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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)
New Jersey13-1086010
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
6363 Main Street 
Williamsville,New York14221
(Address of principal executive offices)(Zip Code)

(716) 857-7000
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol
Name of Each Exchange
on Which Registered
Common Stock, par value $1.00 per shareNFGNew 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.      
Large Accelerated FilerAccelerated Filer
Non-Accelerated FilerSmaller 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:
 
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 CorporationNational Fuel Gas Distribution Corporation
EmpireEmpire Pipeline, Inc.
Midstream Company
National Fuel Gas Midstream Company, LLC
National FuelNational Fuel Gas Company
RegistrantNational Fuel Gas Company
SenecaSeneca Resources Company, LLC
Supply CorporationNational Fuel Gas Supply Corporation
Regulatory Agencies
CFTCCommodity Futures Trading Commission
EPAUnited States Environmental Protection Agency
FASBFinancial Accounting Standards Board
FERCFederal Energy Regulatory Commission
NYDECNew York State Department of Environmental Conservation
NYPSCState of New York Public Service Commission
PaDEPPennsylvania Department of Environmental Protection
PaPUCPennsylvania Public Utility Commission
PHMSAPipeline and Hazardous Materials Safety Administration
SECSecurities and Exchange Commission
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.
BblBarrel (of oil)
BcfBillion 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.
2

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 ActDodd-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 ActSecurities 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.
LDCLocal distribution company
LIBORLondon Interbank Offered Rate
LIFOLast-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.
MbblThousand barrels (of oil)
McfThousand cubic feet (of natural gas)
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
MDthThousand decatherms (of natural gas)
MMBtu
Million British thermal units (heating value of one decatherm of natural gas)
MMcfMillion 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.
OPEBOther 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.
3

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&PStandard & Poor’s Rating Service
SARStock 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.
SOFRSecured Overnight Financing Rate
Stock acquisitionsInvestments 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.
VEBAVoluntary 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.



4

INDEXPage
  
6 
  
  
 
Item 3.  Defaults Upon Senior Securities 
Item 4.  Mine Safety Disclosures 
 
• 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.

5

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)2022202120222021
INCOME  
Operating Revenues:
Utility and Energy Marketing Revenues$369,092 $270,849 $605,776 $460,315 
Exploration and Production and Other Revenues261,676 220,281 505,957 412,316 
Pipeline and Storage and Gathering Revenues70,952 59,985 136,544 119,644 
701,720 551,115 1,248,277 992,275 
Operating Expenses:  
Purchased Gas199,592 106,661 301,219 158,280 
Operation and Maintenance:
Utility and Energy Marketing53,476 52,058 100,120 96,944 
Exploration and Production and Other49,806 41,895 95,425 83,922 
Pipeline and Storage and Gathering33,518 28,133 63,446 56,231 
Property, Franchise and Other Taxes27,717 23,987 52,219 46,768 
Depreciation, Depletion and Amortization91,245 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 Income246,366 214,039 456,025 357,582 
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 Taxes224,786 152,646 402,076 259,837 
Income Tax Expense57,458 40,210 102,356 69,627 
Net Income Available for Common Stock167,328 112,436 299,720 190,210 
EARNINGS REINVESTED IN THE BUSINESS  
Balance at Beginning of Period1,281,963 1,028,844 1,191,175 991,630 
 1,449,291 1,141,280 1,490,895 1,181,840 
Dividends on Common Stock(41,608)(40,562)(83,212)(81,122)
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 Calculation91,444,638 91,163,291 91,354,488 91,084,620 
Used in Diluted Calculation92,064,711 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
6

National Fuel Gas Company
Consolidated Statements of Comprehensive Income
(Unaudited)
                                                      Three Months Ended
March 31,
Six Months Ended
 March 31,
(Thousands of U.S. Dollars)                                  2022202120222021
Net Income Available for Common Stock$167,328 $112,436 $299,720 $190,210 
Other Comprehensive Income (Loss), Before Tax:  
Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period
(641,606)(34,373)(478,474)13,648 
Reclassification Adjustment for Realized (Gains) Losses on Derivative Financial Instruments in Net Income
130,221 3,666 292,809 3,977 
Other Post-Retirement Adjustment for Regulatory Proceeding(7,351) (7,351) 
Other Comprehensive Income (Loss), Before Tax(518,736)(30,707)(193,016)17,625 
Income Tax Expense (Benefit) Related to Unrealized Gain (Loss) on Derivative Financial Instruments Arising During the Period
(175,605)(9,470)(130,956)3,760 
Reclassification Adjustment for Income Tax Benefit (Expense) on Realized Losses (Gains) from Derivative Financial Instruments in Net Income
35,641 1,010 80,141 1,096 
Income Tax Expense (Benefit) Related to Other Post-Retirement Adjustment for Regulatory Proceeding(1,544) (1,544) 
Income Taxes – Net(141,508)(8,460)(52,359)4,856 
Other Comprehensive Income (Loss)(377,228)(22,247)(140,657)12,769 
Comprehensive Income (Loss)$(209,900)$90,189 $159,063 $202,979 
 





























See Notes to Condensed Consolidated Financial Statements
7

National Fuel Gas Company
Consolidated Balance Sheets
(Unaudited)
 
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 Amortization6,882,961 6,719,356 
 6,574,381 6,384,283 
Current Assets  
Cash and Temporary Cash Investments52,569 31,528 
Hedging Collateral Deposits102,370 88,610 
Receivables – Net of Allowance for Uncollectible Accounts of $41,483 and $31,639, Respectively
339,421 205,294 
Unbilled Revenue49,551 17,000 
Gas Stored Underground6,302 33,669 
Materials, Supplies and Emission Allowances48,887 53,560 
Unrecovered Purchased Gas Costs3,751 33,128 
Other Current Assets68,265 59,660 
           671,116 522,449 
Other Assets  
Recoverable Future Taxes123,709 121,992 
Unamortized Debt Expense9,735 10,589 
Other Regulatory Assets57,693 60,145 
Deferred Charges81,646 59,939 
Other Investments103,164 149,632 
Goodwill5,476 5,476 
Prepaid Pension and Post-Retirement Benefit Costs178,102 149,151 
Fair Value of Derivative Financial Instruments1  
Other 1,169 
                   559,526 558,093 
Total Assets$7,805,023 $7,464,825 












See Notes to Condensed Consolidated Financial Statements
8

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 Capital1,018,784 1,017,446 
Earnings Reinvested in the Business1,407,683 1,191,175 
Accumulated Other Comprehensive Loss(654,254)(513,597)
Total Comprehensive Shareholders’ Equity1,863,662 1,786,206 
Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs
2,081,529 2,628,687 
Total Capitalization3,945,191 4,414,893 
Current and Accrued Liabilities  
Notes Payable to Banks and Commercial Paper218,000 158,500 
Current Portion of Long-Term Debt549,000  
Accounts Payable135,775 171,655 
Amounts Payable to Customers3,422 21 
Dividends Payable41,608 41,487 
Interest Payable on Long-Term Debt17,376 17,376 
Customer Advances 17,223 
Customer Security Deposits20,766 19,292 
Other Accruals and Current Liabilities218,139 194,169 
Fair Value of Derivative Financial Instruments802,076 616,410 
                                                 2,006,162 1,236,133 
Other Liabilities  
Deferred Income Taxes709,598 660,420 
Taxes Refundable to Customers348,480 354,089 
Cost of Removal Regulatory Liability252,471 245,636 
Other Regulatory Liabilities196,589 200,643 
Pension and Other Post-Retirement Liabilities4,756 7,526 
Asset Retirement Obligations207,047 209,639 
Other Liabilities134,729 135,846 
                                                 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
9

National Fuel Gas Company
Consolidated Statements of Cash Flows
(Unaudited)
                                                        Six Months Ended
 March 31,
(Thousands of U.S. Dollars)20222021
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 Amortization179,823 167,462 
Deferred Income Taxes94,212 61,408 
Premium Paid on Early Redemption of Debt 15,715 
Stock-Based Compensation10,631 8,657 
Reduction of Other Post-Retirement Regulatory Liability(18,533) 
Other14,494 6,742 
Change in:  
Receivables and Unbilled Revenue(166,584)(101,159)
Gas Stored Underground and Materials, Supplies and Emission Allowances32,040 27,258 
Unrecovered Purchased Gas Costs29,377 (479)
Other Current Assets(8,605)(8,447)
Accounts Payable2,006 8,613 
Amounts Payable to Customers3,401 8,980 
Customer Advances(17,223)(15,319)
Customer Security Deposits1,474 2,304 
Other Accruals and Current Liabilities11,164 9,058 
Other Assets(32,659)11,039 
Other Liabilities(9,119)5 
Net Cash Provided by Operating Activities425,619 417,133 
INVESTING ACTIVITIES  
Capital Expenditures(415,415)(338,867)
Net Proceeds from Sale of Oil and Gas Producing Properties13,525  
Net Proceeds from Sale of Timber Properties 104,582 
Sale of Fixed Income Mutual Fund Shares in Grantor Trust30,000  
Other13,689 12,095 
Net Cash Used in Investing Activities(358,201)(222,190)
FINANCING ACTIVITIES  
Changes in Notes Payable to Banks and Commercial Paper59,500 (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 Cash34,801 59,926 
Cash, Cash Equivalents, and Restricted Cash at October 1120,138 20,541 
Cash, Cash Equivalents, and Restricted Cash at March 31$154,939 $80,467 
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
10

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):
Six Months Ended
 March 31, 2022
Six Months Ended
 March 31, 2021
 Balance at October 1, 2021Balance at
March 31, 2022
Balance at October 1, 2020Balance at
March 31, 2021
Cash and Temporary Cash Investments$31,528 $52,569 $20,541 $80,467 
Hedging Collateral Deposits88,610 102,370   
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.

11

    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 PeriodAdditions Charged to Costs and ExpensesDiscounts on Purchased ReceivablesNet Accounts Receivable Written-OffBalance 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, 2022At September 30, 2021
Materials and Supplies - at average cost$37,769 $34,880 
Emission Allowances11,118 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
12

    
    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): 
 Gains and Losses on Derivative Financial InstrumentsFunded Status of the Pension and Other Post-Retirement Benefit PlansTotal
Three Months Ended March 31, 2022
Balance at January 1, 2022$(213,391)$(63,635)$(277,026)
Other Comprehensive Gains and Losses Before Reclassifications
(466,001) (466,001)
Amounts Reclassified From Other Comprehensive Loss94,580  94,580 
Other Post-Retirement Adjustment for Regulatory Proceeding (5,807)(5,807)
Balance at March 31, 2022$(584,812)$(69,442)$(654,254)
Six Months Ended March 31, 2022
Balance at October 1, 2021$(449,962)$(63,635)$(513,597)
Other Comprehensive Gains and Losses Before Reclassifications
(347,518) (347,518)
Amounts Reclassified From Other Comprehensive Loss212,668  212,668 
Other Post-Retirement Adjustment for Regulatory Proceeding (5,807)(5,807)
Balance at March 31, 2022$(584,812)$(69,442)$(654,254)
Three Months Ended March 31, 2021