Document And Entity Information
Document And Entity Information - $ / shares | 3 Months Ended | |
Dec. 31, 2020 | Jan. 31, 2021 | |
Cover [Abstract] | ||
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Period End Date | Dec. 31, 2020 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Type | 10-Q | |
Entity Address, Address Line One | 6363 Main Street | |
Entity Address, City or Town | Williamsville, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 14221 | |
Entity Central Index Key | 0000070145 | |
Entity Common Stock, Shares Outstanding | 91,163,446 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity File Number | 1-3880 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Incorporation, State or Country Code | NJ | |
Entity Registrant Name | NATIONAL FUEL GAS COMPANY | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Tax Identification Number | 13-1086010 | |
City Area Code | 716 | |
Local Phone Number | 857-7000 | |
Title of 12(b) Security | Common Stock, par value $1.00 per share | |
Trading Symbol | NFG | |
Security Exchange Name | NYSE | |
Entity Listing, Par Value Per Share | $ 1 |
Consolidated Statements Of Inco
Consolidated Statements Of Income And Earnings Reinvested In The Business (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME | ||
Operating Revenues | $ 441,160 | $ 444,188 |
Operating Expenses: | ||
Purchased Gas | 51,620 | 92,272 |
Property, Franchise and Other Taxes | 22,781 | 23,144 |
Depreciation, Depletion and Amortization | 83,120 | 74,918 |
Impairment of Oil and Gas Producing Properties | 76,152 | 0 |
Total Operating Expenses | 348,684 | 296,168 |
Gain on Sale of Timber Properties | 51,066 | 0 |
Operating Income | 143,542 | 148,020 |
Other Income (Expense): | ||
Other Income (Deductions) | (2,176) | (3,040) |
Interest Expense on Long-Term Debt | (32,256) | (25,443) |
Other Interest Expense | (1,919) | (1,551) |
Income Before Income Taxes | 107,191 | 117,986 |
Income Tax Expense | 29,417 | 31,395 |
Net Income Available for Common Stock | 77,774 | 86,591 |
EARNINGS REINVESTED IN THE BUSINESS | ||
Balance at Beginning of Period | 991,630 | 1,272,601 |
Beginning Retained Earnings Unappropriated And Current Period Net Income | 1,069,404 | 1,359,192 |
Dividends on Common Stock | (40,560) | (37,650) |
Balance at December 31 | $ 1,028,844 | $ 1,320,592 |
Earnings Per Common Share, Basic: | ||
Net Income Available for Common Stock (in dollars per share) | $ 0.85 | $ 1 |
Earnings Per Common Share, Diluted: | ||
Net Income Available for Common Stock (in dollars per share) | $ 0.85 | $ 1 |
Weighted Average Common Shares Outstanding: | ||
Used in Basic Calculation (shares) | 91,007,657 | 86,378,450 |
Used in Diluted Calculation (shares) | 91,508,259 | 86,883,152 |
Dividends Per Common Share: | ||
Dividends Declared (in dollars per share) | $ 0.445 | $ 0.435 |
Utility and Energy Marketing [Member] | ||
INCOME | ||
Operating Revenues | $ 189,466 | $ 228,026 |
Operating Expenses: | ||
Operation and Maintenance | 44,886 | 43,256 |
Exploration and Production and Other [Member] | ||
INCOME | ||
Operating Revenues | 192,035 | 167,193 |
Operating Expenses: | ||
Operation and Maintenance | 42,027 | 36,693 |
Pipeline and Storage and Gathering [Member] | ||
INCOME | ||
Operating Revenues | 59,659 | 48,969 |
Operating Expenses: | ||
Operation and Maintenance | 28,098 | 25,885 |
Guidance for Hedging [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | ||
EARNINGS REINVESTED IN THE BUSINESS | ||
Balance at Beginning of Period | $ 0 | $ (950) |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net Income Available for Common Stock | $ 77,774 | $ 86,591 |
Other Comprehensive Income (Loss), Before Tax: | ||
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 48,021 | 495 |
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | 311 | (7,352) |
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | 0 | 1,313 |
Other Comprehensive Income (Loss), Before Tax | 48,332 | (5,544) |
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | 13,230 | 119 |
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | 86 | (2,031) |
Income Tax Benefit (Expense) on Cumulative Effect of Adoption of Authoritative Guidance for Hedging | 0 | 363 |
Income Taxes – Net | 13,316 | (1,549) |
Other Comprehensive Income (Loss) | 35,016 | (3,995) |
Comprehensive Income | $ 112,790 | $ 82,596 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
ASSETS | ||
Property, Plant and Equipment | $ 12,495,227 | $ 12,351,852 |
Less - Accumulated Depreciation, Depletion and Amortization | 6,503,561 | 6,353,785 |
Property, Plant and Equipment, Net, Total | 5,991,666 | 5,998,067 |
Assets Held for Sale, Net | 0 | 53,424 |
Current Assets | ||
Cash and Temporary Cash Investments | 109,413 | 20,541 |
Receivables - Net of Allowance for Uncollectible Accounts of $26,221 and $22,810, Respectively | 178,584 | 143,583 |
Unbilled Revenue | 45,829 | 17,302 |
Gas Stored Underground | 19,648 | 33,338 |
Materials, Supplies and Emission Allowances | 51,694 | 51,877 |
Unrecovered Purchased Gas Costs | 367 | 0 |
Other Current Assets | 47,904 | 47,557 |
Total Current Assets | 453,439 | 314,198 |
Other Assets | ||
Recoverable Future Taxes | 117,431 | 118,310 |
Unamortized Debt Expense | 11,870 | 12,297 |
Other Regulatory Assets | 153,172 | 156,106 |
Deferred Charges | 61,986 | 67,131 |
Other Investments | 145,921 | 154,502 |
Goodwill | 5,476 | 5,476 |
Prepaid Post-Retirement Benefit Costs | 80,032 | 76,035 |
Fair Value of Derivative Financial Instruments | 18,094 | 9,308 |
Other | 81 | 81 |
Total Other Assets | 594,063 | 599,246 |
Total Assets | 7,039,168 | 6,964,935 |
Capitalization: | ||
Common Stock, $1 Par Value Authorized - 200,000,000 Shares; Issued and Outstanding - 91,152,710 Shares and 90,954,696 Shares, Respectively | 91,153 | 90,955 |
Paid in Capital | 1,004,369 | 1,004,158 |
Earnings Reinvested in the Business | 1,028,844 | 991,630 |
Accumulated Other Comprehensive Loss | (79,741) | (114,757) |
Total Comprehensive Shareholders’ Equity | 2,044,625 | 1,971,986 |
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 2,130,473 | 2,629,576 |
Total Capitalization | 4,175,098 | 4,601,562 |
Current and Accrued Liabilities | ||
Notes Payable to Banks and Commercial Paper | 25,000 | 30,000 |
Current Portion of Long-Term Debt | 500,000 | 0 |
Accounts Payable | 96,905 | 134,126 |
Amounts Payable to Customers | 5,823 | 10,788 |
Dividends Payable | 40,560 | 40,475 |
Interest Payable on Long-Term Debt | 45,350 | 27,521 |
Customer Advances | 16,032 | 15,319 |
Customer Security Deposits | 17,623 | 17,199 |
Other Accruals and Current Liabilities | 154,377 | 140,176 |
Fair Value of Derivative Financial Instruments | 4,513 | 43,969 |
Total Current and Accrued Liabilities | 906,183 | 459,573 |
Deferred Credits | ||
Deferred Income Taxes | 735,236 | 696,054 |
Taxes Refundable to Customers | 357,354 | 357,508 |
Cost of Removal Regulatory Liability | 234,641 | 230,079 |
Other Regulatory Liabilities | 168,188 | 161,573 |
Pension and Other Post-Retirement Liabilities | 124,097 | 127,181 |
Asset Retirement Obligations | 192,682 | 192,228 |
Other Deferred Credits | 145,689 | 139,177 |
Total Deferred Credits | 1,957,887 | 1,903,800 |
Commitments and Contingencies (Note 8) | 0 | 0 |
Total Capitalization and Liabilities | $ 7,039,168 | $ 6,964,935 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Statement of Financial Position [Abstract] | ||
Receivables, Allowance for Uncollectible Accounts | $ 26,221 | $ 22,810 |
Common Stock, Par Value | $ 1 | $ 1 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 91,152,710 | 90,954,696 |
Common Stock, Shares Outstanding | 91,152,710 | 90,954,696 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net Income Available for Common Stock | $ 77,774 | $ 86,591 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ||
Gain on Sale of Timber Properties | (51,066) | 0 |
Impairment of Oil and Gas Producing Properties | 76,152 | 0 |
Depreciation, Depletion and Amortization | 83,120 | 74,918 |
Deferred Income Taxes | 26,591 | 51,366 |
Stock-Based Compensation | 3,933 | 3,266 |
Other | 2,887 | 1,911 |
Change in: | ||
Receivables and Unbilled Revenue | (63,606) | (58,655) |
Gas Stored Underground and Materials, Supplies and Emission Allowances | 13,873 | 6,985 |
Unrecovered Purchased Gas Costs | (367) | 627 |
Other Current Assets | (251) | 14 |
Accounts Payable | (541) | 8,280 |
Amounts Payable to Customers | (4,965) | (573) |
Customer Advances | 713 | 683 |
Customer Security Deposits | 424 | (700) |
Other Accruals and Current Liabilities | 27,615 | 15,438 |
Other Assets | 10,066 | (28,259) |
Other Liabilities | 2,391 | 5,857 |
Net Cash Provided by Operating Activities | 204,743 | 167,749 |
INVESTING ACTIVITIES | ||
Capital Expenditures | (183,301) | (198,495) |
Net Proceeds from Sale of Timber Properties | 104,582 | 0 |
Other | 11,849 | 5,212 |
Net Cash Used in Investing Activities | (66,870) | (193,283) |
Financing Activities | ||
Changes in Notes Payable to Banks and Commercial Paper | (5,000) | 84,600 |
Dividends Paid on Common Stock | (40,475) | (37,547) |
Net Repurchases of Common Stock | (3,526) | (4,147) |
Net Cash Provided by (Used in) Financing Activities | (49,001) | 42,906 |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 88,872 | 17,372 |
Cash, Cash Equivalents and Restricted Cash at October 1 | 20,541 | 27,260 |
Cash, Cash Equivalents and Restricted Cash at December 31 | 109,413 | 44,632 |
Supplemental Disclosure of Cash Flow Information, Non-Cash Investing Activities: | ||
Non-Cash Capital Expenditures | $ 52,142 | $ 93,838 |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 3 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this Form 10-Q) that are necessary for a fair statement of the results of operations for the reported periods. The consolidated financial statements and notes thereto, included herein, should be read in conjunction with the financial statements and notes for the years ended September 30, 2020, 2019 and 2018 that are included in the Company's 2020 Form 10-K. The consolidated financial statements for the year ended September 30, 2021 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, 2020 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2021. Most of the business of the Utility segment is seasonal in nature and is influenced by weather conditions. Due to the seasonal nature of the heating business in the Utility segment, earnings during the winter months normally represent a substantial part of the earnings that this business is expected to achieve for the entire fiscal year. The Company’s business segments are discussed more fully in Note 9 – Business Segment Information. Consolidated Statements of Cash Flows. The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands): Three Months Ended Three Months Ended Balance at Balance at Balance at Balance at Cash and Temporary Cash Investments $ 20,541 $ 109,413 $ 20,428 $ 34,966 Hedging Collateral Deposits — — 6,832 9,666 Cash, Cash Equivalents, and Restricted Cash $ 20,541 $ 109,413 $ 27,260 $ 44,632 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 hedging positions. 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 is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic environment. Account balances are charged off against the allowance twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. In response to the COVID-19 pandemic, the Company has suspended collection and termination activity for non-payments in its Utility service territories. To date, despite the economic conditions that have arisen as a result of the COVID-19 pandemic, the Company has not experienced a significant reduction in the rate at which its customers pay their bills. However, as the winter heating season progresses, the Company is anticipating that customer non-payment may increase given higher natural gas usage and the resulting increase in costs for customers. Activity in the allowance for uncollectible accounts for the three months ended December 31, 2020 are as follows: Balance at Beginning of Period Additions Charged to Costs and Expenses Add: Deduct: Balance at End of Period Three Months Ended December 31, 2020 Allowance for Uncollectible Accounts $ 22,810 $ 4,679 $ 170 $ 1,438 $ 26,221 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 $1.8 million at December 31, 2020, is reduced to zero by September 30 of each year as the inventory is replenished. Materials, Supplies and Emission Allowances. The components of the Company's materials, supplies and emission allowances are as follows: At December 31, 2020 At September 30, 2020 Materials and Supplies - at average cost $ 33,676 $ 33,859 Emission Allowances 18,018 18,018 $ 51,694 $ 51,877 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 $1.7 billion and $1.8 billion at December 31, 2020 and September 30, 2020, 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 $134.9 million and $148.1 million at December 31, 2020 and September 30, 2020, 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 unevaluated 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. The book value of the oil and gas properties exceeded the ceiling at December 31, 2020. As such, the Company recognized a non-cash, pre-tax impairment charge of $76.2 million for the quarter ended December 31, 2020. A deferred income tax benefit of $21.0 million related to the non-cash impairment charge was also recognized for the quarter ended December 31, 2020. In adjusting estimated future cash flows for hedging under the ceiling test at December 31, 2020, estimated future net cash flows were increased by $183.0 million. 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. Despite the economic conditions arising from the COVID-19 pandemic, there were no indications of any impairments to property, plant and equipment in the Utility, Pipeline and Storage and Gathering segments at December 31, 2020. Management will continue to monitor the situation on a quarterly basis. Accumulated Other Comprehensive Income (Loss). The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2020 and 2019, 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, 2020 Balance at October 1, 2020 $ (24,865) $ (89,892) $ (114,757) Other Comprehensive Gains and Losses Before Reclassifications 34,791 — 34,791 Amounts Reclassified From Other Comprehensive Income (Loss) 225 — 225 Balance at December 31, 2020 $ 10,151 $ (89,892) $ (79,741) Three Months Ended December 31, 2019 Balance at October 1, 2019 $ 34,675 $ (86,830) $ (52,155) Other Comprehensive Gains and Losses Before Reclassifications 376 — 376 Amounts Reclassified From Other Comprehensive Income (Loss) (5,321) — (5,321) Cumulative Effect of Adoption of Authoritative Guidance for Hedging 950 — 950 Balance at December 31, 2019 $ 30,680 $ (86,830) $ (56,150) In August 2017, the FASB issued authoritative guidance which changed the financial reporting of hedging relationships to better portray the economic results of an entity's risk management activities and to simplify the application of hedge accounting. The Company adopted this authoritative guidance effective October 1, 2019, recognizing a cumulative effect adjustment that decreased retained earnings by $1.0 million and increased accumulated other comprehensive income by the same amount. 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, 2020 and 2019 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 Affected Line Item in the Statement Where Net Income is Presented Three Months Ended 2020 2019 Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: Commodity Contracts ($310) $7,541 Operating Revenues Commodity Contracts — 2 Purchased Gas Foreign Currency Contracts (1) (191) Operating Revenues (311) 7,352 Total Before Income Tax 86 (2,031) Income Tax Expense ($225) $5,321 Net of Tax Other Current Assets . The components of the Company’s Other Current Assets are as follows (in thousands): At December 31, 2020 At September 30, 2020 Prepayments $ 10,203 $ 12,851 Prepaid Property and Other Taxes 14,821 14,269 State Income Taxes Receivable 1,439 3,828 Regulatory Assets 21,441 16,609 $ 47,904 $ 47,557 Other Accruals and Current Liabilities . The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands): At December 31, 2020 At September 30, 2020 Accrued Capital Expenditures $ 34,840 $ 33,344 Regulatory Liabilities 41,402 44,890 Reserve for Gas Replacement 1,778 — Liability for Royalty and Working Interests 22,869 15,665 Non-Qualified Benefit Plan Liability 14,460 14,460 Other 39,028 31,817 $ 154,377 $ 140,176 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 SARs, restricted stock units and performance shares. For the quarter ended December 31, 2020, 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. SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 373,378 securities and 733,617 securities excluded as being antidilutive for the quarters ended December 31, 2020 and December 31, 2019, respectively. Stock-Based Compensation. The Company granted 309,470 performance shares during the quarter ended December 31, 2020. The weighted average fair value of such performance shares was $39.19 per share for the quarter ended December 31, 2020. 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. Half of the performance shares granted during the quarter ended December 31, 2020 must meet a performance goal related to relative return on capital over a three-year performance cycle. The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”). Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database. The number of these 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 these 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 other half of the performance shares granted during the quarter ended December 31, 2020 must meet a performance goal related to relative total shareholder return over a three-year performance cycle. The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group. Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database. The number of these total shareholder return performance shares ("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 170,113 restricted stock units during the quarter ended December 31, 2020. The weighted average fair value of such restricted stock units was $38.00 per share for the quarter ended December 31, 2020. 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 accounting for restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award. |
Asset Acquisitions and Divestit
Asset Acquisitions and Divestitures | 3 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Asset Acquisitions and Divestitures | Asset Acquisitions and Divestitures On December 10, 2020, the Company completed the sale of substantially all timber properties in Pennsylvania to Lyme Emporium Highlands III LLC and Lyme Allegheny Land Company II LLC for net proceeds of $104.6 million. At September 30, 2020, these assets, amounting to $53.4 million, which previously were recorded as Net Property, Plant and Equipment, were presented as Assets Held for Sale, Net on the Consolidated Balance Sheet. The assets were a component of the Company’s All Other category and did not have a major impact on the Company’s operations or financial results. After purchase price adjustments and transaction costs, a gain of $51.1 million was recognized on the sale of these assets. Since the sale did not represent a strategic shift in focus for the Company, the financial results associated with operating these assets as well as the gain on sale have not been reported as discontinued operations. The sale of the timber properties completed a reverse like-kind exchange pursuant to Section 1031 of the Internal Revenue Code, as amended (“Reverse 1031 Exchange”). On July 31, 2020, the Company completed its acquisition of certain upstream assets and midstream gathering assets in Pennsylvania from SWEPI LP, a subsidiary of Royal Dutch Shell plc (“Shell”) for total consideration of $506.3 million. The purchase and sale agreement with Shell was structured, in part, as a Reverse 1031 Exchange. In connection with the Reverse 1031 Exchange, the Company, through a subsidiary, assigned the rights to acquire legal title to certain oil and natural gas properties to a Variable Interest Entity ("VIE") formed by an exchange accommodation titleholder. From July 31, 2020 to December 10, 2020, a subsidiary of the Company operated the properties pursuant to a lease agreement with the VIE. As the Company was deemed to be the primary beneficiary of the VIE, the VIE was included in the consolidated financial statements of the Company. Upon completion of the sale of the timber properties on December 10, 2020, the affected properties were conveyed to the Company and the VIE structure was terminated. Refer to Note B – Asset Acquisitions and Divestitures of the Company’s 2020 Form 10-K for additional information concerning the Company’s acquisition of certain upstream assets and midstream gathering assets from Shell. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, presented by type of service from each reportable segment. Quarter Ended December 31, 2020 (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 $ 166,442 $ — $ — $ — $ — $ — $ 166,442 Production of Crude Oil 24,499 — — — — — 24,499 Natural Gas Processing 553 — — — — — 553 Natural Gas Gathering Service — — 47,009 — — (46,658) 351 Natural Gas Transportation Service — 64,825 — 29,021 — (19,590) 74,256 Natural Gas Storage Service — 20,517 — — — (8,763) 11,754 Natural Gas Residential Sales — — — 137,881 — — 137,881 Natural Gas Commercial Sales — — — 17,195 — — 17,195 Natural Gas Industrial Sales — — — 922 — — 922 Natural Gas Marketing — — — — 585 (20) 565 Other 211 2,422 — (1,612) 545 (108) 1,458 Total Revenues from Contracts with Customers 191,705 87,764 47,009 183,407 1,130 (75,139) 435,876 Alternative Revenue Programs — — — 5,594 — — 5,594 Derivative Financial Instruments (310) — — — — — (310) Total Revenues $ 191,395 $ 87,764 $ 47,009 $ 189,001 $ 1,130 $ (75,139) $ 441,160 Quarter Ended December 31, 2019 (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 $ 119,874 $ — $ — $ — $ — $ — $ 119,874 Production of Crude Oil 37,664 — — — — — 37,664 Natural Gas Processing 688 — — — — — 688 Natural Gas Gathering Service — — 34,788 — — (34,788) — Natural Gas Transportation Service — 53,452 — 32,808 — (16,986) 69,274 Natural Gas Storage Service — 18,426 — — — (7,993) 10,433 Natural Gas Residential Sales — — — 144,370 — — 144,370 Natural Gas Commercial Sales — — — 18,841 — — 18,841 Natural Gas Industrial Sales — — — 1,270 — — 1,270 Natural Gas Marketing — — — — 34,108 (177) 33,931 Other 172 342 — (3,324) 1,120 (52) (1,742) Total Revenues from Contracts with Customers 158,398 72,220 34,788 193,965 35,228 (59,996) 434,603 Alternative Revenue Programs — — — 2,860 — — 2,860 Derivative Financial Instruments 7,541 — — — (816) — 6,725 Total Revenues $ 165,939 $ 72,220 $ 34,788 $ 196,825 $ 34,412 $ (59,996) $ 444,188 The Company records revenue related to its derivative financial instruments in the Exploration and Production segment as well as in its NFR operations (included in the All Other category). The Company discontinued use of derivative financial instruments in its NFR operations upon completing the sale of its commercial and industrial contracts and certain other assets on August 1, 2020. The Company has been winding down its NFR operations since August 1, 2020 which has resulted in a significant reduction in natural gas marketing revenues as shown in the tables above. 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 new authoritative guidance 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: $142.5 million for the remainder of fiscal 2021; $170.7 million for fiscal 2022; $134.7 million for fiscal 2023; $123.5 million for fiscal 2024; $117.0 million for fiscal 2025; and $517.5 million thereafter. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 and September 30, 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over-the-counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company. Recurring Fair Value Measures At fair value as of December 31, 2020 (Thousands of Dollars) Level 1 Level 2 Level 3 Netting Adjustments (1) Total (1) Assets: Cash Equivalents – Money Market Mutual Funds $ 89,114 $ — $ — $ — $ 89,114 Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 37,571 — (19,204) 18,367 Over the Counter No Cost Collars – Gas — — — (444) (444) Foreign Currency Contracts — 1,027 — (856) 171 Other Investments: Balanced Equity Mutual Fund 32,226 — — — 32,226 Fixed Income Mutual Fund 70,223 — — — 70,223 Common Stock – Financial Services Industry 819 — — — 819 Total $ 192,382 $ 38,598 $ — $ (20,504) $ 210,476 Liabilities: Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 22,966 — (19,204) 3,762 Over the Counter No Cost Collars – Gas — 1,734 — (444) 1,290 Foreign Currency Contracts — 317 — (856) (539) Total $ — $ 25,017 $ — $ (20,504) $ 4,513 Total Net Assets/(Liabilities) $ 192,382 $ 13,581 $ — $ — $ 205,963 Recurring Fair Value Measures At fair value as of September 30, 2020 (Thousands of Dollars) Level 1 Level 2 Level 3 Netting Adjustments (1) Total (1) Assets: Cash Equivalents – Money Market Mutual Funds $ 12,285 $ — $ — $ — $ 12,285 Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 36,418 — (26,400) 10,018 Over the Counter No Cost Collars – Gas — — — (720) (720) Foreign Currency Contracts — 259 — (338) (79) Other Investments: Balanced Equity Mutual Fund 39,618 — — — 39,618 Fixed Income Mutual Fund 72,253 — — — 72,253 Common Stock – Financial Services Industry 639 — — — 639 Total $ 124,795 $ 36,677 $ — $ (27,458) $ 134,014 Liabilities: Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 61,280 — (26,400) 34,880 Over the Counter No Cost Collars – Gas — 8,171 — (720) 7,451 Foreign Currency Contracts — 1,976 — (338) 1,638 Total $ — $ 71,427 $ — $ (27,458) $ 43,969 Total Net Assets/(Liabilities) $ 124,795 $ (34,750) $ — $ — $ 90,045 (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, 2020 and September 30, 2020 consist of natural gas price swap agreements, natural gas no cost collars, crude oil price swap agreements, 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, discounted cash flow model that uses observable inputs (i.e. LIBOR based discount rates and basis differential information, if applicable, at active natural gas and crude oil trading markets). The fair value of the Level 2 foreign currency contracts is determined using the market approach based on observable market transactions of forward Canadian currency rates. The accounting rules 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, 2020, the Company determined that nonperformance risk 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. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Dec. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [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, 2020 September 30, 2020 Carrying Fair Value Carrying Fair Value Long-Term Debt $ 2,630,473 $ 2,868,429 $ 2,629,576 $ 2,778,556 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/LIBOR 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, 2020 At September 30, 2020 Life Insurance Contracts $ 42,653 $ 41,992 Equity Mutual Fund 32,226 39,618 Fixed Income Mutual Fund 70,223 72,253 Marketable Equity Securities 819 639 $ 145,921 $ 154,502 Investments in life insurance contracts are stated at their cash surrender values or net present value. Investments in an equity mutual fund, a fixed income mutual fund and the stock of an insurance company (marketable equity securities) are stated at fair value based on quoted market prices with changes in fair value recognized in net income. The insurance contracts and marketable equity and fixed income securities are primarily informal funding mechanisms for various benefit obligations the Company has to certain employees. Derivative Financial Instruments. The Company uses derivative financial instruments to manage commodity price risk in the Exploration and Production segment. The Company enters into over-the-counter no cost collars and over-the-counter swap agreements for natural gas and crude oil to manage the price risk associated with forecasted sales of gas and oil. 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 10 years. 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, 2020 and September 30, 2020. Substantially all of the derivative financial instruments reported on those line items relate to commodity contracts and a small portion relates to foreign currency forward contracts. Cash Flow Hedges For derivative 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, 2020, the Company had the following commodity derivative contracts (swaps and no cost collars) outstanding: Commodity Units Natural Gas 282.0 Bcf Crude Oil 1,605,000 Bbls As of December 31, 2020, the Company was hedging a total of $73.7 million of forecasted transportation costs denominated in Canadian dollars with foreign currency forward contracts. As of December 31, 2020, the Company had $13.6 million ($10.2 million after-tax) of net hedging gains included in the accumulated other comprehensive income (loss) balance. It is expected that $3.3 million ($2.4 million after-tax) of unrealized gains 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, 2020 and 2019 (Thousands of Dollars) Derivatives in Cash Flow Hedging Relationships Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on 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 2020 2019 2020 2019 Commodity Contracts $ 45,595 $ (1,555) Operating Revenue $ (310) $ 7,541 Commodity Contracts — 1,131 Purchased Gas — 2 Foreign Currency Contracts 2,426 919 Operating Revenue (1) (191) Total $ 48,021 $ 495 $ (311) $ 7,352 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 sixteen counterparties of which ten are in a net gain position. On average, the Company had $1.8 million of credit exposure per counterparty in a gain position at December 31, 2020. The maximum credit exposure per counterparty in a gain position at December 31, 2020 was $4.2 million. As of December 31, 2020, 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, 2020, fourteen of the sixteen counterparties to the Company’s outstanding derivative instrument contracts (specifically the over-the-counter swaps, over-the-counter no cost collars and applicable foreign currency forward contracts) had a common credit-risk related contingency feature. In the event the Company’s credit rating increases or falls below a certain threshold (applicable debt ratings), the available credit extended to the Company would either increase or decrease. A decline in the Company’s credit rating, in and of itself, would not cause the Company to be required to 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 instrument contracts were in a liability position (or if the liability were larger) and/or the Company’s credit rating declined, then additional hedging collateral deposits may be required. At December 31, 2020, the fair market value of the derivative financial instrument assets with a credit-risk related contingency feature was $14.4 million according to the Company’s internal model (discussed in Note 4 – Fair Value Measurements). At December 31, 2020, the fair market value of the derivative financial instrument liabilities with a credit-risk related contingency feature was $4.5 million according to the Company's internal model. For its over-the-counter swap agreements and foreign currency forward contracts, no hedging collateral deposits were required to be posted by the Company at December 31, 2020. |
Income Taxes
Income Taxes | 3 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective tax rates for the quarters ended December 31, 2020 and December 31, 2019 were 27.4% and 26.6%, respectively. The increase in the tax rate is primarily the result of the valuation allowance recorded against certain state deferred tax assets, discussed below, differences between the book and tax treatment of stock compensation, and a decrease in the allowance for funds used during construction (which is not taxable) as a result of certain ongoing projects in the Company's Pipeline and Storage segment being placed in service in fiscal 2020. A valuation allowance for deferred tax assets, including net operating losses and tax credits, is recognized when it is more likely than not that some or all of the benefit from the deferred tax assets will not be realized. The Company continually assesses the realizability of its deferred tax assets, including factors such as future taxable income, reversal of existing temporary differences, and tax planning strategies. The Company considers both positive and negative evidence related to the likelihood of the realization of the deferred tax assets. As of March 31, 2020, the Company recorded a valuation allowance against certain state deferred tax assets in the amount of $56.8 million based on its conclusion, considering all available objective evidence and the Company’s history of subsidiary state tax losses, that it was more likely than not that the deferred tax assets would not be realized. The valuation allowance increased to $63.6 million as of December 31, 2020 as a result of certain state net operating loss and tax credit activity. Changes in judgment regarding future realization of these deferred tax assets may result in a reversal of all or a portion of the valuation allowance. The Company will continue to re-assess this position each quarter. On March 27, 2020, the “Coronavirus Aid, Relief and Economic Security (CARES) Act” was signed into law. The CARES Act, among other things, includes provisions relating to AMT credit refunds, refundable payroll tax credits, deferment of employer side social security payments, net operating loss carryback periods, and modifications to the net interest deduction limitation. The 2017 Tax Reform Act had repealed the corporate alternative minimum tax and provided that the Company’s existing AMT credit carryovers were refundable over a four year period. As of September 30, 2018, the Company had $85.0 million of AMT credit carryovers. The Company received the first installment for $42.5 million of AMT credit refunds related to fiscal 2019 in January 2020 and filed for the acceleration of the remaining AMT credit refunds of $42.5 million, which were received in June 2020. On December 27, 2020, the “Consolidated Appropriations Act, 2021 (CAA)” was signed into law. The CAA clarifies and expands the Paycheck Protection Program loans and the Employee Retention Credit as well as several other tax provisions first outlined in the CARES Act. The CAA is currently being evaluated, however, the Company does not anticipate a material impact as a result of this legislation. |
Capitalization
Capitalization | 3 Months Ended |
Dec. 31, 2020 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Capitalization | Capitalization Summary of Changes in Common Stock Equity Common Stock Paid In Earnings Accumulated Shares Amount (Thousands, except per share amounts) Balance at October 1, 2020 90,955 $ 90,955 $ 1,004,158 $ 991,630 $ (114,757) Net Income Available for Common Stock 77,774 Dividends Declared on Common Stock ($0.445 Per Share) (40,560) Other Comprehensive Income, Net of Tax 35,016 Share-Based Payment Expense (1) 3,496 Common Stock Issued (Repurchased) Under Stock and Benefit Plans 198 198 (3,285) Balance at December 31, 2020 91,153 $ 91,153 $ 1,004,369 $ 1,028,844 $ (79,741) Balance at October 1, 2019 86,315 $ 86,315 $ 832,264 $ 1,272,601 $ (52,155) Net Income Available for Common Stock 86,591 Dividends Declared on Common Stock ($0.435 Per Share) (37,650) Cumulative Effect of Adoption of Authoritative Guidance for Hedging (950) Other Comprehensive Loss, Net of Tax (3,995) Share-Based Payment Expense (1) 2,828 Common Stock Issued (Repurchased) Under Stock and Benefit Plans 237 237 (3,946) Balance at December 31, 2019 86,552 $ 86,552 $ 831,146 $ 1,320,592 $ (56,150) (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, 2020, the Company issued 104,760 original issue shares of common stock for restricted stock units that vested and 165,161 original issue shares of common stock for performance shares that vested. The Company also issued 10,880 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, as partial consideration for the directors’ services during the three months ended December 31, 2020. 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, 2020, 82,787 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. Current Portion of Long-Term Debt. Current Portion of Long-Term Debt at December 31, 2020 consists of $500.0 million of 4.90% notes that mature in December 2021. None of the Company's long-term debt as of September 30, 2020 had a maturity date within the following twelve-month period. Short-Term Borrowings. On February 3, 2021, the Company amended its existing 364-day credit facility agreement. The amendment extends the maturity date of the facility from May 3, 2021 to December 30, 2022, and increases the commitment provided under the facility from $200.0 million to $250.0 million of unsecured committed revolving credit access. The |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $6.0 million, which includes a $3.1 million estimated minimum liability to remediate a former manufactured gas plant site located in New York. In March 2018, the NYDEC issued a Record of Decision for this New York site and the minimum liability reflects the remedy selected in the Record of Decision. The Company's liability for such clean-up costs has been recorded in Other Deferred Credits on the Consolidated Balance Sheet at December 31, 2020. The Company expects to recover its environmental clean-up costs through rate recovery over a period of approximately 2 years 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). The United States Court of Appeals for the Second Circuit (the “Second Circuit Court of Appeals”) held in the Company’s favor in its appeal of this decision, vacating the NYDEC denial and remanding to the NYDEC. The NYDEC subsequently issued a second denial, which the Company has appealed to the Second Circuit Court of Appeals. The court has held this appeal in abeyance pending the outcome of the FERC waiver appeal, described below. While the Company’s initial appeal was pending before the Second Circuit Court of Appeals, the 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 have been appealed and are pending in a separate action before the Second Circuit Court of Appeals. 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. 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. |
Business Segment Information
Business Segment Information | 3 Months Ended |
Dec. 31, 2020 | |
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 reconciliations to consolidated amounts. As stated in the 2020 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 2020 Form 10-K. A listing of segment assets at December 31, 2020 and September 30, 2020 is shown in the tables below. Quarter Ended December 31, 2020 (Thousands) Exploration and Production Pipeline and Storage Gathering Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Revenue from External Customers $191,395 $59,308 $351 $188,901 $439,955 $1,110 $95 $441,160 Intersegment Revenues $— $28,456 $46,658 $100 $75,214 $20 $(75,234) $— Segment Profit: Net Income (Loss) $(29,623) $24,183 $20,550 $23,037 $38,147 $37,560 $2,067 $77,774 (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, 2020 $1,875,697 $2,219,331 $823,415 $2,113,416 $7,031,859 $156,905 $(149,596) $7,039,168 At September 30, 2020 $1,979,028 $2,204,971 $945,199 $2,067,852 $7,197,050 $113,571 $(345,686) $6,964,935 Quarter Ended December 31, 2019 (Thousands) Exploration and Production Pipeline and Storage Gathering Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Revenue from External Customers $165,939 $48,969 $— $194,910 $409,818 $34,235 $135 $444,188 Intersegment Revenues $— $23,251 $34,788 $1,915 $59,954 $177 $(60,131) $— Segment Profit: Net Income $23,977 $18,105 $15,944 $26,583 $84,609 $371 $1,611 $86,591 |
Retirement Plan And Other Post-
Retirement Plan And Other Post-Retirement Benefits | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2020 2019 Service Cost $ 2,466 $ 2,330 $ 400 $ 402 Interest Cost 5,422 7,483 2,326 3,228 Expected Return on Plan Assets (14,537) (15,016) (7,241) (7,308) Amortization of Prior Service Cost (Credit) 158 182 (107) (107) Amortization of Losses 9,203 9,846 212 134 Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) 3,713 1,527 6,854 6,249 Net Periodic Benefit Cost $ 6,425 $ 6,352 $ 2,444 $ 2,598 (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. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Dec. 31, 2020 | |
Regulatory Assets and Liabilities, Other Disclosures [Abstract] | |
Regulatory Matters | Regulatory Matters New York Jurisdiction Distribution Corporation's current delivery rates in its New York jurisdiction were approved by the NYPSC in an order issued on April 20, 2017 with rates becoming effective May 1, 2017. The order provided for a return on equity of 8.7%. The order also directed the implementation of an earnings sharing mechanism to be in place beginning on April 1, 2018. In New York, on March 13, 2020, in response to the COVID-19 pandemic, the Company agreed to NYPSC Staff’s request that the Company suspend service terminations and disconnections. Thereafter, on June 17, 2020, New York enacted a new law that prohibits utilities from terminating or disconnecting services to any residential customer for non-payment for the duration of the state disaster emergency. In addition, the law prohibits residential terminations for non-payment for a period of 180 days running from the end of the state disaster emergency for customers that have experienced a change in financial circumstances due to the COVID-19 state of emergency. Governor Cuomo, through the issuance of executive orders, has extended the declaration of the state disaster emergency through February 26, 2021. The law currently sunsets on March 31, 2021, but legislation extending the moratorium is anticipated. The duration of the aforementioned suspension in New York and its related impact on the Company is uncertain. The Company is anticipating that customer non-payment may increase given higher natural gas usage and the resulting increase in costs for customers. It is uncertain at this point as to whether there would be any regulatory relief for utilities with regard to an increase in costs associated with the COVID-19 pandemic, but it is one of many issues currently being considered in a generic NYPSC proceeding entitled “Proceeding on Motion of the Commission Regarding the Effects of COVID-19 on Utility Service” (Case No. 20-M-0266). Correspondence from NYPSC Staff has recommended that utilities rely on existing avenues of relief for these costs, and has identified additional, more stringent requirements that must be met to achieve relief. Pennsylvania Jurisdiction Distribution Corporation’s current delivery rates in its Pennsylvania jurisdiction were approved by the PaPUC on November 30, 2006 as part of a settlement agreement that became effective January 1, 2007. The rate settlement does not specify any requirement to file a future rate case. On March 26, 2020, the PaPUC ratified an Emergency Order that established a Service Termination Moratorium intended to continue during the pendency of Governor Wolf’s March 6, 2020 Proclamation of Disaster Emergency associated with the COVID-19 pandemic. On May 13, 2020, the Company (and other Pennsylvania local distribution companies) received a Secretarial Letter from the PaPUC regarding COVID-19 pandemic cost tracking and regulatory assets. The Secretarial Letter directs utilities to track “extraordinary, nonrecurring incremental COVID-19 related expenses” so the Commission can understand the impact of these expenses on the utilities’ finances. It also authorizes the creation of a utility regulatory asset, but only for incremental uncollectible expenses incurred above those embedded in rates (and incurred since the issuance of the Emergency Order). The Company currently does not anticipate a need to create a regulatory asset for these expenses. On October 8, 2020, the Commission issued an order ending the moratorium effective November 9, 2020, imposing a list of enhanced customer protections that expire on March 31, 2021 and calling for comments by February 16, 2021 regarding policies the Commission should adopt after March 31, 2021. The order also appears to expand the aforementioned potential utility regulatory asset to all incremental COVID-19 related expenses incurred above those embedded in rates. The Company continues to monitor this item for potential deferral opportunity. FERC Jurisdiction Supply Corporation’s rate settlement, approved June 1, 2020, provides that no party may make a rate filing for new rates to be effective before February 1, 2024, except that Supply Corporation may file an NGA general Section 4 rate case to change rates if the corporate federal income tax rate is increased. If no case has been filed, Supply Corporation must file for rates to be effective February 1, 2025. Supply has no rate case currently on file. Empire’s 2019 rate settlement provides that no party may make a filing for new rates before March 31, 2021. If no rate case has been filed, Empire must make a rate case filing no later than May 1, 2025. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 3 Months Ended |
Dec. 31, 2020 | |
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 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, 2020, 2019 and 2018 that are included in the Company's 2020 Form 10-K. The consolidated financial statements for the year ended September 30, 2021 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year. |
Consolidated Statements of Cash Flows | Consolidated Statements of Cash Flows. The components, as reported on the Company’s Consolidated Balance Sheets, of the total cash, cash equivalents, and restricted cash presented on the Statement of Cash Flows are as follows (in thousands): Three Months Ended Three Months Ended Balance at Balance at Balance at Balance at Cash and Temporary Cash Investments $ 20,541 $ 109,413 $ 20,428 $ 34,966 Hedging Collateral Deposits — — 6,832 9,666 Cash, Cash Equivalents, and Restricted Cash $ 20,541 $ 109,413 $ 27,260 $ 44,632 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 hedging positions. 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 is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic environment. Account balances are charged off against the allowance twelve months after the account is final billed or when it is anticipated that the receivable will not be recovered. In response to the COVID-19 pandemic, the Company has suspended collection and termination activity for non-payments in its Utility service territories. To date, despite the economic conditions that have arisen as a result of the COVID-19 pandemic, the Company has not experienced a significant reduction in the rate at which its customers pay their bills. However, as the winter heating season progresses, the Company is anticipating that customer non-payment may increase given higher natural gas usage and the resulting increase in costs for customers. Activity in the allowance for uncollectible accounts for the three months ended December 31, 2020 are as follows: Balance at Beginning of Period Additions Charged to Costs and Expenses Add: Deduct: Balance at End of Period Three Months Ended December 31, 2020 Allowance for Uncollectible Accounts $ 22,810 $ 4,679 $ 170 $ 1,438 $ 26,221 |
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 $1.8 million at December 31, 2020, is reduced to zero by September 30 of each year as the inventory is replenished. |
Materials, Supplies and Emission Allowances | Materials, Supplies and Emission Allowances. The components of the Company's materials, supplies and emission allowances are as follows: At December 31, 2020 At September 30, 2020 Materials and Supplies - at average cost $ 33,676 $ 33,859 Emission Allowances 18,018 18,018 $ 51,694 $ 51,877 |
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 $1.7 billion and $1.8 billion at December 31, 2020 and September 30, 2020, 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 $134.9 million and $148.1 million at December 31, 2020 and September 30, 2020, 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 unevaluated 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. The book value of the oil and gas properties exceeded the ceiling at December 31, 2020. As such, the Company recognized a non-cash, pre-tax impairment charge of $76.2 million for the quarter ended December 31, 2020. A deferred income tax benefit of $21.0 million related to the non-cash impairment charge was also recognized for the quarter ended December 31, 2020. In adjusting estimated future cash flows for hedging under the ceiling test at December 31, 2020, estimated future net cash flows were increased by $183.0 million. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss). The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2020 and 2019, 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, 2020 Balance at October 1, 2020 $ (24,865) $ (89,892) $ (114,757) Other Comprehensive Gains and Losses Before Reclassifications 34,791 — 34,791 Amounts Reclassified From Other Comprehensive Income (Loss) 225 — 225 Balance at December 31, 2020 $ 10,151 $ (89,892) $ (79,741) Three Months Ended December 31, 2019 Balance at October 1, 2019 $ 34,675 $ (86,830) $ (52,155) Other Comprehensive Gains and Losses Before Reclassifications 376 — 376 Amounts Reclassified From Other Comprehensive Income (Loss) (5,321) — (5,321) Cumulative Effect of Adoption of Authoritative Guidance for Hedging 950 — 950 Balance at December 31, 2019 $ 30,680 $ (86,830) $ (56,150) |
Reclassifications Out of Accumulated Other Comprehensive Income (Loss) | 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, 2020 and 2019 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 Affected Line Item in the Statement Where Net Income is Presented Three Months Ended 2020 2019 Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: Commodity Contracts ($310) $7,541 Operating Revenues Commodity Contracts — 2 Purchased Gas Foreign Currency Contracts (1) (191) Operating Revenues (311) 7,352 Total Before Income Tax 86 (2,031) Income Tax Expense ($225) $5,321 Net of Tax |
Other Current Assets | Other Current Assets . The components of the Company’s Other Current Assets are as follows (in thousands): At December 31, 2020 At September 30, 2020 Prepayments $ 10,203 $ 12,851 Prepaid Property and Other Taxes 14,821 14,269 State Income Taxes Receivable 1,439 3,828 Regulatory Assets 21,441 16,609 $ 47,904 $ 47,557 |
Other Accruals and Current Liabilities | Other Accruals and Current Liabilities . The components of the Company’s Other Accruals and Current Liabilities are as follows (in thousands): At December 31, 2020 At September 30, 2020 Accrued Capital Expenditures $ 34,840 $ 33,344 Regulatory Liabilities 41,402 44,890 Reserve for Gas Replacement 1,778 — Liability for Royalty and Working Interests 22,869 15,665 Non-Qualified Benefit Plan Liability 14,460 14,460 Other 39,028 31,817 $ 154,377 $ 140,176 |
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 SARs, restricted stock units and performance shares. For the quarter ended December 31, 2020, 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. SARs, restricted stock units and performance shares that are antidilutive are excluded from the calculation of diluted earnings per common share. There were 373,378 securities and 733,617 securities excluded as being antidilutive for the quarters ended December 31, 2020 and December 31, 2019, respectively. |
Stock-Based Compensation | Stock-Based Compensation. The Company granted 309,470 performance shares during the quarter ended December 31, 2020. The weighted average fair value of such performance shares was $39.19 per share for the quarter ended December 31, 2020. 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. Half of the performance shares granted during the quarter ended December 31, 2020 must meet a performance goal related to relative return on capital over a three-year performance cycle. The performance goal over the performance cycle is the Company’s total return on capital relative to the total return on capital of other companies in a group selected by the Compensation Committee (“Report Group”). Total return on capital for a given company means the average of the Report Group companies’ returns on capital for each twelve month period corresponding to each of the Company’s fiscal years during the performance cycle, based on data reported for the Report Group companies in the Bloomberg database. The number of these 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 these 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 other half of the performance shares granted during the quarter ended December 31, 2020 must meet a performance goal related to relative total shareholder return over a three-year performance cycle. The performance goal over the performance cycle is the Company’s three-year total shareholder return relative to the three-year total shareholder return of the other companies in the Report Group. Three-year total shareholder return for a given company will be based on the data reported for that company (with the starting and ending stock prices over the performance cycle calculated as the average closing stock price for the prior calendar month and with dividends reinvested in that company’s securities at each ex-dividend date) in the Bloomberg database. The number of these total shareholder return performance shares ("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 170,113 restricted stock units during the quarter ended December 31, 2020. The weighted average fair value of such restricted stock units was $38.00 per share for the quarter ended December 31, 2020. 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 accounting for restricted stock units is the same as the accounting for restricted share awards, except that the fair value at the date of grant of the restricted stock units must be reduced by the present value of forgone dividends over the vesting term of the award. |
New Authoritative Accounting and Financial Reporting Guidance | New Authoritative Accounting and Financial Reporting Guidance. On October 1, 2020, the Company adopted authoritative guidance regarding the measurement of credit losses on financial assets measured at amortized cost. The new guidance requires financial assets measured at amortized cost to be presented at the net amount expected to be collected, which means that companies are required to recognize an allowance for credit losses for the difference between the amortized cost basis of the financial asset and the amount expected to be collected over the contractual life of the asset. Prior to adoption, the Company analyzed its financial assets measured at amortized cost, primarily trade receivables. The adoption of this guidance did not have a material impact to the Company’s financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
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 Three Months Ended Balance at Balance at Balance at Balance at Cash and Temporary Cash Investments $ 20,541 $ 109,413 $ 20,428 $ 34,966 Hedging Collateral Deposits — — 6,832 9,666 Cash, Cash Equivalents, and Restricted Cash $ 20,541 $ 109,413 $ 27,260 $ 44,632 |
Schedule of Allowance for Uncollectible Accounts | Activity in the allowance for uncollectible accounts for the three months ended December 31, 2020 are as follows: Balance at Beginning of Period Additions Charged to Costs and Expenses Add: Deduct: Balance at End of Period Three Months Ended December 31, 2020 Allowance for Uncollectible Accounts $ 22,810 $ 4,679 $ 170 $ 1,438 $ 26,221 |
Schedule of Materials, Supplies and Emission Allowances | The components of the Company's materials, supplies and emission allowances are as follows: At December 31, 2020 At September 30, 2020 Materials and Supplies - at average cost $ 33,676 $ 33,859 Emission Allowances 18,018 18,018 $ 51,694 $ 51,877 |
Components of Accumulated Other Comprehensive Income (Loss) | The components of Accumulated Other Comprehensive Income (Loss) and changes for the three months ended December 31, 2020 and 2019, 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, 2020 Balance at October 1, 2020 $ (24,865) $ (89,892) $ (114,757) Other Comprehensive Gains and Losses Before Reclassifications 34,791 — 34,791 Amounts Reclassified From Other Comprehensive Income (Loss) 225 — 225 Balance at December 31, 2020 $ 10,151 $ (89,892) $ (79,741) Three Months Ended December 31, 2019 Balance at October 1, 2019 $ 34,675 $ (86,830) $ (52,155) Other Comprehensive Gains and Losses Before Reclassifications 376 — 376 Amounts Reclassified From Other Comprehensive Income (Loss) (5,321) — (5,321) Cumulative Effect of Adoption of Authoritative Guidance for Hedging 950 — 950 Balance at December 31, 2019 $ 30,680 $ (86,830) $ (56,150) |
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, 2020 and 2019 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 Affected Line Item in the Statement Where Net Income is Presented Three Months Ended 2020 2019 Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: Commodity Contracts ($310) $7,541 Operating Revenues Commodity Contracts — 2 Purchased Gas Foreign Currency Contracts (1) (191) Operating Revenues (311) 7,352 Total Before Income Tax 86 (2,031) Income Tax Expense ($225) $5,321 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, 2020 At September 30, 2020 Prepayments $ 10,203 $ 12,851 Prepaid Property and Other Taxes 14,821 14,269 State Income Taxes Receivable 1,439 3,828 Regulatory Assets 21,441 16,609 $ 47,904 $ 47,557 |
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, 2020 At September 30, 2020 Accrued Capital Expenditures $ 34,840 $ 33,344 Regulatory Liabilities 41,402 44,890 Reserve for Gas Replacement 1,778 — Liability for Royalty and Working Interests 22,869 15,665 Non-Qualified Benefit Plan Liability 14,460 14,460 Other 39,028 31,817 $ 154,377 $ 140,176 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 and 2019, presented by type of service from each reportable segment. Quarter Ended December 31, 2020 (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 $ 166,442 $ — $ — $ — $ — $ — $ 166,442 Production of Crude Oil 24,499 — — — — — 24,499 Natural Gas Processing 553 — — — — — 553 Natural Gas Gathering Service — — 47,009 — — (46,658) 351 Natural Gas Transportation Service — 64,825 — 29,021 — (19,590) 74,256 Natural Gas Storage Service — 20,517 — — — (8,763) 11,754 Natural Gas Residential Sales — — — 137,881 — — 137,881 Natural Gas Commercial Sales — — — 17,195 — — 17,195 Natural Gas Industrial Sales — — — 922 — — 922 Natural Gas Marketing — — — — 585 (20) 565 Other 211 2,422 — (1,612) 545 (108) 1,458 Total Revenues from Contracts with Customers 191,705 87,764 47,009 183,407 1,130 (75,139) 435,876 Alternative Revenue Programs — — — 5,594 — — 5,594 Derivative Financial Instruments (310) — — — — — (310) Total Revenues $ 191,395 $ 87,764 $ 47,009 $ 189,001 $ 1,130 $ (75,139) $ 441,160 Quarter Ended December 31, 2019 (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 $ 119,874 $ — $ — $ — $ — $ — $ 119,874 Production of Crude Oil 37,664 — — — — — 37,664 Natural Gas Processing 688 — — — — — 688 Natural Gas Gathering Service — — 34,788 — — (34,788) — Natural Gas Transportation Service — 53,452 — 32,808 — (16,986) 69,274 Natural Gas Storage Service — 18,426 — — — (7,993) 10,433 Natural Gas Residential Sales — — — 144,370 — — 144,370 Natural Gas Commercial Sales — — — 18,841 — — 18,841 Natural Gas Industrial Sales — — — 1,270 — — 1,270 Natural Gas Marketing — — — — 34,108 (177) 33,931 Other 172 342 — (3,324) 1,120 (52) (1,742) Total Revenues from Contracts with Customers 158,398 72,220 34,788 193,965 35,228 (59,996) 434,603 Alternative Revenue Programs — — — 2,860 — — 2,860 Derivative Financial Instruments 7,541 — — — (816) — 6,725 Total Revenues $ 165,939 $ 72,220 $ 34,788 $ 196,825 $ 34,412 $ (59,996) $ 444,188 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
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, 2020 and September 30, 2020. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over-the-counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company. Recurring Fair Value Measures At fair value as of December 31, 2020 (Thousands of Dollars) Level 1 Level 2 Level 3 Netting Adjustments (1) Total (1) Assets: Cash Equivalents – Money Market Mutual Funds $ 89,114 $ — $ — $ — $ 89,114 Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 37,571 — (19,204) 18,367 Over the Counter No Cost Collars – Gas — — — (444) (444) Foreign Currency Contracts — 1,027 — (856) 171 Other Investments: Balanced Equity Mutual Fund 32,226 — — — 32,226 Fixed Income Mutual Fund 70,223 — — — 70,223 Common Stock – Financial Services Industry 819 — — — 819 Total $ 192,382 $ 38,598 $ — $ (20,504) $ 210,476 Liabilities: Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 22,966 — (19,204) 3,762 Over the Counter No Cost Collars – Gas — 1,734 — (444) 1,290 Foreign Currency Contracts — 317 — (856) (539) Total $ — $ 25,017 $ — $ (20,504) $ 4,513 Total Net Assets/(Liabilities) $ 192,382 $ 13,581 $ — $ — $ 205,963 Recurring Fair Value Measures At fair value as of September 30, 2020 (Thousands of Dollars) Level 1 Level 2 Level 3 Netting Adjustments (1) Total (1) Assets: Cash Equivalents – Money Market Mutual Funds $ 12,285 $ — $ — $ — $ 12,285 Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 36,418 — (26,400) 10,018 Over the Counter No Cost Collars – Gas — — — (720) (720) Foreign Currency Contracts — 259 — (338) (79) Other Investments: Balanced Equity Mutual Fund 39,618 — — — 39,618 Fixed Income Mutual Fund 72,253 — — — 72,253 Common Stock – Financial Services Industry 639 — — — 639 Total $ 124,795 $ 36,677 $ — $ (27,458) $ 134,014 Liabilities: Derivative Financial Instruments: Over the Counter Swaps – Gas and Oil — 61,280 — (26,400) 34,880 Over the Counter No Cost Collars – Gas — 8,171 — (720) 7,451 Foreign Currency Contracts — 1,976 — (338) 1,638 Total $ — $ 71,427 $ — $ (27,458) $ 43,969 Total Net Assets/(Liabilities) $ 124,795 $ (34,750) $ — $ — $ 90,045 (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. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Financial Instruments, Owned, at Fair Value [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, 2020 September 30, 2020 Carrying Fair Value Carrying Fair Value Long-Term Debt $ 2,630,473 $ 2,868,429 $ 2,629,576 $ 2,778,556 |
Schedule Of Other Investments | The components of the Company's Other Investments are as follows (in thousands): At December 31, 2020 At September 30, 2020 Life Insurance Contracts $ 42,653 $ 41,992 Equity Mutual Fund 32,226 39,618 Fixed Income Mutual Fund 70,223 72,253 Marketable Equity Securities 819 639 $ 145,921 $ 154,502 |
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, 2020 and 2019 (Thousands of Dollars) Derivatives in Cash Flow Hedging Relationships Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on 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 2020 2019 2020 2019 Commodity Contracts $ 45,595 $ (1,555) Operating Revenue $ (310) $ 7,541 Commodity Contracts — 1,131 Purchased Gas — 2 Foreign Currency Contracts 2,426 919 Operating Revenue (1) (191) Total $ 48,021 $ 495 $ (311) $ 7,352 |
Capitalization (Tables)
Capitalization (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
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 Earnings Accumulated Shares Amount (Thousands, except per share amounts) Balance at October 1, 2020 90,955 $ 90,955 $ 1,004,158 $ 991,630 $ (114,757) Net Income Available for Common Stock 77,774 Dividends Declared on Common Stock ($0.445 Per Share) (40,560) Other Comprehensive Income, Net of Tax 35,016 Share-Based Payment Expense (1) 3,496 Common Stock Issued (Repurchased) Under Stock and Benefit Plans 198 198 (3,285) Balance at December 31, 2020 91,153 $ 91,153 $ 1,004,369 $ 1,028,844 $ (79,741) Balance at October 1, 2019 86,315 $ 86,315 $ 832,264 $ 1,272,601 $ (52,155) Net Income Available for Common Stock 86,591 Dividends Declared on Common Stock ($0.435 Per Share) (37,650) Cumulative Effect of Adoption of Authoritative Guidance for Hedging (950) Other Comprehensive Loss, Net of Tax (3,995) Share-Based Payment Expense (1) 2,828 Common Stock Issued (Repurchased) Under Stock and Benefit Plans 237 237 (3,946) Balance at December 31, 2019 86,552 $ 86,552 $ 831,146 $ 1,320,592 $ (56,150) (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. |
Business Segment Information (T
Business Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Financial Segment Information By Segment | Quarter Ended December 31, 2020 (Thousands) Exploration and Production Pipeline and Storage Gathering Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Revenue from External Customers $191,395 $59,308 $351 $188,901 $439,955 $1,110 $95 $441,160 Intersegment Revenues $— $28,456 $46,658 $100 $75,214 $20 $(75,234) $— Segment Profit: Net Income (Loss) $(29,623) $24,183 $20,550 $23,037 $38,147 $37,560 $2,067 $77,774 (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, 2020 $1,875,697 $2,219,331 $823,415 $2,113,416 $7,031,859 $156,905 $(149,596) $7,039,168 At September 30, 2020 $1,979,028 $2,204,971 $945,199 $2,067,852 $7,197,050 $113,571 $(345,686) $6,964,935 Quarter Ended December 31, 2019 (Thousands) Exploration and Production Pipeline and Storage Gathering Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Revenue from External Customers $165,939 $48,969 $— $194,910 $409,818 $34,235 $135 $444,188 Intersegment Revenues $— $23,251 $34,788 $1,915 $59,954 $177 $(60,131) $— Segment Profit: Net Income $23,977 $18,105 $15,944 $26,583 $84,609 $371 $1,611 $86,591 |
Retirement Plan And Other Pos_2
Retirement Plan And Other Post-Retirement Benefits (Tables) | 3 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Components of Net Periodic Benefit Cost | Components of Net Periodic Benefit Cost (in thousands): Retirement Plan Other Post-Retirement Benefits Three Months Ended December 31, 2020 2019 2020 2019 Service Cost $ 2,466 $ 2,330 $ 400 $ 402 Interest Cost 5,422 7,483 2,326 3,228 Expected Return on Plan Assets (14,537) (15,016) (7,241) (7,308) Amortization of Prior Service Cost (Credit) 158 182 (107) (107) Amortization of Losses 9,203 9,846 212 134 Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) 3,713 1,527 6,854 6,249 Net Periodic Benefit Cost $ 6,425 $ 6,352 $ 2,444 $ 2,598 (1) The Company’s policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer months. |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Gas Stored Underground | $ 19,648 | $ 33,338 | |||
Capitalized Costs Oil and Gas Producing Activities Net | 1,700,000 | 1,800,000 | |||
Capitalized costs of unproved properties excluded from amortization | $ 134,900 | 148,100 | |||
Full cost ceiling test discount factor | 10.00% | ||||
Impairment of Oil and Gas Producing Properties | $ 76,152 | $ 0 | |||
Increase estimated future net cash flows | $ 183,000 | ||||
Antidilutive securities | 373,378 | 733,617 | |||
Retained Earnings (Accumulated Deficit) | $ 1,028,844 | $ 1,320,592 | 991,630 | $ 1,272,601 | |
Earnings Reinvested in The Business [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | 1,028,844 | $ 1,320,592 | 991,630 | 1,272,601 | |
Reserve For Gas Replacement [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gas Stored Underground | 1,778 | 0 | |||
Impairment of Oil and Gas Producing Properties [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Deferred Income Tax Benefit | $ 21,000 | ||||
Restricted Stock Units [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Share based compensation other than options grants in period | 170,113 | ||||
Granted in fiscal year, weighted average grant date fair value | $ 38 | ||||
Performance Shares [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Share based compensation other than options grants in period | 309,470 | ||||
Granted in fiscal year, weighted average grant date fair value | $ 39.19 | ||||
Subsequent Event [Member] | Reserve For Gas Replacement [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Gas Stored Underground | $ 0 | ||||
Guidance for Hedging [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ 0 | (950) | |||
Increase (Decrease) to Accumulated Other Comprehensive Income | 1,000 | ||||
Guidance for Hedging [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | Earnings Reinvested in The Business [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Retained Earnings (Accumulated Deficit) | $ (950) |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Consolidated Statements Of Cash Flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Cash and Cash Equivalents [Line Items] | ||||
Cash and Temporary Cash Investments | $ 109,413 | $ 20,541 | $ 34,966 | $ 20,428 |
Hedging Collateral Deposits | 0 | 0 | 9,666 | 6,832 |
Cash, Cash Equivalents and Restricted Cash | $ 109,413 | $ 20,541 | $ 44,632 | $ 27,260 |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Allowance for Uncollectible Accounts) (Details) | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Allowance for Uncollectible Accounts [Roll Forward] | |
Balance at Beginning of Period | $ 22,810 |
Additions Charged to Costs and Expenses | 4,679 |
Add: Discounts on Purchased Receivables | 170 |
Deduct: Net Accounts Receivable Written-Off | 1,438 |
Balance at End of Period | $ 26,221 |
Summary of Significant Account
Summary of Significant Account Policies (Materials, Supplies and Emission Allowances) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Materials, Supplies and Emission Allowances [Line Items] | ||
Materials and Supplies - at average cost | $ 33,676 | $ 33,859 |
Emission Allowances | 18,018 | 18,018 |
Materials, Supplies and Emission Allowances | $ 51,694 | $ 51,877 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at Beginning of Period | $ (114,757) | $ (52,155) |
Other Comprehensive Gains and Losses Before Reclassifications | 34,791 | 376 |
Amounts Reclassified From Other Comprehensive Income (Loss) | 225 | (5,321) |
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | 950 | |
Balance at End of Period | (79,741) | (56,150) |
Gains And Losses On Derivative Financial Instruments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at Beginning of Period | (24,865) | 34,675 |
Other Comprehensive Gains and Losses Before Reclassifications | 34,791 | 376 |
Amounts Reclassified From Other Comprehensive Income (Loss) | 225 | (5,321) |
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | 950 | |
Balance at End of Period | 10,151 | 30,680 |
Funded Status Of The Pension And Other Post-Retirement Benefit Plans [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Balance at Beginning of Period | (89,892) | (86,830) |
Other Comprehensive Gains and Losses Before Reclassifications | 0 | 0 |
Amounts Reclassified From Other Comprehensive Income (Loss) | 0 | 0 |
Cumulative Effect of Adoption of Authoritative Guidance for Hedging | 0 | |
Balance at End of Period | $ (89,892) | $ (86,830) |
Summary Of Significant Accoun_8
Summary Of Significant Accounting Policies (Reclassification Out Of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Operating Revenues | $ 441,160 | $ 444,188 |
Purchased Gas | 51,620 | 92,272 |
Other Income (Deductions) | (2,176) | (3,040) |
Income Before Income Taxes | 107,191 | 117,986 |
Income Tax Expense | (29,417) | (31,395) |
Net Income Available for Common Stock | 77,774 | 86,591 |
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Income Before Income Taxes | (311) | 7,352 |
Income Tax Expense | 86 | (2,031) |
Net Income Available for Common Stock | (225) | 5,321 |
Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Commodity Contracts [Member] | Gains And Losses On Derivative Financial Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Operating Revenues | (310) | 7,541 |
Purchased Gas [Member] | Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Commodity Contracts [Member] | Gains And Losses On Derivative Financial Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Purchased Gas | 0 | 2 |
Foreign Currency Contracts [Member] | Amount Of Gain Or (Loss) Reclassified From Accumulated Other Comprehensive Income (Loss) [Member] | Gains And Losses On Derivative Financial Instruments [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Operating Revenues | $ (1) | $ (191) |
Summary Of Significant Accoun_9
Summary Of Significant Accounting Policies (Components Of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||
Prepayments | $ 10,203 | $ 12,851 |
Prepaid Property and Other Taxes | 14,821 | 14,269 |
Regulatory Assets | 21,441 | 16,609 |
Other Current Assets | 47,904 | 47,557 |
State [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Income Taxes Receivable | $ 1,439 | $ 3,828 |
Summary Of Significant Accou_10
Summary Of Significant Accounting Policies (Schedule Of Other Accruals And Current Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Summary Of Significant Accounting Policies [Line Items] | ||
Regulatory Liabilities | $ 41,402 | $ 44,890 |
Reserve for Gas Replacement | 19,648 | 33,338 |
Liability for Royalty and Working Interests | 22,869 | 15,665 |
Other Accruals and Current Liabilities | 154,377 | 140,176 |
Accrued Capital Expenditures [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 34,840 | 33,344 |
Reserve For Gas Replacement [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Reserve for Gas Replacement | 1,778 | 0 |
Other Accruals [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Other | 39,028 | 31,817 |
Non-Qualified [Member] | Current [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non-Qualified Benefit Plan Liability | $ 14,460 | $ 14,460 |
Asset Acquisitions and Divest_2
Asset Acquisitions and Divestitures (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Asset Acquisition and Divestitures [Line Items] | |||
Total Consideration for Asset Acquisition | $ 506,300 | ||
Assets Held for Sale, Net | $ 0 | $ 53,424 | |
Net Proceeds from Sale of Timber Properties | 104,582 | $ 0 | |
Gain on Sale of Timber Properties | $ 51,066 | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Narrative) (Details) $ in Millions | Dec. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 142.5 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 170.7 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 134.7 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 123.5 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 117 |
Remaining Performance Obligation, Expected Timing of Satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Future Revenue Amounts Related to Remaining Performance Obligations | $ 517.5 |
Remaining Performance Obligation, Expected Timing of Satisfaction |
Revenue from Contracts with C_4
Revenue from Contracts with Customers (Disaggregation of Revenue) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 441,160 | $ 444,188 |
Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 191,705 | 158,398 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | (310) | 7,541 |
Revenue | 191,395 | 165,939 |
Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 87,764 | 72,220 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 87,764 | 72,220 |
Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 47,009 | 34,788 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 47,009 | 34,788 |
Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 183,407 | 193,965 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 5,594 | 2,860 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | 189,001 | 196,825 |
All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 1,130 | 35,228 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | (816) |
Revenue | 1,130 | 34,412 |
Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (75,139) | (59,996) |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | 0 | 0 |
Revenue | (75,139) | (59,996) |
Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 435,876 | 434,603 |
Alternative Revenue Programs Outside Scope of Authoritative Guidance on Revenue Recognition | 5,594 | 2,860 |
Derivative Financial Instruments Outside Scope of Authoritative Guidance on Revenue Recognition | (310) | 6,725 |
Revenue | 441,160 | 444,188 |
Production of Natural Gas [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 166,442 | 119,874 |
Production of Natural Gas [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Natural Gas [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 166,442 | 119,874 |
Production of Crude Oil [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 24,499 | 37,664 |
Production of Crude Oil [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Production of Crude Oil [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 24,499 | 37,664 |
Natural Gas Processing [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 553 | 688 |
Natural Gas Processing [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Processing [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 553 | 688 |
Natural Gas Gathering Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 47,009 | 34,788 |
Natural Gas Gathering Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Gathering Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (46,658) | (34,788) |
Natural Gas Gathering Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 351 | 0 |
Natural Gas Transportation Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 64,825 | 53,452 |
Natural Gas Transportation Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 29,021 | 32,808 |
Natural Gas Transportation Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Transportation Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (19,590) | (16,986) |
Natural Gas Transportation Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 74,256 | 69,274 |
Natural Gas Storage Service [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 20,517 | 18,426 |
Natural Gas Storage Service [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Storage Service [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (8,763) | (7,993) |
Natural Gas Storage Service [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 11,754 | 10,433 |
Natural Gas Residential Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 137,881 | 144,370 |
Natural Gas Residential Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Residential Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 137,881 | 144,370 |
Natural Gas Commercial Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 17,195 | 18,841 |
Natural Gas Commercial Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Commercial Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 17,195 | 18,841 |
Natural Gas Industrial Sales [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 922 | 1,270 |
Natural Gas Industrial Sales [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Industrial Sales [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 922 | 1,270 |
Natural Gas Marketing [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Marketing [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Marketing [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Marketing [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Natural Gas Marketing [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 585 | 34,108 |
Natural Gas Marketing [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (20) | (177) |
Natural Gas Marketing [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 565 | 33,931 |
Other [Member] | Exploration And Production [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 211 | 172 |
Other [Member] | Pipeline And Storage [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 2,422 | 342 |
Other [Member] | Gathering [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 0 | 0 |
Other [Member] | Utility [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (1,612) | (3,324) |
Other [Member] | All Other [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | 545 | 1,120 |
Other [Member] | Corporate And Intersegment Eliminations [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | (108) | (52) |
Other [Member] | Total Consolidated [Member] | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from Contracts with Customers | $ 1,458 | $ (1,742) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Hedging collateral deposits | $ 0 | $ 0 | $ 9,666,000 | $ 6,832,000 |
Derivative Financial Instruments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Level 3 Fair Value | $ 0 | $ 0 |
Fair Value Measurements (Recurr
Fair Value Measurements (Recurring Fair Value Measures Of Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Cash Equivalents - Money Market Mutual Funds | [1] | $ 89,114 | $ 12,285 | |||
Hedging Collateral Deposits | 0 | 0 | $ 9,666 | $ 6,832 | ||
Total Assets | [1] | 210,476 | 134,014 | |||
Total Liabilities | [1] | 4,513 | 43,969 | |||
Total Net Assets/(Liabilities) | [1] | 205,963 | 90,045 | |||
Over the Counter No Cost Collars - Gas [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | (444) | [1] | (720) | |||
Derivative Liability | 1,290 | [1] | 7,451 | |||
Foreign Currency Contracts [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | [1] | 171 | (79) | |||
Derivative Liability | [1] | (539) | 1,638 | |||
Balanced Equity Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 32,226 | 39,618 | |||
Fixed Income Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 70,223 | 72,253 | |||
Common Stock - Financial Services Industry [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 819 | 639 | |||
Over The Counter Swaps - Gas And Oil [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | [1] | 18,367 | 10,018 | |||
Derivative Liability | [1] | 3,762 | 34,880 | |||
Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Cash Equivalents - Money Market Mutual Funds | 89,114 | 12,285 | ||||
Total Assets | 192,382 | 124,795 | ||||
Total Liabilities | 0 | 0 | ||||
Total Net Assets/(Liabilities) | 192,382 | 124,795 | ||||
Fair Value, Inputs, Level 1 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Foreign Currency Contracts [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 1 [Member] | Balanced Equity Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 32,226 | 39,618 | ||||
Fair Value, Inputs, Level 1 [Member] | Fixed Income Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 70,223 | 72,253 | ||||
Fair Value, Inputs, Level 1 [Member] | Common Stock - Financial Services Industry [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 819 | 639 | ||||
Fair Value, Inputs, Level 1 [Member] | Over The Counter Swaps - Gas And Oil [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Cash Equivalents - Money Market Mutual Funds | 0 | 0 | ||||
Total Assets | 38,598 | 36,677 | ||||
Total Liabilities | 25,017 | 71,427 | ||||
Total Net Assets/(Liabilities) | 13,581 | (34,750) | ||||
Fair Value, Inputs, Level 2 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 1,734 | 8,171 | ||||
Fair Value, Inputs, Level 2 [Member] | Foreign Currency Contracts [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 1,027 | 259 | ||||
Derivative Liability | 317 | 1,976 | ||||
Fair Value, Inputs, Level 2 [Member] | Balanced Equity Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Fixed Income Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Common Stock - Financial Services Industry [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 2 [Member] | Over The Counter Swaps - Gas And Oil [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 37,571 | 36,418 | ||||
Derivative Liability | 22,966 | 61,280 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Cash Equivalents - Money Market Mutual Funds | 0 | 0 | ||||
Total Assets | 0 | 0 | ||||
Total Liabilities | 0 | 0 | ||||
Total Net Assets/(Liabilities) | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Foreign Currency Contracts [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Balanced Equity Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fixed Income Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Common Stock - Financial Services Industry [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Over The Counter Swaps - Gas And Oil [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | 0 | 0 | ||||
Derivative Liability | 0 | 0 | ||||
Netting Adjustments [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Cash Equivalents - Money Market Mutual Funds | [1] | 0 | 0 | |||
Total Assets | [1] | (20,504) | (27,458) | |||
Total Liabilities | [1] | (20,504) | (27,458) | |||
Total Net Assets/(Liabilities) | [1] | 0 | 0 | |||
Netting Adjustments [Member] | Over the Counter No Cost Collars - Gas [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | (444) | [1] | (720) | |||
Derivative Liability | (444) | [1] | (720) | |||
Netting Adjustments [Member] | Foreign Currency Contracts [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | [1] | (856) | (338) | |||
Derivative Liability | [1] | (856) | (338) | |||
Netting Adjustments [Member] | Balanced Equity Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 0 | 0 | |||
Netting Adjustments [Member] | Fixed Income Mutual Fund [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 0 | 0 | |||
Netting Adjustments [Member] | Common Stock - Financial Services Industry [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Other Investments | [1] | 0 | 0 | |||
Netting Adjustments [Member] | Over The Counter Swaps - Gas And Oil [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||||||
Derivative Asset | [1] | (19,204) | (26,400) | |||
Derivative Liability | [1] | $ (19,204) | $ (26,400) | |||
[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. |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2020USD ($)counterpartyMMcfbbl | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Foreign Currency Forward Contract Hedge Duration | 10 years | |||
Net hedging gains (losses) in accumulated other comprehensive income (loss) | $ 13,600 | |||
After tax net hedging gains (losses) in accumulated other comprehensive income (loss) | 10,200 | |||
Pre-Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | 3,300 | |||
After Tax Net Hedging Gains (Losses) Reclassified Within Twelve Months | 2,400 | |||
Fair market value of derivative asset with a credit-risk related contingency | 14,400 | |||
Fair market value of derivative liability with a credit-risk related contingency | 4,500 | |||
Hedging collateral deposits | $ 0 | $ 0 | $ 9,666 | $ 6,832 |
Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Hedge Duration | 5 years | |||
Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of counterparties in which the company holds over-the-counter swap positions | counterparty | 16 | |||
Number of counterparties in net gain position | counterparty | 10 | |||
Credit risk exposure per counterparty | $ 1,800 | |||
Maximum credit risk exposure per counterparty | 4,200 | |||
Collateral Received by the Company | 0 | |||
Hedging collateral deposits | $ 0 | |||
Natural Gas MMCf [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Nonmonetary notional amount of price risk cash flow hedge derivatives, natural gas | MMcf | 282,000 | |||
Crude Oil Bbls [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Nonmonetary notional amount of price risk cash flow hedge derivatives, crude oil | bbl | 1,605,000 | |||
Foreign Currency Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative, Notional Amount | $ 73,700 | |||
Credit Risk Related Contingency Feature [Member] | Over the Counter Swaps, No Cost Collars and Foreign Currency Forward Contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of counterparties with a common credit-risk related contingency | counterparty | 14 |
Financial Instruments (Long-Ter
Financial Instruments (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Financial Instruments, Owned, at Fair Value [Abstract] | ||
Carrying Amount | $ 2,630,473 | $ 2,629,576 |
Fair Value | $ 2,868,429 | $ 2,778,556 |
Financial Investments (Other In
Financial Investments (Other Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 |
Investment Holdings [Line Items] | ||
Life Insurance Contracts | $ 42,653 | $ 41,992 |
Other Investments | 145,921 | 154,502 |
Equity Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 32,226 | 39,618 |
Fixed Income Mutual Fund [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | 70,223 | 72,253 |
Marketable Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Fair Value | $ 819 | $ 639 |
Financial Instruments (Schedule
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, 2020 | Dec. 31, 2019 | |
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) | $ 48,021 | $ 495 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (311) | 7,352 |
Foreign Currency Contracts [Member] | Operating Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | 2,426 | 919 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (1) | (191) |
Commodity Contracts [Member] | Operating Revenues [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | 45,595 | (1,555) |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | (310) | 7,541 |
Commodity Contracts [Member] | Purchased Gas [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) | 0 | 1,131 |
Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income | $ 0 | $ 2 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2018 | |
Income Taxes [Line Items] | |||||
Effective Tax Rate | 27.40% | 26.60% | |||
Valuation Allowance | $ 63.6 | $ 56.8 | |||
First Installment of AMT Credit Refunds Received | $ 42.5 | ||||
Accelerated AMT Credit Refund Received Under CARES Act | $ 42.5 | ||||
Alternative Minimum Tax Credit [Member] | |||||
Income Taxes [Line Items] | |||||
Tax Credit Carryforwards | $ 85 |
Capitalization (Narrative) (Det
Capitalization (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Feb. 03, 2021 | Sep. 30, 2020 | |
Debt Instrument [Line Items] | |||
Shares tendered | 82,787 | ||
Current Portion of Long-Term Debt | $ 500,000 | $ 0 | |
4.90% Notes Due December 1, 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Current Portion of Long-Term Debt | $ 500,000 | ||
Long-term debt, interest rate | 4.90% | ||
Fourth Amended & Restated Credit Agreement [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 750,000 | ||
364-Day Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Current Borrowing Capacity | $ 200,000 | ||
364-Day Credit Facility [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 250,000 | ||
Restricted Stock Units [Member] | |||
Debt Instrument [Line Items] | |||
Common stock issued | 104,760 | ||
Performance Shares [Member] | |||
Debt Instrument [Line Items] | |||
Common stock issued | 165,161 | ||
Board Of Directors [Member] | |||
Debt Instrument [Line Items] | |||
Common stock issued | 10,880 |
Capitalization and Short-Term B
Capitalization and Short-Term Borrowings (Summary of Changes in Common Stock Equity) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning balance (shares) | 90,954,696 | ||
Beginning balance | $ 1,004,158 | ||
Balance at Beginning of Period | 991,630 | $ 1,272,601 | |
Balance at Beginning of Period | (114,757) | (52,155) | |
Net Income Available for Common Stock | 77,774 | 86,591 | |
Dividends Declared on Common Stock | (40,560) | (37,650) | |
Other Comprehensive Income (Loss), Net of Tax | $ 35,016 | (3,995) | |
Ending balance (shares) | 91,152,710 | ||
Ending balance | $ 1,004,369 | ||
Balance at December 31 | 1,028,844 | 1,320,592 | |
Balance at End of Period | $ (79,741) | $ (56,150) | |
Dividends per share | $ 0.445 | $ 0.435 | |
Paid-in Capital [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning balance | $ 1,004,158 | $ 832,264 | |
Share-Based Payment Expense | [1] | 3,496 | 2,828 |
Common Stock Repurchased under Stock and Benefit Plans | (3,285) | (3,946) | |
Ending balance | 1,004,369 | 831,146 | |
Earnings Reinvested in The Business [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Balance at Beginning of Period | 991,630 | 1,272,601 | |
Net Income Available for Common Stock | 77,774 | 86,591 | |
Dividends Declared on Common Stock | (40,560) | (37,650) | |
Balance at December 31 | 1,028,844 | 1,320,592 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Balance at Beginning of Period | (114,757) | (52,155) | |
Other Comprehensive Income (Loss), Net of Tax | 35,016 | (3,995) | |
Balance at End of Period | $ (79,741) | $ (56,150) | |
Common Stock [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Beginning balance (shares) | 90,955,000 | 86,315,000 | |
Beginning balance (value) | $ 90,955 | $ 86,315 | |
Common Stock Issued Under Stock and Benefit Plans (Shares) | 198,000 | 237,000 | |
Common Stock Issued Under Stock and Benefit Plans (Value) | $ 198 | $ 237 | |
Ending balance (shares) | 91,153,000 | 86,552,000 | |
Ending balance (value) | $ 91,153 | $ 86,552 | |
Guidance for Hedging [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Balance at Beginning of Period | $ 0 | (950) | |
Guidance for Hedging [Member] | Earnings Reinvested in The Business [Member] | Cumulative Effect of Adoption of Authoritative Guidance [Member] | |||
Schedule of Capitalization, Equity [Line Items] | |||
Balance at Beginning of Period | $ (950) | ||
[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. |
Commitments And Contingencies (
Commitments And Contingencies (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Site Contingency [Line Items] | |
Estimated minimum liability for environmental remediation | $ 6 |
Rate recovery period | 2 years |
Former Manufactured Gas Plant Site New York [Member] | |
Site Contingency [Line Items] | |
Estimated minimum liability for environmental remediation | $ 3.1 |
Business Segment Information (N
Business Segment Information (Narrative) (Details) | 3 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Business Segment Information (F
Business Segment Information (Financial Segment Information By Segment) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 441,160 | $ 444,188 | |
Segment Profit: Net Income (Loss) | 77,774 | 86,591 | |
Segment Assets | 7,039,168 | $ 6,964,935 | |
Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 441,160 | 444,188 | |
Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Exploration And Production [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 191,395 | 165,939 | |
Segment Profit: Net Income (Loss) | (29,623) | 23,977 | |
Segment Assets | 1,875,697 | 1,979,028 | |
Exploration And Production [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 191,395 | 165,939 | |
Exploration And Production [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 0 | 0 | |
Pipeline And Storage [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 87,764 | 72,220 | |
Segment Profit: Net Income (Loss) | 24,183 | 18,105 | |
Segment Assets | 2,219,331 | 2,204,971 | |
Pipeline And Storage [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 59,308 | 48,969 | |
Pipeline And Storage [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 28,456 | 23,251 | |
Gathering [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 47,009 | 34,788 | |
Segment Profit: Net Income (Loss) | 20,550 | 15,944 | |
Segment Assets | 823,415 | 945,199 | |
Gathering [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 351 | 0 | |
Gathering [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 46,658 | 34,788 | |
Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 189,001 | 196,825 | |
Segment Profit: Net Income (Loss) | 23,037 | 26,583 | |
Segment Assets | 2,113,416 | 2,067,852 | |
Utility [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 188,901 | 194,910 | |
Utility [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 100 | 1,915 | |
Total Reportable Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Segment Profit: Net Income (Loss) | 38,147 | 84,609 | |
Segment Assets | 7,031,859 | 7,197,050 | |
Total Reportable Segments [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 439,955 | 409,818 | |
Total Reportable Segments [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 75,214 | 59,954 | |
All Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,130 | 34,412 | |
Segment Profit: Net Income (Loss) | 37,560 | 371 | |
Segment Assets | 156,905 | 113,571 | |
All Other [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,110 | 34,235 | |
All Other [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 20 | 177 | |
Corporate And Intersegment Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | (75,139) | (59,996) | |
Segment Profit: Net Income (Loss) | 2,067 | 1,611 | |
Segment Assets | (149,596) | $ (345,686) | |
Corporate And Intersegment Eliminations [Member] | Revenue from External Customers [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 95 | 135 | |
Corporate And Intersegment Eliminations [Member] | Intersegment Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | $ (75,234) | $ (60,131) |
Retirement Plan And Other Pos_3
Retirement Plan And Other Post-Retirement Benefits (Narrative) (Details) $ in Millions | 3 Months Ended |
Dec. 31, 2020USD ($) | |
Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | $ 5.2 |
VEBA Trusts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Company's contributions | 0.7 |
Minimum [Member] | Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | 10 |
Minimum [Member] | VEBA Trusts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | 2 |
Maximum [Member] | Retirement Plan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | 20 |
Maximum [Member] | VEBA Trusts [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Estimated future contributions in remainder of fiscal year | $ 2.5 |
Retirement Plan And Other Pos_4
Retirement Plan And Other Post-Retirement Benefits (Components Of Net Periodic Benefit Cost) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | $ 2,466 | $ 2,330 | |
Interest Cost | 5,422 | 7,483 | |
Expected Return on Plan Assets | (14,537) | (15,016) | |
Amortization of Prior Service Cost (Credit) | 158 | 182 | |
Amortization of Losses | 9,203 | 9,846 | |
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) | [1] | 3,713 | 1,527 |
Net Periodic Benefit Cost | 6,425 | 6,352 | |
Other Post-Retirement Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service Cost | 400 | 402 | |
Interest Cost | 2,326 | 3,228 | |
Expected Return on Plan Assets | (7,241) | (7,308) | |
Amortization of Prior Service Cost (Credit) | (107) | (107) | |
Amortization of Losses | 212 | 134 | |
Net Amortization and Deferral For Regulatory Purposes (Including Volumetric Adjustments) | [1] | 6,854 | 6,249 |
Net Periodic Benefit Cost | $ 2,444 | $ 2,598 | |
[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. |
Regulatory Matters (Details)
Regulatory Matters (Details) | 3 Months Ended |
Dec. 31, 2020 | |
NEW YORK | |
Regulatory Matters [Line Items] | |
Approved Return on Equity | 8.70% |