RGC Resources (RGCO) 10-Q 7 May 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2020	Apr. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,138,246

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2020	Sep. 30, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 3,804,228	$ 1,631,348
Accounts receivable (less allowance for uncollectibles of $493,823 and $110,743, respectively)	5,455,204	3,870,211
Materials and supplies	995,544	1,021,882
Gas in storage	1,809,889	6,448,307
Prepaid income taxes	0	1,157,980
Regulatory assets	2,953,173	1,521,939
Other	1,585,465	733,525
Total current assets	16,603,503	16,385,192
UTILITY PROPERTY:
In service	243,696,479	237,786,964
Accumulated depreciation and amortization	(69,959,037)	(67,207,334)
In service, net	173,737,442	170,579,630
Construction work in progress	15,929,769	11,423,326
Utility plant, net	189,667,211	182,002,956
OTHER ASSETS:
Regulatory assets	11,698,969	12,178,853
Investment in unconsolidated affiliates	52,291,160	47,375,459
Other	327,333	411,236
Other	64,317,462	59,965,548
TOTAL ASSETS	270,588,176	258,353,696
CURRENT LIABILITIES:
Dividends payable	1,424,193	1,339,522
Accounts payable	4,146,719	4,483,233
Capital contributions payable	1,726,786	5,024,824
Customer credit balances	1,361,720	880,295
Income taxes payable	722,979	0
Customer deposits	1,622,779	1,432,031
Accrued expenses	2,718,709	3,448,000
Interest rate swaps	461,519	147,556
Regulatory liabilities	2,986,791	4,877,603
Total current liabilities	17,172,195	21,633,064
LONG-TERM DEBT:
Notes payable	112,575,200	95,512,200
Line-of-credit	0	8,172,473
Less unamortized debt issuance costs	(343,551)	(313,315)
Long-term debt, net	112,231,649	103,371,358
DEFERRED CREDITS AND OTHER LIABILITIES:
Interest rate swaps	1,716,853	746,785
Asset retirement obligations	6,943,766	6,788,683
Regulatory cost of retirement obligations	12,303,970	11,892,352
Benefit plan liabilities	6,145,191	6,912,105
Deferred income taxes	12,990,199	12,978,523
Regulatory liabilities	10,767,006	10,934,434
Total deferred credits and other liabilities	50,866,985	50,252,882
STOCKHOLDERS’ EQUITY:
Common stock, $5 par value; authorized 20,000,000 and 10,000,000 shares; issued and outstanding 8,136,945 and 8,073,264 shares, respectively	40,684,725	40,366,320
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding	0	0
Capital in excess of par value	15,375,737	14,397,072
Retained earnings	37,665,741	30,821,917
Accumulated other comprehensive loss	(3,408,856)	(2,488,917)
Total stockholders’ equity	90,317,347	83,096,392
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 270,588,176	$ 258,353,696

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for uncollectibles	$ 493,823	$ 110,743
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, shares authorized	20,000,000	10,000,000
Common stock, shares issued	8,136,945	8,073,264
Common stock, shares outstanding	8,136,945	8,073,264
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		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
OPERATING REVENUES:
Operating revenues	$ 22,437,731	$ 25,274,959	$ 42,223,184	$ 46,491,706
OPERATING EXPENSES:
Operations and maintenance	4,110,149	3,714,084	8,027,619	7,236,083
General taxes	587,873	556,336	1,131,110	1,064,225
Depreciation and amortization	1,988,216	1,905,475	3,976,721	3,810,950
Total operating expenses	15,438,115	19,071,476	30,141,589	37,024,001
OPERATING INCOME	6,999,616	6,203,483	12,081,595	9,467,705
Equity in earnings of unconsolidated affiliate	1,188,593	698,175	2,282,679	1,261,224
Other income, net	317,892	121,709	475,535	247,595
Interest expense	1,038,293	892,649	2,123,478	1,709,431
INCOME BEFORE INCOME TAXES	7,467,808	6,130,718	12,716,331	9,267,093
INCOME TAX EXPENSE	1,787,492	1,460,628	3,029,079	2,162,841
NET INCOME	$ 5,680,316	$ 4,670,090	$ 9,687,252	$ 7,104,252
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.70	$ 0.58	$ 1.20	$ 0.89
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	0.70	0.58	1.19	0.88
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.175	$ 0.165	$ 0.35	$ 0.33
Gas Utility [Member]
OPERATING REVENUES:
Operating revenues	$ 22,275,719	$ 25,058,749	$ 41,901,325	$ 46,095,330
OPERATING EXPENSES:
Cost of gas and sales	8,672,997	12,771,338	16,850,803	24,677,797
Non Utility [Member]
OPERATING REVENUES:
Operating revenues	162,012	216,210	321,859	396,376
OPERATING EXPENSES:
Cost of gas and sales	$ 78,880	$ 124,243	$ 155,336	$ 234,946

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 5,680,316	$ 4,670,090	$ 9,687,252	$ 7,104,252
Other comprehensive income (loss), net of tax:
Interest rate swaps	(1,216,574)		(953,521)
Interest rate swaps		(44,121)		(125,524)
Defined benefit plans	16,791	(1,913)	33,582	(3,826)
Other comprehensive income (loss), net of tax	(1,199,783)	(46,034)	(919,939)	(129,350)
COMPREHENSIVE INCOME	$ 4,480,533	$ 4,624,056	$ 8,767,313	$ 6,974,902

Condensed Consolidated Statem_3

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, 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	7,104,252
Other comprehensive income (loss)	(129,350)
Balance at end of period at Mar. 31, 2019	84,974,517	40,216,360	13,868,387	31,890,788	(1,001,018)
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)
Balance at beginning of period at Sep. 30, 2019	83,096,392	40,366,320	14,397,072	30,821,917	(2,488,917)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,006,936			4,006,936
Other comprehensive income (loss)	279,844				279,844
Cash dividends declared	(1,419,236)			(1,419,236)
Issuance of common stock	395,199	90,265	304,934
Balance at end of period at Dec. 31, 2019	86,359,135	40,456,585	14,702,006	33,409,617	(2,209,073)
Balance at beginning of period at Sep. 30, 2019	83,096,392	40,366,320	14,397,072	30,821,917	(2,488,917)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,687,252
Other comprehensive income (loss)	(919,939)
Balance at end of period at Mar. 31, 2020	90,317,347	40,684,725	15,375,737	37,665,741	(3,408,856)
Balance at beginning of period at Dec. 31, 2019	86,359,135	40,456,585	14,702,006	33,409,617	(2,209,073)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	5,680,316			5,680,316
Other comprehensive income (loss)	(1,199,783)				(1,199,783)
Cash dividends declared	(1,424,192)			(1,424,192)
Issuance of common stock	901,871	228,140	673,731
Balance at end of period at Mar. 31, 2020	$ 90,317,347	$ 40,684,725	$ 15,375,737	$ 37,665,741	$ (3,408,856)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.175	$ 0.175	$ 0.165	$ 0.165
Common stock issued (in shares)	45,628	18,053	31,622	17,035

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 9,687,252	$ 7,104,252
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,095,390	3,880,945
Cost of retirement of utility plant, net	(286,237)	(123,237)
Equity in earnings of unconsolidated affiliate	(2,282,679)	(1,261,224)
Allowance for funds used during construction	(217,147)	0
Changes in assets and liabilities which provided cash, exclusive of changes and noncash transactions shown separately	171,552	1,332,387
Net cash provided by operating activities	11,168,131	10,933,123
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for utility property	(10,435,947)	(10,975,996)
Investment in unconsolidated affiliates	(5,931,060)	(13,304,263)
Proceeds from disposal of utility property	13,666	1,219
Net cash used in investing activities	(16,353,341)	(24,279,040)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of unsecured notes	17,063,000	23,979,000
Borrowings under line-of-credit	9,784,534	23,308,642
Repayments under line-of-credit	(17,957,007)	(30,669,659)
Debt issuance expenses	(70,750)	(60,343)
Proceeds from issuance of stock	1,297,070	1,068,016
Cash dividends paid	(2,758,757)	(2,559,587)
Net cash provided by financing activities	7,358,090	15,066,069
NET INCREASE IN CASH AND CASH EQUIVALENTS	2,172,880	1,720,152
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	1,631,348	247,411
CASH AND CASH EQUIVALENTS AT END OF YEAR	3,804,228	1,967,563
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	2,001,734	1,549,778
Income taxes	$ 985,000	$ 1,623,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Resources is an energy services company primarily engaged in the sale and distribution of natural gas. The condensed consolidated financial statements include the accounts of Resources and its wholly-owned subsidiaries: Roanoke Gas, Diversified Energy and Midstream. 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 March 31, 2020 , cash flows for the six months ended March 31, 2020 and 2019, and the results of its operations, comprehensive income, and changes in stockholders' equity for the three and six months ended March 31, 2020 and 2019 . The results of operations for the three and six months ended March 31, 2020 are not indicative of the results to be expected for the fiscal year ending September 30, 2020 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 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 in the United States 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, 2019 . The September 30, 2019 consolidated 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, 2019 . On March 12, 2020, the SEC adopted amendments to the Exchange Act that, among other things, revised the definition of accelerated filers. As a result, Resources now qualifies as a smaller reporting company and a non-accelerated filer. Recently Issued or Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases. This 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. Under prior GAAP, the presentation and cash flows arising from a lease by a lessee primarily depended on its classification as a finance or operating lease. 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. 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 new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. The Company adopted ASU 2016-02 and related guidance effective October 1, 2019. At the time of adoption, the Company had one operating lease. This lease calls for quarterly payments in the amount of $3,240 and is set to expire in September 2021. As the value of this lease obligation was determined to be de minimus and the Company has not entered into any additional lease obligations, this new guidance does not have a material effect on the Company's financial position, results of operations or cash flows. 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 Company adopted the new guidance effective October 1, 2019. As the Company currently has only cash flow hedges and no portion of these hedges were deemed ineffective during the periods presented, this new guidance does not have a material effect on the Company's 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 Company adopted the new guidance effective October 1, 2019. The adoption of this new guidance does not currently have a material effect on the Company's consolidated financial statements. However, as the ASU changes the treatment of certain contracts by allowing related implementation costs to be capitalized and amortized over time, rather than directly expensed; there could be a significant impact on the Company's financial position, results of operations and cash flow in the future. 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 March 2020, the FASB issued ASU 2020-04. Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional guidance to ease the potential burden in accounting for and recognizing the effects of reference rate change on financial reporting. The new guidance applies specifically to contracts and hedging relationships that reference LIBOR, or any other referenced rate that is expected to be discontinued due to reference rate reform. The new guidance is effective for the Company through December 31, 2022. Management has not yet completed its evaluation of the new guidance; however, as the Company has several contracts and hedging relationships that currently reference LIBOR, this new guidance could result in a significant impact on the Company's financial position, results of operations, and cash flows for the period through which the ASU is effective. 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	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Three months ended March 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 12,892,659 $ — $ 12,892,659 $ 15,397,504 $ — $ 15,397,504 Commercial 6,368,939 — 6,368,939 8,357,598 — 8,357,598 Industrial and Transportation 1,243,426 — 1,243,426 1,249,316 — 1,249,316 Other 117,466 162,012 279,478 108,418 216,210 324,628 Total contracts with customers 20,622,490 162,012 20,784,502 25,112,836 216,210 25,329,046 Alternative Revenue Programs 1,653,229 — 1,653,229 (54,087 ) — (54,087 ) Total operating revenues $ 22,275,719 $ 162,012 $ 22,437,731 $ 25,058,749 $ 216,210 $ 25,274,959 Six months ended March 31, 2020 Six months ended March 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 25,177,242 $ — $ 25,177,242 $ 28,410,332 $ — $ 28,410,332 Commercial 12,102,779 — 12,102,779 15,700,155 — 15,700,155 Industrial and Transportation 2,570,669 — 2,570,669 2,475,364 — 2,475,364 Revenue reductions (TCJA) (1) — — — (523,881 ) — (523,881 ) Other 333,461 321,859 655,320 334,908 396,376 731,284 Total contracts with customers 40,184,151 321,859 40,506,010 46,396,878 396,376 46,793,254 Alternative Revenue Programs 1,717,174 — 1,717,174 (301,548 ) — (301,548 ) Total operating revenues $ 41,901,325 $ 321,859 $ 42,223,184 $ 46,095,330 $ 396,376 $ 46,491,706 (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 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 delivery of natural gas to customers results in the satisfaction of the Company’s performance obligation over time. 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 the 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 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 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 WNA, which adjusts revenues for the effects of weather temperature variations as compared to the 30-year average, and the SAVE Plan over/under collection mechanism, which adjusts revenues for the differences between SAVE Plan revenues billed to customers 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 rate changes as approved by the SCC. 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: Current Assets Current Liabilities Trade accounts receivable Unbilled revenue Customer credit balances Customer deposits Balance at September 30, 2019 $ 2,590,702 $ 1,236,384 $ 880,295 $ 1,432,031 Balance at March 31, 2020 3,776,033 1,539,460 1,361,720 1,622,779 Increase $ 1,185,331 $ 303,076 $ 481,425 $ 190,748 (1) Included in accounts receivable 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	6 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the TCJA became law. Its most significant impact was the reduction of the maximum corporate federal income tax rate from 35% to 21% beginning January 1, 2018. 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 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 refunding these excess deferred taxes in fiscal 2018. As the refunds should have no effect on the income of the Company, the consolidated income statements reflect 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 March 31, Six Months Ended March 31, 2020 2019 2020 2019 Income before income taxes $ 7,467,808 $ 6,130,718 $ 12,716,331 $ 9,267,093 Corporate federal tax rate 21.00 % 21.00 % 21.00 % 21.00 % Income tax expense computed at the federal statutory rate $ 1,568,240 $ 1,287,451 $ 2,670,430 $ 1,946,090 State income taxes, net of federal tax benefit 338,631 290,481 588,668 441,070 Net amortization of excess deferred taxes on regulated operations (86,208 ) (86,208 ) (124,332 ) (172,417 ) Other, net (33,171 ) (31,096 ) (105,687 ) (51,902 ) Total income tax expense $ 1,787,492 $ 1,460,628 $ 3,029,079 $ 2,162,841 Effective tax rate 23.9 % 23.8 % 23.8 % 23.3 %

Rates and Regulatory Matters

Rates and Regulatory Matters	6 Months Ended
	Mar. 31, 2020
Regulated Operations [Abstract]
Rates and Regulatory Matters	Rates and Regulatory Matters The SCC exercises regulatory authority over the 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 January 24, 2020, the SCC issued its final order on the general rate application filed by Roanoke Gas on October 10, 2018. Under the provisions of this order, Roanoke Gas was granted an annualized non-gas rate increase of $7.25 million and was required to write-down a portion of the ESAC assets deemed not eligible for recovery in the final order. As a result, management revised its rate refund accrual to reflect the award authorized in the final order. Management also wrote down $317,191 in ESAC regulatory assets in the first quarter to comply with the order. On January 30, 2020, the SCC approved the non-gas rates that would generate the approved non-gas rate award. In March 2020, the Company completed the refund of $3.8 million for revenues collected from interim rates in excess of the final approved rates including interest. Certain provisions within the order were not reflected in the condensed consolidated financial statements for the period ended December 31, 2019, pending additional clarification from the SCC. Specifically, the rate order did not provide for a return on certain Roanoke Gas infrastructure investments that will interconnect with the MVP. However, the order did provide for the ability to defer financing costs related to these investments for consideration of future recovery. The Company is deferring these costs through the application of AFUDC, which capitalizes both the equity and debt financing costs during the construction phases. The specific time period allowed for the recovery of these costs has yet to be determined; therefore, the Company has taken a conservative position and has only reflected AFUDC that would have been recognized since January 1, 2019, the date in which the rate award was effective. If the SCC concludes that the AFUDC applies to an earlier period, the Company will reflect any additional AFUDC at that time. On March 16, 2020, in response to COVID-19, the SCC issued an order applicable to all utilities operating in Virginia to suspend disconnection of service for non-payment by any customer until May 15, 2020, which was subsequently extended to June 14, 2020. This order, effective on the date issued, also directed utilities to not assess late payment fees due to the coronavirus public health emergency. As a result, the amount of current receivables and future billings that will ultimately become uncollectible will likely increase. Therefore, the Company has increased its provision for bad debts as of March 31, 2020, based on the limited information currently available. These estimates are subject to revision as the financial impact of COVID-19 is unknown at this time. As referenced in Note 3, the TCJA reduced the federal corporate tax rate to 21% . As a result, 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 to income tax expense for unregulated entities. 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. A majority of the net regulatory liability will be refunded over a 28 year period per IRS normalization requirements. See Note 14 for the remaining balances related to excess deferred taxes.

Other Investments

Other Investments	6 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Other Investments In October 2015, Midstream, acquired an initial 1% equity interest in the MVP, LLC. In November 2019, the Company's Board of Directors approved a pro-rata increase in Midstream's participation that increases its equity interest to approximately 1.03% at the project's completion. Once completed, the MVP will have the capacity to transport approximately 2 million decatherms of natural gas per day. Pipeline construction has been delayed due to Fourth Circuit and FERC actions that suspended previously approved permits. Current activity on the pipeline is restricted to maintenance and restoration activities. As a result, the projected cost of the MVP project has grown to between $5.3 and $5.5 billion with the managing partner still estimating the in-service date as late calendar 2020. Midstream's current estimated total cash contribution is between $55 and $57 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 Southgate project, which is an approximately 74 mile pipeline extending from the MVP 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 project cost is estimated to be nearly $500 million , of which Midstream's portion is estimated to be approximately $2.5 million . The Southgate in-service date is currently targeted for calendar year 2021, subject to any further delays in the completion of the MVP. Funding for Midstream's investments in the LLC for both the MVP and Southgate projects is being provided through two variable rate unsecured promissory notes under a non-revolving credit agreement, maturing in December 2022, and two additional notes issued in June 2019. See Note 7 for a schedule of debt instruments. The investments in the LLC are included in the condensed consolidated financial statements as follows: Balance Sheet location of Other Investments: March 31, 2020 September 30, 2019 Other Assets: MVP $ 51,971,127 $ 47,055,426 Southgate 320,033 320,033 Investment in unconsolidated affiliates $ 52,291,160 $ 47,375,459 Current Liabilities: MVP $ 1,726,786 $ 4,958,260 Southgate — 66,564 Capital contributions payable $ 1,726,786 $ 5,024,824 Three Months Ended Six Months Ended Income Statement location of Other Investments: March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Equity in earnings of unconsolidated affiliate $ 1,188,593 $ 698,175 $ 2,282,679 $ 1,261,224 March 31, 2020 September 30, 2019 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 4,962,293 $ 3,267,176 The change in the investment in unconsolidated affiliates is provided below: Six Months Ended March 31, 2020 March 31, 2019 Cash investment $ 5,931,060 $ 13,304,263 Change in accrued capital calls (3,298,038 ) (6,796,085 ) Equity in earnings of unconsolidated affiliates 2,282,679 1,261,224 Change in investment in unconsolidated affiliates $ 4,915,701 $ 7,769,402 Summary of unaudited financial statements of Mountain Valley Pipeline are presented below. Southgate financial statements, which are accounted for under the cost method, are not included: Income Statements Three Months Ended Six Months Ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 AFUDC $ 117,754,887 $ 66,953,609 $ 227,780,361 $ 121,138,125 Other Income (Expense), net (34,575 ) 720,935 699,607 3,283,727 Net Income $ 117,720,312 $ 67,674,544 $ 228,479,968 $ 124,421,852 Balance Sheets March 31, 2020 September 30, 2019 Assets: Current Assets $ 218,072,899 $ 485,323,892 Construction Work in Progress 5,132,263,805 4,675,267,389 Other Assets 5,752,436 13,190,816 Total Assets $ 5,356,089,140 $ 5,173,782,097 Liabilities and Equity: Current Liabilities $ 194,839,985 $ 466,776,233 Noncurrent Liabilities 265,000 — Capital 5,160,984,155 4,707,005,864 Total Liabilities and Equity $ 5,356,089,140 $ 5,173,782,097

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company’s hedging and derivative policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations, including the price of natural gas and the cost of borrowed funds. This policy specifically prohibits the use of derivatives for speculative purposes. The Company has three interest rate swaps associated with its variable rate debt. Roanoke Gas has a swap agreement that effectively converts the $7,000,000 term note based on LIBOR into fixed-rate debt with a 2.30% effective interest rate. Midstream has two swap agreements corresponding to 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 Company had no outstanding derivative instruments for the purchase of natural gas. The fair value of the current and non-current portions of the interest rate swaps are reflected in the condensed consolidated balance sheets under the caption interest rate swaps. The table in Note 8 reflects the effect on income and other comprehensive income of the Company's cash flow hedges.

Long-Term Debt

Long-Term Debt	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On March 26, 2020, Roanoke Gas renewed its unsecured line-of-credit agreement, which was scheduled to expire March 31, 2021. The new agreement is for a two -year term expiring March 31, 2022 with a maximum borrowing limit of $28,000,000 . 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 $28,000,000 . On December 23, 2019, Midstream entered into the Third Amendment to Credit Agreement ("Amendment") and amendments to the related Promissory Notes ("Notes") with the corresponding banks. The Amendment modified the original Credit Agreement and prior amendments between Midstream and the banks by increasing the total borrowing capacity to $41,000,000 from its previous limit of $26,000,000 and extending the maturity date to December 29, 2022. The Amendment retained all of the other provisions contained in the previous credit agreements and amendments including the interest rate on the Notes based on 30-day LIBOR plus 1.35% . The additional limits under the Amendment provide additional financing for the investment in the MVP. On December 6, 2019, Roanoke Gas entered into unsecured notes in the aggregate principal amount of $10,000,000 . These notes have a 10 -year term with a fixed interest rate of 3.60% . Proceeds from these notes will provide funding for Roanoke Gas' capital budget. Roanoke Gas 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% . Midstream has two other variable rate notes in the amounts of $14,000,000 and $10,000,000 that are hedged by swap agreements that effectively convert the interest rates to 3.24% and 3.14% , respectively. 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. The Company was in compliance with all debt covenants as of March 31, 2020 and September 30, 2019. Long-term debt consists of the following: March 31, 2020 September 30, 2019 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 $ 139,984 $ 30,500,000 $ 144,811 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 5,280 7,000,000 6,948 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 36,120 8,000,000 38,528 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 34,459 10,000,000 36,272 Unsecured term notes payable, at 3.60% due on December 6, 2029 10,000,000 34,346 — — RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 23,075,200 68,492 16,012,200 59,504 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 15,048 14,000,000 16,252 Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 9,822 10,000,000 11,000 Total notes payable $ 112,575,200 $ 343,551 $ 95,512,200 $ 313,315 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 $ — $ — $ 8,172,473 $ — Total long-term debt $ 112,575,200 $ 343,551 $ 103,684,673 $ 313,315

Other Comprehensive Income

Other Comprehensive Income	6 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Other Comprehensive Income	Other Comprehensive Income (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 March 31, 2020 Interest rate swaps: Unrealized losses $ (1,654,962 ) $ 425,987 $ (1,228,975 ) Transfer of realized losses to interest expense 16,698 (4,297 ) 12,401 Net interest rate swaps (1,638,264 ) 421,690 (1,216,574 ) Defined benefit plans: Amortization of actuarial losses 22,610 (5,819 ) 16,791 Other comprehensive loss $ (1,615,654 ) $ 415,871 $ (1,199,783 ) Three Months Ended March 31, 2019 Interest rate swap: Unrealized losses $ (40,059 ) $ 10,311 $ (29,748 ) Transfer of realized gains to interest expense (19,355 ) 4,982 (14,373 ) Net interest rate swap (59,414 ) 15,293 (44,121 ) Defined benefit plans: Amortization of actuarial gains (2,576 ) 663 (1,913 ) Other comprehensive loss $ (61,990 ) $ 15,956 $ (46,034 ) Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Six Months Ended March 31, 2020 Interest rate swaps: Unrealized losses $ (1,304,269 ) $ 335,718 $ (968,551 ) Transfer of realized losses to interest expense 20,238 (5,208 ) 15,030 Net interest rate swaps (1,284,031 ) 330,510 (953,521 ) Defined benefit plans: Amortization of actuarial losses 45,220 (11,638 ) 33,582 Other comprehensive loss $ (1,238,811 ) $ 318,872 $ (919,939 ) Six Months Ended March 31, 2019 Interest rate swap: Unrealized losses $ (134,015 ) $ 34,495 $ (99,520 ) Transfer of realized gains to interest expense (35,017 ) 9,013 (26,004 ) Net interest rate swap (169,032 ) 43,508 (125,524 ) Defined benefit plans: Amortization of actuarial gains (5,152 ) 1,326 (3,826 ) Other comprehensive loss $ (174,184 ) $ 44,834 $ (129,350 ) The amortization of actuarial gains and losses is included as a component of net periodic pension and postretirement benefit costs under other income, net . Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2019 $ (2,488,917 ) Other comprehensive loss (919,939 ) Balance at March 31, 2020 $ (3,408,856 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Roanoke Gas currently holds the only franchises and CPCNs to distribute natural gas in its service area. The current franchise agreements expire December 31, 2035 . The Company's CPCNs 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 that 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 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. The outbreak of COVID-19 is having a dramatic effect on businesses and individuals throughout the nation and the world. The COVID-19 pandemic has forced all levels of government, as well as businesses and individuals, to take actions to limit the spread of the disease. The result is a significant disruption in normal activities as businesses have either shut down or are operating on a limited basis resulting in higher unemployment and government imposed social distancing mandates. As the virus and the corresponding efforts to combat its spread did not reach the level where significant disruptions in activity occurred until mid March, the impact to the condensed consolidated financial statements for the quarter ended March 31, 2020 was not material. The extent to which COVID-19 will affect the Company over future periods will depend on ongoing developments, which are highly uncertain and cannot be reasonably predicted, including the duration of the outbreak, the easing of restrictions to businesses and individuals, the potential for a resurgence of the virus, as well as a variety of other factors. The longer COVID-19 persists, the greater the potential negative financial effect on the Company.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share for the three and six months ended March 31, 2020 and 2019 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 March 31, Six Months Ended March 31, 2020 2019 2020 2019 Net Income $ 5,680,316 $ 4,670,090 $ 9,687,252 $ 7,104,252 Weighted average common shares 8,122,157 8,032,218 8,101,887 8,017,820 Effect of dilutive securities: Options to purchase common stock 22,806 40,931 27,331 44,600 Diluted average common shares 8,144,963 8,073,149 8,129,218 8,062,420 Earnings Per Share of Common Stock: Basic $ 0.70 $ 0.58 $ 1.20 $ 0.89 Diluted $ 0.70 $ 0.58 $ 1.19 $ 0.88

Employee Benefit Plans

Employee Benefit Plans	6 Months Ended
	Mar. 31, 2020
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has both a pension plan and a 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 Six Months Ended March 31, March 31, 2020 2019 2020 2019 Components of net periodic pension cost: Service cost $ 172,902 $ 134,317 $ 345,804 $ 268,634 Interest cost 265,557 291,682 531,114 583,364 Expected return on plan assets (459,156 ) (387,359 ) (918,312 ) (774,718 ) Recognized loss 113,936 39,650 227,872 79,300 Net periodic pension cost $ 93,239 $ 78,290 $ 186,478 $ 156,580 Three Months Ended Six Months Ended March 31, March 31, 2020 2019 2020 2019 Components of postretirement benefit cost: Service cost $ 41,970 $ 33,221 $ 83,940 $ 66,442 Interest cost 132,869 162,236 265,738 324,472 Expected return on plan assets (137,599 ) (136,805 ) (275,198 ) (273,610 ) Recognized loss 59,343 30,951 118,686 61,902 Net postretirement benefit cost $ 96,583 $ 89,603 $ 193,166 $ 179,206 The components of net periodic benefit cost, other than the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income. 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 400,000 — Total $ 800,000 $ 400,000

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and September 30, 2019 : Fair Value Measurements - March 31, 2020 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Natural gas purchases $ 316,120 $ — $ 316,120 $ — Interest rate swaps 2,178,372 — 2,178,372 — Total $ 2,494,492 $ — $ 2,494,492 $ — Fair Value Measurements - September 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Natural gas purchases $ 397,757 $ — $ 397,757 $ — Interest rate swaps 894,341 — 894,341 — Total $ 1,292,098 $ — $ 1,292,098 $ — 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 March 31, 2020 and September 30, 2019 , 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 AROs. The AROs 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 March 31, 2020 and September 30, 2019 : Fair Value Measurements - March 31, 2020 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 112,575,200 $ — $ — $ 117,181,480 Total $ 112,575,200 $ — $ — $ 117,181,480 Fair Value Measurements - September 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 $ 95,512,200 $ — $ — $ 100,900,952 Total $ 95,512,200 $ — $ — $ 100,900,952 The fair value of long-term debt is estimated by discounting the future cash flows of the fixed rate debt based on the underlying Treasury rate or other Treasury instruments with a corresponding maturity period and estimated credit spread extrapolated based on market conditions since the issuance of the debt. 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 March 31, 2020 and September 30, 2019 , 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.

Segment Information

Segment Information	6 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Information	Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance. Intersegment transactions are recorded at cost. The reportable segments disclosed herein are defined as follows: Gas Utility - The natural gas segment of the Company generates revenue from its tariff rates and other regulatory mechanisms through which it provides the sale and distribution of natural gas to its residential, commercial and industrial customers. Investment in Affiliates - The investment in affiliates segment reflects the income generated through the activities of the Company's investment in the MVP and Southgate projects. Parent and Other - The category parent and other includes the unregulated activities of the Company as well as certain corporate eliminations. Information related to the segments of the Company are provided below: Three Months Ended March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 22,275,719 $ — $ 162,012 $ 22,437,731 Depreciation 1,988,216 — — 1,988,216 Operating income (loss) 6,988,528 (69,526 ) 80,614 6,999,616 Equity in earnings — 1,188,593 — 1,188,593 Interest expense 661,997 376,296 — 1,038,293 Income before income taxes 6,642,411 744,698 80,699 7,467,808 Three Months Ended March 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 25,058,749 $ — $ 216,210 $ 25,274,959 Depreciation 1,905,475 — — 1,905,475 Operating income (loss) 6,154,052 (39,394 ) 88,825 6,203,483 Equity in earnings — 698,175 — 698,175 Interest expense 585,509 307,140 — 892,649 Income before income taxes 5,689,205 352,581 88,932 6,130,718 Six Months Ended March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 41,901,325 $ — $ 321,859 $ 42,223,184 Depreciation 3,976,721 — — 3,976,721 Operating income (loss) 12,030,013 (108,117 ) 159,699 12,081,595 Equity in earnings — 2,282,679 — 2,282,679 Interest expense 1,380,850 742,628 — 2,123,478 Income before income taxes 11,121,293 1,435,052 159,986 12,716,331 Six Months Ended March 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 46,095,330 $ — $ 396,376 $ 46,491,706 Depreciation 3,810,950 — — 3,810,950 Operating income (loss) 9,384,877 (73,281 ) 156,109 9,467,705 Equity in earnings — 1,261,224 — 1,261,224 Interest expense 1,161,748 547,683 — 1,709,431 Income before income taxes 8,468,126 642,676 156,291 9,267,093 March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 201,148,338 $ 52,637,208 $ 16,802,630 $ 270,588,176 September 30, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 195,969,019 $ 47,429,368 $ 14,955,309 $ 258,353,696

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities	6 Months Ended
	Mar. 31, 2020
Regulatory Assets and Liabilities [Abstract]
Regulatory Assets and Liabilities	Regulatory Assets and Liabilities The Company’s regulated operations follow the accounting and reporting requirements of FASB ASC No. 980, Regulated Operations . The economic effects of regulation can result in a regulated company deferring costs that have been or are expected to be recovered from customers in a period different from the period in which the costs would be charged to expense by an unregulated enterprise. When this situation occurs, costs are deferred as assets in the condensed consolidated balance sheet (regulatory assets) and amortized into expense over periods when such amounts are reflected in rates. Additionally, regulators can impose liabilities upon a regulated company for amounts previously collected from customers and for current collection in rates of costs that are expected to be incurred in the future (regulatory liabilities). In the event the provisions of FASB ASC No. 980 no longer apply to any or all regulatory assets or liabilities, the Company would write off such amounts and include them in the condensed consolidated statements of income and comprehensive income in the period which FASB ASC No. 980 no longer applied. Regulatory assets included in the Company’s condensed consolidated balance sheets are as follows: March 31, 2020 September 30, 2019 Assets: Current Assets: Regulatory assets: WNA $ 2,386,713 $ 569,558 ESAC assets 180,809 265,392 Accrued pension and postretirement medical 301,336 602,674 Other deferred expenses 84,315 84,315 Total current 2,953,173 1,521,939 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 217,147 — Other Assets: Regulatory assets: Premium on early retirement of debt 1,655,714 1,712,808 Accrued pension and postretirement medical 9,414,695 9,414,695 ESAC assets 371,475 756,803 Other deferred expenses 257,085 294,547 Total non-current 11,698,969 12,178,853 Total regulatory assets $ 14,881,234 $ 13,712,737 Regulatory liabilities included in the Company’s condensed consolidated balance sheets are as follows: March 31, 2020 September 30, 2019 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 2,217,721 $ 161,837 Over-recovery of SAVE Plan revenues 397,581 574,181 Rate refund — 3,827,588 Excess deferred income taxes 205,353 205,353 Other deferred liabilities 166,136 108,644 Total current 2,986,791 4,877,603 Deferred Credits and Other Liabilities: Asset retirement obligations 6,943,766 6,788,683 Regulatory cost of retirement obligations 12,303,970 11,892,352 Regulatory Liabilities: Excess deferred income taxes 10,767,006 10,934,434 Total non-current 30,014,742 29,615,469 Total regulatory liabilities $ 33,001,533 $ 34,493,072 As of March 31, 2020 and September 30, 2019 , the Company had regulatory assets in the amount of $14,652,142 and $13,700,792 , respectively, on which the Company did not earn a return during the recovery period.

Subsequent Events

Subsequent Events	6 Months Ended
	Mar. 31, 2020
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)	6 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Resources is an energy services company primarily engaged in the sale and distribution of natural gas. The condensed consolidated financial statements include the accounts of Resources and its wholly-owned subsidiaries: Roanoke Gas, Diversified Energy and Midstream. 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 March 31, 2020 , cash flows for the six months ended March 31, 2020 and 2019, and the results of its operations, comprehensive income, and changes in stockholders' equity for the three and six months ended March 31, 2020 and 2019 . The results of operations for the three and six months ended March 31, 2020 are not indicative of the results to be expected for the fiscal year ending September 30, 2020 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 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 in the United States 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, 2019 . The September 30, 2019 consolidated 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, 2019 . On March 12, 2020, the SEC adopted amendments to the Exchange Act that, among other things, revised the definition of accelerated filers. As a result, Resources now qualifies as a smaller reporting company and a non-accelerated filer.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02, Leases. This 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. Under prior GAAP, the presentation and cash flows arising from a lease by a lessee primarily depended on its classification as a finance or operating lease. 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. 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 new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. The Company adopted ASU 2016-02 and related guidance effective October 1, 2019. At the time of adoption, the Company had one operating lease. This lease calls for quarterly payments in the amount of $3,240 and is set to expire in September 2021. As the value of this lease obligation was determined to be de minimus and the Company has not entered into any additional lease obligations, this new guidance does not have a material effect on the Company's financial position, results of operations or cash flows. 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 Company adopted the new guidance effective October 1, 2019. As the Company currently has only cash flow hedges and no portion of these hedges were deemed ineffective during the periods presented, this new guidance does not have a material effect on the Company's 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 Company adopted the new guidance effective October 1, 2019. The adoption of this new guidance does not currently have a material effect on the Company's consolidated financial statements. However, as the ASU changes the treatment of certain contracts by allowing related implementation costs to be capitalized and amortized over time, rather than directly expensed; there could be a significant impact on the Company's financial position, results of operations and cash flow in the future. 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 March 2020, the FASB issued ASU 2020-04. Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides temporary optional guidance to ease the potential burden in accounting for and recognizing the effects of reference rate change on financial reporting. The new guidance applies specifically to contracts and hedging relationships that reference LIBOR, or any other referenced rate that is expected to be discontinued due to reference rate reform. The new guidance is effective for the Company through December 31, 2022. Management has not yet completed its evaluation of the new guidance; however, as the Company has several contracts and hedging relationships that currently reference LIBOR, this new guidance could result in a significant impact on the Company's financial position, results of operations, and cash flows for the period through which the ASU is effective. 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 (Tables)

Revenue (Tables)	6 Months Ended
	Mar. 31, 2020
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following tables summarize revenue by customer, product and income statement classification: Three months ended March 31, 2020 Three months ended March 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 12,892,659 $ — $ 12,892,659 $ 15,397,504 $ — $ 15,397,504 Commercial 6,368,939 — 6,368,939 8,357,598 — 8,357,598 Industrial and Transportation 1,243,426 — 1,243,426 1,249,316 — 1,249,316 Other 117,466 162,012 279,478 108,418 216,210 324,628 Total contracts with customers 20,622,490 162,012 20,784,502 25,112,836 216,210 25,329,046 Alternative Revenue Programs 1,653,229 — 1,653,229 (54,087 ) — (54,087 ) Total operating revenues $ 22,275,719 $ 162,012 $ 22,437,731 $ 25,058,749 $ 216,210 $ 25,274,959 Six months ended March 31, 2020 Six months ended March 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 25,177,242 $ — $ 25,177,242 $ 28,410,332 $ — $ 28,410,332 Commercial 12,102,779 — 12,102,779 15,700,155 — 15,700,155 Industrial and Transportation 2,570,669 — 2,570,669 2,475,364 — 2,475,364 Revenue reductions (TCJA) (1) — — — (523,881 ) — (523,881 ) Other 333,461 321,859 655,320 334,908 396,376 731,284 Total contracts with customers 40,184,151 321,859 40,506,010 46,396,878 396,376 46,793,254 Alternative Revenue Programs 1,717,174 — 1,717,174 (301,548 ) — (301,548 ) Total operating revenues $ 41,901,325 $ 321,859 $ 42,223,184 $ 46,095,330 $ 396,376 $ 46,491,706 (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: Current Assets Current Liabilities Trade accounts receivable Unbilled revenue Customer credit balances Customer deposits Balance at September 30, 2019 $ 2,590,702 $ 1,236,384 $ 880,295 $ 1,432,031 Balance at March 31, 2020 3,776,033 1,539,460 1,361,720 1,622,779 Increase $ 1,185,331 $ 303,076 $ 481,425 $ 190,748 (1) Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for bad debts.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Mar. 31, 2020
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 March 31, Six Months Ended March 31, 2020 2019 2020 2019 Income before income taxes $ 7,467,808 $ 6,130,718 $ 12,716,331 $ 9,267,093 Corporate federal tax rate 21.00 % 21.00 % 21.00 % 21.00 % Income tax expense computed at the federal statutory rate $ 1,568,240 $ 1,287,451 $ 2,670,430 $ 1,946,090 State income taxes, net of federal tax benefit 338,631 290,481 588,668 441,070 Net amortization of excess deferred taxes on regulated operations (86,208 ) (86,208 ) (124,332 ) (172,417 ) Other, net (33,171 ) (31,096 ) (105,687 ) (51,902 ) Total income tax expense $ 1,787,492 $ 1,460,628 $ 3,029,079 $ 2,162,841 Effective tax rate 23.9 % 23.8 % 23.8 % 23.3 %

Other Investments (Tables)

Other Investments (Tables)	6 Months Ended
	Mar. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Other Investments	The investments in the LLC are included in the condensed consolidated financial statements as follows: Balance Sheet location of Other Investments: March 31, 2020 September 30, 2019 Other Assets: MVP $ 51,971,127 $ 47,055,426 Southgate 320,033 320,033 Investment in unconsolidated affiliates $ 52,291,160 $ 47,375,459 Current Liabilities: MVP $ 1,726,786 $ 4,958,260 Southgate — 66,564 Capital contributions payable $ 1,726,786 $ 5,024,824 Three Months Ended Six Months Ended Income Statement location of Other Investments: March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 Equity in earnings of unconsolidated affiliate $ 1,188,593 $ 698,175 $ 2,282,679 $ 1,261,224 March 31, 2020 September 30, 2019 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 4,962,293 $ 3,267,176 The change in the investment in unconsolidated affiliates is provided below: Six Months Ended March 31, 2020 March 31, 2019 Cash investment $ 5,931,060 $ 13,304,263 Change in accrued capital calls (3,298,038 ) (6,796,085 ) Equity in earnings of unconsolidated affiliates 2,282,679 1,261,224 Change in investment in unconsolidated affiliates $ 4,915,701 $ 7,769,402
Summary Unaudited Financial Statements - Equity Method Investment	Summary of unaudited financial statements of Mountain Valley Pipeline are presented below. Southgate financial statements, which are accounted for under the cost method, are not included: Income Statements Three Months Ended Six Months Ended March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 AFUDC $ 117,754,887 $ 66,953,609 $ 227,780,361 $ 121,138,125 Other Income (Expense), net (34,575 ) 720,935 699,607 3,283,727 Net Income $ 117,720,312 $ 67,674,544 $ 228,479,968 $ 124,421,852 Balance Sheets March 31, 2020 September 30, 2019 Assets: Current Assets $ 218,072,899 $ 485,323,892 Construction Work in Progress 5,132,263,805 4,675,267,389 Other Assets 5,752,436 13,190,816 Total Assets $ 5,356,089,140 $ 5,173,782,097 Liabilities and Equity: Current Liabilities $ 194,839,985 $ 466,776,233 Noncurrent Liabilities 265,000 — Capital 5,160,984,155 4,707,005,864 Total Liabilities and Equity $ 5,356,089,140 $ 5,173,782,097

Long-Term Debt (Tables)

Long-Term Debt (Tables)	6 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: March 31, 2020 September 30, 2019 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 $ 139,984 $ 30,500,000 $ 144,811 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 5,280 7,000,000 6,948 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 36,120 8,000,000 38,528 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 34,459 10,000,000 36,272 Unsecured term notes payable, at 3.60% due on December 6, 2029 10,000,000 34,346 — — RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 23,075,200 68,492 16,012,200 59,504 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 15,048 14,000,000 16,252 Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 9,822 10,000,000 11,000 Total notes payable $ 112,575,200 $ 343,551 $ 95,512,200 $ 313,315 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 $ — $ — $ 8,172,473 $ — Total long-term debt $ 112,575,200 $ 343,551 $ 103,684,673 $ 313,315

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 Interest rate swaps: Unrealized losses $ (1,654,962 ) $ 425,987 $ (1,228,975 ) Transfer of realized losses to interest expense 16,698 (4,297 ) 12,401 Net interest rate swaps (1,638,264 ) 421,690 (1,216,574 ) Defined benefit plans: Amortization of actuarial losses 22,610 (5,819 ) 16,791 Other comprehensive loss $ (1,615,654 ) $ 415,871 $ (1,199,783 ) Three Months Ended March 31, 2019 Interest rate swap: Unrealized losses $ (40,059 ) $ 10,311 $ (29,748 ) Transfer of realized gains to interest expense (19,355 ) 4,982 (14,373 ) Net interest rate swap (59,414 ) 15,293 (44,121 ) Defined benefit plans: Amortization of actuarial gains (2,576 ) 663 (1,913 ) Other comprehensive loss $ (61,990 ) $ 15,956 $ (46,034 ) Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Six Months Ended March 31, 2020 Interest rate swaps: Unrealized losses $ (1,304,269 ) $ 335,718 $ (968,551 ) Transfer of realized losses to interest expense 20,238 (5,208 ) 15,030 Net interest rate swaps (1,284,031 ) 330,510 (953,521 ) Defined benefit plans: Amortization of actuarial losses 45,220 (11,638 ) 33,582 Other comprehensive loss $ (1,238,811 ) $ 318,872 $ (919,939 ) Six Months Ended March 31, 2019 Interest rate swap: Unrealized losses $ (134,015 ) $ 34,495 $ (99,520 ) Transfer of realized gains to interest expense (35,017 ) 9,013 (26,004 ) Net interest rate swap (169,032 ) 43,508 (125,524 ) Defined benefit plans: Amortization of actuarial gains (5,152 ) 1,326 (3,826 ) Other comprehensive loss $ (174,184 ) $ 44,834 $ (129,350 )
Reconciliation of Other Accumulated Other Comprehensive Income (Loss)	Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2019 $ (2,488,917 ) Other comprehensive loss (919,939 ) Balance at March 31, 2020 $ (3,408,856 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Mar. 31, 2020
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 March 31, Six Months Ended March 31, 2020 2019 2020 2019 Net Income $ 5,680,316 $ 4,670,090 $ 9,687,252 $ 7,104,252 Weighted average common shares 8,122,157 8,032,218 8,101,887 8,017,820 Effect of dilutive securities: Options to purchase common stock 22,806 40,931 27,331 44,600 Diluted average common shares 8,144,963 8,073,149 8,129,218 8,062,420 Earnings Per Share of Common Stock: Basic $ 0.70 $ 0.58 $ 1.20 $ 0.89 Diluted $ 0.70 $ 0.58 $ 1.19 $ 0.88

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Mar. 31, 2020
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 Six Months Ended March 31, March 31, 2020 2019 2020 2019 Components of net periodic pension cost: Service cost $ 172,902 $ 134,317 $ 345,804 $ 268,634 Interest cost 265,557 291,682 531,114 583,364 Expected return on plan assets (459,156 ) (387,359 ) (918,312 ) (774,718 ) Recognized loss 113,936 39,650 227,872 79,300 Net periodic pension cost $ 93,239 $ 78,290 $ 186,478 $ 156,580 Three Months Ended Six Months Ended March 31, March 31, 2020 2019 2020 2019 Components of postretirement benefit cost: Service cost $ 41,970 $ 33,221 $ 83,940 $ 66,442 Interest cost 132,869 162,236 265,738 324,472 Expected return on plan assets (137,599 ) (136,805 ) (275,198 ) (273,610 ) Recognized loss 59,343 30,951 118,686 61,902 Net postretirement benefit cost $ 96,583 $ 89,603 $ 193,166 $ 179,206
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 400,000 — Total $ 800,000 $ 400,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Mar. 31, 2020
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 March 31, 2020 and September 30, 2019 : Fair Value Measurements - March 31, 2020 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Natural gas purchases $ 316,120 $ — $ 316,120 $ — Interest rate swaps 2,178,372 — 2,178,372 — Total $ 2,494,492 $ — $ 2,494,492 $ — Fair Value Measurements - September 30, 2019 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Natural gas purchases $ 397,757 $ — $ 397,757 $ — Interest rate swaps 894,341 — 894,341 — Total $ 1,292,098 $ — $ 1,292,098 $ —
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 March 31, 2020 and September 30, 2019 : Fair Value Measurements - March 31, 2020 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Notes payable $ 112,575,200 $ — $ — $ 117,181,480 Total $ 112,575,200 $ — $ — $ 117,181,480 Fair Value Measurements - September 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 $ 95,512,200 $ — $ — $ 100,900,952 Total $ 95,512,200 $ — $ — $ 100,900,952

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Information related to segments	Information related to the segments of the Company are provided below: Three Months Ended March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 22,275,719 $ — $ 162,012 $ 22,437,731 Depreciation 1,988,216 — — 1,988,216 Operating income (loss) 6,988,528 (69,526 ) 80,614 6,999,616 Equity in earnings — 1,188,593 — 1,188,593 Interest expense 661,997 376,296 — 1,038,293 Income before income taxes 6,642,411 744,698 80,699 7,467,808 Three Months Ended March 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 25,058,749 $ — $ 216,210 $ 25,274,959 Depreciation 1,905,475 — — 1,905,475 Operating income (loss) 6,154,052 (39,394 ) 88,825 6,203,483 Equity in earnings — 698,175 — 698,175 Interest expense 585,509 307,140 — 892,649 Income before income taxes 5,689,205 352,581 88,932 6,130,718 Six Months Ended March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 41,901,325 $ — $ 321,859 $ 42,223,184 Depreciation 3,976,721 — — 3,976,721 Operating income (loss) 12,030,013 (108,117 ) 159,699 12,081,595 Equity in earnings — 2,282,679 — 2,282,679 Interest expense 1,380,850 742,628 — 2,123,478 Income before income taxes 11,121,293 1,435,052 159,986 12,716,331 Six Months Ended March 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 46,095,330 $ — $ 396,376 $ 46,491,706 Depreciation 3,810,950 — — 3,810,950 Operating income (loss) 9,384,877 (73,281 ) 156,109 9,467,705 Equity in earnings — 1,261,224 — 1,261,224 Interest expense 1,161,748 547,683 — 1,709,431 Income before income taxes 8,468,126 642,676 156,291 9,267,093 March 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 201,148,338 $ 52,637,208 $ 16,802,630 $ 270,588,176 September 30, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 195,969,019 $ 47,429,368 $ 14,955,309 $ 258,353,696

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)	6 Months Ended
	Mar. 31, 2020
Regulatory Assets and Liabilities [Abstract]
Schedule of Regulatory Assets	Regulatory assets included in the Company’s condensed consolidated balance sheets are as follows: March 31, 2020 September 30, 2019 Assets: Current Assets: Regulatory assets: WNA $ 2,386,713 $ 569,558 ESAC assets 180,809 265,392 Accrued pension and postretirement medical 301,336 602,674 Other deferred expenses 84,315 84,315 Total current 2,953,173 1,521,939 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 217,147 — Other Assets: Regulatory assets: Premium on early retirement of debt 1,655,714 1,712,808 Accrued pension and postretirement medical 9,414,695 9,414,695 ESAC assets 371,475 756,803 Other deferred expenses 257,085 294,547 Total non-current 11,698,969 12,178,853 Total regulatory assets $ 14,881,234 $ 13,712,737
Schedule of Regulatory Liabilities	Regulatory liabilities included in the Company’s condensed consolidated balance sheets are as follows: March 31, 2020 September 30, 2019 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 2,217,721 $ 161,837 Over-recovery of SAVE Plan revenues 397,581 574,181 Rate refund — 3,827,588 Excess deferred income taxes 205,353 205,353 Other deferred liabilities 166,136 108,644 Total current 2,986,791 4,877,603 Deferred Credits and Other Liabilities: Asset retirement obligations 6,943,766 6,788,683 Regulatory cost of retirement obligations 12,303,970 11,892,352 Regulatory Liabilities: Excess deferred income taxes 10,767,006 10,934,434 Total non-current 30,014,742 29,615,469 Total regulatory liabilities $ 33,001,533 $ 34,493,072

Basis of Presentation (Details)

Basis of Presentation (Details)	Mar. 31, 2020USD ($)	Oct. 01, 2019lease
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Quarterly operating lease obligation | $	$ 3,240
ASU 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of operating leases | lease		1

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Total contracts with customers	$ 20,784,502	$ 25,329,046	$ 40,506,010	$ 46,793,254
Revenue reductions (TCJA)			0	(523,881)
Alternative Revenue Programs	1,653,229	(54,087)	1,717,174	(301,548)
Operating revenues	22,437,731	25,274,959	42,223,184	46,491,706
Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	12,892,659	15,397,504	25,177,242	28,410,332
Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	6,368,939	8,357,598	12,102,779	15,700,155
Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,243,426	1,249,316	2,570,669	2,475,364
Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	279,478	324,628	655,320	731,284
Gas Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	20,622,490	25,112,836	40,184,151	46,396,878
Revenue reductions (TCJA)			0	(523,881)
Alternative Revenue Programs	1,653,229	(54,087)	1,717,174	(301,548)
Operating revenues	22,275,719	25,058,749	41,901,325	46,095,330
Gas Utility [Member] | Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	12,892,659	15,397,504	25,177,242	28,410,332
Gas Utility [Member] | Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	6,368,939	8,357,598	12,102,779	15,700,155
Gas Utility [Member] | Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,243,426	1,249,316	2,570,669	2,475,364
Gas Utility [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	117,466	108,418	333,461	334,908
Non Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	162,012	216,210	321,859	396,376
Revenue reductions (TCJA)			0	0
Alternative Revenue Programs	0	0	0	0
Operating revenues	162,012	216,210	321,859	396,376
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	$ 162,012	$ 216,210	$ 321,859	$ 396,376

Revenue (Customer Accounts Rece

Revenue (Customer Accounts Receivable) (Details) - USD ($)	6 Months Ended
	Mar. 31, 2020	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Unbilled revenue	$ 1,539,460	$ 1,236,384
Increase (decrease) in Unbilled revenue	303,076
Customer credit balances	1,361,720	880,295
Increase (decrease) in Customer credit balances	481,425
Customer deposits	1,622,779	1,432,031
Increase (decrease) in Customer deposits	190,748
Capitalized Contract Cost [Line Items]
Trade accounts receivable	5,455,204	3,870,211
Trade Accounts Receivable [Member]
Capitalized Contract Cost [Line Items]
Trade accounts receivable	3,776,033	$ 2,590,702
Increase (decrease) in Trade accounts receivable	$ 1,185,331

Income Taxes (Reconciliation of

Income Taxes (Reconciliation of Income Tax Expense Based on Federal Statutory Rate) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 7,467,808	$ 6,130,718	$ 12,716,331	$ 9,267,093
Corporate federal tax rate	21.00%	21.00%	21.00%	21.00%
Income tax expense computed at the federal statutory rate	$ 1,568,240	$ 1,287,451	$ 2,670,430	$ 1,946,090
State income taxes, net of federal tax benefit	338,631	290,481	588,668	441,070
Net amortization of excess deferred taxes on regulated operations	(86,208)	(86,208)	(124,332)	(172,417)
Other, net	(33,171)	(31,096)	(105,687)	(51,902)
Total income tax expense	$ 1,787,492	$ 1,460,628	$ 3,029,079	$ 2,162,841
Effective tax rate	23.90%	23.80%	23.80%	23.30%

Rates and Regulatory Matters (D

Rates and Regulatory Matters (Details) - Roanoke Gas Company [Member] - USD ($)	Jan. 24, 2020	Mar. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Regulatory Liabilities [Line Items]
Additional write down of ESAC regulatory assets				$ 317,191
Rate refund paid		$ (3,800,000)
Regulatory liability, refund period (in years)			28 years
General Rate Case [Member] | Virginia State Corporate Commission (SCC) [Member]
Regulatory Liabilities [Line Items]
Approved non-gas rate increase	$ 7,250,000

Other Investments (Narrative) (

Other Investments (Narrative) (Details) - RGC Midstream LLC [Member] Bcf in Millions, $ in Millions	1 Months Ended
	Apr. 30, 2018USD ($)mi	Mar. 31, 2020USD ($)debt_instrument	Nov. 30, 2019	Jun. 12, 2019instrument_held	Oct. 31, 2015Bcf
Schedule of Equity Method Investments [Line Items]
Number of unsecured Promissory Notes funding the investment		2		2
MVP [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest percentage			1.03%		1.00%
Pipeline capacity per day (in bcf) | Bcf					2
MVP [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Total project cost		$ 5,300
Total estimated investment		55
MVP [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Total project cost		5,500
Total estimated investment		$ 57
Southgate [Member]
Schedule of Equity Method Investments [Line Items]
Length of planned natural gas pipeline (in miles) | mi	74
Estimated total MVP Southgate pipeline cost projection	$ 500
Estimated investment in MVP Southgate	$ 2.5
Southgate [Member] | Southgate [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage (less than)	1.00%

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Other Assets:
Investment in unconsolidated affiliates	$ 52,291,160		$ 52,291,160		$ 47,375,459
Current Liabilities:
Capital contributions payable	1,726,786		1,726,786		5,024,824
Income Statement location of Other Investments:
Equity in earnings of unconsolidated affiliate	1,188,593	$ 698,175	2,282,679	$ 1,261,224
Undistributed earnings, net of income taxes, of MVP in retained earnings	4,962,293		4,962,293		3,267,176
Change in investment in unconsolidated affiliate [Abstract]
Cash investment			5,931,060	13,304,263
Change in accrued capital calls			(3,298,038)	(6,796,085)
Equity in earnings of unconsolidated affiliate	1,188,593	$ 698,175	2,282,679	1,261,224
Change in investment in unconsolidated affiliates			4,915,701	$ 7,769,402
MVP [Member]
Other Assets:
MVP	51,971,127		51,971,127		47,055,426
Current Liabilities:
Capital contributions payable	1,726,786		1,726,786		4,958,260
Southgate [Member]
Other Assets:
Southgate	320,033		320,033		320,033
Current Liabilities:
Capital contributions payable	$ 0		$ 0		$ 66,564

Other Investments (Investment i

Other Investments (Investment in Unconsolidated Entity) (Details) - Mountain Valley Pipeline LLC (Unconsolidated Entity) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Income Statement
AFUDC	$ 117,754,887	$ 66,953,609	$ 227,780,361	$ 121,138,125
Other Income (Expense), net	(34,575)	720,935	699,607	3,283,727
Net Income	117,720,312	$ 67,674,544	228,479,968	$ 124,421,852
Assets:
Current Assets	218,072,899		218,072,899		$ 485,323,892
Construction Work in Progress	5,132,263,805		5,132,263,805		4,675,267,389
Other Assets	5,752,436		5,752,436		13,190,816
Total Assets	5,356,089,140		5,356,089,140		5,173,782,097
Liabilities and Equity:
Current Liabilities	194,839,985		194,839,985		466,776,233
Noncurrent Liabilities	265,000		265,000		0
Capital	5,160,984,155		5,160,984,155		4,707,005,864
Total Liabilities and Equity	$ 5,356,089,140		$ 5,356,089,140		$ 5,173,782,097

Derivatives and Hedging (Detail

Derivatives and Hedging (Details)	Mar. 31, 2020USD ($)instrument_helddebt_instrument	Jun. 13, 2019USD ($)	Jun. 12, 2019USD ($)instrument_held
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
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		$ 14,000,000
Effective interest rate	3.24%		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	$ 10,000,000
Effective interest rate	3.14%	3.14%

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Mar. 26, 2020USD ($)	Dec. 23, 2019USD ($)	Dec. 06, 2019USD ($)	Mar. 31, 2020USD ($)debt_instrument	Sep. 30, 2019USD ($)	Jun. 13, 2019USD ($)	Jun. 12, 2019USD ($)instrument_held
Debt Instrument [Line Items]
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 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%	3.60%
Maximum percentage of Priority Indebtedness to Consolidated Total Assets				15.00%
Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41%, due March 28, 2031 [Member]
Debt Instrument [Line Items]
Stated percentage rate				4.41%
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%
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%
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 [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, 2022 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)	1.00%			1.00%
RGC Midstream LLC [Member]
Debt Instrument [Line Items]
Debt instrument, number of instruments				2			2
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 [Member]
Debt Instrument [Line Items]
Debt instrument, borrowing amount		$ 41,000,000			$ 26,000,000
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, 2022 [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]
Debt instrument, borrowing amount				$ 14,000,000			$ 14,000,000
Effective interest rate				3.24%			3.24%
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%
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		$ 10,000,000
Effective interest rate				3.14%		3.14%
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%
Maximum [Member] | Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 28,000,000
Minimum [Member] | Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 3,000,000

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Mar. 26, 2020	Dec. 23, 2019	Mar. 31, 2020	Dec. 06, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Notes payable			$ 112,575,200		$ 95,512,200
Principal			112,575,200		103,684,673
Unamortized Debt Issuance Costs			343,551		313,315
Notes Payable [Member]
Debt Instrument [Line Items]
Notes payable			112,575,200		95,512,200
Unamortized Debt Issuance Costs			343,551		313,315
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			$ 139,984		144,811
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			$ 5,280		6,948
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			$ 36,120		38,528
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		10,000,000
Unamortized Debt Issuance Costs			$ 34,459		36,272
Stated percentage rate			4.41%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, due December 6, 2029 [Member]
Debt Instrument [Line Items]
Notes payable			$ 10,000,000		0
Unamortized Debt Issuance Costs			$ 34,346		0
Stated percentage rate			3.60%	3.60%
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 [Member]
Debt Instrument [Line Items]
Line-of-credit			$ 0		8,172,473
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, 2022 [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, 2022 [Member]
Debt Instrument [Line Items]
Notes payable			$ 23,075,200		16,012,200
Unamortized Debt Issuance Costs			$ 68,492		59,504
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 [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		14,000,000
Unamortized Debt Issuance Costs			$ 15,048		16,252
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%
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		10,000,000
Unamortized Debt Issuance Costs			$ 9,822		$ 11,000
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%

Other Comprehensive Income (Sch

Other Comprehensive Income (Schedule of Other Comprehensive Income and Loss) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Before-Tax Amount
Other comprehensive income (loss)	$ (1,615,654)		$ (61,990)		$ (1,238,811)	$ (174,184)
Tax (Expense) or Benefit
Other comprehensive loss	415,871		15,956		318,872	44,834
Net-of-Tax Amount
Other comprehensive income (loss), net of tax	(1,199,783)	$ 279,844	(46,034)	$ (83,316)	(919,939)	(129,350)
Interest rate swap [Member]
Before-Tax Amount
Other comprehensive income (loss) before reclassifications	(1,654,962)				(1,304,269)
Reclassifications from accumulated other comprehensive income	16,698				20,238
Other comprehensive income (loss)	(1,638,264)				(1,284,031)
Tax (Expense) or Benefit
Other comprehensive income before reclassifications	425,987				335,718
Reclassifications from accumulated other comprehensive income	(4,297)				(5,208)
Other comprehensive loss	421,690				330,510
Net-of-Tax Amount
Other comprehensive income (loss) before reclassifications	(1,228,975)				(968,551)
Reclassifications from accumulated other comprehensive income	12,401				15,030
Other comprehensive income (loss), net of tax	(1,216,574)				(953,521)
Interest rate swap [Member]
Before-Tax Amount
Other comprehensive income (loss) before reclassifications			(40,059)			(134,015)
Reclassifications from accumulated other comprehensive income			(19,355)			(35,017)
Other comprehensive income (loss)			(59,414)			(169,032)
Tax (Expense) or Benefit
Other comprehensive income before reclassifications			10,311			34,495
Reclassifications from accumulated other comprehensive income			4,982			9,013
Other comprehensive loss			15,293			43,508
Net-of-Tax Amount
Other comprehensive income (loss) before reclassifications			(29,748)			(99,520)
Reclassifications from accumulated other comprehensive income			(14,373)			(26,004)
Other comprehensive income (loss), net of tax			(44,121)			(125,524)
Defined benefit plans [Member]
Before-Tax Amount
Other comprehensive income (loss)	22,610		(2,576)		45,220	(5,152)
Tax (Expense) or Benefit
Other comprehensive loss	(5,819)		663		(11,638)	1,326
Net-of-Tax Amount
Other comprehensive income (loss), net of tax	$ 16,791		$ (1,913)		$ 33,582	$ (3,826)

Other Comprehensive Income (Rec

Other Comprehensive Income (Reconciliation of Accumulated Comprehensive Income (Loss)) (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 86,359,135	$ 83,096,392	$ 80,959,740	$ 79,583,112	$ 83,096,392	$ 79,583,112
Other comprehensive loss	(1,199,783)	279,844	(46,034)	(83,316)	(919,939)	(129,350)
Balance at end of period	90,317,347	86,359,135	84,974,517	80,959,740	90,317,347	84,974,517
Accumulated Other Comprehensive Income (Loss)
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(2,209,073)	(2,488,917)	(954,984)	(871,668)	(2,488,917)	(871,668)
Other comprehensive loss	(1,199,783)	279,844	(46,034)	(83,316)
Balance at end of period	$ (3,408,856)	$ (2,209,073)	$ (1,001,018)	$ (954,984)	$ (3,408,856)	$ (1,001,018)

Commitments and Contingencies (

Commitments and Contingencies (Details)	6 Months Ended
	Mar. 31, 2020pipeline
Commitments and Contingencies Disclosure [Abstract]
Number of pipelines serving Roanoke Gas	2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Net Income	$ 5,680,316	$ 4,006,936	$ 4,670,090	$ 2,434,162	$ 9,687,252	$ 7,104,252
Weighted average common shares (in shares)	8,122,157		8,032,218		8,101,887	8,017,820
Effect of dilutive securities:
Options to purchase common stock (in shares)	22,806		40,931		27,331	44,600
Diluted average common shares (in shares)	8,144,963		8,073,149		8,129,218	8,062,420
Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.70		$ 0.58		$ 1.20	$ 0.89
Diluted (in dollars per share)	$ 0.70		$ 0.58		$ 1.19	$ 0.88

Employee Benefit Plans (Schedul

Employee Benefit Plans (Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 172,902	$ 134,317	$ 345,804	$ 268,634
Interest cost	265,557	291,682	531,114	583,364
Expected return on plan assets	(459,156)	(387,359)	(918,312)	(774,718)
Recognized loss	113,936	39,650	227,872	79,300
Net periodic/postretirement pension/benefit cost	93,239	78,290	186,478	156,580
Postretirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	41,970	33,221	83,940	66,442
Interest cost	132,869	162,236	265,738	324,472
Expected return on plan assets	(137,599)	(136,805)	(275,198)	(273,610)
Recognized loss	59,343	30,951	118,686	61,902
Net periodic/postretirement pension/benefit cost	$ 96,583	$ 89,603	$ 193,166	$ 179,206

Employee Benefit Plans (Sched_2

Employee Benefit Plans (Schedule of Actual and Expected Employer Contributions) (Details)	6 Months Ended
	Mar. 31, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	$ 800,000
Remaining Fiscal Year Contributions	400,000
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	400,000
Remaining Fiscal Year Contributions	$ 0

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 ($)	Mar. 31, 2020	Sep. 30, 2019
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	117,181,480	100,900,952
Recurring [Member]
Liabilities:
Natural gas purchases	316,120	397,757
Total	2,494,492	1,292,098
Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	2,178,372	894,341
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Natural gas purchases	0	0
Total	0	0
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Natural gas purchases	316,120	397,757
Total	2,494,492	1,292,098
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	2,178,372	894,341
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Natural gas purchases	0	0
Total	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	$ 0	$ 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 ($)	Mar. 31, 2020	Sep. 30, 2019
Carrying Value [Member]
Liabilities:
Notes payable	$ 112,575,200	$ 95,512,200
Total	112,575,200	95,512,200
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	117,181,480	100,900,952
Total	$ 117,181,480	$ 100,900,952

Segment Information (Reconcilia

Segment Information (Reconciliation of Segment Information to Consolidated) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Sep. 30, 2019
Segment Reporting Information [Line Items]
Operating revenues	$ 22,437,731	$ 25,274,959	$ 42,223,184	$ 46,491,706
Depreciation	1,988,216	1,905,475	3,976,721	3,810,950
Operating income (loss)	6,999,616	6,203,483	12,081,595	9,467,705
Equity in earnings	1,188,593	698,175	2,282,679	1,261,224
Interest expense	1,038,293	892,649	2,123,478	1,709,431
Income before income taxes	7,467,808	6,130,718	12,716,331	9,267,093
Total assets	270,588,176		270,588,176		$ 258,353,696
Operating Segments | Gas Utility
Segment Reporting Information [Line Items]
Operating revenues	22,275,719	25,058,749	41,901,325	46,095,330
Depreciation	1,988,216	1,905,475	3,976,721	3,810,950
Operating income (loss)	6,988,528	6,154,052	12,030,013	9,384,877
Equity in earnings	0	0	0	0
Interest expense	661,997	585,509	1,380,850	1,161,748
Income before income taxes	6,642,411	5,689,205	11,121,293	8,468,126
Total assets	201,148,338		201,148,338		195,969,019
Operating Segments | Investment In Affiliates
Segment Reporting Information [Line Items]
Operating revenues	0	0	0	0
Depreciation	0	0	0	0
Operating income (loss)	(69,526)	(39,394)	(108,117)	(73,281)
Equity in earnings	1,188,593	698,175	2,282,679	1,261,224
Interest expense	376,296	307,140	742,628	547,683
Income before income taxes	744,698	352,581	1,435,052	642,676
Total assets	52,637,208		52,637,208		47,429,368
Parent and Other
Segment Reporting Information [Line Items]
Operating revenues	162,012	216,210	321,859	396,376
Depreciation	0	0	0	0
Operating income (loss)	80,614	88,825	159,699	156,109
Equity in earnings	0	0	0	0
Interest expense	0	0	0	0
Income before income taxes	80,699	$ 88,932	159,986	$ 156,291
Total assets	$ 16,802,630		$ 16,802,630		$ 14,955,309

Regulatory Assets and Liabili_3

Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Regulatory Assets [Line Items]
Current regulatory assets	$ 2,953,173	$ 1,521,939
Utility property in service, other	11,945	11,945
Construction work in progress - AFUDC	217,147	0
Noncurrent regulatory assets	11,698,969	12,178,853
Total regulatory assets	14,881,234	13,712,737
WNA
Regulatory Assets [Line Items]
Current regulatory assets	2,386,713	569,558
ESAC Assets
Regulatory Assets [Line Items]
Current regulatory assets	180,809	265,392
Noncurrent regulatory assets	371,475	756,803
Accrued pension and postretirement medical
Regulatory Assets [Line Items]
Current regulatory assets	301,336	602,674
Noncurrent regulatory assets	9,414,695	9,414,695
Other deferred expenses
Regulatory Assets [Line Items]
Current regulatory assets	84,315	84,315
Noncurrent regulatory assets	257,085	294,547
Premium on early retirement of debt
Regulatory Assets [Line Items]
Noncurrent regulatory assets	$ 1,655,714	$ 1,712,808

Regulatory Assets and Liabili_4

Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Regulatory Liabilities [Line Items]
Current regulatory liabilities	$ 2,986,791	$ 4,877,603
Deferred Credits and Other Liabilities:
Asset retirement obligations	6,943,766	6,788,683
Regulatory cost of retirement obligations	12,303,970	11,892,352
Noncurrent regulatory liabilities - excess deferred income taxes	10,767,006	10,934,434
Total non-current	30,014,742	29,615,469
Total regulatory liabilities	33,001,533	34,493,072
Over-recovery of gas costs
Regulatory Liabilities [Line Items]
Current regulatory liabilities	2,217,721	161,837
Over-recovery of SAVE Plan revenues
Regulatory Liabilities [Line Items]
Current regulatory liabilities	397,581	574,181
Rate Refund
Regulatory Liabilities [Line Items]
Current regulatory liabilities	0	3,827,588
Excess deferred income taxes
Regulatory Liabilities [Line Items]
Current regulatory liabilities	205,353	205,353
Other deferred liabilities
Regulatory Liabilities [Line Items]
Current regulatory liabilities	$ 166,136	$ 108,644

Regulatory Assets and Liabili_5

Regulatory Assets and Liabilities (Narrative) (Details) - USD ($)	Mar. 31, 2020	Sep. 30, 2019
Regulatory Assets and Liabilities [Abstract]
Remaining amount of regulatory assets that did not earn a return during the recovery period	$ 14,652,142	$ 13,700,792