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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from____ to_____
Commission File Number 1-3880
NATIONAL FUEL GAS COMPANY
(Exact name of registrant as specified in its charter)
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New Jersey | 13-1086010 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
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6363 Main Street | |
Williamsville, | New York | 14221 |
(Address of principal executive offices) | (Zip Code) |
(716) 857-7000
(Registrant's telephone number, including area code)
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Securities registered pursuant to Section 12(b) of the Act: |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered |
Common Stock, par value $1.00 per share | NFG | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large Accelerated Filer | ☑ | Accelerated Filer | ☐ |
Non-Accelerated Filer | ☐ | Smaller Reporting Company | ☐ |
| | Emerging Growth Company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☑
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: Common stock, par value $1.00 per share, outstanding at April 30, 2022: 91,455,696 shares.
GLOSSARY OF TERMS
Frequently used abbreviations, acronyms, or terms used in this report:
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National Fuel Gas Companies | |
Company | The Registrant, the Registrant and its subsidiaries or the Registrant’s subsidiaries as appropriate in the context of the disclosure |
Distribution Corporation | National Fuel Gas Distribution Corporation |
Empire | Empire Pipeline, Inc. |
Midstream Company | National Fuel Gas Midstream Company, LLC |
National Fuel | National Fuel Gas Company |
Registrant | National Fuel Gas Company |
Seneca | Seneca Resources Company, LLC |
Supply Corporation | National Fuel Gas Supply Corporation |
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Regulatory Agencies | |
CFTC | Commodity Futures Trading Commission |
EPA | United States Environmental Protection Agency |
FASB | Financial Accounting Standards Board |
FERC | Federal Energy Regulatory Commission |
NYDEC | New York State Department of Environmental Conservation |
NYPSC | State of New York Public Service Commission |
PaDEP | Pennsylvania Department of Environmental Protection |
PaPUC | Pennsylvania Public Utility Commission |
PHMSA | Pipeline and Hazardous Materials Safety Administration |
SEC | Securities and Exchange Commission |
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Other | |
2021 Form 10-K | The Company’s Annual Report on Form 10-K for the year ended September 30, 2021 |
2017 Tax Reform Act | Tax legislation referred to as the "Tax Cuts and Jobs Act," enacted December 22, 2017. |
Bbl | Barrel (of oil) |
Bcf | Billion cubic feet (of natural gas) |
Bcfe (or Mcfe) – represents Bcf (or Mcf) Equivalent | The total heat value (Btu) of natural gas and oil expressed as a volume of natural gas. The Company uses a conversion formula of 1 barrel of oil = 6 Mcf of natural gas. |
Btu | British thermal unit; the amount of heat needed to raise the temperature of one pound of water one degree Fahrenheit |
Capital expenditure | Represents additions to property, plant, and equipment, or the amount of money a company spends to buy capital assets or upgrade its existing capital assets. |
Cashout revenues | A cash resolution of a gas imbalance whereby a customer (e.g. a marketer) pays for gas the customer receives in excess of amounts delivered into pipeline/storage or distribution systems by the customer’s shipper. |
CLCPA | Legislation referred to as the "Climate Leadership & Community Protection Act," enacted by the State of New York on July 18, 2019. |
Degree day | A measure of the coldness of the weather experienced, based on the extent to which the daily average temperature falls below a reference temperature, usually 65 degrees Fahrenheit. |
Derivative | A financial instrument or other contract, the terms of which include an underlying variable (a price, interest rate, index rate, exchange rate, or other variable) and a notional amount (number of units, barrels, cubic feet, etc.). The terms also permit for the instrument or contract to be settled net and no initial net investment is required to enter into the financial instrument or contract. Examples include futures contracts, forward contracts, options, no cost collars and swaps. |
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Development costs | Costs incurred to obtain access to proved oil and gas reserves and to provide facilities for extracting, treating, gathering and storing the oil and gas |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act. |
Dth | Decatherm; one Dth of natural gas has a heating value of 1,000,000 British thermal units, approximately equal to the heating value of 1 Mcf of natural gas. |
Exchange Act | Securities Exchange Act of 1934, as amended |
Expenditures for long-lived assets | Includes capital expenditures, stock acquisitions and/or investments in partnerships. |
Exploration costs | Costs incurred in identifying areas that may warrant examination, as well as costs incurred in examining specific areas, including drilling exploratory wells. |
Exploratory well | A well drilled in unproven or semi-proven territory for the purpose of ascertaining the presence underground of a commercial hydrocarbon deposit. |
FERC 7(c) application | An application to the FERC under Section 7(c) of the federal Natural Gas Act for authority to construct, operate (and provide services through) facilities to transport or store natural gas in interstate commerce. |
Firm transportation and/or storage | The transportation and/or storage service that a supplier of such service is obligated by contract to provide and for which the customer is obligated to pay whether or not the service is utilized. |
GAAP | Accounting principles generally accepted in the United States of America |
Goodwill | An intangible asset representing the difference between the fair value of a company and the price at which a company is purchased. |
Hedging | A method of minimizing the impact of price, interest rate, and/or foreign currency exchange rate changes, often times through the use of derivative financial instruments. |
Hub | Location where pipelines intersect enabling the trading, transportation, storage, exchange, lending and borrowing of natural gas. |
Interruptible transportation and/or storage | The transportation and/or storage service that, in accordance with contractual arrangements, can be interrupted by the supplier of such service, and for which the customer does not pay unless utilized. |
LDC | Local distribution company |
LIBOR | London Interbank Offered Rate |
LIFO | Last-in, first-out |
Marcellus Shale | A Middle Devonian-age geological shale formation that is present nearly a mile or more below the surface in the Appalachian region of the United States, including much of Pennsylvania and southern New York. |
Mbbl | Thousand barrels (of oil) |
Mcf | Thousand cubic feet (of natural gas) |
MD&A | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
MDth | Thousand decatherms (of natural gas) |
MMBtu | Million British thermal units (heating value of one decatherm of natural gas) |
MMcf | Million cubic feet (of natural gas) |
NGA | The Natural Gas Act of 1938, as amended; the federal law regulating interstate natural gas pipeline and storage companies, among other things, codified beginning at 15 U.S.C. Section 717. |
NYMEX | New York Mercantile Exchange. An exchange which maintains a futures market for crude oil and natural gas. |
OPEB | Other Post-Employment Benefit |
Open Season | A bidding procedure used by pipelines to allocate firm transportation or storage capacity among prospective shippers, in which all bids submitted during a defined time period are evaluated as if they had been submitted simultaneously. |
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Precedent Agreement | An agreement between a pipeline company and a potential customer to sign a service agreement after specified events (called “conditions precedent”) happen, usually within a specified time. |
Proved developed reserves | Reserves that can be expected to be recovered through existing wells with existing equipment and operating methods. |
Proved undeveloped (PUD) reserves | Reserves that are expected to be recovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required to make these reserves productive. |
Reserves | The unproduced but recoverable oil and/or gas in place in a formation which has been proven by production. |
Revenue decoupling mechanism | A rate mechanism which adjusts customer rates to render a utility financially indifferent to throughput decreases resulting from conservation. |
S&P | Standard & Poor’s Rating Service |
SAR | Stock appreciation right |
Service agreement | The binding agreement by which the pipeline company agrees to provide service and the shipper agrees to pay for the service. |
SOFR | Secured Overnight Financing Rate |
Stock acquisitions | Investments in corporations |
Utica Shale | A Middle Ordovician-age geological formation lying several thousand feet below the Marcellus Shale in the Appalachian region of the United States, including much of Ohio, Pennsylvania, West Virginia and southern New York. |
VEBA | Voluntary Employees’ Beneficiary Association |
WNC | Weather normalization clause; a clause in utility rates which adjusts customer rates to allow a utility to recover its normal operating costs calculated at normal temperatures. If temperatures during the measured period are warmer than normal, customer rates are adjusted upward in order to recover projected operating costs. If temperatures during the measured period are colder than normal, customer rates are adjusted downward so that only the projected operating costs will be recovered. |
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INDEX | | Page |
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Item 3. Defaults Upon Senior Securities | | • |
Item 4. Mine Safety Disclosures | | • |
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• The Company has nothing to report under this item.
All references to a certain year in this report are to the Company’s fiscal year ended September 30 of that year, unless otherwise noted.
Part I. Financial Information
Item 1. Financial Statements
National Fuel Gas Company
Consolidated Statements of Income and Earnings
Reinvested in the Business
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | Six Months Ended March 31, |
(Thousands of U.S. Dollars, Except Per Common Share Amounts) | 2022 | | 2021 | | 2022 | | 2021 |
INCOME | | | | | | | |
Operating Revenues: | | | | | | | |
Utility and Energy Marketing Revenues | $ | 369,092 | | | $ | 270,849 | | | $ | 605,776 | | | $ | 460,315 | |
Exploration and Production and Other Revenues | 261,676 | | | 220,281 | | | 505,957 | | | 412,316 | |
Pipeline and Storage and Gathering Revenues | 70,952 | | | 59,985 | | | 136,544 | | | 119,644 | |
| 701,720 | | | 551,115 | | | 1,248,277 | | | 992,275 | |
| | | | | | | |
Operating Expenses: | | | | | | | |
Purchased Gas | 199,592 | | | 106,661 | | | 301,219 | | | 158,280 | |
Operation and Maintenance: | | | | | | | |
Utility and Energy Marketing | 53,476 | | | 52,058 | | | 100,120 | | | 96,944 | |
Exploration and Production and Other | 49,806 | | | 41,895 | | | 95,425 | | | 83,922 | |
Pipeline and Storage and Gathering | 33,518 | | | 28,133 | | | 63,446 | | | 56,231 | |
Property, Franchise and Other Taxes | 27,717 | | | 23,987 | | | 52,219 | | | 46,768 | |
Depreciation, Depletion and Amortization | 91,245 | | | 84,342 | | | 179,823 | | | 167,462 | |
Impairment of Oil and Gas Producing Properties | — | | | — | | | — | | | 76,152 | |
| 455,354 | | | 337,076 | | | 792,252 | | | 685,759 | |
Gain on Sale of Timber Properties | — | | | — | | | — | | | 51,066 | |
Operating Income | 246,366 | | | 214,039 | | | 456,025 | | | 357,582 | |
Other Income (Expense): | | | | | | | |
| | | | | | | |
Other Income (Deductions) | 10,018 | | | (10,875) | | | 8,940 | | | (13,051) | |
Interest Expense on Long-Term Debt | (30,079) | | | (48,820) | | | (60,209) | | | (81,076) | |
Other Interest Expense | (1,519) | | | (1,698) | | | (2,680) | | | (3,618) | |
Income Before Income Taxes | 224,786 | | | 152,646 | | | 402,076 | | | 259,837 | |
Income Tax Expense | 57,458 | | | 40,210 | | | 102,356 | | | 69,627 | |
| | | | | | | |
Net Income Available for Common Stock | 167,328 | | | 112,436 | | | 299,720 | | | 190,210 | |
| | | | | | | |
EARNINGS REINVESTED IN THE BUSINESS | | | | | | | |
Balance at Beginning of Period | 1,281,963 | | | 1,028,844 | | | 1,191,175 | | | 991,630 | |
| 1,449,291 | | | 1,141,280 | | | 1,490,895 | | | 1,181,840 | |
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Dividends on Common Stock | (41,608) | | | (40,562) | | | (83,212) | | | (81,122) | |
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Balance at March 31 | $ | 1,407,683 | | | $ | 1,100,718 | | | $ | 1,407,683 | | | $ | 1,100,718 | |
| | | | | | | |
Earnings Per Common Share: | | | | | | | |
Basic: | | | | | | | |
Net Income Available for Common Stock | $ | 1.83 | | | $ | 1.23 | | | $ | 3.28 | | | $ | 2.09 | |
Diluted: | | | | | | | |
Net Income Available for Common Stock | $ | 1.82 | | | $ | 1.23 | | | $ | 3.26 | | | $ | 2.08 | |
Weighted Average Common Shares Outstanding: | | | | | | | |
Used in Basic Calculation | 91,444,638 | | | 91,163,291 | | | 91,354,488 | | | 91,084,620 | |
Used in Diluted Calculation | 92,064,711 | | | 91,645,679 | | | 92,047,467 | | | 91,581,918 | |
Dividends Per Common Share: | | | | | | | |
Dividends Declared | $ | 0.455 | | | $ | 0.445 | | | $ | 0.910 | | | $ | 0.890 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Statements of Comprehensive Income
(Unaudited)
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| Three Months Ended March 31, | | Six Months Ended March 31, |
(Thousands of U.S. Dollars) | 2022 | | 2021 | | 2022 | | 2021 |
Net Income Available for Common Stock | $ | 167,328 | | | $ | 112,436 | | | $ | 299,720 | | | $ | 190,210 | |
Other Comprehensive Income (Loss), Before Tax: | | | | | | | |
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | (641,606) | | | (34,373) | | | (478,474) | | | 13,648 | |
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income | 130,221 | | | 3,666 | | | 292,809 | | | 3,977 | |
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Other Post-Retirement Adjustment for Regulatory Proceeding | (7,351) | | | — | | | (7,351) | | | — | |
Other Comprehensive Income (Loss), Before Tax | (518,736) | | | (30,707) | | | (193,016) | | | 17,625 | |
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period | (175,605) | | | (9,470) | | | (130,956) | | | 3,760 | |
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income | 35,641 | | | 1,010 | | | 80,141 | | | 1,096 | |
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Income Tax Expense (Benefit) Related to Other Post-Retirement Adjustment for Regulatory Proceeding | (1,544) | | | — | | | (1,544) | | | — | |
Income Taxes – Net | (141,508) | | | (8,460) | | | (52,359) | | | 4,856 | |
Other Comprehensive Income (Loss) | (377,228) | | | (22,247) | | | (140,657) | | | 12,769 | |
Comprehensive Income (Loss) | $ | (209,900) | | | $ | 90,189 | | | $ | 159,063 | | | $ | 202,979 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
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| March 31, 2022 | | September 30, 2021 |
(Thousands of U.S. Dollars) | | | |
ASSETS | | | |
Property, Plant and Equipment | $ | 13,457,342 | | | $ | 13,103,639 | |
Less - Accumulated Depreciation, Depletion and Amortization | 6,882,961 | | | 6,719,356 | |
| 6,574,381 | | | 6,384,283 | |
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Current Assets | | | |
Cash and Temporary Cash Investments | 52,569 | | | 31,528 | |
Hedging Collateral Deposits | 102,370 | | | 88,610 | |
Receivables – Net of Allowance for Uncollectible Accounts of $41,483 and $31,639, Respectively | 339,421 | | | 205,294 | |
Unbilled Revenue | 49,551 | | | 17,000 | |
Gas Stored Underground | 6,302 | | | 33,669 | |
Materials, Supplies and Emission Allowances | 48,887 | | | 53,560 | |
Unrecovered Purchased Gas Costs | 3,751 | | | 33,128 | |
Other Current Assets | 68,265 | | | 59,660 | |
| 671,116 | | | 522,449 | |
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Other Assets | | | |
Recoverable Future Taxes | 123,709 | | | 121,992 | |
Unamortized Debt Expense | 9,735 | | | 10,589 | |
Other Regulatory Assets | 57,693 | | | 60,145 | |
Deferred Charges | 81,646 | | | 59,939 | |
Other Investments | 103,164 | | | 149,632 | |
Goodwill | 5,476 | | | 5,476 | |
Prepaid Pension and Post-Retirement Benefit Costs | 178,102 | | | 149,151 | |
Fair Value of Derivative Financial Instruments | 1 | | | — | |
Other | — | | | 1,169 | |
| 559,526 | | | 558,093 | |
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Total Assets | $ | 7,805,023 | | | $ | 7,464,825 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
| | | | | | | | | | | |
| March 31, 2022 | | September 30, 2021 |
(Thousands of U.S. Dollars) | | | |
CAPITALIZATION AND LIABILITIES | | | |
Capitalization: | | | |
Comprehensive Shareholders’ Equity | | | |
Common Stock, $1 Par Value | | | |
Authorized - 200,000,000 Shares; Issued And Outstanding – 91,449,226 Shares and 91,181,549 Shares, Respectively | $ | 91,449 | | | $ | 91,182 | |
Paid in Capital | 1,018,784 | | | 1,017,446 | |
Earnings Reinvested in the Business | 1,407,683 | | | 1,191,175 | |
Accumulated Other Comprehensive Loss | (654,254) | | | (513,597) | |
Total Comprehensive Shareholders’ Equity | 1,863,662 | | | 1,786,206 | |
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs | 2,081,529 | | | 2,628,687 | |
Total Capitalization | 3,945,191 | | | 4,414,893 | |
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Current and Accrued Liabilities | | | |
Notes Payable to Banks and Commercial Paper | 218,000 | | | 158,500 | |
Current Portion of Long-Term Debt | 549,000 | | | — | |
Accounts Payable | 135,775 | | | 171,655 | |
Amounts Payable to Customers | 3,422 | | | 21 | |
Dividends Payable | 41,608 | | | 41,487 | |
Interest Payable on Long-Term Debt | 17,376 | | | 17,376 | |
Customer Advances | — | | | 17,223 | |
Customer Security Deposits | 20,766 | | | 19,292 | |
Other Accruals and Current Liabilities | 218,139 | | | 194,169 | |
Fair Value of Derivative Financial Instruments | 802,076 | | | 616,410 | |
| 2,006,162 | | | 1,236,133 | |
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Other Liabilities | | | |
Deferred Income Taxes | 709,598 | | | 660,420 | |
Taxes Refundable to Customers | 348,480 | | | 354,089 | |
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Cost of Removal Regulatory Liability | 252,471 | | | 245,636 | |
Other Regulatory Liabilities | 196,589 | | | 200,643 | |
Pension and Other Post-Retirement Liabilities | 4,756 | | | 7,526 | |
Asset Retirement Obligations | 207,047 | | | 209,639 | |
Other Liabilities | 134,729 | | | 135,846 | |
| 1,853,670 | | | 1,813,799 | |
Commitments and Contingencies (Note 8) | — | | | — | |
| | | |
Total Capitalization and Liabilities | $ | 7,805,023 | | | $ | 7,464,825 | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Consolidated Statements of Cash Flows
(Unaudited)
| | | | | | | | | | | | |
| Six Months Ended March 31, | |
(Thousands of U.S. Dollars) | 2022 | | 2021 | |
OPERATING ACTIVITIES | | | | |
Net Income Available for Common Stock | $ | 299,720 | | | $ | 190,210 | | |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | | | | |
Gain on Sale of Timber Properties | — | | | (51,066) | | |
Impairment of Oil and Gas Producing Properties | — | | | 76,152 | | |
Depreciation, Depletion and Amortization | 179,823 | | | 167,462 | | |
Deferred Income Taxes | 94,212 | | | 61,408 | | |
| | | | |
Premium Paid on Early Redemption of Debt | — | | | 15,715 | | |
Stock-Based Compensation | 10,631 | | | 8,657 | | |
Reduction of Other Post-Retirement Regulatory Liability | (18,533) | | | — | | |
Other | 14,494 | | | 6,742 | | |
Change in: | | | | |
Receivables and Unbilled Revenue | (166,584) | | | (101,159) | | |
Gas Stored Underground and Materials, Supplies and Emission Allowances | 32,040 | | | 27,258 | | |
Unrecovered Purchased Gas Costs | 29,377 | | | (479) | | |
Other Current Assets | (8,605) | | | (8,447) | | |
Accounts Payable | 2,006 | | | 8,613 | | |
Amounts Payable to Customers | 3,401 | | | 8,980 | | |
Customer Advances | (17,223) | | | (15,319) | | |
Customer Security Deposits | 1,474 | | | 2,304 | | |
Other Accruals and Current Liabilities | 11,164 | | | 9,058 | | |
Other Assets | (32,659) | | | 11,039 | | |
Other Liabilities | (9,119) | | | 5 | | |
Net Cash Provided by Operating Activities | 425,619 | | | 417,133 | | |
| | | | |
INVESTING ACTIVITIES | | | | |
Capital Expenditures | (415,415) | | | (338,867) | | |
Net Proceeds from Sale of Oil and Gas Producing Properties | 13,525 | | | — | | |
Net Proceeds from Sale of Timber Properties | — | | | 104,582 | | |
| | | | |
Sale of Fixed Income Mutual Fund Shares in Grantor Trust | 30,000 | | | — | | |
Other | 13,689 | | | 12,095 | | |
Net Cash Used in Investing Activities | (358,201) | | | (222,190) | | |
| | | | |
FINANCING ACTIVITIES | | | | |
Changes in Notes Payable to Banks and Commercial Paper | 59,500 | | | (30,000) | | |
| | | | |
Net Proceeds from Issuance of Long-Term Debt | — | | | 495,267 | | |
Reduction of Long-Term Debt | — | | | (515,715) | | |
Dividends Paid on Common Stock | (83,091) | | | (81,035) | | |
Net Repurchases of Common Stock | (9,026) | | | (3,534) | | |
Net Cash Used in Financing Activities | (32,617) | | | (135,017) | | |
Net Increase in Cash, Cash Equivalents, and Restricted Cash | 34,801 | | | 59,926 | | |
Cash, Cash Equivalents, and Restricted Cash at October 1 | 120,138 | | | 20,541 | | |
Cash, Cash Equivalents, and Restricted Cash at March 31 | $ | 154,939 | | | $ | 80,467 | | |
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Supplemental Disclosure of Cash Flow Information | | | | |
Non-Cash Investing Activities: | | | | |
Non-Cash Capital Expenditures | $ | 63,490 | | | $ | 68,073 | | |
| | | | |
See Notes to Condensed Consolidated Financial Statements
National Fuel Gas Company
Notes to Condensed Consolidated Financial Statements
(Unaudited)
Note 1 – Summary of Significant Accounting Policies
Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to oil and gas producing properties accounted for under the full cost method of accounting.
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which consist of only normally recurring adjustments, unless otherwise disclosed in this 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, 2021, 2020 and 2019 that are included in the Company's 2021 Form 10-K. The consolidated financial statements for the year ended September 30, 2022 will be audited by the Company's independent registered public accounting firm after the end of the fiscal year.
The earnings for the six months ended March 31, 2022 should not be taken as a prediction of earnings for the entire fiscal year ending September 30, 2022. 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):
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| Six Months Ended March 31, 2022 | | Six Months Ended March 31, 2021 |
| Balance at October 1, 2021 | | Balance at March 31, 2022 | | Balance at October 1, 2020 | | Balance at March 31, 2021 |
| | | | | | | |
Cash and Temporary Cash Investments | $ | 31,528 | | | $ | 52,569 | | | $ | 20,541 | | | $ | 80,467 | |
Hedging Collateral Deposits | 88,610 | | | 102,370 | | | — | | | — | |
Cash, Cash Equivalents, and Restricted Cash | $ | 120,138 | | | $ | 154,939 | | | $ | 20,541 | | | $ | 80,467 | |
The Company considers all highly liquid debt instruments purchased with a maturity date of generally three months or less to be cash equivalents. The Company’s restricted cash is composed entirely of amounts reported as Hedging Collateral Deposits on the Consolidated Balance Sheets. Hedging Collateral Deposits is an account title for cash held in margin accounts funded by the Company to serve as collateral for derivative financial instruments in an unrealized loss position. In accordance with its accounting policy, the Company does not offset hedging collateral deposits paid or received against related derivative financial instruments liability or asset balances.
Allowance for Uncollectible Accounts. The allowance for uncollectible accounts is the Company’s best estimate of the amount of probable credit losses in the existing accounts receivable. The allowance is determined based on historical experience, the age of customer accounts, other specific information about customer accounts, and the economic and regulatory environment. Account balances 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.
Activity in the allowance for uncollectible accounts for the six months ended March 31, 2022 and 2021 are as follows (in thousands):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Balance at Beginning of Period | | Additions Charged to Costs and Expenses | | Discounts on Purchased Receivables | | Net Accounts Receivable Written-Off | | Balance at End of Period |
Six Months Ended March 31, 2022 | | | | | | | | | |
Allowance for Uncollectible Accounts | $ | 31,639 | | | $ | 9,684 | | | $ | 790 | | | $ | (630) | | | $ | 41,483 | |
Six Months Ended March 31, 2021 | | | | | | | | | |
Allowance for Uncollectible Accounts | $ | 22,810 | | | $ | 11,074 | | | $ | 737 | | | $ | (4,493) | | | $ | 30,128 | |
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 $43.8 million at March 31, 2022, 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 (in thousands):
| | | | | | | | | | | |
| At March 31, 2022 | | At September 30, 2021 |
| | | |
Materials and Supplies - at average cost | $ | 37,769 | | | $ | 34,880 | |
Emission Allowances | 11,118 | | | 18,680 | |
| $ | 48,887 | | | $ | 53,560 | |
Property, Plant and Equipment. In the Company’s Exploration and Production segment, oil and gas property acquisition, exploration and development costs are capitalized under the full cost method of accounting. Under this methodology, all costs associated with property acquisition, exploration and development activities are capitalized, including internal costs directly identified with acquisition, exploration and development activities. The internal costs that are capitalized do not include any costs related to production, general corporate overhead, or similar activities. The Company does not recognize any gain or loss on the sale or other disposition of oil and gas properties unless the gain or loss would significantly alter the relationship between capitalized costs and proved reserves of oil and gas attributable to a cost center. The Company's capitalized costs relating to oil and gas producing activities, net of accumulated depreciation, depletion and amortization, were $2.0 billion and $1.9 billion at March 31, 2022 and September 30, 2021, 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 $124.2 million and $103.8 million at March 31, 2022 and September 30, 2021, respectively. All costs related to unproved properties are reviewed quarterly to determine if impairment has occurred. The amount of any impairment is transferred to the pool of capitalized costs being amortized.
Capitalized costs are subject to the SEC full cost ceiling test. The ceiling test, which is performed each quarter, determines a limit, or ceiling, on the amount of property acquisition, exploration and development costs that can be capitalized. The ceiling under this test represents (a) the present value of estimated future net cash flows, excluding future cash outflows associated with settling asset retirement obligations that have been accrued on the balance sheet, using a discount factor of 10%, which is computed by applying prices of oil and gas (as adjusted for hedging) to estimated future production of proved oil and gas reserves as of the date of the latest balance sheet, less estimated future expenditures, plus (b) the cost of unproved properties not being depleted, less (c) income tax effects related to the differences between the book and tax basis of the properties. The gas and oil prices used to calculate the full cost ceiling are based on an unweighted arithmetic average of the first day of the month oil and gas prices for each month within the twelve-month period prior to the end of the reporting period. If capitalized costs, net of accumulated depreciation, depletion and amortization and related deferred income taxes, exceed the ceiling at the end of any quarter, a permanent non-cash impairment is required to be charged to earnings in that quarter. At March 31, 2022, the ceiling exceeded the book value of the oil and gas properties by approximately $1.8 billion. The estimated future net cash flows were decreased by $452.5 million for hedging under the ceiling test at March 31, 2022
The principal assets of the Utility, Pipeline and Storage and Gathering segments, consisting primarily of gas distribution pipelines, transmission pipelines, storage facilities, gathering lines and compressor stations, are recorded at historical cost. There were no indications of any impairments to property, plant and equipment in the Utility, Pipeline and Storage and Gathering segments at March 31, 2022.
Accumulated Other Comprehensive Loss. The components of Accumulated Other Comprehensive Loss and changes for the six months ended March 31, 2022 and 2021, net of related tax effect, are as follows (amounts in parentheses indicate debits) (in thousands):
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| Gains and Losses on Derivative Financial Instruments | | | | Funded Status of the Pension and Other Post-Retirement Benefit Plans | | Total |
Three Months Ended March 31, 2022 | | | | | | | |
Balance at January 1, 2022 | $ | (213,391) | | | | | $ | (63,635) | | | $ | (277,026) | |
Other Comprehensive Gains and Losses Before Reclassifications | (466,001) | | | | | — | | | (466,001) | |
Amounts Reclassified From Other Comprehensive Loss | 94,580 | | | | | — | | | 94,580 | |
Other Post-Retirement Adjustment for Regulatory Proceeding | — | | | | | (5,807) | | | (5,807) | |
Balance at March 31, 2022 | $ | (584,812) | | | | | $ | (69,442) | | | $ | (654,254) | |
Six Months Ended March 31, 2022 | | | | | | | |
Balance at October 1, 2021 | $ | (449,962) | | | | | $ | (63,635) | | | $ | (513,597) | |
Other Comprehensive Gains and Losses Before Reclassifications | (347,518) | | | | | — | | | (347,518) | |
Amounts Reclassified From Other Comprehensive Loss | 212,668 | | | | | — | | | 212,668 | |
Other Post-Retirement Adjustment for Regulatory Proceeding | — | | | | | (5,807) | | | (5,807) | |
| | | | | | | |
Balance at March 31, 2022 | $ | (584,812) | | | | | $ | (69,442) | | | $ | (654,254) | |
Three Months Ended March 31, 2021 | | | | | |