RGC Resources (RGCO) 10-Q 6 Aug 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Registrant Name	RGC RESOURCES INC
Entity Central Index Key	0001069533
Current Fiscal Year End Date	--09-30
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,065,088

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2019	Sep. 30, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 1,238,345	$ 247,411
Accounts receivable (less allowance for uncollectibles of $417,058 and $103,573, respectively)	5,307,038	3,913,830
Materials and supplies	1,077,945	913,889
Gas in storage	4,147,399	7,627,196
Prepaid income taxes	0	837,683
Under-recovery of gas costs	0	922,898
Interest rate swap	15,886	100,723
Other	1,469,807	980,972
Total current assets	13,256,420	15,544,602
UTILITY PROPERTY:
In service	232,155,352	224,854,320
Accumulated depreciation and amortization	(66,732,043)	(63,099,306)
In service, net	165,423,309	161,755,014
Construction work in progress	12,393,021	4,208,614
Utility plant, net	177,816,330	165,963,628
OTHER ASSETS:
Regulatory assets	8,690,501	8,862,147
Investment in unconsolidated affiliates	44,181,429	28,507,146
Interest rate swap	21,181	209,840
Other	457,177	472,743
Total other assets	53,350,288	38,051,876
TOTAL ASSETS	244,423,038	219,560,106
CURRENT LIABILITIES:
Dividends payable	1,337,968	1,242,753
Accounts payable	3,863,902	5,211,032
Capital contributions payable	7,127,688	10,142,766
Customer credit balances	599,736	1,003,622
Income taxes payable	259,420	0
Customer deposits	1,456,665	1,421,043
Accrued expenses	3,399,488	3,750,466
Over-recovery of gas costs	2,156,936	0
Interest rate swap	82,832	0
Regulatory liability	3,261,849	1,320,167
Total current liabilities	23,546,484	24,091,849
LONG-TERM DEBT:
Notes payable	90,802,200	63,243,200
Line-of-credit	0	7,361,017
Less unamortized debt issuance costs	(331,394)	(282,281)
Long-term debt net of unamortized debt issuance costs	90,470,806	70,321,936
DEFERRED CREDITS AND OTHER LIABILITIES:
Interest rate swap	429,320	0
Asset retirement obligations	6,647,768	6,417,948
Regulatory cost of retirement obligations	11,966,830	11,163,981
Benefit plan liabilities	3,839,849	3,947,967
Deferred income taxes	12,090,658	12,585,577
Regulatory liability - deferred income taxes	10,694,388	11,447,736
Total deferred credits and other liabilities	45,668,813	45,563,209
STOCKHOLDERS’ EQUITY:
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 8,063,957 and 7,994,615, respectively	40,319,785	39,973,075
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding	0	0
Capital in excess of par value	14,179,376	13,043,656
Retained earnings	31,698,604	27,438,049
Accumulated other comprehensive loss	(1,460,830)	(871,668)
Total stockholders’ equity	84,736,935	79,583,112
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 244,423,038	$ 219,560,106

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Statement of Financial Position [Abstract]
Accounts receivable, allowance for uncollectibles	$ 417,058	$ 103,573
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	8,063,957	7,994,615
Common stock, shares outstanding	8,063,957	7,994,615
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
OPERATING REVENUES:
Operating revenues	$ 11,682,950	$ 11,889,570	$ 58,174,656	$ 55,563,594
OPERATING EXPENSES:
Operations and maintenance	3,426,717	2,813,549	10,662,800	9,530,182
General taxes	494,958	458,142	1,559,183	1,431,321
Depreciation and amortization	1,905,475	1,734,878	5,716,425	5,204,634
Total operating expenses	10,045,893	10,053,980	47,069,894	44,807,428
OPERATING INCOME	1,637,057	1,835,590	11,104,762	10,756,166
Equity in earnings of unconsolidated affiliate	777,193	245,075	2,038,417	585,399
Other income (expense), net	(5,967)	36,857	241,628	93,306
Interest expense	925,698	583,592	2,635,129	1,829,423
INCOME BEFORE INCOME TAXES	1,482,585	1,533,930	10,749,678	9,605,448
INCOME TAX EXPENSE	344,030	446,575	2,506,871	2,992,702
NET INCOME	$ 1,138,555	$ 1,087,355	$ 8,242,807	$ 6,612,746
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.14	$ 0.14	$ 1.03	$ 0.88
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	0.14	0.14	1.02	0.87
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.165	$ 0.155	$ 0.495	$ 0.465
Gas Utility [Member]
OPERATING REVENUES:
Operating revenues	$ 11,534,948	$ 11,546,797	$ 57,630,278	$ 54,675,367
OPERATING EXPENSES:
Cost of gas and sales	4,132,871	4,870,683	28,810,668	28,175,366
Non Utility [Member]
OPERATING REVENUES:
Operating revenues	148,002	342,773	544,378	888,227
OPERATING EXPENSES:
Cost of gas and sales	$ 85,872	$ 176,728	$ 320,818	$ 465,925

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 1,138,555	$ 1,087,355	$ 8,242,807	$ 6,612,746
Other comprehensive income (loss), net of tax:
Interest rate swaps	(457,899)	18,998	(583,423)	125,416
Defined benefit plans	(1,913)	(4,249)	(5,739)	(12,747)
Other comprehensive income (loss)	(459,812)	14,749	(589,162)	112,669
COMPREHENSIVE INCOME	$ 678,743	$ 1,102,104	$ 7,653,645	$ 6,725,415

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock	Capital in Excess of Par Value	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Balance at beginning of period at Sep. 30, 2017	$ 60,040,472	$ 36,204,230	$ 292,485	$ 24,746,021	$ (1,202,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,059,462			2,059,462
Other comprehensive income (loss)	40,396				40,396
Cash dividends declared	(1,125,804)			(1,125,804)
Issuance of common stock	286,509	50,840	235,669
Balance at end of period at Dec. 31, 2017	61,301,035	36,255,070	528,154	25,679,679	(1,161,868)
Balance at beginning of period at Sep. 30, 2017	60,040,472	36,204,230	292,485	24,746,021	(1,202,264)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,612,746
Other comprehensive income (loss)	112,669
Balance at end of period at Jun. 30, 2018	79,430,369	39,928,760	12,832,610	27,758,594	(1,089,595)
Balance at beginning of period at Dec. 31, 2017	61,301,035	36,255,070	528,154	25,679,679	(1,161,868)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,465,929			3,465,929
Other comprehensive income (loss)	57,524				57,524
Cash dividends declared	(1,236,407)			(1,236,407)
Issuance of common stock	15,711,145	3,621,890	12,089,255
Balance at end of period at Mar. 31, 2018	79,299,226	39,876,960	12,617,409	27,909,201	(1,104,344)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,087,355			1,087,355
Other comprehensive income (loss)	14,749				14,749
Cash dividends declared	(1,237,962)			(1,237,962)
Issuance of common stock	267,001	51,800	215,201
Balance at end of period at Jun. 30, 2018	79,430,369	39,928,760	12,832,610	27,758,594	(1,089,595)
Balance at beginning of period at Sep. 30, 2018	79,583,112	39,973,075	13,043,656	27,438,049	(871,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	2,434,162			2,434,162
Other comprehensive income (loss)	(83,316)				(83,316)
Cash dividends declared	(1,322,335)			(1,322,335)
Issuance of common stock	348,117	85,175	262,942
Balance at end of period at Dec. 31, 2018	80,959,740	40,058,250	13,306,598	28,549,876	(954,984)
Balance at beginning of period at Sep. 30, 2018	79,583,112	39,973,075	13,043,656	27,438,049	(871,668)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	8,242,807
Other comprehensive income (loss)	(589,162)
Balance at end of period at Jun. 30, 2019	84,736,935	40,319,785	14,179,376	31,698,604	(1,460,830)
Balance at beginning of period at Dec. 31, 2018	80,959,740	40,058,250	13,306,598	28,549,876	(954,984)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,670,090			4,670,090
Other comprehensive income (loss)	(46,034)				(46,034)
Cash dividends declared	(1,329,178)			(1,329,178)
Issuance of common stock	719,899	158,110	561,789
Balance at end of period at Mar. 31, 2019	84,974,517	40,216,360	13,868,387	31,890,788	(1,001,018)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,138,555			1,138,555
Other comprehensive income (loss)	(459,812)				(459,812)
Cash dividends declared	(1,330,739)			(1,330,739)
Issuance of common stock	414,414	103,425	310,989
Balance at end of period at Jun. 30, 2019	$ 84,736,935	$ 40,319,785	$ 14,179,376	$ 31,698,604	$ (1,460,830)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.165	$ 0.165	$ 0.165	$ 0.155	$ 0.155	$ 0.155
Common stock issued (in shares)	20,685	31,622	17,035	10,360	724,378	10,168

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 8,242,807	$ 6,612,746
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,821,417	5,297,337
Cost of retirement of utility plant, net	(285,489)	(177,175)
Equity in earnings of unconsolidated affiliate	(2,038,417)	(585,399)
Changes in assets and liabilities which provided cash, exclusive of changes and noncash transactions shown separately	4,846,199	2,711,554
Net cash provided by operating activities	16,586,517	13,859,063
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to utility plant and nonutility property	(16,646,978)	(16,093,568)
Investment in unconsolidated affiliate	(16,650,944)	(5,250,680)
Proceeds from disposal of equipment	1,819	47,606
Net cash used in investing activities	(33,296,103)	(21,296,642)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable	51,559,000	13,537,000
Repayment of long-term debt	(24,000,000)	0
Borrowings under line-of-credit agreement	23,308,642	19,533,761
Repayments under line-of-credit agreement	(30,669,659)	(37,325,521)
Debt issuance costs	(92,856)	(32,678)
Proceeds from issuance of stock	1,482,430	16,264,655
Cash dividends paid	(3,887,037)	(3,408,776)
Net cash provided by financing activities	17,700,520	8,568,441
NET INCREASE IN CASH AND CASH EQUIVALENTS	990,934	1,130,862
BEGINNING CASH AND CASH EQUIVALENTS	247,411	69,640
ENDING CASH AND CASH EQUIVALENTS	1,238,345	1,200,502
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	2,725,248	1,955,847
Income taxes paid	$ 1,951,000	$ 1,180,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation RGC Resources, Inc. is an energy services company primarily engaged in the sale and distribution of natural gas. The consolidated financial statements include the accounts of RGC Resources, Inc. ("Resources" or the "Company") and its wholly-owned subsidiaries: Roanoke Gas Company; Diversified Energy Company; and RGC Midstream, LLC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly Resources' financial position as of June 30, 2019 , cash flows for the nine months ended June 30, 2019 and 2018 and the results of its operations, comprehensive income and changes in stockholders' equity for the three and nine months ended June 30, 2019 and 2018 . The results of operations for the three and nine months ended June 30, 2019 are not indicative of the results to be expected for the fiscal year ending September 30, 2019 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. The unaudited condensed consolidated interim financial statements and condensed notes are presented as permitted under the rules and regulations of the Securities and Exchange Commission. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information not misleading. Therefore, the condensed consolidated financial statements and condensed notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10-K for the year ended September 30, 2018 . The September 30, 2018 balance sheet was included in the Company’s audited financial statements included in Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The Company’s significant accounting policies are described in Note 1 to the consolidated financial statements in Form 10-K for the year ended September 30, 2018 . Newly adopted and newly issued accounting standards are discussed below. Recently Issued or Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that affects any entity that enters into contracts with customers for the transfer of goods or services or transfer of non-financial assets. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, the entity satisfies the performance obligation. Subsequently issued ASUs provided additional guidance to assist in the implementation of the new revenue standard. The standard is effective for the Company's annual reporting period ending September 30, 2019 and interim periods within that annual period. The Company adopted ASU 2014-09 and all amendments beginning in the quarter ended December 31, 2018. Consistent with the modified retrospective adoption method, prior reporting period results remain unchanged and reported in accordance with ASC 605. As it relates to the Company’s contracts to deliver natural gas to customers, the guidance in ASC 606 is consistent with the guidance in ASC 605; therefore, the modified retrospective approach resulted in no cumulative catch-up to retained earnings. Furthermore, there was no significant impact to revenues recognized and no significant changes to the Company’s related business processes, systems or internal controls over financial reporting because of the new guidance. See Note 2 for further information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU enhances the reporting model for financial instruments to provide users of the financial statements with more useful information through several provisions, including the following: (1) requires equity investments, excluding investments accounted for under the equity method, be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values, (3) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The Company adopted the ASU beginning with the quarter ended December 31, 2018. The new guidance did not have a material effect on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU leaves the accounting for leases mostly unchanged for lessors, with the exception of targeted improvements for consistency; however, the new guidance requires lessees to recognize assets and liabilities for leases with terms of more than 12 months. The ASU also revises the definition of a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Consistent with current GAAP, the presentation and cash flows arising from a lease by a lessee will primarily depend on its classification as a finance or operating lease. In contrast, the new ASU requires both types of leases to be recognized on the balance sheet. In addition, the new guidance includes quantitative and qualitative disclosure requirements to aid financial statement users in better understanding the amount, timing and uncertainty of cash flows arising from leases. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. In January 2018, the FASB issued ASU 2018-01, which provides a practical expedient that allows entities the option of not evaluating existing land easements under the new lease standard for those easements that were entered into prior to adoption. New or modified land easements will require evaluation on a prospective basis. The Company has completed its inventory of leases and does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits . The primary objective of this guidance is to improve the financial statement presentation of net periodic pension and postretirement benefit costs; however, it also changes which cost components are eligible for capitalization. The amendments in the ASU require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and, if a subtotal for income from operations is presented, outside of income from operations. The Company adopted the new guidance effective October 1, 2018. As a result, the Company now presents the other components of net periodic benefit costs outside of operations under the category of "other income (expense), net" in the condensed consolidated income statement. As the new guidance related to the expense classification was implemented on a retrospective basis, adjustments were made to the prior period financial statements as follows: Three Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 2,782,916 $ 30,633 $ 2,813,549 Total operating expenses 10,023,347 30,633 10,053,980 Operating income 1,866,223 (30,633 ) 1,835,590 Other income (expense), net 6,224 30,633 36,857 Income before income taxes $ 1,533,930 $ — $ 1,533,930 Nine Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 9,438,283 $ 91,899 $ 9,530,182 Total operating expenses 44,715,529 91,899 44,807,428 Operating income 10,848,065 (91,899 ) 10,756,166 Other income (expense), net 1,407 91,899 93,306 Income before income taxes $ 9,605,448 $ — $ 9,605,448 In addition, the ASU allows only the service cost component of net periodic benefit cost to be eligible for capitalization when applicable. Previously, the Company included all components of net periodic benefit costs for capitalization. Management has had discussions with its state regulators regarding the adoption of this ASU for regulatory purposes. The regulatory body has not taken a position on the change in capitalization requirements for these benefit costs and will evaluate the impact of this ASU on a case by case basis. The Company adopted the capitalization change prospectively on October 1, 2018. If the regulatory body ultimately determines that changes to the capitalization of these retirement benefits are not appropriate for regulatory purposes, the Company may have to establish regulatory assets or liabilities for those costs or benefits excluded from capitalization under this ASU. The adoption of this new guidance does not have a material effect on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities . The ASU is meant to simplify recognition and presentation guidance in an effort to improve financial reporting of cash flow and fair value hedging relationships to better portray the economic results of an entity's risk management activities. This is achieved through changes to both the designation and measurement guidance for qualifying hedging relationships, as well as changes to the presentation of hedge results. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, it does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new guidance is effective for the Company for the annual reporting period ending September 30, 2021. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, the ASU only modifies disclosure requirements and will not effect financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs incurred in a Cloud Computing Arrangement that is a Service Contract . This ASU reduces the complexity of accounting for costs of implementing a cloud computing service arrangement and aligns the following requirements to capitalize implementation costs: 1) those incurred in a hosting arrangement that is a service contract, and 2) those incurred to develop or obtain internal-use software, including hosting arrangements that include an internal software license. The new guidance is effective for the Company for the annual reporting period beginning October 1, 2020. Management has not completed its evaluation of the new guidance; however, it believes the new guidance will change the future treatment of certain contracts by allowing related implementation costs to be capitalized and amortized over time, rather than directly expensed. Management does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Revenue

Revenue	9 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company assesses new contracts and identifies related performance obligations for promises to transfer distinct goods or services to the customer. Revenue is recognized when performance obligations have been satisfied. In the case of Roanoke Gas, the Company contracts with its customers for the sale and/or delivery of natural gas. The following tables summarize revenue by customer, product and income statement classification: Three months ended June 30, 2019 Three months ended June 30, 2018 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 5,798,846 $ — $ 5,798,846 $ 6,742,368 $ — $ 6,742,368 Commercial 4,116,695 — 4,116,695 3,966,343 — 3,966,343 Industrial and Transportation 1,098,393 — 1,098,393 1,027,430 — 1,027,430 Revenue reductions (TCJA) (1) — — — (326,486 ) — (326,486 ) Other 86,714 148,002 234,716 121,026 342,773 463,799 Total contracts with customers 11,100,648 148,002 11,248,650 11,530,681 342,773 11,873,454 Alternative Revenue Programs 434,300 — 434,300 16,116 — 16,116 Total operating revenues $ 11,534,948 $ 148,002 $ 11,682,950 $ 11,546,797 $ 342,773 $ 11,889,570 Nine months ended June 30, 2019 Nine months ended June 30, 2018 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 34,263,845 $ — $ 34,263,845 $ 33,468,289 $ — $ 33,468,289 Commercial 19,772,433 — 19,772,433 18,765,110 — 18,765,110 Industrial and Transportation 3,563,505 — 3,563,505 3,289,483 — 3,289,483 Revenue reductions (TCJA) (1) (523,881 ) — (523,881 ) (1,147,829 ) — (1,147,829 ) Other 421,624 544,378 966,002 514,797 888,227 1,403,024 Total contracts with customers 57,497,526 544,378 58,041,904 54,889,850 888,227 55,778,077 Alternative Revenue Programs 132,752 — 132,752 (214,483 ) — (214,483 ) Total operating revenues $ 57,630,278 $ 544,378 $ 58,174,656 $ 54,675,367 $ 888,227 $ 55,563,594 (1) Accrued refund associated with excess revenue collected in tariff rates associated with the reduction in federal income tax rates. See Note 4 for more information. Gas utility revenues Substantially all of Roanoke Gas’ revenues are derived from rates authorized by the Virginia State Corporation Commission ("SCC") as reflected in its tariffs. Based on its evaluation, the Company has concluded that these tariff-based revenues fall within the scope of ASC 606. Tariff rates represent the transaction price. Performance obligations created under these tariff-based sales include commodity (the cost of natural gas sold to customers) and delivery (transporting natural gas through the Company’s distribution system to customers). The sale and/or delivery of natural gas to customers result in the satisfaction of the Company’s performance obligation over time as natural gas is delivered. All customers are billed monthly based on consumption as measured by metered usage. Revenue is recognized as bills are issued for natural gas that has been delivered or transported. In addition, the Company utilizes the practical expedient that allows an entity to recognize the invoiced amount as revenue, if that amount corresponds to the value received by the customer. Since customers are billed tariff rates, there is no variable consideration in transaction price. Unbilled revenue is included in residential and commercial revenues above. Natural gas consumption is estimated for the period subsequent to the last billed date and up through the last day of the month. Estimated volumes and approved tariff rates are utilized to calculate unbilled revenue. The following month, the unbilled estimate is reversed, the actual usage is billed and a new unbilled estimate is calculated. The Company obtains metered usage for industrial customers at the end of each month, thereby eliminating any unbilled consideration for these rate classes. Other revenues Other revenues primarily consist of miscellaneous fees and charges, utility-related revenues not directly billed to utility customers and billings for non utility activities. Non utility (unregulated) activities provided by the Company include contract paving and other similar services. Regarding these activities, the customer is invoiced monthly based on services provided. The Company utilizes the practical expedient allowing revenue to be recognized based on invoiced amounts. The transaction price is based on a contractually predetermined rate schedule; therefore, the transaction price represents total value to the customer and no variable price consideration exists. Alternative Revenue Program (ARP) revenues ARPs, which fall outside the scope of ASC 606, are SCC approved mechanisms that allow for the adjustment of revenues for certain broad, external factors, or for additional billings if the entity achieves certain performance targets. The Company's ARPs include its Weather Normalization Adjustment (WNA), which adjusts revenues for the effects of weather temperature variations as compared to the 30-year average, and the SAVE ("Steps to Advance Virginia's Energy") Plan over/under collection mechanism, which adjusts revenues for the differences between SAVE Plan revenues billed to customers in the current tariff rates and the revenue earned, as calculated based on the timing and extent of infrastructure replacement completed during the period. These amounts are ultimately collected from, or returned to, customers through future changes to tariff rates. Customer Accounts Receivable Accounts receivable, as reflected in the Condensed Consolidated Balance Sheets, includes both billed and unbilled customer revenues, as well as amounts that are not related to customers. The balances of customer receivables are provided below: Assets (current) Liabilities (current) Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2018 $ 2,675,611 $ 913,087 $ 1,003,622 $ 1,421,043 Balance at June 30, 2019 3,637,958 1,149,195 599,736 1,456,665 Increase (decrease) $ 962,347 $ 236,108 $ (403,886 ) $ 35,622 (1) Included in "Accounts receivable, net" in the condensed consolidated balance sheet. Amounts shown net of reserve for bad debts. The Company had no significant contract assets or liabilities during the period. Furthermore, the Company did not incur any significant costs to obtain contracts.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act, ("TCJA") became law. The TCJA's most significant impact was the reduction of the maximum corporate federal income tax rate from 35% to 21% beginning January 1, 2018. As the Company is a fiscal year taxpayer, it had a blended rate of 24.3% in fiscal 2018 and fully transitioned to the 21% rate in fiscal 2019. Under the provisions of ASC 740 - Income Taxes , the deferred tax assets and liabilities of the Company were revalued to reflect the reduction in the federal tax rate. For unregulated entities, the revaluation of excess deferred income taxes are flowed through income tax expense in the period of change. For rate regulated entities such as Roanoke Gas, these excess deferred taxes were originally recovered from its customers based on billing rates derived using a federal income tax rate of 34% . As a result, these net excess deferred taxes must be returned to customers. The Company began reflecting the refund of these excess deferred taxes in late fiscal 2018. As the refund should have no effect on the income of the Company, the income statement reflects both a reduction in revenues and a corresponding reduction in income taxes associated with the flow back of these net excess deferred taxes. The result is a lowering of the effective tax rate for the Company. A reconciliation of income tax expense from applying the federal statutory rates in effect for each period to total income tax expense is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Income before income taxes $ 1,482,585 $ 1,533,930 $ 10,749,678 $ 9,605,448 Corporate federal tax rate 21.00 % 24.30 % 21.00 % 24.30 % Income tax expense computed at the federal statutory rate $ 311,342 $ 372,745 $ 2,257,432 $ 2,334,124 State income taxes, net of federal tax benefit 71,245 70,337 512,315 438,551 Net amortization of excess deferred taxes on regulated operations (13,624 ) — (186,041 ) — Revaluation of unregulated deferred taxes — — — 206,830 Other, net (24,933 ) 3,493 (76,835 ) 13,197 Total income tax expense $ 344,030 $ 446,575 $ 2,506,871 $ 2,992,702 Effective tax rate 23.2 % 29.1 % 23.3 % 31.2 %

Rates and Regulatory Matters

Rates and Regulatory Matters	9 Months Ended
	Jun. 30, 2019
Regulated Operations [Abstract]
Rates and Regulatory Matters	Rates and Regulatory Matters The SCC exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service; safety standards; extension of service; and accounting and depreciation. On October 10, 2018, Roanoke Gas filed a general rate application requesting an annual increase in customer non-gas base rates of $10.5 million . This application incorporates into the non-gas base rates the impact of tax reform, non-SAVE utility plant investment, increased operating costs, recovery of regulatory assets associated with eligible safety activity costs ("ESAC") and SAVE plan revenues that were previously billed through the SAVE rider. The new non-gas base rates were placed in effect for service rendered on or after January 1, 2019, subject to refund pending audit and final order by the SCC. On June 28, 2019, the SCC staff issued their report and recommendations related to the rate application. Management has conducted a detailed review and assessment of each of the SCC staff's recommended adjustments and provided supplemental testimony to certain of the adjustments, including a proposed write-down of a portion of the ESAC regulatory assets. As a result of this assessment, management has revised the Company's estimated provision for refund. As referenced in Note 3, the TCJA reduced the federal corporate tax rate to 21% . The Company revalued its deferred tax assets and liabilities to reflect the new federal tax rate. Under the provisions of ASC 740, the corresponding adjustment to deferred income taxes generally flows directly to income tax expense. For rate regulated entities such as Roanoke Gas, these excess deferred taxes were originally recovered from its customers based on billing rates derived using a federal income tax rate of 34% . Therefore, the adjustment to the net deferred tax liabilities of Roanoke Gas, to the extent such net deferred tax liabilities are attributable to rate base or cost of service for customers, are refundable to customers. Roanoke Gas began accounting for the refund of these excess deferred taxes in fiscal 2018 along with reflecting a corresponding reduction in income tax expense. As of June 30, 2019, Roanoke Gas had approximately $11,100,000 remaining in the net regulatory liability related to these excess deferred income taxes, most of which will be refunded over a 28 year period per IRS normalization requirements. The SCC staff report on the general rate case application had no significant changes to the provision for and refund timing of the excess deferred taxes included in regulatory liabilities. The Company has transitioned to a corporate federal income tax rate of 21% and a combined 25.74% state and federal tax rate in fiscal 2019. In January 2018, the SCC issued a directive requiring the accrual of a regulatory liability for excess revenues collected from customers attributable to the higher federal income tax rate, included as a component of customer billing rates, until such time as the SCC approves revised billing rates incorporating the lower tax rate. Effective with January 2019 customer billings, the Company began refunding the excess revenues to customers. The SCC staff report on the general rate case application had no significant changes to the provision for and refund timing of the excess deferred taxes or the refund amount for excess revenues included in regulatory liabilities. The hearing on the rate application is scheduled for August 14, 2019 with the hearing examiner's report and final order anticipated for late first quarter or early second quarter of fiscal 2020. As more information becomes available, the Company will continue to refine its estimated refund until such time as the SCC issues its final order on the rate application. The current portion of the excess deferred income tax, the accrued refund for excess revenues due to tax rate change and the estimated refund related to the non-gas rates placed into effect on January 1, 2019 are included in the regulatory liabilities line in the condensed consolidated balance sheet. The SCC requires regulated entities within the state to perform a depreciation study every 5 years . The Company's current depreciation rates are based on the last depreciation study filed and implemented in 2014. In June 2019, the Company submitted its current depreciation study and proposed depreciation rates with the SCC. If approved, the proposed rates would result in a small decrease in depreciation expense for fiscal 2019, as the new rates would be effective retroactive to October 1, 2018. Approval of these new depreciation rates is pending at this time with administrative approval anticipated around the Company's fiscal year end. In May 2019, the Company filed with the SCC its most recent SAVE Plan and Rider. The SAVE Plan provides a mechanism for the Company to recover the related depreciation and expenses and return on rate base of its infrastructure replacement program. The new SAVE filing continues the replacement of first generation plastic main and related services and includes the replacement of a natural gas transfer station. The filing also proposes to extend the Company's SAVE Plan to September 30, 2024. A final order is expected by the end of September.

Other Investments

Other Investments	9 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Other Investments In October 2015, the Company, through its wholly-owned subsidiary, RGC Midstream, LLC ("Midstream"), acquired a 1% equity interest in the Mountain Valley Pipeline, LLC (the “LLC”). The LLC was established to construct and operate the Mountain Valley Pipeline ("MVP" or "pipeline"), a natural gas pipeline originating in northern West Virginia and extending through south central Virginia. When completed, the pipeline will have the capacity to transport approximately 2 million decatherms of natural gas per day. Much of the pipeline has been installed with construction ongoing. The pipeline is currently not expected to be placed in service until mid- 2020 due to ongoing legal issues delaying construction of the pipeline through water crossings and national forest land. On June 17, 2019, the LLC's managing partner revised the projected cost of the MVP project from $4.6 billion to between $4.8 and $5.0 billion due to the projected 2020 in-service date. As a result, Midstream's estimated total cash contribution will increase to approximately $50 million . The Company is utilizing the equity method to account for the transactions and activity of the investment in MVP and is participating in the earnings in proportion to its level of investment. In April 2018, the LLC announced the MVP Southgate project ("Southgate"), which is a 70 mile pipeline extending from the MVP mainline in Virginia to delivery points in North Carolina. Midstream is a less than 1% investor in the project, which is being accounted for under the cost method. Total estimated project cost is between $350 and $500 million , of which Midstream's portion is estimated to be between $1.8 to $2.5 million . The Southgate project is currently in the planning and permitting stage. On a quarterly basis, the LLC issues a capital call notice, which specifies the capital contributions for MVP and Southgate to be paid over the subsequent 3 months . As of June 30, 2019 , the Company had $7,127,688 remaining to be paid under the most recent notice. The capital contribution payable has been reflected on the Company's Balance Sheet as of June 30, 2019 , with a corresponding increase to "investment in unconsolidated affiliates". Related to capital contributions payable, there was a $3,015,078 non-cash decrease in the "investment in unconsolidated affiliates" during the nine months ended June 30, 2019 . Funding for Midstream's investments in the LLC for both the MVP and Southgate projects are being provided through two unsecured promissory notes under a non-revolving credit agreement, each with a 5 -year term as well as intermediate financing from two additional notes issued in June 2019 as discussed further in Note 7. The financial statement locations of the investment in the LLC are as follows: Balance Sheet Location of Other Investments: June 30, 2019 September 30, 2018 Other Assets: MVP $ 43,927,960 $ 28,387,031 Southgate 253,469 120,115 Investment in unconsolidated affiliates $ 44,181,429 $ 28,507,146 Current Liabilities: MVP $ 7,084,926 $ 10,022,652 Southgate 42,762 120,114 Capital contributions payable $ 7,127,688 $ 10,142,766 Three Months Ended Nine Months Ended Income Statement Location of Other Investments: June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Equity in earnings of unconsolidated affiliate $ 777,193 $ 245,075 $ 2,038,417 $ 585,399

Derivatives and Hedging

Derivatives and Hedging	9 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company’s risk management policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s risk management policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company seeks to hedge include the price of natural gas and the cost of borrowed funds. The Company has three interest rate swaps associated with its variable rate debt as discussed in Note 7. Roanoke Gas has a swap agreement that converts its $7,000,000 term note based on LIBOR into fixed-rate debt with a 2.30% effective interest rate. In June 2019, Midstream entered into two swap agreements, one each for the $14,000,000 variable rate term note issued on June 12, 2019 and the $10,000,000 variable rate term note issued on June 13, 2019. The swap agreements convert these two notes into fixed rate instruments with effective interest rates of 3.24% and 3.14% , respectively. The swaps qualify as cash flow hedges with changes in fair value reported in other comprehensive income. No portion of the swaps were deemed ineffective during the periods presented. The fair value of the current and non-current portions of the interest rate swaps are reflected in the condensed balance sheet under the caption interest rate swap. The table in Note 8 reflects the effect on income and other comprehensive income of the Company's cash flow hedge.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On June 5, 2019, Roanoke Gas entered into an agreement to issue notes in the aggregate principal amount of $10,000,000 . These notes are scheduled to be issued on the day of closing currently proposed for December 6, 2019. These notes will have a 10 -year term from the date of issue at a fixed interest rate of 3.60% . The proceeds from these notes will be used to finance a portion of Roanoke Gas' capital budget. On March 28, 2019, Roanoke Gas entered into 12 -year unsecured notes in the total principal amount of $10,000,000 with a fixed interest rate of 4.41% per annum. Proceeds from these notes were used to refinance a portion of Roanoke Gas' debt under the line-of-credit. On March 26, 2019, Roanoke Gas entered into a new unsecured line-of-credit agreement. This agreement replaced the prior line-of-credit agreement scheduled to expire March 31, 2020. The new agreement is for a two -year term expiring March 31, 2021 with a maximum borrowing limit of $30,000,000 . Amounts drawn against the agreement are considered to be non-current as the balance under the line-of-credit is not subject to repayment within the next 12-month period. The agreement has a variable-interest rate based on 30-day LIBOR plus 100 basis points and an availability fee of 15 basis points and provides multi-tiered borrowing limits associated with the seasonal borrowing demands of the Company. The Company's total available borrowing limits during the term of the agreement range from $3,000,000 to $30,000,000 . Roanoke Gas also has other unsecured notes at varying fixed interest rates as well as a variable-rate note with interest based on 30-day LIBOR plus 90 basis points. The variable rate note is hedged by a swap agreement, which converts the debt into a fixed-rate instrument with an annual interest rate of 2.30% . On February 19, 2019, Midstream entered into an agreement to amend its existing non-revolving credit agreement and related notes. The amendment increased total borrowing limits to $50 million through the date of maturity to meet the projected funding requirements for completion of the MVP. With the exception of the increase in borrowing limits, all remaining terms under the notes remain unchanged including the variable-interest rate based on 30-day LIBOR plus 135 basis points . In June 2019, Midstream entered into two unsecured promissory notes and loan agreements. On June 12, 2019, Midstream entered into a 7 -year unsecured note in the aggregate principal amount of $14,000,000 at an interest rate of 30-day LIBOR plus 115 basis points. Midstream also entered into an interest rate swap agreement that converts the note's variable interest rate to a 3.24% fixed rate. On June 13, 2019, Midstream entered into a 5 -year unsecured note in the aggregate principal amount of $10,000,000 at an interest rate of 30-day LIBOR plus 120 basis points. Beginning in July 2022, the second note's terms require monthly principal repayments with the remaining unpaid balance due on June 1, 2024. In addition, Midstream entered into a second interest rate swap agreement that converts the second note's variable interest rate to a 3.14% fixed rate. The proceeds from the notes issued in June 2019 were used to pay down Midstream's notes under the existing non-revolving credit agreement as amended in February. As a result, the corresponding available balances on the prior notes declined by $24,000,000 , thereby reducing the previously available $50,000,000 down to $26,000,000 . As of June 30, 2019, the total outstanding balances under these notes were $11,302,200 . All of the debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that limit consolidated long-term indebtedness to not more than 65% of total capitalization. All of the debt agreements, except for the line-of-credit, provide for priority indebtedness to not exceed 15% of consolidated total assets. Long-term debt consists of the following: June 30, 2019 September 30, 2018 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas Company: Unsecured senior notes payable, at 4.26% due on September 18, 2034 $ 30,500,000 $ 147,225 $ 30,500,000 $ 154,465 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 7,781 7,000,000 10,283 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 39,732 8,000,000 43,343 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 36,808 — — RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 11,302,200 71,405 17,743,200 74,190 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 16,853 — — Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 11,590 — — Total notes payable $ 90,802,200 $ 331,394 $ 63,243,200 $ 282,281 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 $ — $ — $ 7,361,017 $ — Total long-term debt $ 90,802,200 $ 331,394 $ 70,604,217 $ 282,281

Other Comprehensive Income

Other Comprehensive Income	9 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Other Comprehensive Income	Other Comprehensive Income A summary of other comprehensive income and loss is provided below: Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Three Months Ended June 30, 2019 Interest rate swaps: Unrealized losses $ (592,836 ) $ 152,596 $ (440,240 ) Transfer of realized gains to interest expense (23,780 ) 6,121 (17,659 ) Net interest rate swap (616,616 ) 158,717 (457,899 ) Defined benefit plans: Amortization of actuarial gains (2,576 ) 663 (1,913 ) Other comprehensive loss $ (619,192 ) $ 159,380 $ (459,812 ) Three Months Ended June 30, 2018 Interest rate swap: Unrealized gains $ 35,969 $ (10,373 ) $ 25,596 Transfer of realized gains to interest expense (9,272 ) 2,674 (6,598 ) Net interest rate swap 26,697 (7,699 ) 18,998 Defined benefit plans: Amortization of actuarial gains (5,971 ) 1,722 (4,249 ) Other comprehensive income $ 20,726 $ (5,977 ) $ 14,749 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Nine Months Ended June 30, 2019 Interest rate swap: Unrealized losses $ (726,851 ) $ 187,091 $ (539,760 ) Transfer of realized gains to interest expense (58,797 ) 15,134 (43,663 ) Net interest rate swap (785,648 ) 202,225 (583,423 ) Defined benefit plans: Amortization of actuarial gains (7,728 ) 1,989 (5,739 ) Other comprehensive loss $ (793,376 ) $ 204,214 $ (589,162 ) Nine Months Ended June 30, 2018 Interest rate swap: Unrealized gains $ 187,913 $ (54,194 ) $ 133,719 Transfer of realized gains to interest expense (11,668 ) 3,365 (8,303 ) Net interest rate swap 176,245 (50,829 ) 125,416 Defined benefit plans: Amortization of actuarial gains (17,913 ) 5,166 (12,747 ) Other comprehensive income $ 158,332 $ (45,663 ) $ 112,669 The amortization of actuarial gains and losses is included as a component of net periodic pension and postretirement benefit costs under other income (expense), net. Reconciliation of Other Accumulated Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2018 $ (871,668 ) Other comprehensive loss (589,162 ) Balance at June 30, 2019 $ (1,460,830 )

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Roanoke Gas currently holds the only franchises and/or certificates of public convenience and necessity to distribute natural gas in its service area. The current franchise agreements expire December 31, 2035 . The Company's certificates of public convenience and necessity are exclusive and generally are intended for perpetual duration. Due to the nature of the natural gas distribution business, the Company has entered into agreements with both suppliers and pipelines for natural gas commodity purchases, storage capacity and pipeline delivery capacity. The Company utilizes an asset manager to assist in optimizing the use of its transportation, storage rights and gas supply in order to provide a secure and reliable source of natural gas to its customers. The Company also has storage and pipeline capacity contracts to store and deliver natural gas to the Company’s distribution system. Roanoke Gas is currently served directly by two primary pipelines. These two pipelines deliver all of the natural gas supplied to the Company’s distribution system. Depending on weather conditions and the level of customer demand, failure of one or both of these transmission pipelines could have a major adverse impact on the Company's ability to deliver natural gas to its customers and its results of operations. The MVP will provide Roanoke Gas with access to an additional delivery source to its distribution system, increasing system reliability and the Company's ability to meet future demands for natural gas.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share for the three months and nine months ended June 30, 2019 and 2018 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares. A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Net Income $ 1,138,555 $ 1,087,355 $ 8,242,807 $ 6,612,746 Weighted average common shares 8,051,944 7,982,354 8,029,222 7,533,595 Effect of dilutive securities: Options to purchase common stock 36,326 48,698 41,830 46,330 Diluted average common shares 8,088,270 8,031,052 8,071,052 7,579,925 Earnings Per Share of Common Stock: Basic $ 0.14 $ 0.14 $ 1.03 $ 0.88 Diluted $ 0.14 $ 0.14 $ 1.02 $ 0.87

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has both a defined benefit pension plan (the “pension plan”) and a postretirement benefit plan (the “postretirement plan”). The pension plan covers substantially all of the Company’s employees hired before January 1, 2017 and provides retirement income based on years of service and employee compensation. The postretirement plan provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense is detailed as follows: Three Months Ended Nine Months Ended June 30, June 30, 2019 2018 2019 2018 Components of net periodic pension cost: Service cost $ 134,317 $ 166,309 $ 402,951 $ 498,927 Interest cost 291,682 272,045 875,046 816,135 Expected return on plan assets (387,359 ) (465,710 ) (1,162,077 ) (1,397,130 ) Recognized loss 39,650 87,758 118,950 263,274 Net periodic pension cost $ 78,290 $ 60,402 $ 234,870 $ 181,206 Three Months Ended Nine Months Ended June 30, June 30, 2019 2018 2019 2018 Components of postretirement benefit cost: Service cost $ 33,221 $ 41,805 $ 99,663 $ 125,415 Interest cost 162,236 160,151 486,708 480,453 Expected return on plan assets (136,805 ) (155,845 ) (410,415 ) (467,535 ) Recognized loss 30,951 70,967 92,853 212,901 Net postretirement benefit cost $ 89,603 $ 117,078 $ 268,809 $ 351,234 The components of net periodic benefit cost, other than the service cost component, are included in the line item "other income (expense), net" in the condensed consolidated income statement as prescribed under ASU 2017-07 and discussed in Note 1. Service cost is included in the "operations and maintenance" line. The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year. Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Defined benefit pension plan $ 400,000 $ 400,000 Postretirement medical plan — 300,000 Total $ 400,000 $ 700,000

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB ASC No. 820, Fair Value Measurements and Disclosures , established a fair value hierarchy that prioritizes each input to the valuation method used to measure fair value of financial and nonfinancial assets and liabilities that are measured and reported on a fair value basis into one of the following three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices in Level 1 that are either for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Unobservable inputs for the asset or liability where there is little, if any, market activity for the asset or liability at the measurement date. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as required by existing guidance and the fair value measurements by level within the fair value hierarchy as of June 30, 2019 and September 30, 2018 : Fair Value Measurements - June 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 37,067 $ — $ 37,067 $ — Total $ 37,067 $ — $ 37,067 $ — Liabilities: Natural gas purchases $ 277,663 $ — $ 277,663 $ — Interest rate swap 512,152 — 512,152 — Total $ 789,815 $ — $ 789,815 $ — Fair Value Measurements - September 30, 2018 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 310,563 $ — $ 310,563 $ — Total $ 310,563 $ — $ 310,563 $ — Liabilities: Natural gas purchases $ 693,495 $ — $ 693,495 $ — Total $ 693,495 $ — $ 693,495 $ — The fair value of the interest rate swaps are determined by using the counterparty's proprietary models and certain assumptions regarding past, present and future market conditions. Under the asset management contract, a timing difference can exist between the payment for natural gas purchases and the actual receipt of such purchases. Payments are made based on a predetermined monthly volume with the price based on weighted average first of the month index prices corresponding to the month of the scheduled payment. At June 30, 2019 and September 30, 2018 , the Company had recorded in accounts payable the estimated fair value of the liability valued at the corresponding first of month index prices for which the liability is expected to be settled. The Company’s nonfinancial assets and liabilities measured at fair value on a nonrecurring basis consist of its asset retirement obligations. The asset retirement obligations are measured at fair value at initial recognition based on expected future cash flows required to settle the obligation. The carrying value of cash and cash equivalents, accounts receivable, accounts payable (with the exception of the timing difference under the asset management contract), customer credit balances and customer deposits is a reasonable estimate of fair value due to the short-term nature of these financial instruments. In addition, the carrying amount of the variable rate line-of-credit is a reasonable approximation of its fair value. The following table summarizes the fair value of the Company’s financial assets and liabilities that are not adjusted to fair value in the financial statements as of June 30, 2019 and September 30, 2018 : Fair Value Measurements - June 30, 2019 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 90,802,200 $ — $ — $ 94,425,095 Total $ 90,802,200 $ — $ — $ 94,425,095 Fair Value Measurements - September 30, 2018 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 63,243,200 $ — $ — $ 62,435,237 Total $ 63,243,200 $ — $ — $ 62,435,237 The fair value of long-term debt is estimated by discounting the future cash flows of the debt based on current market rates and corresponding interest rate spreads. FASB ASC 825, Financial Instruments , requires disclosures regarding concentrations of credit risk from financial instruments. Cash equivalents are investments in high-grade, short-term securities (original maturity less than three months), placed with financially sound institutions. Accounts receivable are from a diverse group of customers including individuals and small and large companies in various industries. As of June 30, 2019 and September 30, 2018 , no single customer accounted for more than 5% of the total accounts receivable balance. The Company maintains certain credit standards with its customers and requires a customer deposit if such evaluation warrants.

Subsequent Events

Subsequent Events	9 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. There were no items not otherwise disclosed above which would have materially impacted the Company’s condensed consolidated financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation RGC Resources, Inc. is an energy services company primarily engaged in the sale and distribution of natural gas. The consolidated financial statements include the accounts of RGC Resources, Inc. ("Resources" or the "Company") and its wholly-owned subsidiaries: Roanoke Gas Company; Diversified Energy Company; and RGC Midstream, LLC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly Resources' financial position as of June 30, 2019 , cash flows for the nine months ended June 30, 2019 and 2018 and the results of its operations, comprehensive income and changes in stockholders' equity for the three and nine months ended June 30, 2019 and 2018 . The results of operations for the three and nine months ended June 30, 2019 are not indicative of the results to be expected for the fiscal year ending September 30, 2019 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. The unaudited condensed consolidated interim financial statements and condensed notes are presented as permitted under the rules and regulations of the Securities and Exchange Commission. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information not misleading. Therefore, the condensed consolidated financial statements and condensed notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10-K for the year ended September 30, 2018 . The September 30, 2018 balance sheet was included in the Company’s audited financial statements included in Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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. The Company’s significant accounting policies are described in Note 1 to the consolidated financial statements in Form 10-K for the year ended September 30, 2018 . Newly adopted and newly issued accounting standards are discussed below.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that affects any entity that enters into contracts with customers for the transfer of goods or services or transfer of non-financial assets. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, the entity satisfies the performance obligation. Subsequently issued ASUs provided additional guidance to assist in the implementation of the new revenue standard. The standard is effective for the Company's annual reporting period ending September 30, 2019 and interim periods within that annual period. The Company adopted ASU 2014-09 and all amendments beginning in the quarter ended December 31, 2018. Consistent with the modified retrospective adoption method, prior reporting period results remain unchanged and reported in accordance with ASC 605. As it relates to the Company’s contracts to deliver natural gas to customers, the guidance in ASC 606 is consistent with the guidance in ASC 605; therefore, the modified retrospective approach resulted in no cumulative catch-up to retained earnings. Furthermore, there was no significant impact to revenues recognized and no significant changes to the Company’s related business processes, systems or internal controls over financial reporting because of the new guidance. See Note 2 for further information. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU enhances the reporting model for financial instruments to provide users of the financial statements with more useful information through several provisions, including the following: (1) requires equity investments, excluding investments accounted for under the equity method, be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values, (3) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The Company adopted the ASU beginning with the quarter ended December 31, 2018. The new guidance did not have a material effect on the Company's financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU leaves the accounting for leases mostly unchanged for lessors, with the exception of targeted improvements for consistency; however, the new guidance requires lessees to recognize assets and liabilities for leases with terms of more than 12 months. The ASU also revises the definition of a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Consistent with current GAAP, the presentation and cash flows arising from a lease by a lessee will primarily depend on its classification as a finance or operating lease. In contrast, the new ASU requires both types of leases to be recognized on the balance sheet. In addition, the new guidance includes quantitative and qualitative disclosure requirements to aid financial statement users in better understanding the amount, timing and uncertainty of cash flows arising from leases. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. In January 2018, the FASB issued ASU 2018-01, which provides a practical expedient that allows entities the option of not evaluating existing land easements under the new lease standard for those easements that were entered into prior to adoption. New or modified land easements will require evaluation on a prospective basis. The Company has completed its inventory of leases and does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits . The primary objective of this guidance is to improve the financial statement presentation of net periodic pension and postretirement benefit costs; however, it also changes which cost components are eligible for capitalization. The amendments in the ASU require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and, if a subtotal for income from operations is presented, outside of income from operations. The Company adopted the new guidance effective October 1, 2018. As a result, the Company now presents the other components of net periodic benefit costs outside of operations under the category of "other income (expense), net" in the condensed consolidated income statement. As the new guidance related to the expense classification was implemented on a retrospective basis, adjustments were made to the prior period financial statements as follows: Three Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 2,782,916 $ 30,633 $ 2,813,549 Total operating expenses 10,023,347 30,633 10,053,980 Operating income 1,866,223 (30,633 ) 1,835,590 Other income (expense), net 6,224 30,633 36,857 Income before income taxes $ 1,533,930 $ — $ 1,533,930 Nine Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 9,438,283 $ 91,899 $ 9,530,182 Total operating expenses 44,715,529 91,899 44,807,428 Operating income 10,848,065 (91,899 ) 10,756,166 Other income (expense), net 1,407 91,899 93,306 Income before income taxes $ 9,605,448 $ — $ 9,605,448 In addition, the ASU allows only the service cost component of net periodic benefit cost to be eligible for capitalization when applicable. Previously, the Company included all components of net periodic benefit costs for capitalization. Management has had discussions with its state regulators regarding the adoption of this ASU for regulatory purposes. The regulatory body has not taken a position on the change in capitalization requirements for these benefit costs and will evaluate the impact of this ASU on a case by case basis. The Company adopted the capitalization change prospectively on October 1, 2018. If the regulatory body ultimately determines that changes to the capitalization of these retirement benefits are not appropriate for regulatory purposes, the Company may have to establish regulatory assets or liabilities for those costs or benefits excluded from capitalization under this ASU. The adoption of this new guidance does not have a material effect on the Company's consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities . The ASU is meant to simplify recognition and presentation guidance in an effort to improve financial reporting of cash flow and fair value hedging relationships to better portray the economic results of an entity's risk management activities. This is achieved through changes to both the designation and measurement guidance for qualifying hedging relationships, as well as changes to the presentation of hedge results. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, it does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) - Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . This ASU modifies disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The new guidance is effective for the Company for the annual reporting period ending September 30, 2021. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, the ASU only modifies disclosure requirements and will not effect financial position, results of operations or cash flows. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs incurred in a Cloud Computing Arrangement that is a Service Contract . This ASU reduces the complexity of accounting for costs of implementing a cloud computing service arrangement and aligns the following requirements to capitalize implementation costs: 1) those incurred in a hosting arrangement that is a service contract, and 2) those incurred to develop or obtain internal-use software, including hosting arrangements that include an internal software license. The new guidance is effective for the Company for the annual reporting period beginning October 1, 2020. Management has not completed its evaluation of the new guidance; however, it believes the new guidance will change the future treatment of certain contracts by allowing related implementation costs to be capitalized and amortized over time, rather than directly expensed. Management does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Adjustments to Prior Period Financial Statements	As the new guidance related to the expense classification was implemented on a retrospective basis, adjustments were made to the prior period financial statements as follows: Three Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 2,782,916 $ 30,633 $ 2,813,549 Total operating expenses 10,023,347 30,633 10,053,980 Operating income 1,866,223 (30,633 ) 1,835,590 Other income (expense), net 6,224 30,633 36,857 Income before income taxes $ 1,533,930 $ — $ 1,533,930 Nine Months Ended June 30, 2018 As Previously Reported Effect of Change As Adjusted Operations and maintenance $ 9,438,283 $ 91,899 $ 9,530,182 Total operating expenses 44,715,529 91,899 44,807,428 Operating income 10,848,065 (91,899 ) 10,756,166 Other income (expense), net 1,407 91,899 93,306 Income before income taxes $ 9,605,448 $ — $ 9,605,448

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables summarize revenue by customer, product and income statement classification: Three months ended June 30, 2019 Three months ended June 30, 2018 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 5,798,846 $ — $ 5,798,846 $ 6,742,368 $ — $ 6,742,368 Commercial 4,116,695 — 4,116,695 3,966,343 — 3,966,343 Industrial and Transportation 1,098,393 — 1,098,393 1,027,430 — 1,027,430 Revenue reductions (TCJA) (1) — — — (326,486 ) — (326,486 ) Other 86,714 148,002 234,716 121,026 342,773 463,799 Total contracts with customers 11,100,648 148,002 11,248,650 11,530,681 342,773 11,873,454 Alternative Revenue Programs 434,300 — 434,300 16,116 — 16,116 Total operating revenues $ 11,534,948 $ 148,002 $ 11,682,950 $ 11,546,797 $ 342,773 $ 11,889,570 Nine months ended June 30, 2019 Nine months ended June 30, 2018 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 34,263,845 $ — $ 34,263,845 $ 33,468,289 $ — $ 33,468,289 Commercial 19,772,433 — 19,772,433 18,765,110 — 18,765,110 Industrial and Transportation 3,563,505 — 3,563,505 3,289,483 — 3,289,483 Revenue reductions (TCJA) (1) (523,881 ) — (523,881 ) (1,147,829 ) — (1,147,829 ) Other 421,624 544,378 966,002 514,797 888,227 1,403,024 Total contracts with customers 57,497,526 544,378 58,041,904 54,889,850 888,227 55,778,077 Alternative Revenue Programs 132,752 — 132,752 (214,483 ) — (214,483 ) Total operating revenues $ 57,630,278 $ 544,378 $ 58,174,656 $ 54,675,367 $ 888,227 $ 55,563,594 (1) Accrued refund associated with excess revenue collected in tariff rates associated with the reduction in federal income tax rates. See Note 4 for more information.
Schedule of Customer Accounts Receivable	The balances of customer receivables are provided below: Assets (current) Liabilities (current) Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2018 $ 2,675,611 $ 913,087 $ 1,003,622 $ 1,421,043 Balance at June 30, 2019 3,637,958 1,149,195 599,736 1,456,665 Increase (decrease) $ 962,347 $ 236,108 $ (403,886 ) $ 35,622 (1) Included in "Accounts receivable, net" in the condensed consolidated balance sheet. Amounts shown net of reserve for bad debts.

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	A reconciliation of income tax expense from applying the federal statutory rates in effect for each period to total income tax expense is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Income before income taxes $ 1,482,585 $ 1,533,930 $ 10,749,678 $ 9,605,448 Corporate federal tax rate 21.00 % 24.30 % 21.00 % 24.30 % Income tax expense computed at the federal statutory rate $ 311,342 $ 372,745 $ 2,257,432 $ 2,334,124 State income taxes, net of federal tax benefit 71,245 70,337 512,315 438,551 Net amortization of excess deferred taxes on regulated operations (13,624 ) — (186,041 ) — Revaluation of unregulated deferred taxes — — — 206,830 Other, net (24,933 ) 3,493 (76,835 ) 13,197 Total income tax expense $ 344,030 $ 446,575 $ 2,506,871 $ 2,992,702 Effective tax rate 23.2 % 29.1 % 23.3 % 31.2 %

Other Investments (Tables)

Other Investments (Tables)	9 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Other Investments	The financial statement locations of the investment in the LLC are as follows: Balance Sheet Location of Other Investments: June 30, 2019 September 30, 2018 Other Assets: MVP $ 43,927,960 $ 28,387,031 Southgate 253,469 120,115 Investment in unconsolidated affiliates $ 44,181,429 $ 28,507,146 Current Liabilities: MVP $ 7,084,926 $ 10,022,652 Southgate 42,762 120,114 Capital contributions payable $ 7,127,688 $ 10,142,766 Three Months Ended Nine Months Ended Income Statement Location of Other Investments: June 30, 2019 June 30, 2018 June 30, 2019 June 30, 2018 Equity in earnings of unconsolidated affiliate $ 777,193 $ 245,075 $ 2,038,417 $ 585,399

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: June 30, 2019 September 30, 2018 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas Company: Unsecured senior notes payable, at 4.26% due on September 18, 2034 $ 30,500,000 $ 147,225 $ 30,500,000 $ 154,465 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 7,781 7,000,000 10,283 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 39,732 8,000,000 43,343 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 36,808 — — RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 11,302,200 71,405 17,743,200 74,190 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 16,853 — — Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 11,590 — — Total notes payable $ 90,802,200 $ 331,394 $ 63,243,200 $ 282,281 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 $ — $ — $ 7,361,017 $ — Total long-term debt $ 90,802,200 $ 331,394 $ 70,604,217 $ 282,281

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	9 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Summary of Other Comprehensive Income and Loss	A summary of other comprehensive income and loss is provided below: Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Three Months Ended June 30, 2019 Interest rate swaps: Unrealized losses $ (592,836 ) $ 152,596 $ (440,240 ) Transfer of realized gains to interest expense (23,780 ) 6,121 (17,659 ) Net interest rate swap (616,616 ) 158,717 (457,899 ) Defined benefit plans: Amortization of actuarial gains (2,576 ) 663 (1,913 ) Other comprehensive loss $ (619,192 ) $ 159,380 $ (459,812 ) Three Months Ended June 30, 2018 Interest rate swap: Unrealized gains $ 35,969 $ (10,373 ) $ 25,596 Transfer of realized gains to interest expense (9,272 ) 2,674 (6,598 ) Net interest rate swap 26,697 (7,699 ) 18,998 Defined benefit plans: Amortization of actuarial gains (5,971 ) 1,722 (4,249 ) Other comprehensive income $ 20,726 $ (5,977 ) $ 14,749 Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Nine Months Ended June 30, 2019 Interest rate swap: Unrealized losses $ (726,851 ) $ 187,091 $ (539,760 ) Transfer of realized gains to interest expense (58,797 ) 15,134 (43,663 ) Net interest rate swap (785,648 ) 202,225 (583,423 ) Defined benefit plans: Amortization of actuarial gains (7,728 ) 1,989 (5,739 ) Other comprehensive loss $ (793,376 ) $ 204,214 $ (589,162 ) Nine Months Ended June 30, 2018 Interest rate swap: Unrealized gains $ 187,913 $ (54,194 ) $ 133,719 Transfer of realized gains to interest expense (11,668 ) 3,365 (8,303 ) Net interest rate swap 176,245 (50,829 ) 125,416 Defined benefit plans: Amortization of actuarial gains (17,913 ) 5,166 (12,747 ) Other comprehensive income $ 158,332 $ (45,663 ) $ 112,669
Reconciliation of Other Accumulated Other Comprehensive Income (Loss)	Reconciliation of Other Accumulated Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2018 $ (871,668 ) Other comprehensive loss (589,162 ) Balance at June 30, 2019 $ (1,460,830 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Reconciliation	A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2019 2018 2019 2018 Net Income $ 1,138,555 $ 1,087,355 $ 8,242,807 $ 6,612,746 Weighted average common shares 8,051,944 7,982,354 8,029,222 7,533,595 Effect of dilutive securities: Options to purchase common stock 36,326 48,698 41,830 46,330 Diluted average common shares 8,088,270 8,031,052 8,071,052 7,579,925 Earnings Per Share of Common Stock: Basic $ 0.14 $ 0.14 $ 1.03 $ 0.88 Diluted $ 0.14 $ 0.14 $ 1.02 $ 0.87

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Jun. 30, 2019
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost	Net pension plan and postretirement plan expense is detailed as follows: Three Months Ended Nine Months Ended June 30, June 30, 2019 2018 2019 2018 Components of net periodic pension cost: Service cost $ 134,317 $ 166,309 $ 402,951 $ 498,927 Interest cost 291,682 272,045 875,046 816,135 Expected return on plan assets (387,359 ) (465,710 ) (1,162,077 ) (1,397,130 ) Recognized loss 39,650 87,758 118,950 263,274 Net periodic pension cost $ 78,290 $ 60,402 $ 234,870 $ 181,206 Three Months Ended Nine Months Ended June 30, June 30, 2019 2018 2019 2018 Components of postretirement benefit cost: Service cost $ 33,221 $ 41,805 $ 99,663 $ 125,415 Interest cost 162,236 160,151 486,708 480,453 Expected return on plan assets (136,805 ) (155,845 ) (410,415 ) (467,535 ) Recognized loss 30,951 70,967 92,853 212,901 Net postretirement benefit cost $ 89,603 $ 117,078 $ 268,809 $ 351,234
Summary of Employer Contributions to Defined Benefit Plans	The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year. Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Defined benefit pension plan $ 400,000 $ 400,000 Postretirement medical plan — 300,000 Total $ 400,000 $ 700,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis	The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as required by existing guidance and the fair value measurements by level within the fair value hierarchy as of June 30, 2019 and September 30, 2018 : Fair Value Measurements - June 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 37,067 $ — $ 37,067 $ — Total $ 37,067 $ — $ 37,067 $ — Liabilities: Natural gas purchases $ 277,663 $ — $ 277,663 $ — Interest rate swap 512,152 — 512,152 — Total $ 789,815 $ — $ 789,815 $ — Fair Value Measurements - September 30, 2018 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 310,563 $ — $ 310,563 $ — Total $ 310,563 $ — $ 310,563 $ — Liabilities: Natural gas purchases $ 693,495 $ — $ 693,495 $ — Total $ 693,495 $ — $ 693,495 $ —
Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value	The following table summarizes the fair value of the Company’s financial assets and liabilities that are not adjusted to fair value in the financial statements as of June 30, 2019 and September 30, 2018 : Fair Value Measurements - June 30, 2019 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 90,802,200 $ — $ — $ 94,425,095 Total $ 90,802,200 $ — $ — $ 94,425,095 Fair Value Measurements - September 30, 2018 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 63,243,200 $ — $ — $ 62,435,237 Total $ 63,243,200 $ — $ — $ 62,435,237

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operations and maintenance	$ 3,426,717	$ 2,813,549	$ 10,662,800	$ 9,530,182
Total operating expenses	10,045,893	10,053,980	47,069,894	44,807,428
Operating income	1,637,057	1,835,590	11,104,762	10,756,166
Other income (expense), net	(5,967)	36,857	241,628	93,306
Income before income taxes	$ 1,482,585	1,533,930	$ 10,749,678	9,605,448
As Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operations and maintenance		2,782,916		9,438,283
Total operating expenses		10,023,347		44,715,529
Operating income		1,866,223		10,848,065
Other income (expense), net		6,224		1,407
Income before income taxes		1,533,930		9,605,448
Effect of Change [Member] | ASU 2017-07 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operations and maintenance		30,633		91,899
Total operating expenses		30,633		91,899
Operating income		(30,633)		(91,899)
Other income (expense), net		30,633		91,899
Income before income taxes		$ 0		$ 0

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total contracts with customers	$ 11,248,650	$ 11,873,454	$ 58,041,904	$ 55,778,077
Revenue reductions (TCJA)	0	(326,486)	(523,881)	(1,147,829)
Alternative Revenue Programs	434,300	16,116	132,752	(214,483)
Operating revenues	11,682,950	11,889,570	58,174,656	55,563,594
Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	5,798,846	6,742,368	34,263,845	33,468,289
Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	4,116,695	3,966,343	19,772,433	18,765,110
Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,098,393	1,027,430	3,563,505	3,289,483
Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	234,716	463,799	966,002	1,403,024
Gas Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	11,100,648	11,530,681	57,497,526	54,889,850
Revenue reductions (TCJA)	0	(326,486)	(523,881)	(1,147,829)
Alternative Revenue Programs	434,300	16,116	132,752	(214,483)
Operating revenues	11,534,948	11,546,797	57,630,278	54,675,367
Gas Utility [Member] | Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	5,798,846	6,742,368	34,263,845	33,468,289
Gas Utility [Member] | Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	4,116,695	3,966,343	19,772,433	18,765,110
Gas Utility [Member] | Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,098,393	1,027,430	3,563,505	3,289,483
Gas Utility [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	86,714	121,026	421,624	514,797
Non Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	148,002	342,773	544,378	888,227
Revenue reductions (TCJA)	0	0	0	0
Alternative Revenue Programs	0	0	0	0
Operating revenues	148,002	342,773	544,378	888,227
Non Utility [Member] | Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0	0	0
Non Utility [Member] | Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0	0	0
Non Utility [Member] | Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0	0	0
Non Utility [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	$ 148,002	$ 342,773	$ 544,378	$ 888,227

Revenue (Customer Accounts Rece

Revenue (Customer Accounts Receivable) (Details) - USD ($)	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Unbilled revenue	$ 1,149,195	$ 913,087
Increase (decrease) in Unbilled revenue	236,108
Customer credit balances	599,736	1,003,622
Increase (decrease) in Customer credit balances	(403,886)
Customer deposits	1,456,665	1,421,043
Increase (decrease) in Customer deposits	35,622
Capitalized Contract Cost [Line Items]
Trade accounts receivable	5,307,038	3,913,830
Trade Accounts Receivable [Member]
Capitalized Contract Cost [Line Items]
Trade accounts receivable	3,637,958	$ 2,675,611
Increase (decrease) in Trade accounts receivable	$ 962,347

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Blended tax rate	21.00%	24.30%	21.00%	24.30%	24.30%

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Tax Expense Based on Federal Statutory Rate) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income before income taxes	$ 1,482,585	$ 1,533,930	$ 10,749,678	$ 9,605,448
Corporate federal tax rate	21.00%	24.30%	21.00%	24.30%	24.30%
Income tax expense computed at the federal statutory rate	$ 311,342	$ 372,745	$ 2,257,432	$ 2,334,124
State income taxes, net of federal tax benefit	71,245	70,337	512,315	438,551
Net amortization of excess deferred taxes on regulated operations	(13,624)	0	(186,041)	0
Revaluation of unregulated deferred taxes	0	0	0	206,830
Other, net	(24,933)	3,493	(76,835)	13,197
Total income tax expense	$ 344,030	$ 446,575	$ 2,506,871	$ 2,992,702
Effective tax rate	23.20%	29.10%	23.30%	31.20%

Rates and Regulatory Matters (D

Rates and Regulatory Matters (Details) - USD ($)	Oct. 10, 2018	Jun. 30, 2019	Sep. 30, 2018
Regulatory Liabilities [Line Items]
Reduction in deferred tax liability resulting from the Tax Act		$ 10,694,388	$ 11,447,736
Combined state and federal rate		25.74%
Regulatory utility assets provision, period		5 years
Roanoke Gas Company [Member]
Regulatory Liabilities [Line Items]
Reduction in deferred tax liability resulting from the Tax Act		$ 11,100,000
Regulatory liability, refund period (in years)		28 years
Roanoke Gas Company [Member] | General Rate Case [Member] | Virginia State Corporate Commission (SCC) [Member]
Regulatory Liabilities [Line Items]
Requested non-gas rates increase	$ 10,500,000

Other Investments (Narrative) (

Other Investments (Narrative) (Details) Bcf in Millions	1 Months Ended		9 Months Ended
	Apr. 30, 2018USD ($)mi	Oct. 31, 2015USD ($)debt_instrumentBcf	Jun. 30, 2019USD ($)debt_instrument	Jun. 17, 2019USD ($)	Jun. 12, 2019instrument_held	Jun. 12, 2019debt_instrument	Sep. 30, 2018USD ($)
Investment [Line Items]
Capital contributions payable term			3 months
Capital contributions payable			$ 7,127,688				$ 10,142,766
Non-cash change in investment in unconsolidated affiliates			(3,015,078)
MVP [Member]
Investment [Line Items]
Capital contributions payable			7,084,926				10,022,652
Southgate [Member]
Investment [Line Items]
Capital contributions payable			$ 42,762				$ 120,114
RGC Midstream LLC [Member]
Investment [Line Items]
Number of unsecured Promissory Notes funding the investment		2	2		2	2
Debt term		5 years
RGC Midstream LLC [Member] | MVP [Member]
Investment [Line Items]
Equity interest percentage		1.00%
Pipeline capacity per day (in bcf) | Bcf		2
Total project cost		$ 4,600,000,000
Total estimated investment				$ 50,000,000
RGC Midstream LLC [Member] | MVP [Member] | Minimum [Member]
Investment [Line Items]
Total project cost				4,800,000,000
RGC Midstream LLC [Member] | MVP [Member] | Maximum [Member]
Investment [Line Items]
Total project cost				$ 5,000,000,000
RGC Midstream LLC [Member] | Southgate [Member]
Investment [Line Items]
Length of planned natural gas pipeline (in miles) | mi	70
Ownership percentage (less than)	1.00%
RGC Midstream LLC [Member] | Southgate [Member] | Minimum [Member]
Investment [Line Items]
Estimated total MVP Southgate pipeline cost projection	$ 350,000,000
Estimated investment in MVP Southgate	1,800,000
RGC Midstream LLC [Member] | Southgate [Member] | Maximum [Member]
Investment [Line Items]
Estimated total MVP Southgate pipeline cost projection	500,000,000
Estimated investment in MVP Southgate	$ 2,500,000

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Other Assets:
Investment in unconsolidated affiliates	$ 44,181,429		$ 44,181,429		$ 28,507,146
Current Liabilities:
Capital contributions payable	7,127,688		7,127,688		10,142,766
Income Statement Location of Other Investments:
Equity in earnings of unconsolidated affiliate	777,193	$ 245,075	2,038,417	$ 585,399
MVP [Member]
Other Assets:
MVP	43,927,960		43,927,960		28,387,031
Current Liabilities:
Capital contributions payable	7,084,926		7,084,926		10,022,652
Southgate [Member]
Other Assets:
Southgate	253,469		253,469		120,115
Current Liabilities:
Capital contributions payable	$ 42,762		$ 42,762		$ 120,114

Derivatives and Hedging (Detail

Derivatives and Hedging (Details)	Jun. 30, 2019USD ($)instrument_helddebt_instrument	Jun. 13, 2019USD ($)	Jun. 12, 2019USD ($)	Jun. 12, 2019instrument_held	Jun. 12, 2019debt_instrument	Jun. 12, 2019	Oct. 31, 2015debt_instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps associated with note(s) | instrument_held	3
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, borrowing amount	$ 7,000,000
Effective interest rate	2.30%
RGC Midstream LLC [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swaps associated with note(s) | instrument_held	2
Debt instrument, number of instruments	2			2	2		2
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, borrowing amount			$ 14,000,000
Effective interest rate						3.24%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, borrowing amount		$ 10,000,000
Effective interest rate		3.14%

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)

Dec. 06, 2019USD ($)

Jun. 13, 2019USD ($)

Jun. 12, 2019USD ($)

Mar. 28, 2019USD ($)

Mar. 26, 2019USD ($)

Feb. 19, 2019USD ($)

Oct. 31, 2015debt_instrument

Jun. 30, 2019USD ($)debt_instrument

Jun. 30, 2018USD ($)

Jun. 12, 2019instrument_held

Jun. 12, 2019debt_instrument

Jun. 12, 2019

Sep. 30, 2018USD ($)

Debt Instrument [Line Items]

Repayment of long-term debt

$ 24,000,000

$ 0

Notes payable

$ 90,802,200

$ 63,243,200

Maximum percentage of Consolidated Long Term Indebtedness to Consolidated Total Capitalization

65.00%

Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41%, due March 28, 2031 [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

$ 10,000,000

Debt term

12 years

Stated percentage rate

4.41%

4.41%

Notes payable

$ 10,000,000

0

Maximum percentage of Priority Indebtedness to Consolidated Total Assets

15.00%

Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

$ 7,000,000

Effective interest rate

2.30%

Notes payable

$ 7,000,000

7,000,000

Maximum percentage of Priority Indebtedness to Consolidated Total Assets

15.00%

Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member] | 30-day LIBOR [Member]

Debt Instrument [Line Items]

Variable rate basis points (as a percent)

0.90%

Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, due October 2, 2027 [Member]

Debt Instrument [Line Items]

Stated percentage rate

3.58%

Notes payable

$ 8,000,000

8,000,000

Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member]

Debt Instrument [Line Items]

Debt term

2 years

Availability fee (as a percent)

0.15%

Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member] | 30-day LIBOR [Member]

Debt Instrument [Line Items]

Variable rate basis points (as a percent)

1.00%

1.00%

Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member] | Maximum [Member]

Debt Instrument [Line Items]

Line of credit, maximum borrowing limit

$ 30,000,000

Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member] | Minimum [Member]

Debt Instrument [Line Items]

Line of credit, maximum borrowing limit

$ 3,000,000

RGC Midstream LLC [Member]

Debt Instrument [Line Items]

Debt term

5 years

Debt instrument, number of instruments

2

2

2

2

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 [Member]

Debt Instrument [Line Items]

Repayment of long-term debt

$ 24,000,000

Notes payable

$ 11,302,200

17,743,200

Maximum percentage of Priority Indebtedness to Consolidated Total Assets

15.00%

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 [Member] | 30-day LIBOR [Member]

Debt Instrument [Line Items]

Variable rate basis points (as a percent)

1.35%

1.35%

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

26,000,000

$ 50,000,000

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

$ 14,000,000

Debt term

7 years

Effective interest rate

3.24%

Notes payable

$ 14,000,000

0

Maximum percentage of Priority Indebtedness to Consolidated Total Assets

15.00%

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member] | 30-day LIBOR [Member]

Debt Instrument [Line Items]

Variable rate basis points (as a percent)

1.15%

1.15%

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

$ 10,000,000

Debt term

5 years

Effective interest rate

3.14%

Notes payable

$ 10,000,000

$ 0

Maximum percentage of Priority Indebtedness to Consolidated Total Assets

15.00%

RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member] | 30-day LIBOR [Member]

Debt Instrument [Line Items]

Variable rate basis points (as a percent)

1.20%

1.20%

Scenario, Forecast [Member] | Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, due December 6, 2029 [Member]

Debt Instrument [Line Items]

Debt instrument, borrowing amount

$ 10,000,000

Debt term

10 years

Stated percentage rate

3.60%

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Jun. 13, 2019	Jun. 12, 2019	Mar. 26, 2019	Feb. 19, 2019	Jun. 30, 2019	Mar. 28, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Notes payable					$ 90,802,200		$ 63,243,200
Principal					90,802,200		70,604,217
Unamortized Debt Issuance Costs					331,394		282,281
Notes Payable [Member]
Debt Instrument [Line Items]
Notes payable					90,802,200		63,243,200
Unamortized Debt Issuance Costs					331,394		282,281
Roanoke Gas Company [Member] | Unsecured Senior Notes [Member] | Unsecured Senior Notes Payable, at 4.26%, due on September 18, 2034 [Member]
Debt Instrument [Line Items]
Notes payable					30,500,000		30,500,000
Unamortized Debt Issuance Costs					$ 147,225		154,465
Stated percentage rate					4.26%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]
Debt Instrument [Line Items]
Notes payable					$ 7,000,000		7,000,000
Unamortized Debt Issuance Costs					$ 7,781		10,283
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)					0.90%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, due October 2, 2027 [Member]
Debt Instrument [Line Items]
Notes payable					$ 8,000,000		8,000,000
Unamortized Debt Issuance Costs					$ 39,732		43,343
Stated percentage rate					3.58%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41%, due March 28, 2031 [Member]
Debt Instrument [Line Items]
Notes payable					$ 10,000,000		0
Unamortized Debt Issuance Costs					$ 36,808		0
Stated percentage rate					4.41%	4.41%
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member]
Debt Instrument [Line Items]
Line-of-credit					$ 0		7,361,017
Unamortized Debt Issuance Costs					$ 0		0
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2021 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)			1.00%		1.00%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 [Member]
Debt Instrument [Line Items]
Notes payable					$ 11,302,200		17,743,200
Unamortized Debt Issuance Costs					$ 71,405		74,190
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2020 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)				1.35%	1.35%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member]
Debt Instrument [Line Items]
Notes payable					$ 14,000,000		0
Unamortized Debt Issuance Costs					$ 16,853		0
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)		1.15%			1.15%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member]
Debt Instrument [Line Items]
Notes payable					$ 10,000,000		0
Unamortized Debt Issuance Costs					$ 11,590		$ 0
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)	1.20%				1.20%

Other Comprehensive Income (Sch

Other Comprehensive Income (Schedule of Other Comprehensive Income and Loss) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
Before-Tax Amount
Other comprehensive income (loss)	$ (619,192)			$ 20,726			$ (793,376)	$ 158,332
Tax (Expense) or Benefit
Other comprehensive loss	159,380			(5,977)			204,214	(45,663)
Net-of-Tax Amount
Other comprehensive income (loss)	(459,812)	$ (46,034)	$ (83,316)	14,749	$ 57,524	$ 40,396	(589,162)	112,669
Interest rate swap [Member]
Before-Tax Amount
Other comprehensive income (loss) before reclassifications	(592,836)			35,969			(726,851)	187,913
Reclassifications from accumulated other comprehensive income	(23,780)			(9,272)			(58,797)	(11,668)
Other comprehensive income (loss)	(616,616)			26,697			(785,648)	176,245
Tax (Expense) or Benefit
Other comprehensive income before reclassifications	152,596			(10,373)			187,091	(54,194)
Reclassifications from accumulated other comprehensive income	6,121			2,674			15,134	3,365
Other comprehensive loss	158,717			(7,699)			202,225	(50,829)
Net-of-Tax Amount
Other comprehensive income (loss) before reclassifications	(440,240)			25,596			(539,760)	133,719
Reclassifications from accumulated other comprehensive income	(17,659)			(6,598)			(43,663)	(8,303)
Other comprehensive income (loss)	(457,899)			18,998			(583,423)	125,416
Defined benefit plans [Member]
Before-Tax Amount
Other comprehensive income (loss)	(2,576)			(5,971)			(7,728)	(17,913)
Tax (Expense) or Benefit
Other comprehensive loss	663			1,722			1,989	5,166
Net-of-Tax Amount
Other comprehensive income (loss)	$ (1,913)			$ (4,249)			$ (5,739)	$ (12,747)

Other Comprehensive Income (Rec

Other Comprehensive Income (Reconciliation of Accumulated Comprehensive Income (Loss)) (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 84,974,517	$ 80,959,740	$ 79,583,112	$ 79,299,226	$ 61,301,035	$ 60,040,472	$ 79,583,112	$ 60,040,472
Other comprehensive loss	(459,812)	(46,034)	(83,316)	14,749	57,524	40,396	(589,162)	112,669
Balance at end of period	84,736,935	84,974,517	80,959,740	79,430,369	79,299,226	61,301,035	84,736,935	79,430,369
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(1,001,018)	(954,984)	(871,668)	(1,104,344)	(1,161,868)	(1,202,264)	(871,668)	(1,202,264)
Other comprehensive loss	(459,812)	(46,034)	(83,316)	14,749	57,524	40,396
Balance at end of period	$ (1,460,830)	$ (1,001,018)	$ (954,984)	$ (1,089,595)	$ (1,104,344)	$ (1,161,868)	$ (1,460,830)	$ (1,089,595)

Commitments and Contingencies (

Commitments and Contingencies (Details)	9 Months Ended
	Jun. 30, 2019pipeline
Commitments and Contingencies Disclosure [Abstract]
Number of pipelines serving Roanoke Gas	2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net Income	$ 1,138,555	$ 4,670,090	$ 2,434,162	$ 1,087,355	$ 3,465,929	$ 2,059,462	$ 8,242,807	$ 6,612,746
Weighted average common shares (in shares)	8,051,944			7,982,354			8,029,222	7,533,595
Effect of dilutive securities:
Options to purchase common stock (in shares)	36,326			48,698			41,830	46,330
Diluted average common shares (in shares)	8,088,270			8,031,052			8,071,052	7,579,925
Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.14			$ 0.14			$ 1.03	$ 0.88
Diluted (in dollars per share)	$ 0.14			$ 0.14			$ 1.02	$ 0.87

Employee Benefit Plans (Schedul

Employee Benefit Plans (Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 134,317	$ 166,309	$ 402,951	$ 498,927
Interest cost	291,682	272,045	875,046	816,135
Expected return on plan assets	(387,359)	(465,710)	(1,162,077)	(1,397,130)
Recognized loss	39,650	87,758	118,950	263,274
Net periodic/postretirement pension/benefit cost	78,290	60,402	234,870	181,206
Postretirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	33,221	41,805	99,663	125,415
Interest cost	162,236	160,151	486,708	480,453
Expected return on plan assets	(136,805)	(155,845)	(410,415)	(467,535)
Recognized loss	30,951	70,967	92,853	212,901
Net periodic/postretirement pension/benefit cost	$ 89,603	$ 117,078	$ 268,809	$ 351,234

Employee Benefit Plans (Sched_2

Employee Benefit Plans (Schedule of Actual and Expected Employer Contributions) (Details)	9 Months Ended
	Jun. 30, 2019USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	$ 400,000
Remaining Fiscal Year Contributions	700,000
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	400,000
Remaining Fiscal Year Contributions	400,000
Postretirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	0
Remaining Fiscal Year Contributions	$ 300,000

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair Value [Member] - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Total	$ 0	$ 0
Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Total	0	0
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Total	94,425,095	62,435,237
Recurring [Member]
Assets:
Total	37,067	310,563
Liabilities:
Natural gas purchases	277,663	693,495
Total	789,815	693,495
Recurring [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	37,067	310,563
Liabilities:
Interest rate swap	512,152
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total	0	0
Liabilities:
Natural gas purchases	0	0
Total	0	0
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	0	0
Liabilities:
Interest rate swap	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total	37,067	310,563
Liabilities:
Natural gas purchases	277,663	693,495
Total	789,815	693,495
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	37,067	310,563
Liabilities:
Interest rate swap	512,152
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Total	0	0
Liabilities:
Natural gas purchases	0	0
Total	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	0	$ 0
Liabilities:
Interest rate swap	$ 0

Fair Value Measurements (Summar

Fair Value Measurements (Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value) (Details) - USD ($)	Jun. 30, 2019	Sep. 30, 2018
Carrying Value [Member]
Liabilities:
Notes payable	$ 90,802,200	$ 63,243,200
Total	90,802,200	63,243,200
Fair Value [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Notes payable	0	0
Total	0	0
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Notes payable	0	0
Total	0	0
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Notes payable	94,425,095	62,435,237
Total	$ 94,425,095	$ 62,435,237