made to the Plan to ensure such compliance, which amendments may impact Your TSR Performance Shares.
If the foregoing is acceptable to you, kindly click on the "Sign" button below. You will be directed to a signature box where you will create a digital signature. By signing, you acknowledge that you have read the terms and conditions of the grant and agree to be bound thereby.
Very truly yours,
| | | | | | | | |
NATIONAL FUEL GAS COMPANY | |
| | |
By: | | |
| [Name] | |
| [Title] | |
Exhibit 10.6
Administrative Rules
of the
Compensation Committee
of the
Board of Directors
of
National Fuel Gas Company
As amended and restated
effective December 1, 2023
TABLE OF CONTENTS
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
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 |
ADMINISTRATIVE
RULES OF THE
COMPENSATION COMMITTEE
OF THE
BOARD OF DIRECTORS
OF
NATIONAL FUEL GAS COMPANY
As amended and restated
effective December 1, 2023
I. MEETINGS
Each meeting ("Meeting") of the Compensation Committee ("Committee") of the Board of Directors of National Fuel Gas Company ("Company") shall be held as indicated in a notice made in accordance with these rules. Notice of each Meeting, stating the place, date and hour thereof, shall be given to each member of the Committee ("Member") by e-mailing, faxing, telephoning or personally delivering the same to him at least one day before the meeting, if there is no reason to believe it was not received, or by mailing the same to him at least five days before the Meeting, in all cases to the Member’s last known address or addresses as the same appears upon the records of the Company. All such notices shall be effective when sent, including the leaving of a message recorded at, or spoken to any individual answering, the Member’s designated telephone number(s). The attendance of any Member at a Meeting without protesting prior to the end of the Meeting the lack of notice of such meeting shall constitute a waiver of notice by that Member.
Any one or more Members of the Committee may participate in a Meeting by means of a conference telephone or similar equipment. Participation by such means shall constitute presence in person at a Meeting.
The Committee may also take action by unanimous written consent.
II. QUORUM AND VOTING; DELEGATION
At all Meetings, a quorum shall be required for the transaction of business and shall consist of a majority of the entire Committee. The majority vote of the Members at a Meeting at which a quorum is present shall decide any question that may come before the meeting.
Consistently with limitations imposed by the 2010 Plan (as defined below), the Committee may delegate in these rules or by resolution any or all of its authority to the Chief Executive Officer, to the Secretary and to any other officer of the Company (individually, "Delegate"), so long as the Delegate has no potential conflict of interest which would cause him or her not to exercise his or her good faith independent business judgment in respect of a delegated matter. Subject to such limitations, the Committee hereby delegates the power to implement its decisions to appropriate officers of the Company.
III. GRANTS AND AWARDS UNDER THE 2010 PLAN
The following rules and regulations shall apply with respect to grants and awards made under the Company's 2010 Equity Compensation Plan, as amended and restated from time to time ("2010 Plan"), including without limitation grants and awards of stock options, stock appreciation rights ("SARs"), shares of restricted stock ("Restricted Stock"), restricted stock units ("Restricted Stock Units") and performance shares (“Performance Shares”).
Any capitalized term not defined in these rules shall have the same meaning as in the 2010 Plan. The following rules are intended to supplement the 2010 Plan and, to the extent that any rule is determined to be inconsistent with the 2010 Plan, the 2010 Plan shall control.
These rules may be amended by the Committee at any time and from time to time.
A. GENERAL RULES REGARDING AWARDS UNDER THE 2010 PLAN
1. Making of An Award
An Award within the meaning of these rules occurs upon the grant by the Committee of any stock option, SAR, Restricted Stock, Restricted Stock Unit, Performance Share or other Award under the 2010 Plan. An Award Notice within the meaning of these rules means a written notice from the Company to a Participant (including a notice provided to the recipient in an electronic form or by a link to cite of the notice) that sets forth the terms and conditions of an Award in addition to those conditions established in the 2010 Plan and by the Committee's exercise of its administrative powers.
2. Contemporaneous Awards
Unless the Committee shall otherwise expressly provide at the time of grant, an Award of one type granted contemporaneously with an Award of any other type shall be treated as having been granted in combination, and not in the alternative, with the Award of the other type.
3. Stock-based Awards
a. Source. Stock-based Awards, to the extent actually paid in Common Stock, shall reduce treasury shares (if any) first and thereafter authorized but unissued shares.
b. Cash Dividends and Cash Dividend Equivalents.
(i) Stock-based Awards Other Than Restricted Stock. No stock-based Award other than Restricted Stock carries with it the entitlement to receive cash dividends or cash dividend equivalents until such stock-based Award is exercised (in the case of a stock option or stock-settled SAR) or earned (in the case of an RSU, Performance Share or
other stock-based Award). If a stock-based Award is exercised or earned prior to or on the record date for determination of stockholders entitled to receive a cash dividend, then such stock-based Award or the securities resulting from the exercise thereof, as the case may be, shall be entitled to receive such cash dividend (or, if the shares related thereto have not been issued as of the record date, to receive a dividend equivalent in respect thereof).
(ii) Restricted Stock Awards. Notwithstanding clause (i) of this paragraph (b) or Section 14(e) of the 2010 Plan, dividends shall be payable with respect to each outstanding Award of Restricted Stock whether or not the restrictions in such Award have been satisfied or have lapsed.
c. Payment. Payment of stock-based Awards shall be made with Common Stock.
4. Withholding Taxes
At the time a Participant is taxable with respect to stock options, SARs, Restricted Stock, Restricted Stock Units, Performance Shares or other Awards granted under the 2010 Plan, or the exercise or surrender of the same, the Company (or, if applicable, an employer other than the Company) shall have the right to withhold from amounts payable to the Participant under the 2010 Plan or from other compensation payable to the Participant in its sole discretion, or require the Participant to pay to it, an amount sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements. With respect to the vesting of Restricted Stock and the vesting (and settlement in shares of Common Stock) of Restricted Stock Units and Performance Shares, the Company shall withhold from amounts payable to the Participant a number of whole shares of Common Stock sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements (and, if requested by the Participant (after
invitation by an officer of the Company), a number of additional whole shares to satisfy the Participant's actual tax liabilities), provided that the Participant may, at a time when he or she is not in possession of material nonpublic information relating to the Company and not subject to any quarterly or other “blackout period” imposed under the Company’s Policy on Insider Trading in National Fuel Gas Company Securities, elect to pay such tax withholding amounts in cash. With respect to the exercise of stock options or SARs, the Participant may, subject to Section IV(D) below, pay tax withholding amounts by requesting that the Company withhold from the amounts owed to the Participant a number of whole shares of Common Stock sufficient to satisfy all federal, state and/or local (including foreign) withholding tax requirements (and, if requested by the Participant (after invitation by an officer of the Company), a number of additional whole shares to satisfy the Participant's actual tax liabilities), or by delivering as payment to the Company a number of whole shares of Common Stock sufficient to satisfy such withholding tax requirements.
5. Deferral of Payment
The Committee intends to permit Participants to elect, at such time or times as the Committee shall permit, to defer the receipt of payment of Awards; provided, however, that (1) under the then applicable income tax rules the Participant is not in constructive receipt of, and subject to income tax on, the payment prior to its actual receipt, (2) such deferral does not result in the 2010 Plan being subject to the Employee Retirement Income Security Act of 1974, as amended, (3) if the Participant is an Executive Officer (i.e., is subject to Section 16 of the Securities Exchange Act of 1934, including a retired officer who is, at the relevant time, a director), such election shall comply with Rule 16b-3 promulgated pursuant to the Securities Exchange Act of 1934, as then in effect, and (4) such election would not result in the imposition
of an additional tax under Section 409A of the Code on the Participant. The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the Committee’s authority to establish the time or times at which deferral elections may be permitted in respect of any Award.
B. STOCK OPTIONS UNDER THE 2010 PLAN
1. Designation
The Award Notice setting forth the terms and conditions of a grant of a stock option shall indicate whether the stock option is an incentive stock option (within the meaning of Section 422 of the Code, an “ISO”) or a non-qualified stock option (“NSO”). The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the authority to prepare, execute and deliver Award Notices consistent with actions taken by the Committee. The Committee hereby directs that any action taken by the Committee granting stock options without specifying whether the stock options are ISOs be interpreted as follows: an award of stock options under the 2010 Plan shall be deemed to be awards of NSOs only.
2. Price
The price at which Common Stock may be purchased upon exercise of a stock option (the “exercise price”) shall be the Fair Market Value of the Common Stock on the date of the Award.
3. Exercise Period/Duration
a. Non-Qualified Stock Options. Except as may otherwise be expressly provided in the 2010 Plan or in Section III(B)(4) of these rules, a non-qualified stock option first may be exercised twelve months after the date of grant.
b. Incentive Stock Options. Except as may otherwise be expressly provided in the 2010 Plan, an ISO first may be exercised twelve months after the date of grant, or, if earlier, on the date of the optionee's death.
4. Mechanics of Exercise
To exercise a stock option, the Participant shall provide a signed exercise notice to an appropriate officer or other designee of the Company, which notice shall indicate which stock options are being exercised, how the exercise price is to be paid and any other appropriate information. Appropriate delivery of a signed notice of exercise binds the Participant to pay the exercise price. Part IV of these rules contains procedures for exercising stock options.
5. Reload Options
No optionee shall be issued a new stock option automatically upon exercise of a stock option. However, if the Award Notice provides for the issuance of such new stock option, the new stock option shall have an exercise price equal to the Fair Market Value of the Common Stock on the date the new stock option is issued and shall otherwise be subject, as nearly as possible, to the same terms and conditions as the exercised stock option.
C. SARs UNDER THE 2010 PLAN
The base price or grant price of a SAR shall be the Fair Market Value of the Common Stock on the date of the grant of the SAR. Each SAR shall otherwise be subject to the terms and conditions imposed (i) by the Award Notice upon the SAR, (ii) by the 2010 Plan, and (iii) by these rules upon SARs and NSOs, as applicable. A SAR shall be outstanding and exercisable during the entire exercise period otherwise applicable to an NSO if the NSO had
been granted on the same day as the SAR (as adjusted in accordance with Section III(B)(4) above in the event of death or other termination of employment).
To exercise a SAR, the Participant shall deliver a signed exercise notice to an appropriate officer or other designee of the Company, which notice shall indicate which SARs are being exercised, and any other appropriate information. Part IV of these rules contains procedures for exercising SARs. Any SAR not already exercised shall be deemed to be exercised at the close of business on the scheduled expiration date of such SAR, if at such time the SAR by its terms remains exercisable and, if so exercised, would result in a payment to the holder of such SAR. If upon any such deemed exercise the payment to the holder of such SAR is to be made in shares of Common Stock, the holder of such SAR shall be deemed to have elected to pay the minimum required tax withholding in shares of Common Stock.
D. RESTRICTED STOCK, RESTRICTED STOCK UNITS AND PERFORMANCE SHARES UNDER THE 2010 PLAN
1. Restrictions on Transferability; Vesting
The restrictions on transferability and vesting and all other terms and conditions of Restricted Stock, Restricted Stock Units and Performance Shares granted under the 2010 Plan shall be specified in the Award Notice. Except as otherwise provided in the 2010 Plan or Award Notice, all shares of Restricted Stock and all Restricted Stock Units and Performance Shares shall be subject to the Participant's continued employment with the Company or a Subsidiary (as defined herein) until vesting. The Committee may accelerate the vesting of Restricted Stock, Restricted Stock Units or Performance Shares on its own motion as it deems appropriate and in the best interests of the Company. "Subsidiary" shall mean a corporation or other business entity in which the Company directly or indirectly has an ownership interest of fifty percent (50%) or more.
2. Mechanics of Grant
The Committee hereby delegates to appropriate officers of the Company the authority to establish and revise appropriate procedures with respect to the issuance of shares of Restricted Stock (whether represented by certificates or issued in book entry form) and the payment of dividends thereon.
E. SUSPENSION OF EXERCISABILITY OR PAYMENT OF AWARDS
1. Authority to Suspend
The Committee may, among other things, suspend or limit the exercisability or the payment of any Award under the 2010 Plan during any period:
(a) for which counsel for the Company advises in writing that exercise or payment of such Award would violate federal or state securities laws or other applicable laws, rules, regulations, judgments, or orders; or
(b) during which management is investigating an allegation that the Participant has engaged in any act which would permit the Committee to forfeit the Participant’s Award pursuant to Section 14(c) of the 2010 Plan.
Suspension of the payment of any Award may include, without limitation, suspension of the lapse of any restrictions on Restricted Stock and suspension of the expiration of any Restricted Period.
2. Delegation of Authority
The Committee hereby delegates to the Chief Executive Officer, President, Treasurer, Secretary and General Counsel of the Company, and each of them, the Committee’s authority to suspend or limit the exercisability or the payment of any Award under the 2010 Plan during the periods described in Section III(E)(1) above. Management shall report to the
Committee at each Committee meeting any suspension actions taken or ongoing since the previous meeting, and the Committee shall adopt a resolution ratifying, continuing and/or discontinuing each such suspension.
IV. PROCEDURES FOR EXERCISING STOCK OPTIONS AND SARS
A. AUTHORITY AND SCOPE
These are the exercise procedures for ISOs, NSOs and SARs issued under the 2010 Plan.
B. NOTICE OF EXERCISE
1. Form and Delivery
A Participant holding stock options or SARs granted under the 2010 Plan elects to exercise stock options or SARs by delivering (by personal delivery, fax or e-mail) a Notice of Exercise to the office of the Company’s Secretary or Assistant Secretary or to a designee of such officers. A Notice of Exercise is a writing signed by the Participant indicating that the Participant thereby elects to exercise the stock options or SARs identified in the Notice (including the quantity and either the stock option exercise price or the SAR base price), and describing the method by which the Participant will pay the exercise price of the stock options (there is no exercise price payment due in connection with the exercise of a SAR). Appropriate delivery of a Notice of Exercise binds the Participant to pay the exercise price.
2. Exercise Date
The effective date of a Notice of Exercise (the “Exercise Date”) will be the date the Notice of Exercise is received by the office of the Secretary or Assistant Secretary or by a designee of such officers; provided, however, that:
(i) without altering the Exercise Date as determined above, a Notice of Exercise received on a trading day before trading opens that day on the New York Stock Exchange may validly designate the Fair Market Value of the Common Stock on the preceding trading day to be the applicable Fair Market Value for purposes of the exercise (such preceding trading day, the "FMV Date");
(ii) a Notice of Exercise may validly designate the Exercise Date to be any date later than the date the Notice of Exercise is received; and
(iii) if the exercise of a stock option is accomplished through a “cashless exercise” as described in Section IV(C)(4) below, the Exercise Date shall be the date the broker sells Company stock into the market regarding that exercise.
C. PAYMENT OF EXERCISE PRICE
1. Cash Payment
To pay the exercise price of a stock option in cash, a Participant must deliver to the Secretary or Assistant Secretary or to a designee of such officers payment in full, in cash or by check payable in immediately available U.S. funds to the Company, within three business days after the Exercise Date (except as additional time may be allowed under Section IV(C)(3) below). For purposes of these rules, the term “business day” shall mean any day other than a Saturday, Sunday, federal holiday or day on which the Company’s principal office is closed for business. Subject to Section IV(D) below, payment of the exercise price may be accomplished through a “cashless exercise” as described in Section IV(C)(4) below.
2. Payment with Existing Company Stock
To pay the exercise price in shares of Company stock already owned by a Participant, the Participant must surrender to the Company shares having a total Fair Market
Value of at least the total exercise price. The Participant must, within three business days after the Exercise Date (except as additional time may be allowed under Section IV(C)(3) below) do one or both of the following:
a. regarding shares in the Company’s Direct Registration System, comply with the Company’s procedures (including signature guarantee requirements) for transferring book-entry shares to the Company; or
b. regarding shares that are evidenced by a paper stock certificate, deliver the certificate to the Secretary, Assistant Secretary or a designee of such officers. Each certificate delivered must have a guaranteed signature either on the back or on a stock power to be attached. The recommended procedure for mailing certificates is to mail the certificate and signed stock power separately.
3. Additional Time to Pay Exercise Price
If the Participant’s payment of the exercise price would otherwise be required pursuant to Section IV(C)(1) or (2) above, and a Participant either
a. is traveling away from his or her usual place of Company employment, or
b. has a Disability as defined in the 2010 Plan or these rules,
then, to the extent permitted by applicable law, the Participant may pay the exercise price on or before the first business day after the Participant’s return to his or her usual place of Company employment, but no later than the tenth business day after the Exercise Date. However, the President, Chief Executive Officer, Treasurer or General Counsel of the Company shall have the
authority to grant such additional time to pay the exercise price as is reasonably necessary to accommodate the travel or Disability of the Participant.
4. Cashless Exercise
The broker-assisted method of exercising stock options described in this Section IV(C)(4) (“cashless exercise”) requires no cash outlay by the Participant. A Participant wishing to effect a cashless exercise must first establish a trading account with a registered securities broker-dealer. Establishing that trading account will likely include the Participant’s commitment to pay the broker as described in their agreement. Upon request by a Participant, the Secretary or Assistant Secretary will provide information that may help the Participant find a broker who has previously done cashless exercises with the Company and/or may be willing to do so at a discounted commission rate. The Participant must provide the Secretary or Assistant Secretary with the Participant’s broker’s name, firm, address, telephone and fax numbers.
To effect a cashless exercise, the Participant must deliver a Notice of Exercise as described in Section IV(B)(1), and notify the Participant’s broker to proceed with the exercise and to notify the Company of the date the stock is sold. The Participant’s broker will sell Company stock for the Participant’s account and pay to the Company the exercise price, plus any necessary tax withholding. The Company will have share certificates delivered to the Participant’s broker within three business days after the Exercise Date, unless the Company elects to retain the certificates pending receipt of the exercise price. The Participant will be required to pay the Participant’s broker according to the agreement between them, typically a few days’ interest on the exercise price plus a commission on the shares sold.
D. RESTRICTIONS RELATING TO POSSESSION OF MATERIAL NON-PUBLIC INFORMATION
Notwithstanding anything to the contrary provided above in these rules, a Participant may not, while in possession of material nonpublic information relating to the Company, or while subject to any quarterly or other “blackout period” imposed under the Company’s Policy on Insider Trading in National Fuel Gas Company Securities, (i) pay the exercise price of a stock option with Company stock, (ii) pay tax withholding in connection with the exercise of a stock option by having Company stock withheld and/or canceled, (iii) exercise SARs, or (iv) effect a cashless exercise of stock options. For a Participant subject to a quarterly or other blackout period, these prohibited transactions include any transaction with respect to which the Exercise Date or the FMV Date occurs within the blackout period.
The restrictions set forth in this Section IV(D) shall not apply to any deemed exercise of SARs or deemed payment of tax withholding in connection therewith pursuant to the 2010 Plan or these rules, or to any transaction effected pursuant to an instruction, contract or written plan that meets the requirements of Rule 10b5-1(c) under the Securities Exchange Act of 1934, which provides a defense against insider trading liability. An instruction, contract or written plan relating to any transactions set forth in this Section IV(D) and intended by a Participant to comply with Rule 10b5-1 (such as a written 10b5-1 plan on a form provided by a stockbroker) must meet the requirements of Rule 10b5-1(c) and should be pre-approved by the Legal Department before the Participant enters into any transactions under that instruction, contract or written plan.
EXHIBIT 31.1
CERTIFICATION
I, D. P. Bauer, certify that:
1.I have reviewed this quarterly report on Form 10-Q of National Fuel Gas Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 8, 2024
| | |
/s/ D. P. Bauer |
D. P. Bauer |
President and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION
I, T. J. Silverstein, certify that:
1.I have reviewed this quarterly report on Form 10-Q of National Fuel Gas Company;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: February 8, 2024
| | |
/s/ T. J. Silverstein |
T. J. Silverstein |
Treasurer and Principal Financial Officer |
EXHIBIT 32
NATIONAL FUEL GAS COMPANY
Certification Pursuant to Section 906
of the Sarbanes-Oxley Act of 2002
Each of the undersigned, D. P. BAUER, President and Chief Executive Officer and T. J. SILVERSTEIN, the Treasurer and Principal Financial Officer of NATIONAL FUEL GAS COMPANY (the "Company"), DOES HEREBY CERTIFY that:
1. The Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 (the "Report") fully complies with the requirements of section 13(a) of the Securities Exchange Act of 1934, as amended; and
2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
IN WITNESS WHEREOF, each of the undersigned has executed this statement this 8th day of February, 2024.
/s/ D. P. Bauer
President and Chief Executive Officer
/s/ 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 | |
v3.24.0.1
Document And Entity Information - $ / shares
|
3 Months Ended |
|
Dec. 31, 2023 |
Jan. 31, 2024 |
Cover [Abstract] |
|
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Document Type |
10-Q
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true
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Dec. 31, 2023
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false
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Entity File Number |
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Amendment Flag |
false
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Entity Registrant Name |
NATIONAL FUEL GAS COMPANY
|
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Entity Incorporation, State or Country Code |
NJ
|
|
Entity Tax Identification Number |
13-1086010
|
|
Entity Address, Address Line One |
6363 Main Street
|
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Entity Address, City or Town |
Williamsville,
|
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Entity Address, State or Province |
NY
|
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Entity Address, Postal Zip Code |
14221
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City Area Code |
716
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857-7000
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Common Stock, par value $1.00 per share
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NFG
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NYSE
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Entity Current Reporting Status |
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false
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v3.24.0.1
Consolidated Statements Of Income And Earnings Reinvested In The Business (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
INCOME |
|
|
Operating Revenues |
$ 525,361
|
$ 658,859
|
Operating Expenses: |
|
|
Purchased Gas |
56,552
|
171,197
|
Property, Franchise and Other Taxes |
22,416
|
26,205
|
Depreciation, Depletion and Amortization |
115,790
|
96,600
|
Total Operating Expenses |
318,251
|
404,489
|
Operating Income |
207,110
|
254,370
|
Other Income (Expense): |
|
|
Other Income (Deductions) |
3,732
|
6,318
|
Interest Expense on Long-Term Debt |
(28,462)
|
(29,604)
|
Other Interest Expense |
(6,273)
|
(3,843)
|
Income Before Income Taxes |
176,107
|
227,241
|
Income Tax Expense |
43,087
|
57,552
|
Net Income Available for Common Stock |
133,020
|
169,689
|
EARNINGS REINVESTED IN THE BUSINESS |
|
|
Balance at Beginning of Period |
1,885,856
|
1,587,085
|
Beginning Retained Earnings Unappropriated And Current Period Net Income |
2,018,876
|
1,756,774
|
Dividends on Common Stock |
(45,597)
|
(43,598)
|
Balance at December 31 |
$ 1,973,279
|
$ 1,713,176
|
Basic: |
|
|
Net Income Available for Common Stock (in dollars per share) |
$ 1.45
|
$ 1.85
|
Diluted: |
|
|
Net Income Available for Common Stock (in dollars per share) |
$ 1.44
|
$ 1.84
|
Weighted Average Common Shares Outstanding: |
|
|
Used in Basic Calculation (shares) |
91,910,244
|
91,579,814
|
Used in Diluted Calculation (shares) |
92,442,145
|
92,268,210
|
Dividends Per Common Share: |
|
|
Dividends Declared (in dollars per share) |
$ 0.495
|
$ 0.475
|
Utility |
|
|
INCOME |
|
|
Operating Revenues |
$ 201,920
|
$ 311,619
|
Operating Expenses: |
|
|
Operation and Maintenance |
53,705
|
50,352
|
Exploration and Production and Other Revenues |
|
|
INCOME |
|
|
Operating Revenues |
254,019
|
276,973
|
Operating Expenses: |
|
|
Operation and Maintenance |
34,826
|
26,874
|
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v3.24.0.1
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
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.24.0.1
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
ASSETS |
|
|
Property, Plant and Equipment |
$ 13,857,060
|
$ 13,635,303
|
Less - Accumulated Depreciation, Depletion and Amortization |
6,435,129
|
6,335,441
|
Property, Plant and Equipment, Net, Total |
7,421,931
|
7,299,862
|
Current Assets |
|
|
Cash and Temporary Cash Investments |
41,685
|
55,447
|
Receivables – Net of Allowance for Uncollectible Accounts of $37,116 and $36,295, Respectively |
189,669
|
160,601
|
Unbilled Revenue |
48,265
|
16,622
|
Gas Stored Underground |
26,891
|
32,509
|
Materials and Supplies - at average cost |
47,692
|
48,989
|
Other Current Assets |
99,400
|
100,260
|
Total Current Assets |
453,602
|
414,428
|
Other Assets |
|
|
Recoverable Future Taxes |
73,283
|
69,045
|
Unamortized Debt Expense |
6,829
|
7,240
|
Other Regulatory Assets |
72,088
|
72,138
|
Deferred Charges |
80,347
|
82,416
|
Other Investments |
76,633
|
73,976
|
Goodwill |
5,476
|
5,476
|
Prepaid Pension and Post-Retirement Benefit Costs |
208,015
|
200,301
|
Fair Value of Derivative Financial Instruments |
184,739
|
50,487
|
Other |
4,549
|
4,891
|
Total Other Assets |
711,959
|
565,970
|
Total Assets |
8,587,492
|
8,280,260
|
Capitalization: |
|
|
Common Stock, $1 Par Value |
92,116
|
91,819
|
Paid in Capital |
1,041,226
|
1,040,761
|
Earnings Reinvested in the Business |
1,973,279
|
1,885,856
|
Accumulated Other Comprehensive Income (Loss) |
67,381
|
(55,060)
|
Total Comprehensive Shareholders’ Equity |
3,174,002
|
2,963,376
|
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs |
2,385,523
|
2,384,485
|
Total Capitalization |
5,559,525
|
5,347,861
|
Current and Accrued Liabilities |
|
|
Notes Payable to Banks and Commercial Paper |
300,000
|
287,500
|
Accounts Payable |
105,390
|
152,193
|
Amounts Payable to Customers |
60,032
|
59,019
|
Dividends Payable |
45,597
|
45,451
|
Interest Payable on Long-Term Debt |
42,288
|
20,399
|
Customer Advances |
23,086
|
21,003
|
Customer Security Deposits |
30,843
|
28,764
|
Other Accruals and Current Liabilities |
200,009
|
160,974
|
Fair Value of Derivative Financial Instruments |
0
|
31,009
|
Total Current and Accrued Liabilities |
807,245
|
806,312
|
Other Liabilities |
|
|
Deferred Income Taxes |
1,164,512
|
1,124,170
|
Taxes Refundable to Customers |
317,838
|
268,562
|
Cost of Removal Regulatory Liability |
284,687
|
277,694
|
Other Regulatory Liabilities |
165,988
|
165,441
|
Other Post-Retirement Liabilities |
2,859
|
2,915
|
Asset Retirement Obligations |
164,777
|
165,492
|
Other Liabilities |
120,061
|
121,813
|
Total Other Liabilities |
2,220,722
|
2,126,087
|
Commitments and Contingencies (Note 7) |
0
|
0
|
Total Capitalization and Liabilities |
$ 8,587,492
|
$ 8,280,260
|
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v3.24.0.1
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
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable, classified as current.
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v3.24.0.1
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
OPERATING ACTIVITIES |
|
|
Net Income Available for Common Stock |
$ 133,020
|
$ 169,689
|
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
Depreciation, Depletion and Amortization |
115,790
|
96,600
|
Deferred Income Taxes |
38,362
|
53,457
|
Stock-Based Compensation |
4,660
|
5,575
|
Other |
8,041
|
4,078
|
Change in: |
|
|
Receivables and Unbilled Revenue |
(58,459)
|
(29,522)
|
Gas Stored Underground and Materials and Supplies |
6,915
|
5,622
|
Unrecovered Purchased Gas Costs |
0
|
20,603
|
Other Current Assets |
892
|
(1,748)
|
Accounts Payable |
(3,355)
|
6,091
|
Amounts Payable to Customers |
1,013
|
(265)
|
Customer Advances |
2,083
|
5,206
|
Customer Security Deposits |
2,079
|
4,546
|
Other Accruals and Current Liabilities |
28,612
|
4,523
|
Other Assets |
(6,306)
|
(20,238)
|
Other Liabilities |
(2,403)
|
3,122
|
Net Cash Provided by Operating Activities |
270,944
|
327,339
|
INVESTING ACTIVITIES |
|
|
Capital Expenditures |
(246,938)
|
(233,473)
|
Sale of Fixed Income Mutual Fund Shares in Grantor Trust |
0
|
10,000
|
Other |
(920)
|
14,637
|
Net Cash Used in Investing Activities |
(247,858)
|
(208,836)
|
FINANCING ACTIVITIES |
|
|
Proceeds from Issuance of Short-Term Note Payable to Bank |
0
|
250,000
|
Net Change in Other Short-Term Notes Payable to Banks and Commercial Paper |
12,500
|
(60,000)
|
Reduction of Long-Term Debt |
0
|
(150,000)
|
Dividends Paid on Common Stock |
(45,451)
|
(43,452)
|
Net Repurchases of Common Stock |
(3,897)
|
(6,694)
|
Net Cash Used in Financing Activities |
(36,848)
|
(10,146)
|
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash |
(13,762)
|
108,357
|
Cash, Cash Equivalents, and Restricted Cash at October 1 |
55,447
|
137,718
|
Cash, Cash Equivalents, and Restricted Cash at December 31 |
41,685
|
246,075
|
Supplemental Disclosure of Cash Flow Information |
|
|
Non-Cash Capital Expenditures |
$ 97,922
|
$ 110,314
|
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v3.24.0.1
Summary Of Significant Accounting Policies
|
3 Months Ended |
Dec. 31, 2023 |
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): | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 41,685 | | | $ | 55,447 | | | $ | 244,475 | | | $ | 46,048 | | Hedging Collateral Deposits | — | | | — | | | 1,600 | | | 91,670 | | Cash, Cash Equivalents, and Restricted Cash | $ | 41,685 | | | $ | 55,447 | | | $ | 246,075 | | | $ | 137,718 | |
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):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 36,295 | | | $ | 4,157 | | | $ | 119 | | | $ | (3,455) | | | $ | 37,116 | | Three Months Ended December 31, 2022 | | | | | | | | | | Allowance for Uncollectible Accounts | $ | 40,228 | | | $ | 5,035 | | | $ | 228 | | | $ | (1,566) | | | $ | 43,925 | |
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): | | | | | | | | | | | | | | | | | | | | | 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 | $ | 4,623 | | | | | $ | (59,683) | | | $ | (55,060) | | Other Comprehensive Gains and Losses Before Reclassifications | 136,681 | | | | | — | | | 136,681 | | Amounts Reclassified From Other Comprehensive Income | (14,240) | | | | | — | | | (14,240) | | | | | | | | | | Balance at December 31, 2023 | $ | 127,064 | | | | | $ | (59,683) | | | $ | 67,381 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, 2022 | | | | | | | | Balance at October 1, 2022 | $ | (572,163) | | | | | $ | (53,570) | | | $ | (625,733) | | Other Comprehensive Gains and Losses Before Reclassifications | 216,216 | | | | | — | | | 216,216 | | Amounts Reclassified From Other Comprehensive Income | 115,771 | | | | | — | | | 115,771 | | | | | | | | | | Balance at December 31, 2022 | $ | (240,176) | | | | | $ | (53,570) | | | $ | (293,746) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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): | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $19,755 | | | ($159,162) | | | | | | | Operating Revenues | | | | | | | | | | | | Foreign Currency Contracts | | (47) | | | (180) | | | | | | | Operating Revenues | | | 19,708 | | | (159,342) | | | | | | | Total Before Income Tax | | | (5,468) | | | 43,571 | | | | | | | Income Tax Expense | | | $14,240 | | | ($115,771) | | | | | | | Net of Tax |
Other Current Assets. The components of the Company’s Other Current Assets are as follows (in thousands): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Prepayments | $ | 17,993 | | | $ | 18,966 | | Prepaid Property and Other Taxes | 14,778 | | | 14,186 | | Federal Income Taxes Receivable | 10,799 | | | 14,602 | | State Income Taxes Receivable | 18,208 | | | 16,133 | | | | | | Regulatory Assets | 37,622 | | | 36,373 | | | $ | 99,400 | | | $ | 100,260 | |
Other Accruals and Current Liabilities. The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Accrued Capital Expenditures | $ | 75,485 | | | $ | 43,323 | | Regulatory Liabilities | 35,770 | | | 38,105 | | Reserve for Gas Replacement | 1,247 | | | — | | Liability for Royalty and Working Interests | 25,529 | | | 17,679 | | | | | | | | | | | | | | | | | | Non-Qualified Benefit Plan Liability | 13,052 | | | 13,052 | | Other | 48,926 | | | 48,815 | | | $ | 200,009 | | | $ | 160,974 | |
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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- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
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v3.24.0.1
Revenue from Contracts with Customers
|
3 Months Ended |
Dec. 31, 2023 |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 232,661 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 232,661 | | Production of Crude Oil | 687 | | | — | | | — | | | — | | | — | | | — | | | 687 | | Natural Gas Processing | 267 | | | — | | | — | | | — | | | — | | | — | | | 267 | | Natural Gas Gathering Service | — | | | — | | | 62,588 | | | — | | | — | | | (57,992) | | | 4,596 | | Natural Gas Transportation Service | — | | | 71,618 | | | — | | | 29,285 | | | — | | | (20,362) | | | 80,541 | | Natural Gas Storage Service | — | | | 21,292 | | | — | | | — | | | — | | | (9,059) | | | 12,233 | | Natural Gas Residential Sales | — | | | — | | | — | | | 146,546 | | | — | | | — | | | 146,546 | | Natural Gas Commercial Sales | — | | | — | | | — | | | 20,281 | | | — | | | — | | | 20,281 | | Natural Gas Industrial Sales | — | | | — | | | — | | | 906 | | | — | | | (2) | | | 904 | | | | | | | | | | | | | | | | Other | 649 | | | 1,503 | | | — | | | (567) | | | — | | | (251) | | | 1,334 | | Total Revenues from Contracts with Customers | 234,264 | | | 94,413 | | | 62,588 | | | 196,451 | | | — | | | (87,666) | | | 500,050 | | Alternative Revenue Programs | — | | | — | | | — | | | 5,556 | | | — | | | — | | | 5,556 | | Derivative Financial Instruments | 19,755 | | | — | | | — | | | — | | | — | | | — | | | 19,755 | | Total Revenues | $ | 254,019 | | | $ | 94,413 | | | $ | 62,588 | | | $ | 202,007 | | | $ | — | | | $ | (87,666) | | | $ | 525,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 432,359 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 432,359 | | Production of Crude Oil | 628 | | | — | | | — | | | — | | | — | | | — | | | 628 | | Natural Gas Processing | 374 | | | — | | | — | | | — | | | — | | | — | | | 374 | | Natural Gas Gathering Service | — | | | — | | | 56,413 | | | — | | | — | | | (53,767) | | | 2,646 | | Natural Gas Transportation Service | — | | | 76,201 | | | — | | | 28,378 | | | — | | | (20,817) | | | 83,762 | | Natural Gas Storage Service | — | | | 21,286 | | | — | | | — | | | — | | | (8,996) | | | 12,290 | | Natural Gas Residential Sales | — | | | — | | | — | | | 244,306 | | | — | | | — | | | 244,306 | | Natural Gas Commercial Sales | — | | | — | | | — | | | 34,495 | | | — | | | — | | | 34,495 | | Natural Gas Industrial Sales | — | | | — | | | — | | | 1,638 | | | — | | | — | | | 1,638 | | | | | | | | | | | | | | | | Other | 2,774 | | | 168 | | | — | | | (259) | | | — | | | (283) | | | 2,400 | | Total Revenues from Contracts with Customers | 436,135 | | | 97,655 | | | 56,413 | | | 308,558 | | | — | | | (83,863) | | | 814,898 | | Alternative Revenue Programs | — | | | — | | | — | | | 3,123 | | | — | | | — | | | 3,123 | | Derivative Financial Instruments | (159,162) | | | — | | | — | | | — | | | — | | | — | | | (159,162) | | Total Revenues | $ | 276,973 | | | $ | 97,655 | | | $ | 56,413 | | | $ | 311,681 | | | $ | — | | | $ | (83,863) | | | $ | 658,859 | |
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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v3.24.0.1
Fair Value Measurements
|
3 Months Ended |
Dec. 31, 2023 |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 32,781 | | | $ | — | | | $ | — | | | $ | — | | | $ | 32,781 | | | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | — | | | 140,548 | | | — | | | (16,722) | | | 123,826 | | Over the Counter No Cost Collars – Gas | — | | | 57,917 | | | — | | | — | | | 57,917 | | Contingent Consideration for Asset Sale | — | | | 3,078 | | | — | | | — | | | 3,078 | | Foreign Currency Contracts | — | | | 505 | | | — | | | (587) | | | (82) | | Other Investments: | | | | | | | | | | Balanced Equity Mutual Fund | 17,484 | | | — | | | — | | | — | | | 17,484 | | Fixed Income Mutual Fund | 16,510 | | | — | | | — | | | — | | | 16,510 | | | | | | | | | | | | | | | | | | | | | | Total | $ | 66,775 | | | $ | 202,048 | | | $ | — | | | $ | (17,309) | | | $ | 251,514 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | $ | — | | | $ | 16,722 | | | $ | — | | | $ | (16,722) | | | $ | — | | | | | | | | | | | | Foreign Currency Contracts | — | | | 587 | | | — | | | (587) | | | — | | Total | $ | — | | | $ | 17,309 | | | $ | — | | | $ | (17,309) | | | $ | — | | | | | | | | | | | | Total Net Assets/(Liabilities) | $ | 66,775 | | | $ | 184,739 | | | $ | — | | | $ | — | | | $ | 251,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 39,332 | | | $ | — | | | $ | — | | | $ | — | | | $ | 39,332 | | | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | — | | | 65,800 | | | — | | | (37,508) | | | 28,292 | | Over the Counter No Cost Collars – Gas | — | | | 30,966 | | | — | | | (14,745) | | | 16,221 | | Contingent Consideration for Asset Sale | — | | | 7,277 | | | — | | | — | | | 7,277 | | Foreign Currency Contracts | — | | | 150 | | | — | | | (1,453) | | | (1,303) | | Other Investments: | | | | | | | | | | Balanced Equity Mutual Fund | 15,837 | | | — | | | — | | | — | | | 15,837 | | Fixed Income Mutual Fund | 15,897 | | | — | | | — | | | — | | | 15,897 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 71,066 | | | $ | 104,193 | | | $ | — | | | $ | (53,706) | | | $ | 121,553 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | $ | — | | | $ | 68,311 | | | $ | — | | | $ | (37,508) | | | $ | 30,803 | | Over the Counter No Cost Collars – Gas | — | | | 14,950 | | | — | | | (14,745) | | | 205 | | Foreign Currency Contracts | — | | | 1,454 | | | — | | | (1,453) | | | 1 | | Total | $ | — | | | $ | 84,715 | | | $ | — | | | $ | (53,706) | | | $ | 31,009 | | | | | | | | | | | | Total Net Assets/(Liabilities) | $ | 71,066 | | | $ | 19,478 | | | $ | — | | | $ | — | | | $ | 90,544 | |
(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. For the quarters ended December 31, 2023 and December 31, 2022, there were no assets or liabilities measured at fair value and classified as Level 3.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.24.0.1
Financial Instruments
|
3 Months Ended |
Dec. 31, 2023 |
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): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | September 30, 2023 | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Long-Term Debt | $ | 2,385,523 | | | $ | 2,286,446 | | | $ | 2,384,485 | | | $ | 2,210,478 | |
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): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Life Insurance Contracts | $ | 42,639 | | | $ | 42,242 | | Equity Mutual Fund | 17,484 | | | 15,837 | | Fixed Income Mutual Fund | 16,510 | | | 15,897 | | | | | | | $ | 76,633 | | | $ | 73,976 | |
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. | | | | | | | | | | | | | | | | | | 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 | $ | 187,989 | | $ | 297,120 | | Operating Revenue | $ | 19,755 | | $ | (159,162) | | | | | | | | Foreign Currency Contracts | 1,178 | | 473 | | Operating Revenue | (47) | | (180) | | Total | $ | 189,167 | | $ | 297,593 | | | $ | 19,708 | | $ | (159,342) | |
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. The Company’s requirement to post hedging collateral deposits and the Company's right to receive hedging collateral deposits is based on the fair value determined by the Company’s counterparties, which may differ from the Company’s assessment of fair value.
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- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.0.1
Income Taxes
|
3 Months Ended |
Dec. 31, 2023 |
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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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.24.0.1
Capitalization
|
3 Months Ended |
Dec. 31, 2023 |
Capitalization, Long-Term Debt and Equity [Abstract] |
|
Capitalization |
Capitalization Summary of Changes in Common Stock Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | 91,819 | | | $ | 91,819 | | | $ | 1,040,761 | | | $ | 1,885,856 | | | $ | (55,060) | | Net Income Available for Common Stock | | | | | | | 133,020 | | | | Dividends Declared on Common Stock ($0.495 Per Share) | | | | | | | (45,597) | | | | | | | | | | | | | | Other Comprehensive Income, Net of Tax | | | | | | | | | 122,441 | | Share-Based Payment Expense (1) | | | | | 4,135 | | | | | | | | | | | | | | | | Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 297 | | | 297 | | | (3,670) | | | | | | Balance at December 31, 2023 | 92,116 | | | $ | 92,116 | | | $ | 1,041,226 | | | $ | 1,973,279 | | | $ | 67,381 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at October 1, 2022 | 91,478 | | | $ | 91,478 | | | $ | 1,027,066 | | | $ | 1,587,085 | | | $ | (625,733) | | Net Income Available for Common Stock | | | | | | | 169,689 | | | | Dividends Declared on Common Stock ($0.475 Per Share) | | | | | | | (43,598) | | | | | | | | | | | | | | Other Comprehensive Income, Net of Tax | | | | | | | | | 331,987 | | Share-Based Payment Expense (1) | | | | | 5,118 | | | | | | | | | | | | | | | | Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 309 | | | 309 | | | (6,545) | | | | | | Balance at December 31, 2022 | 91,787 | | | $ | 91,787 | | | $ | 1,025,639 | | | $ | 1,713,176 | | | $ | (293,746) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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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v3.24.0.1
Commitments And Contingencies
|
3 Months Ended |
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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v3.24.0.1
Business Segment Information
|
3 Months Ended |
Dec. 31, 2023 |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $254,019 | $64,826 | $4,596 | $201,920 | $525,361 | $— | $— | $525,361 | Intersegment Revenues | $— | $29,587 | $57,992 | $87 | $87,666 | $— | $(87,666) | $— | Segment Profit: Net Income (Loss) | $52,483 | $24,055 | $28,825 | $26,551 | $131,914 | $(121) | $1,227 | $133,020 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (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 | $3,057,345 | $2,439,479 | $936,547 | $2,301,116 | $8,734,487 | $4,758 | $(151,753) | $8,587,492 | At September 30, 2023 | $2,814,218 | $2,427,214 | $912,923 | $2,247,743 | $8,402,098 | $4,795 | $(126,633) | $8,280,260 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $276,973 | $67,621 | $2,646 | $311,619 | $658,859 | $— | $— | $658,859 | Intersegment Revenues | $— | $30,034 | $53,767 | $62 | $83,863 | $— | $(83,863) | $— | Segment Profit: Net Income (Loss) | $91,192 | $29,476 | $24,738 | $23,817 | $169,223 | $(280) | $746 | $169,689 |
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v3.24.0.1
Retirement Plan And Other Post-Retirement Benefits
|
3 Months Ended |
Dec. 31, 2023 |
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): | | | | | | | | | | | | | | | | | | | Retirement Plan | | Other Post-Retirement Benefits | Three Months Ended December 31, | 2023 | 2022 | | 2023 | 2022 | | | | | | | Service Cost | $ | 1,049 | | $ | 1,297 | | | $ | 109 | | $ | 147 | | Interest Cost | 10,890 | | 10,629 | | | 3,890 | | 3,912 | | Expected Return on Plan Assets | (17,086) | | (16,648) | | | (6,660) | | (6,403) | | Amortization of Prior Service Cost (Credit) | 91 | | 109 | | | (107) | | (107) | | | | | | | | Amortization of (Gains) Losses | (335) | | (1,920) | | | (567) | | (2,189) | | Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 4,057 | | 5,378 | | | 2,238 | | 3,820 | | | | | | | | Net Periodic Benefit Cost (Income) | $ | (1,334) | | $ | (1,155) | | | $ | (1,097) | | $ | (820) | |
(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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v3.24.0.1
Regulatory Matters
|
3 Months Ended |
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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v3.24.0.1
Summary Of Significant Accounting Policies (Policy)
|
3 Months Ended |
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.
|
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. 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 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.
|
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. 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.
|
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.
|
X |
- DefinitionDescribes the entity's accounting policy for the consolidated statement of cash flows. This includes a description of the cash and cash equivalents accounting policy with respect to unrestricted balances. Cash includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the customer may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. In addition, cash equivalents include short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition.
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- DefinitionDescribes the entity's accounting policy for gas stored underground (current). This includes the carrying amount as of the balance sheet date of natural gas stored underground in depleted gas reservoirs, aquifers, or salt caverns to meet seasonal and peak load demands, and also as insurance against unforeseen supply disruptions, and deemed to be a current asset because it is expected to be used within twelve months or in the normal operating cycle.
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v3.24.0.1
Summary Of Significant Accounting Policies (Tables)
|
3 Months Ended |
Dec. 31, 2023 |
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): | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 41,685 | | | $ | 55,447 | | | $ | 244,475 | | | $ | 46,048 | | Hedging Collateral Deposits | — | | | — | | | 1,600 | | | 91,670 | | Cash, Cash Equivalents, and Restricted Cash | $ | 41,685 | | | $ | 55,447 | | | $ | 246,075 | | | $ | 137,718 | |
|
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): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 36,295 | | | $ | 4,157 | | | $ | 119 | | | $ | (3,455) | | | $ | 37,116 | | Three Months Ended December 31, 2022 | | | | | | | | | | Allowance for Uncollectible Accounts | $ | 40,228 | | | $ | 5,035 | | | $ | 228 | | | $ | (1,566) | | | $ | 43,925 | |
|
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): | | | | | | | | | | | | | | | | | | | | | 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 | $ | 4,623 | | | | | $ | (59,683) | | | $ | (55,060) | | Other Comprehensive Gains and Losses Before Reclassifications | 136,681 | | | | | — | | | 136,681 | | Amounts Reclassified From Other Comprehensive Income | (14,240) | | | | | — | | | (14,240) | | | | | | | | | | Balance at December 31, 2023 | $ | 127,064 | | | | | $ | (59,683) | | | $ | 67,381 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended December 31, 2022 | | | | | | | | Balance at October 1, 2022 | $ | (572,163) | | | | | $ | (53,570) | | | $ | (625,733) | | Other Comprehensive Gains and Losses Before Reclassifications | 216,216 | | | | | — | | | 216,216 | | Amounts Reclassified From Other Comprehensive Income | 115,771 | | | | | — | | | 115,771 | | | | | | | | | | Balance at December 31, 2022 | $ | (240,176) | | | | | $ | (53,570) | | | $ | (293,746) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
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): | | | | | | | | | | | | | | | | | | | | | | | | | 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 | | $19,755 | | | ($159,162) | | | | | | | Operating Revenues | | | | | | | | | | | | Foreign Currency Contracts | | (47) | | | (180) | | | | | | | Operating Revenues | | | 19,708 | | | (159,342) | | | | | | | Total Before Income Tax | | | (5,468) | | | 43,571 | | | | | | | Income Tax Expense | | | $14,240 | | | ($115,771) | | | | | | | Net of Tax |
|
Schedule of Other Current Assets |
The components of the Company’s Other Current Assets are as follows (in thousands): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Prepayments | $ | 17,993 | | | $ | 18,966 | | Prepaid Property and Other Taxes | 14,778 | | | 14,186 | | Federal Income Taxes Receivable | 10,799 | | | 14,602 | | State Income Taxes Receivable | 18,208 | | | 16,133 | | | | | | Regulatory Assets | 37,622 | | | 36,373 | | | $ | 99,400 | | | $ | 100,260 | |
|
Schedule of Other Accruals and Current Liabilities |
The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Accrued Capital Expenditures | $ | 75,485 | | | $ | 43,323 | | Regulatory Liabilities | 35,770 | | | 38,105 | | Reserve for Gas Replacement | 1,247 | | | — | | Liability for Royalty and Working Interests | 25,529 | | | 17,679 | | | | | | | | | | | | | | | | | | Non-Qualified Benefit Plan Liability | 13,052 | | | 13,052 | | Other | 48,926 | | | 48,815 | | | $ | 200,009 | | | $ | 160,974 | |
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v3.24.0.1
Revenue from Contracts with Customers (Tables)
|
3 Months Ended |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 232,661 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 232,661 | | Production of Crude Oil | 687 | | | — | | | — | | | — | | | — | | | — | | | 687 | | Natural Gas Processing | 267 | | | — | | | — | | | — | | | — | | | — | | | 267 | | Natural Gas Gathering Service | — | | | — | | | 62,588 | | | — | | | — | | | (57,992) | | | 4,596 | | Natural Gas Transportation Service | — | | | 71,618 | | | — | | | 29,285 | | | — | | | (20,362) | | | 80,541 | | Natural Gas Storage Service | — | | | 21,292 | | | — | | | — | | | — | | | (9,059) | | | 12,233 | | Natural Gas Residential Sales | — | | | — | | | — | | | 146,546 | | | — | | | — | | | 146,546 | | Natural Gas Commercial Sales | — | | | — | | | — | | | 20,281 | | | — | | | — | | | 20,281 | | Natural Gas Industrial Sales | — | | | — | | | — | | | 906 | | | — | | | (2) | | | 904 | | | | | | | | | | | | | | | | Other | 649 | | | 1,503 | | | — | | | (567) | | | — | | | (251) | | | 1,334 | | Total Revenues from Contracts with Customers | 234,264 | | | 94,413 | | | 62,588 | | | 196,451 | | | — | | | (87,666) | | | 500,050 | | Alternative Revenue Programs | — | | | — | | | — | | | 5,556 | | | — | | | — | | | 5,556 | | Derivative Financial Instruments | 19,755 | | | — | | | — | | | — | | | — | | | — | | | 19,755 | | Total Revenues | $ | 254,019 | | | $ | 94,413 | | | $ | 62,588 | | | $ | 202,007 | | | $ | — | | | $ | (87,666) | | | $ | 525,361 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 432,359 | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 432,359 | | Production of Crude Oil | 628 | | | — | | | — | | | — | | | — | | | — | | | 628 | | Natural Gas Processing | 374 | | | — | | | — | | | — | | | — | | | — | | | 374 | | Natural Gas Gathering Service | — | | | — | | | 56,413 | | | — | | | — | | | (53,767) | | | 2,646 | | Natural Gas Transportation Service | — | | | 76,201 | | | — | | | 28,378 | | | — | | | (20,817) | | | 83,762 | | Natural Gas Storage Service | — | | | 21,286 | | | — | | | — | | | — | | | (8,996) | | | 12,290 | | Natural Gas Residential Sales | — | | | — | | | — | | | 244,306 | | | — | | | — | | | 244,306 | | Natural Gas Commercial Sales | — | | | — | | | — | | | 34,495 | | | — | | | — | | | 34,495 | | Natural Gas Industrial Sales | — | | | — | | | — | | | 1,638 | | | — | | | — | | | 1,638 | | | | | | | | | | | | | | | | Other | 2,774 | | | 168 | | | — | | | (259) | | | — | | | (283) | | | 2,400 | | Total Revenues from Contracts with Customers | 436,135 | | | 97,655 | | | 56,413 | | | 308,558 | | | — | | | (83,863) | | | 814,898 | | Alternative Revenue Programs | — | | | — | | | — | | | 3,123 | | | — | | | — | | | 3,123 | | Derivative Financial Instruments | (159,162) | | | — | | | — | | | — | | | — | | | — | | | (159,162) | | Total Revenues | $ | 276,973 | | | $ | 97,655 | | | $ | 56,413 | | | $ | 311,681 | | | $ | — | | | $ | (83,863) | | | $ | 658,859 | |
|
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v3.24.0.1
Fair Value Measurements (Tables)
|
3 Months Ended |
Dec. 31, 2023 |
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. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 32,781 | | | $ | — | | | $ | — | | | $ | — | | | $ | 32,781 | | | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | — | | | 140,548 | | | — | | | (16,722) | | | 123,826 | | Over the Counter No Cost Collars – Gas | — | | | 57,917 | | | — | | | — | | | 57,917 | | Contingent Consideration for Asset Sale | — | | | 3,078 | | | — | | | — | | | 3,078 | | Foreign Currency Contracts | — | | | 505 | | | — | | | (587) | | | (82) | | Other Investments: | | | | | | | | | | Balanced Equity Mutual Fund | 17,484 | | | — | | | — | | | — | | | 17,484 | | Fixed Income Mutual Fund | 16,510 | | | — | | | — | | | — | | | 16,510 | | | | | | | | | | | | | | | | | | | | | | Total | $ | 66,775 | | | $ | 202,048 | | | $ | — | | | $ | (17,309) | | | $ | 251,514 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | $ | — | | | $ | 16,722 | | | $ | — | | | $ | (16,722) | | | $ | — | | | | | | | | | | | | Foreign Currency Contracts | — | | | 587 | | | — | | | (587) | | | — | | Total | $ | — | | | $ | 17,309 | | | $ | — | | | $ | (17,309) | | | $ | — | | | | | | | | | | | | Total Net Assets/(Liabilities) | $ | 66,775 | | | $ | 184,739 | | | $ | — | | | $ | — | | | $ | 251,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $ | 39,332 | | | $ | — | | | $ | — | | | $ | — | | | $ | 39,332 | | | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | — | | | 65,800 | | | — | | | (37,508) | | | 28,292 | | Over the Counter No Cost Collars – Gas | — | | | 30,966 | | | — | | | (14,745) | | | 16,221 | | Contingent Consideration for Asset Sale | — | | | 7,277 | | | — | | | — | | | 7,277 | | Foreign Currency Contracts | — | | | 150 | | | — | | | (1,453) | | | (1,303) | | Other Investments: | | | | | | | | | | Balanced Equity Mutual Fund | 15,837 | | | — | | | — | | | — | | | 15,837 | | Fixed Income Mutual Fund | 15,897 | | | — | | | — | | | — | | | 15,897 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 71,066 | | | $ | 104,193 | | | $ | — | | | $ | (53,706) | | | $ | 121,553 | | | | | | | | | | | | Liabilities: | | | | | | | | | | Derivative Financial Instruments: | | | | | | | | | | | | | | | | | | | | Over the Counter Swaps – Gas | $ | — | | | $ | 68,311 | | | $ | — | | | $ | (37,508) | | | $ | 30,803 | | Over the Counter No Cost Collars – Gas | — | | | 14,950 | | | — | | | (14,745) | | | 205 | | Foreign Currency Contracts | — | | | 1,454 | | | — | | | (1,453) | | | 1 | | Total | $ | — | | | $ | 84,715 | | | $ | — | | | $ | (53,706) | | | $ | 31,009 | | | | | | | | | | | | Total Net Assets/(Liabilities) | $ | 71,066 | | | $ | 19,478 | | | $ | — | | | $ | — | | | $ | 90,544 | |
(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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v3.24.0.1
Financial Instruments (Tables)
|
3 Months Ended |
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): | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2023 | | September 30, 2023 | | Carrying Amount | | Fair Value | | Carrying Amount | | Fair Value | Long-Term Debt | $ | 2,385,523 | | | $ | 2,286,446 | | | $ | 2,384,485 | | | $ | 2,210,478 | |
|
Schedule Of Other Investments |
The components of the Company's Other Investments are as follows (in thousands): | | | | | | | | | | | | | At December 31, 2023 | | At September 30, 2023 | | | | | Life Insurance Contracts | $ | 42,639 | | | $ | 42,242 | | Equity Mutual Fund | 17,484 | | | 15,837 | | Fixed Income Mutual Fund | 16,510 | | | 15,897 | | | | | | | $ | 76,633 | | | $ | 73,976 | |
|
Schedule of Derivative Financial Instruments Designated And Qualifying As Cash Flow Hedges On The Statement Of Financial Performance |
| | | | | | | | | | | | | | | | | | 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 | $ | 187,989 | | $ | 297,120 | | Operating Revenue | $ | 19,755 | | $ | (159,162) | | | | | | | | Foreign Currency Contracts | 1,178 | | 473 | | Operating Revenue | (47) | | (180) | | Total | $ | 189,167 | | $ | 297,593 | | | $ | 19,708 | | $ | (159,342) | |
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v3.24.0.1
Capitalization (Tables)
|
3 Months Ended |
Dec. 31, 2023 |
Capitalization, Long-Term Debt and Equity [Abstract] |
|
Summary of Changes in Common Stock Equity |
Summary of Changes in Common Stock Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | 91,819 | | | $ | 91,819 | | | $ | 1,040,761 | | | $ | 1,885,856 | | | $ | (55,060) | | Net Income Available for Common Stock | | | | | | | 133,020 | | | | Dividends Declared on Common Stock ($0.495 Per Share) | | | | | | | (45,597) | | | | | | | | | | | | | | Other Comprehensive Income, Net of Tax | | | | | | | | | 122,441 | | Share-Based Payment Expense (1) | | | | | 4,135 | | | | | | | | | | | | | | | | Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 297 | | | 297 | | | (3,670) | | | | | | Balance at December 31, 2023 | 92,116 | | | $ | 92,116 | | | $ | 1,041,226 | | | $ | 1,973,279 | | | $ | 67,381 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at October 1, 2022 | 91,478 | | | $ | 91,478 | | | $ | 1,027,066 | | | $ | 1,587,085 | | | $ | (625,733) | | Net Income Available for Common Stock | | | | | | | 169,689 | | | | Dividends Declared on Common Stock ($0.475 Per Share) | | | | | | | (43,598) | | | | | | | | | | | | | | Other Comprehensive Income, Net of Tax | | | | | | | | | 331,987 | | Share-Based Payment Expense (1) | | | | | 5,118 | | | | | | | | | | | | | | | | Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 309 | | | 309 | | | (6,545) | | | | | | Balance at December 31, 2022 | 91,787 | | | $ | 91,787 | | | $ | 1,025,639 | | | $ | 1,713,176 | | | $ | (293,746) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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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v3.24.0.1
Business Segment Information (Tables)
|
3 Months Ended |
Dec. 31, 2023 |
Segment Reporting [Abstract] |
|
Financial Segment Information By Segment |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $254,019 | $64,826 | $4,596 | $201,920 | $525,361 | $— | $— | $525,361 | Intersegment Revenues | $— | $29,587 | $57,992 | $87 | $87,666 | $— | $(87,666) | $— | Segment Profit: Net Income (Loss) | $52,483 | $24,055 | $28,825 | $26,551 | $131,914 | $(121) | $1,227 | $133,020 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | (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 | $3,057,345 | $2,439,479 | $936,547 | $2,301,116 | $8,734,487 | $4,758 | $(151,753) | $8,587,492 | At September 30, 2023 | $2,814,218 | $2,427,214 | $912,923 | $2,247,743 | $8,402,098 | $4,795 | $(126,633) | $8,280,260 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | 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 | $276,973 | $67,621 | $2,646 | $311,619 | $658,859 | $— | $— | $658,859 | Intersegment Revenues | $— | $30,034 | $53,767 | $62 | $83,863 | $— | $(83,863) | $— | Segment Profit: Net Income (Loss) | $91,192 | $29,476 | $24,738 | $23,817 | $169,223 | $(280) | $746 | $169,689 |
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v3.24.0.1
Retirement Plan And Other Post-Retirement Benefits (Tables)
|
3 Months Ended |
Dec. 31, 2023 |
Retirement Benefits [Abstract] |
|
Components of Net Periodic Benefit Cost (Income) |
Components of Net Periodic Benefit Cost (in thousands): | | | | | | | | | | | | | | | | | | | Retirement Plan | | Other Post-Retirement Benefits | Three Months Ended December 31, | 2023 | 2022 | | 2023 | 2022 | | | | | | | Service Cost | $ | 1,049 | | $ | 1,297 | | | $ | 109 | | $ | 147 | | Interest Cost | 10,890 | | 10,629 | | | 3,890 | | 3,912 | | Expected Return on Plan Assets | (17,086) | | (16,648) | | | (6,660) | | (6,403) | | Amortization of Prior Service Cost (Credit) | 91 | | 109 | | | (107) | | (107) | | | | | | | | Amortization of (Gains) Losses | (335) | | (1,920) | | | (567) | | (2,189) | | Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) | 4,057 | | 5,378 | | | 2,238 | | 3,820 | | | | | | | | Net Periodic Benefit Cost (Income) | $ | (1,334) | | $ | (1,155) | | | $ | (1,097) | | $ | (820) | |
(1)The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months.
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v3.24.0.1
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
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v3.24.0.1
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
|
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v3.24.0.1
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
12 Months Ended |
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Gas Stored Underground |
$ 26,891
|
|
$ 32,509
|
|
Capitalized Costs Oil and Gas Producing Activities Net |
2,500,000
|
|
2,400,000
|
|
Capitalized costs of unproved properties excluded from amortization |
$ 159,100
|
|
$ 161,100
|
|
Full cost ceiling test discount factor (as a percent) |
10.00%
|
|
|
|
Amount Full Cost Ceiling Exceeds Book Value Of Oil And Gas Properties |
$ 84,400
|
|
|
|
Increase estimated future net cash flows |
$ 307,000
|
|
|
|
Antidilutive securities (in shares) |
0
|
1,987
|
|
|
Reserve For Gas Replacement |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Gas Stored Underground |
$ 1,200
|
|
|
|
Restricted Stock Units |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Share based compensation other than options grants in period (in shares) |
219,578
|
|
|
|
Granted in fiscal year, weighted average grant date fair value (in USD per share) |
$ 42.44
|
|
|
|
Performance Shares |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Share based compensation other than options grants in period (in shares) |
361,729
|
|
|
|
Granted in fiscal year, weighted average grant date fair value (in USD per share) |
$ 44.23
|
|
|
|
Greenhouse gas emissions reductions, performance cycle |
3 years
|
|
|
|
Performance Shares | Minimum |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Return on capital, performance cycle (in years) |
3 years
|
|
|
|
Relative shareholder return, performance cycle |
3 years
|
|
|
|
Performance Shares | Maximum |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Return on capital, performance cycle (in years) |
5 years
|
|
|
|
Relative shareholder return, performance cycle |
5 years
|
|
|
|
Subsequent Event | Reserve For Gas Replacement |
|
|
|
|
Summary Of Significant Accounting Policies [Line Items] |
|
|
|
|
Gas Stored Underground |
|
|
|
$ 0
|
X |
- DefinitionThe amount of full cost method of accounting ceiling exceeds the capitalized costs associated with property acquisition, exploration and development activities of oil and gas properties.
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v3.24.0.1
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
$ (55,060)
|
$ (625,733)
|
Other Comprehensive Gains and Losses Before Reclassifications |
136,681
|
216,216
|
Amounts Reclassified From Other Comprehensive Income |
(14,240)
|
115,771
|
Ending balance |
67,381
|
(293,746)
|
Gains and Losses on Derivative Financial Instruments |
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
4,623
|
(572,163)
|
Other Comprehensive Gains and Losses Before Reclassifications |
136,681
|
216,216
|
Amounts Reclassified From Other Comprehensive Income |
(14,240)
|
115,771
|
Ending balance |
127,064
|
(240,176)
|
Funded Status of the Pension and Other Post-Retirement Benefit Plans |
|
|
Accumulated Other Comprehensive Income (Loss) [Roll Forward] |
|
|
Beginning balance |
(59,683)
|
(53,570)
|
Other Comprehensive Gains and Losses Before Reclassifications |
0
|
0
|
Amounts Reclassified From Other Comprehensive Income |
0
|
0
|
Ending balance |
$ (59,683)
|
$ (53,570)
|
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v3.24.0.1
Summary Of Significant Accounting Policies (Reclassification Out Of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Reclassification Adjustments out of Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Operating Revenues |
$ 525,361
|
$ 658,859
|
Total Before Income Tax |
176,107
|
227,241
|
Income Tax Expense |
(43,087)
|
(57,552)
|
Net Income Available for Common Stock |
133,020
|
169,689
|
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) |
|
|
Reclassification Adjustments out of Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Total Before Income Tax |
19,708
|
(159,342)
|
Income Tax Expense |
(5,468)
|
43,571
|
Net Income Available for Common Stock |
14,240
|
(115,771)
|
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | Commodity Contracts | Gains and Losses on Derivative Financial Instruments |
|
|
Reclassification Adjustments out of Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Operating Revenues |
19,755
|
(159,162)
|
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) | Foreign Currency Contracts | Gains and Losses on Derivative Financial Instruments |
|
|
Reclassification Adjustments out of Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Operating Revenues |
$ (47)
|
$ (180)
|
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v3.24.0.1
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
|
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v3.24.0.1
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
|
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v3.24.0.1
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
$ 500,050
|
$ 814,898
|
Alternative Revenue Programs |
5,556
|
3,123
|
Derivative Financial Instruments |
19,755
|
(159,162)
|
Total Revenues |
525,361
|
658,859
|
All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Alternative Revenue Programs |
0
|
0
|
Derivative Financial Instruments |
0
|
0
|
Total Revenues |
0
|
0
|
Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(87,666)
|
(83,863)
|
Alternative Revenue Programs |
0
|
0
|
Derivative Financial Instruments |
0
|
0
|
Total Revenues |
(87,666)
|
(83,863)
|
Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
234,264
|
436,135
|
Alternative Revenue Programs |
0
|
0
|
Derivative Financial Instruments |
19,755
|
(159,162)
|
Total Revenues |
254,019
|
276,973
|
Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
94,413
|
97,655
|
Alternative Revenue Programs |
0
|
0
|
Derivative Financial Instruments |
0
|
0
|
Total Revenues |
94,413
|
97,655
|
Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
62,588
|
56,413
|
Alternative Revenue Programs |
0
|
0
|
Derivative Financial Instruments |
0
|
0
|
Total Revenues |
62,588
|
56,413
|
Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
196,451
|
308,558
|
Alternative Revenue Programs |
5,556
|
3,123
|
Derivative Financial Instruments |
0
|
0
|
Total Revenues |
202,007
|
311,681
|
Production of Natural Gas |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
232,661
|
432,359
|
Production of Natural Gas | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Natural Gas | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Natural Gas | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
232,661
|
432,359
|
Production of Natural Gas | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Natural Gas | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Natural Gas | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Crude Oil |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
687
|
628
|
Production of Crude Oil | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Crude Oil | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Crude Oil | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
687
|
628
|
Production of Crude Oil | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Crude Oil | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Production of Crude Oil | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Processing |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
267
|
374
|
Natural Gas Processing | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Processing | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Processing | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
267
|
374
|
Natural Gas Processing | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Processing | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Processing | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Gathering Service |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
4,596
|
2,646
|
Natural Gas Gathering Service | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Gathering Service | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(57,992)
|
(53,767)
|
Natural Gas Gathering Service | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Gathering Service | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Gathering Service | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
62,588
|
56,413
|
Natural Gas Gathering Service | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Transportation Service |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
80,541
|
83,762
|
Natural Gas Transportation Service | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Transportation Service | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(20,362)
|
(20,817)
|
Natural Gas Transportation Service | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Transportation Service | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
71,618
|
76,201
|
Natural Gas Transportation Service | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Transportation Service | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
29,285
|
28,378
|
Natural Gas Storage Service |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
12,233
|
12,290
|
Natural Gas Storage Service | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Storage Service | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(9,059)
|
(8,996)
|
Natural Gas Storage Service | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Storage Service | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
21,292
|
21,286
|
Natural Gas Storage Service | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Storage Service | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
146,546
|
244,306
|
Natural Gas Residential Sales | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Residential Sales | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
146,546
|
244,306
|
Natural Gas Commercial Sales |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
20,281
|
34,495
|
Natural Gas Commercial Sales | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Commercial Sales | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Commercial Sales | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Commercial Sales | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Commercial Sales | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Commercial Sales | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
20,281
|
34,495
|
Natural Gas Industrial Sales |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
904
|
1,638
|
Natural Gas Industrial Sales | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Industrial Sales | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(2)
|
0
|
Natural Gas Industrial Sales | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Industrial Sales | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Industrial Sales | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Natural Gas Industrial Sales | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
906
|
1,638
|
Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
1,334
|
2,400
|
Other | All Other |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Other | Corporate and Intersegment Eliminations |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
(251)
|
(283)
|
Other | Exploration and Production | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
649
|
2,774
|
Other | Pipeline and Storage | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
1,503
|
168
|
Other | Gathering | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
0
|
0
|
Other | Utility | Total Reportable Segments |
|
|
Disaggregation of Revenue [Line Items] |
|
|
Total Revenues from Contracts with Customers |
$ (567)
|
$ (259)
|
X |
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-05(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
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v3.24.0.1
Revenue from Contracts with Customers (Narrative) (Details) $ in Millions |
Dec. 31, 2023
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 159.1
|
Remaining performance obligation, period |
9 months
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 191.6
|
Remaining performance obligation, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 149.2
|
Remaining performance obligation, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-10-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 123.3
|
Remaining performance obligation, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-10-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 107.5
|
Remaining performance obligation, period |
1 year
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-10-01 |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligations |
$ 581.0
|
Remaining performance obligation, period |
|
X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue.
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v3.24.0.1
Fair Value Measurements (Recurring Fair Value Measures Of Assets And Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2023 |
Sep. 30, 2023 |
Assets: |
|
|
|
|
Cash Equivalents – Money Market Mutual Funds |
[1] |
$ 32,781
|
|
$ 39,332
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset, Statement of Financial Position [Extensible Enumeration] |
|
Fair Value of Derivative Financial Instruments
|
|
Fair Value of Derivative Financial Instruments
|
Total Assets |
[1] |
$ 251,514
|
|
$ 121,553
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability, Statement of Financial Position [Extensible Enumeration] |
|
Fair Value of Derivative Financial Instruments
|
|
Fair Value of Derivative Financial Instruments
|
Total Liabilities |
[1] |
$ 0
|
|
$ 31,009
|
Total Net Assets/(Liabilities) |
[1] |
251,514
|
|
90,544
|
Over the Counter Swaps – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
123,826
|
|
28,292
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
0
|
|
30,803
|
Over the Counter No Cost Collars – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
57,917
|
[1] |
16,221
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
|
|
205
|
Contingent Consideration for Asset Sale |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
3,078
|
|
7,277
|
Foreign Currency Contracts |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
(82)
|
|
(1,303)
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
0
|
|
1
|
Balanced Equity Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
[1] |
17,484
|
|
15,837
|
Fixed Income Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
[1] |
16,510
|
|
15,897
|
Level 1 |
|
|
|
|
Assets: |
|
|
|
|
Cash Equivalents – Money Market Mutual Funds |
|
32,781
|
|
39,332
|
Derivative Financial Instruments: |
|
|
|
|
Total Assets |
|
66,775
|
|
71,066
|
Derivative Financial Instruments: |
|
|
|
|
Total Liabilities |
|
0
|
|
0
|
Total Net Assets/(Liabilities) |
|
66,775
|
|
71,066
|
Level 1 | Over the Counter Swaps – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
0
|
|
0
|
Level 1 | Over the Counter No Cost Collars – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
|
|
0
|
Level 1 | Contingent Consideration for Asset Sale |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Level 1 | Foreign Currency Contracts |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
0
|
|
0
|
Level 1 | Balanced Equity Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
17,484
|
|
15,837
|
Level 1 | Fixed Income Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
16,510
|
|
15,897
|
Level 2 |
|
|
|
|
Assets: |
|
|
|
|
Cash Equivalents – Money Market Mutual Funds |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Total Assets |
|
202,048
|
|
104,193
|
Derivative Financial Instruments: |
|
|
|
|
Total Liabilities |
|
17,309
|
|
84,715
|
Total Net Assets/(Liabilities) |
|
184,739
|
|
19,478
|
Level 2 | Over the Counter Swaps – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
140,548
|
|
65,800
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
16,722
|
|
68,311
|
Level 2 | Over the Counter No Cost Collars – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
57,917
|
|
30,966
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
|
|
14,950
|
Level 2 | Contingent Consideration for Asset Sale |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
3,078
|
|
7,277
|
Level 2 | Foreign Currency Contracts |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
505
|
|
150
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
587
|
|
1,454
|
Level 2 | Balanced Equity Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
0
|
|
0
|
Level 2 | Fixed Income Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
0
|
|
0
|
Level 3 |
|
|
|
|
Assets: |
|
|
|
|
Cash Equivalents – Money Market Mutual Funds |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Total Assets |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Total Liabilities |
|
0
|
|
0
|
Total Net Assets/(Liabilities) |
|
0
|
|
0
|
Level 3 | Over the Counter Swaps – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
0
|
|
0
|
Level 3 | Over the Counter No Cost Collars – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
|
|
0
|
Level 3 | Contingent Consideration for Asset Sale |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Level 3 | Foreign Currency Contracts |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
|
0
|
|
0
|
Level 3 | Balanced Equity Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
0
|
|
0
|
Level 3 | Fixed Income Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
|
0
|
|
0
|
Netting Adjustments |
|
|
|
|
Assets: |
|
|
|
|
Cash Equivalents – Money Market Mutual Funds |
[1] |
0
|
|
0
|
Derivative Financial Instruments: |
|
|
|
|
Total Assets |
[1] |
(17,309)
|
|
(53,706)
|
Derivative Financial Instruments: |
|
|
|
|
Total Liabilities |
[1] |
(17,309)
|
|
(53,706)
|
Total Net Assets/(Liabilities) |
[1] |
0
|
|
0
|
Netting Adjustments | Over the Counter Swaps – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
(16,722)
|
|
(37,508)
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
(16,722)
|
|
(37,508)
|
Netting Adjustments | Over the Counter No Cost Collars – Gas |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
|
0
|
[1] |
(14,745)
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
|
|
(14,745)
|
Netting Adjustments | Contingent Consideration for Asset Sale |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
0
|
|
0
|
Netting Adjustments | Foreign Currency Contracts |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Asset |
[1] |
(587)
|
|
(1,453)
|
Derivative Financial Instruments: |
|
|
|
|
Derivative Liability |
[1] |
(587)
|
|
(1,453)
|
Netting Adjustments | Balanced Equity Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
[1] |
0
|
|
0
|
Netting Adjustments | Fixed Income Mutual Fund |
|
|
|
|
Derivative Financial Instruments: |
|
|
|
|
Other Investments |
[1] |
$ 0
|
|
$ 0
|
|
|
X |
- DefinitionElement represents the total of all the Company's net assets/(liabilities) that are measured at fair value on a recurring basis.
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v3.24.0.1
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
|
|
X |
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v3.24.0.1
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
|
|
|
|
|
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v3.24.0.1
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
|
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v3.24.0.1
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
|
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v3.24.0.1
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)
|
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v3.24.0.1
v3.24.0.1
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)
|
|
|
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v3.24.0.1
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
|
|
|
|
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v3.24.0.1
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] |
|
|
|
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4,596
|
2,646
|
|
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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
|
|
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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
|
|
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0
|
0
|
|
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(121)
|
(280)
|
|
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4,758
|
|
4,795
|
Corporate and Intersegment Eliminations | Corporate |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
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0
|
0
|
|
Corporate and Intersegment Eliminations | Corporate and Intersegment Eliminations |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
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(87,666)
|
(83,863)
|
|
Segment Profit: Net Income (Loss) |
1,227
|
$ 746
|
|
Segment Assets: |
$ (151,753)
|
|
$ (126,633)
|
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v3.24.0.1
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)
|
|
|
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National Fuel Gas (NYSE:NFG)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
National Fuel Gas (NYSE:NFG)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024