RGC Resources (RGCO) 10-Q 11 Feb 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Dec. 31, 2020	Jan. 31, 2021
Cover [Abstract]
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-26591
Entity Registrant Name	RGC Resources, Inc.
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1909697
Entity Address, Address Line One	519 Kimball Ave., N.E.,
Entity Address, City or Town	Roanoke,
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	24016
City Area Code	(540)
Local Phone Number	777-4427
Title of 12(b) Security	Common Stock, $5 Par Value
Trading Symbol	RGCO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	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		8,215,439
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001069533
Current Fiscal Year End Date	--09-30

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Sep. 30, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 736,665	$ 291,066
Accounts receivable (less allowance for uncollectibles of $771,214 and $703,140, respectively)	9,849,308	3,404,044
Materials and supplies	1,032,098	1,027,191
Gas in storage	5,069,010	5,708,761
Prepaid income taxes	0	647,623
Regulatory assets	2,385,995	2,503,314
Other	1,830,276	854,562
Total current assets	20,903,352	14,436,561
UTILITY PROPERTY:
In service	261,579,585	258,342,372
Accumulated depreciation and amortization	(72,827,050)	(71,386,537)
In service, net	188,752,535	186,955,835
Construction work in progress	13,031,858	11,489,258
Utility plant, net	201,784,393	198,445,093
OTHER ASSETS:
Regulatory assets	10,963,668	10,970,094
Investment in unconsolidated affiliates	60,357,044	57,542,805
Other	345,872	284,954
Total other assets	71,666,584	68,797,853
TOTAL ASSETS	294,354,329	281,679,507
CURRENT LIABILITIES:
Current maturities of long-term debt	7,000,000	0
Dividends payable	1,519,670	1,428,268
Accounts payable	5,469,445	4,442,182
Capital contributions payable	1,447,707	2,512,437
Customer credit balances	2,041,307	1,587,061
Income taxes payable	290,725	0
Customer deposits	1,619,966	1,611,476
Accrued expenses	2,369,511	3,565,210
Interest rate swaps	501,034	533,795
Regulatory liabilities	267,503	890,313
Total current liabilities	22,526,868	16,570,742
LONG-TERM DEBT:
Notes payable	110,880,200	114,975,200
Line-of-credit	15,538,491	9,143,606
Less unamortized debt issuance costs	(276,987)	(299,175)
Long-term debt, net	126,141,704	123,819,631
DEFERRED CREDITS AND OTHER LIABILITIES:
Interest rate swaps	1,495,314	1,689,761
Asset retirement obligations	7,288,892	7,180,982
Regulatory cost of retirement obligations	12,892,254	12,678,043
Benefit plan liabilities	6,106,620	6,149,527
Deferred income taxes	14,740,144	13,973,762
Regulatory liabilities	10,612,992	10,729,082
Total deferred credits and other liabilities	53,136,216	52,401,157
STOCKHOLDERS’ EQUITY:
Common stock, $5 par value; authorized 20,000,000 shares; issued and outstanding 8,172,037 and 8,160,058 shares, respectively	40,860,185	40,800,290
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding	0	0
Capital in excess of par value	16,061,608	15,847,121
Retained earnings	38,892,103	35,688,510
Accumulated other comprehensive loss	(3,264,355)	(3,447,944)
Total stockholders’ equity	92,549,541	88,887,977
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 294,354,329	$ 281,679,507

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for uncollectibles	$ 771,214	$ 703,140
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares issued	8,172,037	8,160,058
Common stock, shares outstanding	8,172,037	8,160,058
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
	Dec. 31, 2020	Dec. 31, 2019
OPERATING REVENUES:
Operating revenues	$ 19,517,017	$ 19,785,453
OPERATING EXPENSES:
Operations and maintenance	3,502,122	3,917,470
General taxes	574,024	543,237
Depreciation and amortization	2,153,398	1,988,505
Total operating expenses	13,935,630	14,703,474
OPERATING INCOME	5,581,387	5,081,979
Equity in earnings of unconsolidated affiliate	1,356,683	1,094,086
Other income, net	330,026	157,643
Interest expense	1,019,829	1,085,185
INCOME BEFORE INCOME TAXES	6,248,267	5,248,523
INCOME TAX EXPENSE	1,525,004	1,241,587
NET INCOME	$ 4,723,263	$ 4,006,936
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.58	$ 0.50
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	0.58	0.49
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.185	$ 0.175
Gas Utility [Member]
OPERATING REVENUES:
Operating revenues	$ 19,483,500	$ 19,625,606
OPERATING EXPENSES:
Cost of gas and sales	7,700,699	8,177,806
Non Utility [Member]
OPERATING REVENUES:
Operating revenues	33,517	159,847
OPERATING EXPENSES:
Cost of gas and sales	$ 5,387	$ 76,456

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 4,723,263	$ 4,006,936
Other comprehensive income, net of tax:
Interest rate swaps	168,725	263,053
Defined benefit plans	14,864	16,791
Other comprehensive income (loss), net of tax	183,589	279,844
COMPREHENSIVE INCOME	$ 4,906,852	$ 4,286,780

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Total	Common Stock [Member]	Capital in Excess of Par Value [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
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, 2020	88,887,977	40,800,290	15,847,121	35,688,510	(3,447,944)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,723,263			4,723,263
Other comprehensive income (loss)	183,589				183,589
Cash dividends declared	(1,519,670)			(1,519,670)
Issuance of common stock	274,382	59,895	214,487
Balance at end of period at Dec. 31, 2020	$ 92,549,541	$ 40,860,185	$ 16,061,608	$ 38,892,103	$ (3,264,355)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.185	$ 0.175
Common stock issued (in shares)	11,979	18,053

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 4,723,263	$ 4,006,936
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,215,525	2,047,695
Cost of retirement of utility plant, net	(138,954)	(170,224)
Equity in earnings of unconsolidated affiliate	(1,356,683)	(1,094,086)
Allowance for funds used during construction	(55,980)	0
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately	(5,234,261)	(3,972,358)
Net cash provided by operating activities	152,910	817,963
CASH FLOWS FROM INVESTING ACTIVITIES:
Expenditures for utility property	(5,332,997)	(5,849,460)
Investment in unconsolidated affiliates	(2,522,286)	(5,039,157)
Proceeds from disposal of utility property	1,972	12,881
Net cash used in investing activities	(7,853,311)	(10,875,736)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of unsecured notes	2,905,000	15,692,000
Borrowings under line-of-credit	10,617,491	9,784,533
Repayments under line-of-credit	(4,222,606)	(15,031,241)
Debt issuance expenses	0	(62,198)
Proceeds from issuance of stock	274,382	395,199
Cash dividends paid	(1,428,267)	(1,339,521)
Net cash provided by financing activities	8,146,000	9,438,772
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	445,599	(619,001)
BEGINNING CASH AND CASH EQUIVALENTS	291,066	1,631,348
ENDING CASH AND CASH EQUIVALENTS	$ 736,665	$ 1,012,347

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 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 fairly present Resources' financial position as of December 31, 2020, cash flows for the three months ended December 31, 2020 and 2019, and the results of its operations, comprehensive income, and changes in stockholders' equity for the three months ended December 31, 2020 and 2019. The results of operations for the three months ended December 31, 2020 are not indicative of the results to be expected for the fiscal year ending September 30, 2021 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 SEC. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information not misleading. Therefore, the unaudited 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, 2020. The September 30, 2020 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 contained in the Company's Form 10-K for the year ended September 30, 2020. Recently Issued or Adopted Accounting Standards 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. The Company adopted the new guidance effective October 1, 2020. As this ASU only modifies disclosure requirements, the new guidance does not have a material effect on the Company's 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. In combination with ASU 2021-01, the 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. The Company has several contracts and hedging relationships for which LIBOR currently remains in-place; therefore, the new guidance could result in a significant impact on the Company's financial position, results of operations, and cash flows when the reference rate is changed for related contracts. 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	3 Months Ended
	Dec. 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 December 31, 2020 Three months ended December 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 11,246,194 $ — $ 11,246,194 $ 12,290,361 $ — $ 12,290,361 Commercial 5,990,020 — 5,990,020 5,729,218 — 5,729,218 Industrial and Transportation 1,223,801 — 1,223,801 1,326,085 — 1,326,085 Other 161,077 33,517 194,594 215,998 159,847 375,845 Total contracts with customers 18,621,092 33,517 18,654,609 19,561,662 159,847 19,721,509 Alternative Revenue Programs 862,408 — 862,408 63,944 — 63,944 Total operating revenues $ 19,483,500 $ 33,517 $ 19,517,017 $ 19,625,606 $ 159,847 $ 19,785,453 Gas utility revenues Substantially all of Roanoke Gas' revenues are derived from rates authorized by the SCC through 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 respective performance obligations 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 in the preceding table. Natural gas consumption is estimated for the period subsequent to the last billed date and up through the last day of the month. Estimated volumes and approved tariff rates are utilized to calculate unbilled revenue. The following month, the unbilled estimate is reversed, the actual usage is billed and a new unbilled estimate is calculated. The Company obtains metered usage for industrial customers at the end of each month, thereby eliminating any unbilled consideration for these rate classes. Other revenues Other revenues primarily consist of miscellaneous fees and charges, utility-related revenues not directly billed to utility customers and billings for non-utility activities. Non-utility (unregulated) activities provided by the Company include contract paving and other similar services. Regarding these activities, the customer is invoiced monthly based on services provided. The Company utilizes the practical expedient allowing revenue to be recognized based on invoiced amounts. The transaction price is based on a contractually predetermined rate schedule; therefore, the transaction price represents total value to the customer and no variable price consideration exists. Alternative Revenue Program 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 (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2020 $ 2,343,492 $ 1,041,518 $ 1,587,061 $ 1,611,476 Balance at December 31, 2020 5,767,650 4,064,214 2,041,307 1,619,966 Increase $ 3,424,158 $ 3,022,696 $ 454,246 $ 8,490 (1) Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for bad debts.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes 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 December 31, 2020 2019 Income before income taxes $ 6,248,267 $ 5,248,523 Corporate federal tax rate 21.00 % 21.00 % Income tax expense computed at the federal statutory rate $ 1,312,136 $ 1,102,190 State income taxes, net of federal tax benefit 302,434 250,037 Net amortization of excess deferred taxes on regulated operations (86,208) (86,208) Other, net (3,358) (24,432) Total income tax expense $ 1,525,004 $ 1,241,587 Effective tax rate 24.4 % 23.7 %

Rates and Regulatory Matters

Rates and Regulatory Matters	3 Months Ended
	Dec. 31, 2020
Regulated Operations [Abstract]
Rates and Regulatory Matters	Rates and Regulatory Matters 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 to all customers until May 15, 2020. The Commission extended the moratorium on disconnections through October 5, 2020. Subsequently, the Virginia General Assembly extended the moratorium for residential customers until the Governor determines that the economic and public health conditions have improved such that the prohibition does not need to remain in place, or until at least 60 days after such declared state of emergency ends, whichever is sooner. Under the moratorium, utilities are prohibited from disconnecting residential customers for non-payment of their natural gas service and from assessing late payment fees; therefore, residential customers that would normally be disconnected for non-payment will continue incurring costs for gas service until the moratorium is removed, resulting in higher potential write-offs. Roanoke Gas continues to evaluate and adjust its provision for bad debts; however, the potential magnitude of the combined impact from the economy and the service moratorium continues to be uncertain. The Company supports the decision to suspend service disconnections in light of the current economic situation and continues to work with its customers in making arrangements to keep or bring their accounts current. In April 2020, the SCC issued an order allowing regulated utilities in Virginia to defer certain incremental, prudently incurred costs associated with the COVID-19 pandemic and to apply for recovery at a future date. Formal guidance has not been provided by the SCC at this time. Roanoke Gas expects to defer certain COVID related costs during fiscal 2021 and

Other Investments

Other Investments	3 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Other Investments Midstream is currently a 1% owner of the LLC constructing the MVP. Pipeline construction has been delayed due to regulatory and legal challenges that have restricted the recent focus to maintenance and restoration activities. During the first quarter of fiscal 2021, Midstream's total investment in MVP increased $2.8 million, including its cash investment and the recognition of non-cash equity in earnings of the LLC. Subsequent to December 31, 2020, the LLC announced a change in its approach to seeking authorization to cross all remaining streams and wetlands on the project route. The LLC will request an individual permit from the U.S. Army Corps of Engineers to cross certain streams and wetlands utilizing open cut techniques and will apply to amend the MVP project's CPCN to seek FERC authority to cross certain streams and wetlands utilizing alternative trenchless construction methods. The LLC continues to target a full in-service date for the MVP project in late calendar 2021 at a total project cost of $5.8 to $6.0 billion, excluding AFUDC. 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 accompanying financial statements as follows: Balance Sheet location: December 31, 2020 September 30, 2020 Other Assets: MVP $ 59,971,692 $ 57,183,063 Southgate 385,352 359,742 Investment in unconsolidated affiliates $ 60,357,044 $ 57,542,805 Current Liabilities: MVP $ 1,431,946 $ 2,501,883 Southgate 15,761 10,554 Capital contributions payable $ 1,447,707 $ 2,512,437 Three Months Ended Income Statement location: December 31, 2020 December 31, 2019 Equity in earnings of unconsolidated affiliate $ 1,356,683 $ 1,094,086 December 31, 2020 September 30, 2020 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 7,850,176 $ 6,842,702 The change in the investment in unconsolidated affiliates is provided below: Three Months Ended December 31, 2020 December 31, 2019 Cash investment $ 2,522,286 $ 5,039,157 Change in accrued capital calls (1,064,730) (4,132,921) Equity in earnings of unconsolidated affiliate 1,356,683 1,094,086 Change in investment in unconsolidated affiliates $ 2,814,239 $ 2,000,322 Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not included: Income Statements Three Months Ended December 31, 2020 December 31, 2019 AFUDC $ 133,757,314 $ 110,025,474 Other income (expense), net (52,608) 734,182 Net income $ 133,704,706 $ 110,759,656 Balance Sheets December 31, 2020 September 30, 2020 Assets: Current assets $ 269,359,900 $ 513,713,429 Construction work in progress 5,844,594,039 5,536,248,668 Other assets 3,703,896 4,597,441 Total assets $ 6,117,657,835 $ 6,054,559,538 Liabilities and Equity: Current liabilities $ 216,782,311 $ 187,581,804 Noncurrent liabilities 303,706 245,000 Capital 5,900,571,818 5,866,732,734 Total liabilities and equity $ 6,117,657,835 $ 6,054,559,538

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Dec. 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 and $10,000,000 variable rate term notes. 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	3 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt consists of the following: December 31, 2020 September 30, 2020 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 $ 132,743 $ 30,500,000 $ 135,157 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 2,779 7,000,000 3,613 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 32,508 8,000,000 33,712 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 32,109 10,000,000 32,892 Unsecured term notes payable, at 3.60% due on December 6, 2029 10,000,000 31,705 10,000,000 32,585 RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 28,380,200 23,847 25,475,200 38,728 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 13,242 14,000,000 13,844 Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 8,054 10,000,000 8,644 Total notes payable $ 117,880,200 $ 276,987 $ 114,975,200 $ 299,175 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 $ 15,538,491 $ — $ 9,143,606 $ — Less: current maturities (7,000,000) — — — Total long-term debt $ 126,418,691 $ 276,987 $ 124,118,806 $ 299,175

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	3 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Other Comprehensive Income (Loss)	Other Comprehensive Income (Loss) A summary of other comprehensive income and loss is provided below: Before-Tax Tax Net-of-Tax Three Months Ended December 31, 2020 Interest rate swaps: Unrealized gains $ 89,770 $ (23,107) $ 66,663 Transfer of realized losses to interest expense 137,438 (35,376) 102,062 Net interest rate swaps 227,208 (58,483) 168,725 Defined benefit plans: Amortization of actuarial losses 20,017 (5,153) 14,864 Other comprehensive income $ 247,225 $ (63,636) $ 183,589 Three Months Ended December 31, 2019 Interest rate swaps: Unrealized gains $ 350,693 $ (90,269) $ 260,424 Transfer of realized losses to interest expense 3,540 (911) 2,629 Net interest rate swaps 354,233 (91,180) 263,053 Defined benefit plans: Amortization of actuarial losses 22,610 (5,819) 16,791 Other comprehensive income $ 376,843 $ (96,999) $ 279,844 The amortization of actuarial gains and losses, reflected in the preceding table, relate to the unregulated operations of the Company. The regulated operations are included as a regulatory asset. The amortization of actual gains and losses is recognized as a component of net periodic pension and postretirement benefit costs under other income, net. Reconciliation of Accumulated Other Comprehensive Income (Loss) Interest Rate Defined Benefit Accumulated Balance at September 30, 2020 $ (1,651,213) $ (1,796,731) $ (3,447,944) Other comprehensive income 168,725 14,864 183,589 Balance at December 31, 2020 $ (1,482,488) $ (1,781,867) $ (3,264,355)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesThe outbreak of COVID-19 continues to have a significant 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 to normal activities as many businesses have either shut down or are operating on a limited basis resulting in higher unemployment and government imposed social distancing mandates. 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, the effectiveness and timeliness of vaccines, as well as other factors. The longer COVID-19 persists, the greater the potential negative financial effect on the Company.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share for the three months ended December 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 December 31, 2020 2019 Net Income $ 4,723,263 $ 4,006,936 Weighted average common shares 8,167,793 8,081,837 Effect of dilutive securities: Options to purchase common stock 14,390 31,948 Diluted average common shares 8,182,183 8,113,785 Earnings Per Share of Common Stock: Basic $ 0.58 $ 0.50 Diluted $ 0.58 $ 0.49

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Dec. 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 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 December 31, 2020 2019 Components of net periodic pension cost: Service cost $ 183,570 $ 172,902 Interest cost 243,785 265,557 Expected return on plan assets (503,936) (459,156) Recognized loss 125,535 113,936 Net periodic pension cost $ 48,954 $ 93,239 Three Months Ended December 31, 2020 2019 Components of postretirement benefit cost: Service cost $ 35,172 $ 41,970 Interest cost 107,623 132,869 Expected return on plan assets (149,122) (137,599) Recognized loss 38,664 59,343 Net postretirement benefit cost $ 32,337 $ 96,583 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 Pension plan $ — $ 500,000 Postretirement plan — 400,000 Total $ — $ 900,000

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 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: Fair Value Measurements - December 31, 2020 Fair Quoted Significant Significant Liabilities: Natural gas purchases $ 983,151 $ — $ 983,151 $ — Interest rate swaps 1,996,348 — 1,996,348 — Total $ 2,979,499 $ — $ 2,979,499 $ — Fair Value Measurements - September 30, 2020 Fair Quoted Significant Significant Liabilities: Natural gas purchases $ 470,755 $ — $ 470,755 $ — Interest rate swaps 2,223,556 — 2,223,556 — Total $ 2,694,311 $ — $ 2,694,311 $ — 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 December 31, 2020 and September 30, 2020, 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, borrowings under line-of-credit, 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: Fair Value Measurements - December 31, 2020 Carrying Quoted Significant Significant Liabilities: Current maturities of long-term debt $ 7,000,000 — — $ 7,000,000 Notes payable 110,880,200 $ — $ — 122,370,235 Total $ 117,880,200 $ — $ — $ 129,370,235 Fair Value Measurements - September 30, 2020 Carrying Quoted Significant Significant Liabilities: Notes payable $ 114,975,200 $ — $ — $ 124,740,970 Total $ 114,975,200 $ — $ — $ 124,740,970 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 December 31, 2020 and September 30, 2020, 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	3 Months Ended
	Dec. 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 December 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 19,483,500 $ — $ 33,517 $ 19,517,017 Depreciation 2,153,398 — — 2,153,398 Operating income (loss) 5,613,042 (50,847) 19,192 5,581,387 Equity in earnings — 1,356,683 — 1,356,683 Interest expense 704,330 315,499 — 1,019,829 Income before income taxes 5,236,000 992,925 19,342 6,248,267 Three Months Ended December 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 19,625,606 $ — $ 159,847 $ 19,785,453 Depreciation 1,988,505 — — 1,988,505 Operating income (loss) 5,041,485 (38,591) 79,085 5,081,979 Equity in earnings — 1,094,086 — 1,094,086 Interest expense 718,853 366,332 — 1,085,185 Income before income taxes 4,478,882 690,354 79,287 5,248,523 December 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 221,771,900 $ 60,515,903 $ 12,066,526 $ 294,354,329 September 30, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 211,994,364 $ 57,660,105 $ 12,025,038 $ 281,679,507

Regulatory Assets and Liabiliti

Regulatory Assets and Liabilities	3 Months Ended
	Dec. 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 the effects 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 accompanying balance sheets are as follows: December 31, 2020 September 30, 2020 Assets: Current Assets: Regulatory assets: WNA $ 334,209 $ — Under-recovery of gas costs 1,491,661 1,733,718 Under-recovery of SAVE Plan revenues 43,262 108,550 Accrued pension and postretirement medical 432,548 576,731 Other deferred expenses 84,315 84,315 Total current 2,385,995 2,503,314 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 330,208 Other Assets: Regulatory assets: Premium on early retirement of debt 1,570,074 1,598,620 Accrued pension and postretirement medical 9,156,546 9,156,546 Other deferred expenses 237,048 214,928 Total non-current 10,963,668 10,970,094 Total regulatory assets $ 13,747,797 $ 13,815,561 Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: December 31, 2020 September 30, 2020 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: WNA — 601,784 Excess deferred income taxes 205,353 205,353 Other deferred liabilities 62,150 83,176 Total current 267,503 890,313 Deferred Credits and Other Liabilities: Asset retirement obligations 7,288,892 7,180,982 Regulatory cost of retirement obligations 12,892,254 12,678,043 Regulatory Liabilities: Excess deferred income taxes 10,612,992 10,729,082 Total non-current 30,794,138 30,588,107 Total regulatory liabilities $ 31,061,641 $ 31,478,420 As of December 31, 2020 and September 30, 2020, the Company had regulatory assets in the amount of $13,735,852 and $13,803,616, respectively, on which the Company did not earn a return during the recovery period.

Non-qualified Deferred Compensa

Non-qualified Deferred Compensation Plan	3 Months Ended
	Dec. 31, 2020
Compensation Related Costs [Abstract]
Non-qualified Deferred Compensation Plan	Non-qualified Deferred Compensation PlanThe Company implemented the RGC Resources, Inc. NQDC Plan, effective December 1, 2020, for officers not eligible to participate in the Company's pension plan. Under the NQDC Plan, a participant may elect to defer up to a maximum of 80% of his or her compensation. In addition, the Board of Directors may authorize a discretionary award to be credited to the NQDC Plan as part of the officer's compensation. The NQDC Plan is unfunded; therefore, any benefits paid will be from the general assets of the Company. During the period ended December 31, 2020, the Board of Directors awarded a total of $40,000 to eligible participants and no participant deferrals were elected. As the $40,000 award was credited to participant accounts on December 31, 2020, no earnings have been allocated, nor additional expenses recognized, in the accompanying financial statements.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Effective January 1, 2021, the LLC determined to cease further recognition of AFUDC on the MVP. The decision to temporarily suspend the accrual of AFUDC relates to the LLC’s change in its approach to seeking authorization to cross all remaining streams and wetlands on the project route. The LLC will seek an individual permit for certain stream and wetland crossings and will apply to amend the MVP project's CPCN to seek FERC authority to cross certain streams and wetlands utilizing alternative trenchless construction methods, resulting in limited growth construction activities during the process to obtain the requisite approvals. See Note 5 for further information. Assuming the necessary approvals are received for the crossings and construction resumes, AFUDC would again be recognized until such time as the project is ready to be placed into service. During the first quarter of fiscal 2021, the Company recognized $1,356,000 in AFUDC income from its investment in the LLC. Therefore, effective January 1, 2021, the Company will no longer recognize AFUDC income from its investment in the LLC until the LLC resumes such construction activities. As a result of the above, effective January 1, 2021, Roanoke Gas will suspend AFUDC on its two gate stations, that will connect to MVP, until such time as construction activities resume on MVP. For the first quarter of fiscal 2021, Roanoke Gas recognized $55,981 of AFUDC income associated with these gate stations. 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)	3 Months Ended
	Dec. 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 fairly present Resources' financial position as of December 31, 2020, cash flows for the three months ended December 31, 2020 and 2019, and the results of its operations, comprehensive income, and changes in stockholders' equity for the three months ended December 31, 2020 and 2019. The results of operations for the three months ended December 31, 2020 are not indicative of the results to be expected for the fiscal year ending September 30, 2021 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 SEC. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted, although the Company believes that the disclosures are adequate to make the information not misleading. Therefore, the unaudited 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, 2020. The September 30, 2020 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 contained in the Company's Form 10-K for the year ended September 30, 2020.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards 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. The Company adopted the new guidance effective October 1, 2020. As this ASU only modifies disclosure requirements, the new guidance does not have a material effect on the Company's 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. In combination with ASU 2021-01, the 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. The Company has several contracts and hedging relationships for which LIBOR currently remains in-place; therefore, the new guidance could result in a significant impact on the Company's financial position, results of operations, and cash flows when the reference rate is changed for related contracts. 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)	3 Months Ended
	Dec. 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 December 31, 2020 Three months ended December 31, 2019 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 11,246,194 $ — $ 11,246,194 $ 12,290,361 $ — $ 12,290,361 Commercial 5,990,020 — 5,990,020 5,729,218 — 5,729,218 Industrial and Transportation 1,223,801 — 1,223,801 1,326,085 — 1,326,085 Other 161,077 33,517 194,594 215,998 159,847 375,845 Total contracts with customers 18,621,092 33,517 18,654,609 19,561,662 159,847 19,721,509 Alternative Revenue Programs 862,408 — 862,408 63,944 — 63,944 Total operating revenues $ 19,483,500 $ 33,517 $ 19,517,017 $ 19,625,606 $ 159,847 $ 19,785,453
Schedule of Customer Accounts Receivable	The balances of customer receivables are provided below: Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2020 $ 2,343,492 $ 1,041,518 $ 1,587,061 $ 1,611,476 Balance at December 31, 2020 5,767,650 4,064,214 2,041,307 1,619,966 Increase $ 3,424,158 $ 3,022,696 $ 454,246 $ 8,490 (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)	3 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Reconciliation of Income Tax Expense	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 December 31, 2020 2019 Income before income taxes $ 6,248,267 $ 5,248,523 Corporate federal tax rate 21.00 % 21.00 % Income tax expense computed at the federal statutory rate $ 1,312,136 $ 1,102,190 State income taxes, net of federal tax benefit 302,434 250,037 Net amortization of excess deferred taxes on regulated operations (86,208) (86,208) Other, net (3,358) (24,432) Total income tax expense $ 1,525,004 $ 1,241,587 Effective tax rate 24.4 % 23.7 %

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Other Investments	The investments in the LLC are included in the accompanying financial statements as follows: Balance Sheet location: December 31, 2020 September 30, 2020 Other Assets: MVP $ 59,971,692 $ 57,183,063 Southgate 385,352 359,742 Investment in unconsolidated affiliates $ 60,357,044 $ 57,542,805 Current Liabilities: MVP $ 1,431,946 $ 2,501,883 Southgate 15,761 10,554 Capital contributions payable $ 1,447,707 $ 2,512,437 Three Months Ended Income Statement location: December 31, 2020 December 31, 2019 Equity in earnings of unconsolidated affiliate $ 1,356,683 $ 1,094,086 December 31, 2020 September 30, 2020 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 7,850,176 $ 6,842,702 The change in the investment in unconsolidated affiliates is provided below: Three Months Ended December 31, 2020 December 31, 2019 Cash investment $ 2,522,286 $ 5,039,157 Change in accrued capital calls (1,064,730) (4,132,921) Equity in earnings of unconsolidated affiliate 1,356,683 1,094,086 Change in investment in unconsolidated affiliates $ 2,814,239 $ 2,000,322
Summary Unaudited Financial Statements - Equity Method Investment	Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not included: Income Statements Three Months Ended December 31, 2020 December 31, 2019 AFUDC $ 133,757,314 $ 110,025,474 Other income (expense), net (52,608) 734,182 Net income $ 133,704,706 $ 110,759,656 Balance Sheets December 31, 2020 September 30, 2020 Assets: Current assets $ 269,359,900 $ 513,713,429 Construction work in progress 5,844,594,039 5,536,248,668 Other assets 3,703,896 4,597,441 Total assets $ 6,117,657,835 $ 6,054,559,538 Liabilities and Equity: Current liabilities $ 216,782,311 $ 187,581,804 Noncurrent liabilities 303,706 245,000 Capital 5,900,571,818 5,866,732,734 Total liabilities and equity $ 6,117,657,835 $ 6,054,559,538

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: December 31, 2020 September 30, 2020 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 $ 132,743 $ 30,500,000 $ 135,157 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 2,779 7,000,000 3,613 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 32,508 8,000,000 33,712 Unsecured term notes payable, at 4.41% due on March 28, 2031 10,000,000 32,109 10,000,000 32,892 Unsecured term notes payable, at 3.60% due on December 6, 2029 10,000,000 31,705 10,000,000 32,585 RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.35%, due December 29, 2022 28,380,200 23,847 25,475,200 38,728 Unsecured term note payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 14,000,000 13,242 14,000,000 13,844 Unsecured term note payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 10,000,000 8,054 10,000,000 8,644 Total notes payable $ 117,880,200 $ 276,987 $ 114,975,200 $ 299,175 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2022 $ 15,538,491 $ — $ 9,143,606 $ — Less: current maturities (7,000,000) — — — Total long-term debt $ 126,418,691 $ 276,987 $ 124,118,806 $ 299,175

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Dec. 31, 2020
Equity [Abstract]
Summary of Other Comprehensive Income and Loss	A summary of other comprehensive income and loss is provided below: Before-Tax Tax Net-of-Tax Three Months Ended December 31, 2020 Interest rate swaps: Unrealized gains $ 89,770 $ (23,107) $ 66,663 Transfer of realized losses to interest expense 137,438 (35,376) 102,062 Net interest rate swaps 227,208 (58,483) 168,725 Defined benefit plans: Amortization of actuarial losses 20,017 (5,153) 14,864 Other comprehensive income $ 247,225 $ (63,636) $ 183,589 Three Months Ended December 31, 2019 Interest rate swaps: Unrealized gains $ 350,693 $ (90,269) $ 260,424 Transfer of realized losses to interest expense 3,540 (911) 2,629 Net interest rate swaps 354,233 (91,180) 263,053 Defined benefit plans: Amortization of actuarial losses 22,610 (5,819) 16,791 Other comprehensive income $ 376,843 $ (96,999) $ 279,844
Reconciliation of Other Accumulated Other Comprehensive Income (Loss)	Reconciliation of Accumulated Other Comprehensive Income (Loss) Interest Rate Defined Benefit Accumulated Balance at September 30, 2020 $ (1,651,213) $ (1,796,731) $ (3,447,944) Other comprehensive income 168,725 14,864 183,589 Balance at December 31, 2020 $ (1,482,488) $ (1,781,867) $ (3,264,355)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 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 December 31, 2020 2019 Net Income $ 4,723,263 $ 4,006,936 Weighted average common shares 8,167,793 8,081,837 Effect of dilutive securities: Options to purchase common stock 14,390 31,948 Diluted average common shares 8,182,183 8,113,785 Earnings Per Share of Common Stock: Basic $ 0.58 $ 0.50 Diluted $ 0.58 $ 0.49

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Dec. 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 December 31, 2020 2019 Components of net periodic pension cost: Service cost $ 183,570 $ 172,902 Interest cost 243,785 265,557 Expected return on plan assets (503,936) (459,156) Recognized loss 125,535 113,936 Net periodic pension cost $ 48,954 $ 93,239 Three Months Ended December 31, 2020 2019 Components of postretirement benefit cost: Service cost $ 35,172 $ 41,970 Interest cost 107,623 132,869 Expected return on plan assets (149,122) (137,599) Recognized loss 38,664 59,343 Net postretirement benefit cost $ 32,337 $ 96,583
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 Pension plan $ — $ 500,000 Postretirement plan — 400,000 Total $ — $ 900,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 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: Fair Value Measurements - December 31, 2020 Fair Quoted Significant Significant Liabilities: Natural gas purchases $ 983,151 $ — $ 983,151 $ — Interest rate swaps 1,996,348 — 1,996,348 — Total $ 2,979,499 $ — $ 2,979,499 $ — Fair Value Measurements - September 30, 2020 Fair Quoted Significant Significant Liabilities: Natural gas purchases $ 470,755 $ — $ 470,755 $ — Interest rate swaps 2,223,556 — 2,223,556 — Total $ 2,694,311 $ — $ 2,694,311 $ —
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: Fair Value Measurements - December 31, 2020 Carrying Quoted Significant Significant Liabilities: Current maturities of long-term debt $ 7,000,000 — — $ 7,000,000 Notes payable 110,880,200 $ — $ — 122,370,235 Total $ 117,880,200 $ — $ — $ 129,370,235 Fair Value Measurements - September 30, 2020 Carrying Quoted Significant Significant Liabilities: Notes payable $ 114,975,200 $ — $ — $ 124,740,970 Total $ 114,975,200 $ — $ — $ 124,740,970

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
Information Related to Segments	Information related to the segments of the Company are provided below: Three Months Ended December 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 19,483,500 $ — $ 33,517 $ 19,517,017 Depreciation 2,153,398 — — 2,153,398 Operating income (loss) 5,613,042 (50,847) 19,192 5,581,387 Equity in earnings — 1,356,683 — 1,356,683 Interest expense 704,330 315,499 — 1,019,829 Income before income taxes 5,236,000 992,925 19,342 6,248,267 Three Months Ended December 31, 2019 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 19,625,606 $ — $ 159,847 $ 19,785,453 Depreciation 1,988,505 — — 1,988,505 Operating income (loss) 5,041,485 (38,591) 79,085 5,081,979 Equity in earnings — 1,094,086 — 1,094,086 Interest expense 718,853 366,332 — 1,085,185 Income before income taxes 4,478,882 690,354 79,287 5,248,523 December 31, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 221,771,900 $ 60,515,903 $ 12,066,526 $ 294,354,329 September 30, 2020 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 211,994,364 $ 57,660,105 $ 12,025,038 $ 281,679,507

Regulatory Assets and Liabili_2

Regulatory Assets and Liabilities (Tables)	3 Months Ended
	Dec. 31, 2020
Regulatory Assets and Liabilities [Abstract]
Schedule of Regulatory Assets	Regulatory assets included in the Company’s accompanying balance sheets are as follows: December 31, 2020 September 30, 2020 Assets: Current Assets: Regulatory assets: WNA $ 334,209 $ — Under-recovery of gas costs 1,491,661 1,733,718 Under-recovery of SAVE Plan revenues 43,262 108,550 Accrued pension and postretirement medical 432,548 576,731 Other deferred expenses 84,315 84,315 Total current 2,385,995 2,503,314 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 330,208 Other Assets: Regulatory assets: Premium on early retirement of debt 1,570,074 1,598,620 Accrued pension and postretirement medical 9,156,546 9,156,546 Other deferred expenses 237,048 214,928 Total non-current 10,963,668 10,970,094 Total regulatory assets $ 13,747,797 $ 13,815,561
Schedule of Regulatory Liabilities	Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: December 31, 2020 September 30, 2020 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: WNA — 601,784 Excess deferred income taxes 205,353 205,353 Other deferred liabilities 62,150 83,176 Total current 267,503 890,313 Deferred Credits and Other Liabilities: Asset retirement obligations 7,288,892 7,180,982 Regulatory cost of retirement obligations 12,892,254 12,678,043 Regulatory Liabilities: Excess deferred income taxes 10,612,992 10,729,082 Total non-current 30,794,138 30,588,107 Total regulatory liabilities $ 31,061,641 $ 31,478,420

Revenue (Disaggregation of Reve

Revenue (Disaggregation of Revenue) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Total contracts with customers	$ 18,654,609	$ 19,721,509
Alternative Revenue Programs	862,408	63,944
Operating revenues	19,517,017	19,785,453
Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	11,246,194	12,290,361
Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	5,990,020	5,729,218
Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,223,801	1,326,085
Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	194,594	375,845
Gas Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	18,621,092	19,561,662
Alternative Revenue Programs	862,408	63,944
Operating revenues	19,483,500	19,625,606
Gas Utility [Member] | Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	11,246,194	12,290,361
Gas Utility [Member] | Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	5,990,020	5,729,218
Gas Utility [Member] | Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	1,223,801	1,326,085
Gas Utility [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	161,077	215,998
Non Utility [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	33,517	159,847
Alternative Revenue Programs	0	0
Operating revenues	33,517	159,847
Non Utility [Member] | Natural Gas [Member] | Residential [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0
Non Utility [Member] | Natural Gas [Member] | Commercial [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0
Non Utility [Member] | Natural Gas [Member] | Industrial and Transportation [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	0	0
Non Utility [Member] | Other [Member]
Disaggregation of Revenue [Line Items]
Total contracts with customers	$ 33,517	$ 159,847

Revenue (Customer Accounts Rece

Revenue (Customer Accounts Receivable) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Unbilled revenue	$ 4,064,214	$ 1,041,518
Increase (decrease) in Unbilled revenue	3,022,696
Customer credit balances	2,041,307	1,587,061
Increase (decrease) in Customer credit balances	454,246
Customer deposits	1,619,966	1,611,476
Increase (decrease) in Customer deposits	8,490
Capitalized Contract Cost [Line Items]
Trade accounts receivable	9,849,308	3,404,044
Trade Accounts Receivable [Member]
Capitalized Contract Cost [Line Items]
Trade accounts receivable	5,767,650	$ 2,343,492
Increase (decrease) in Trade accounts receivable	$ 3,424,158

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income before income taxes	$ 6,248,267	$ 5,248,523
Corporate federal tax rate	21.00%	21.00%
Income tax expense computed at the federal statutory rate	$ 1,312,136	$ 1,102,190
State income taxes, net of federal tax benefit	302,434	250,037
Net amortization of excess deferred taxes on regulated operations	(86,208)	(86,208)
Other, net	(3,358)	(24,432)
Total income tax expense	$ 1,525,004	$ 1,241,587
Effective tax rate	24.40%	23.70%

Rates and Regulatory Matters (D

Rates and Regulatory Matters (Details)	1 Months Ended
	Dec. 31, 2020USD ($)
Regulated Operations [Abstract]
CARES Act, funds received	$ 403,000

Other Investments (Narrative) (

Other Investments (Narrative) (Details)	3 Months Ended
	Dec. 31, 2020USD ($)debt_instrument	Dec. 31, 2019USD ($)	Jun. 12, 2019instrument_held
Schedule of Equity Method Investments [Line Items]
Change in investment in unconsolidated affiliates	$ 2,814,239	$ 2,000,322
RGC Midstream LLC [Member]
Schedule of Equity Method Investments [Line Items]
Number of unsecured Promissory Notes funding the investment	2		2
RGC Midstream LLC [Member] | MVP [Member]
Schedule of Equity Method Investments [Line Items]
Equity interest percentage	1.00%
RGC Midstream LLC [Member] | MVP [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Total project cost	$ 5,800,000,000
RGC Midstream LLC [Member] | MVP [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Total project cost	$ 6,000,000,000

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Other Assets:
Investment in unconsolidated affiliates	$ 60,357,044		$ 57,542,805
Current Liabilities:
Capital contributions payable	1,447,707		2,512,437
Income Statement location:
Equity in earnings of unconsolidated affiliate	1,356,683	$ 1,094,086
Undistributed earnings, net of income taxes, of MVP in retained earnings	7,850,176		6,842,702
Change in investment in unconsolidated affiliate [Abstract]
Cash investment	2,522,286	5,039,157
Change in accrued capital calls	(1,064,730)	(4,132,921)
Equity in earnings of unconsolidated affiliate	1,356,683	1,094,086
Change in investment in unconsolidated affiliates	2,814,239	$ 2,000,322
MVP [Member]
Other Assets:
MVP	59,971,692		57,183,063
Current Liabilities:
Capital contributions payable	1,431,946		2,501,883
Southgate [Member]
Other Assets:
Southgate	385,352		359,742
Current Liabilities:
Capital contributions payable	$ 15,761		$ 10,554

Other Investments (Investment i

Other Investments (Investment in Unconsolidated Entity) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement
Other income, net	$ 330,026	$ 157,643
Net income	4,723,263	4,006,936
ASSETS
Current assets	20,903,352		$ 14,436,561
Total assets	294,354,329		281,679,507
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	22,526,868		16,570,742
Capital	92,549,541	86,359,135	88,887,977	$ 83,096,392
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	294,354,329		281,679,507
MVP [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees
Income Statement
AFUDC	133,757,314	110,025,474
Other income, net	(52,608)	734,182
Net income	133,704,706	$ 110,759,656
ASSETS
Current assets	269,359,900		513,713,429
Construction work in progress	5,844,594,039		5,536,248,668
Other assets	3,703,896		4,597,441
Total assets	6,117,657,835		6,054,559,538
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities	216,782,311		187,581,804
Noncurrent Liabilities	303,706		245,000
Capital	5,900,571,818		5,866,732,734
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 6,117,657,835		$ 6,054,559,538

Derivatives and Hedging (Detail

Derivatives and Hedging (Details)	Dec. 31, 2020USD ($)debt_instrumentinstrument_held	Jun. 13, 2019USD ($)	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
Effective interest rate			3.24%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, borrowing amount		$ 10,000,000
Effective interest rate		3.14%

Long-Term Debt (Details)

Long-Term Debt (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020
Debt Instrument [Line Items]
Notes payable	$ 110,880,200	$ 114,975,200
Less: current maturities	(7,000,000)	0
Total long-term debt	126,418,691	124,118,806
Unamortized Debt Issuance Costs	276,987	299,175
Notes Payable [Member]
Debt Instrument [Line Items]
Notes payable	117,880,200	114,975,200
Unamortized Debt Issuance Costs	276,987	299,175
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	$ 132,743	$ 135,157
Stated percentage rate	4.26%	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	$ 2,779	$ 3,613
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%	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	$ 32,508	$ 33,712
Stated percentage rate	3.58%	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	$ 32,109	$ 32,892
Stated percentage rate	4.41%	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	$ 10,000,000
Unamortized Debt Issuance Costs	$ 31,705	$ 32,585
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	$ 15,538,491	$ 9,143,606
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	$ 28,380,200	$ 25,475,200
Unamortized Debt Issuance Costs	$ 23,847	$ 38,728
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	$ 13,242	$ 13,844
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.15%, due June 12, 2026 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)	1.15%	1.15%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member]
Debt Instrument [Line Items]
Notes payable	$ 10,000,000	$ 10,000,000
Unamortized Debt Issuance Costs	$ 8,054	$ 8,644
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.20%, due June 1, 2024 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)	1.20%	1.20%

Other Comprehensive Income (Sch

Other Comprehensive Income (Schedule of Other Comprehensive Income and Loss) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Before-Tax Amount
Other comprehensive income (loss)	$ 247,225	$ 376,843
Tax Expense
Other comprehensive income	(63,636)	(96,999)
Net-of-Tax Amount
Other comprehensive income (loss), net of tax	183,589	279,844
Interest rate swap [Member]
Before-Tax Amount
Other comprehensive income (loss) before reclassifications	89,770	350,693
Reclassifications from accumulated other comprehensive income	137,438	3,540
Other comprehensive income (loss)	227,208	354,233
Tax Expense
Other comprehensive income before reclassifications	(23,107)	(90,269)
Reclassifications from accumulated other comprehensive income	(35,376)	(911)
Other comprehensive income	(58,483)	(91,180)
Net-of-Tax Amount
Other comprehensive income (loss) before reclassifications	66,663	260,424
Reclassifications from accumulated other comprehensive income	102,062	2,629
Other comprehensive income (loss), net of tax	168,725	263,053
Defined benefit plans [Member]
Before-Tax Amount
Other comprehensive income (loss)	20,017	22,610
Tax Expense
Other comprehensive income	(5,153)	(5,819)
Net-of-Tax Amount
Other comprehensive income (loss), net of tax	$ 14,864	$ 16,791

Other Comprehensive Income (Rec

Other Comprehensive Income (Reconciliation of Accumulated Comprehensive Income (Loss)) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 88,887,977	$ 83,096,392
Other comprehensive income	183,589	279,844
Balance at end of period	92,549,541	86,359,135
Interest Rate Swaps [Member]
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(1,651,213)
Other comprehensive income	168,725	263,053
Balance at end of period	(1,482,488)
Defined Benefit Plans [Member]
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(1,796,731)
Other comprehensive income	14,864	16,791
Balance at end of period	(1,781,867)
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(3,447,944)	(2,488,917)
Other comprehensive income	183,589	279,844
Balance at end of period	$ (3,264,355)	$ (2,209,073)

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Net Income	$ 4,723,263	$ 4,006,936
Weighted average common shares (in shares)	8,167,793	8,081,837
Effect of dilutive securities:
Options to purchase common stock (in shares)	14,390	31,948
Diluted average common shares (in shares)	8,182,183	8,113,785
Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.58	$ 0.50
Diluted (in dollars per share)	$ 0.58	$ 0.49

Employee Benefit Plans (Schedul

Employee Benefit Plans (Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 183,570	$ 172,902
Interest cost	243,785	265,557
Expected return on plan assets	(503,936)	(459,156)
Recognized loss	125,535	113,936
Net periodic/postretirement pension/benefit cost	48,954	93,239
Postretirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	35,172	41,970
Interest cost	107,623	132,869
Expected return on plan assets	(149,122)	(137,599)
Recognized loss	38,664	59,343
Net periodic/postretirement pension/benefit cost	$ 32,337	$ 96,583

Employee Benefit Plans (Sched_2

Employee Benefit Plans (Schedule of Actual and Expected Employer Contributions) (Details)	3 Months Ended
	Dec. 31, 2020USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	$ 0
Remaining Fiscal Year Contributions	900,000
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	0
Remaining Fiscal Year Contributions	500,000
Postretirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	0
Remaining Fiscal Year Contributions	$ 400,000

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - Fair Value [Member] - USD ($)	Dec. 31, 2020	Sep. 30, 2020
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	129,370,235	124,740,970
Recurring [Member]
Liabilities:
Natural gas purchases	983,151	470,755
Total	2,979,499	2,694,311
Recurring [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	1,996,348	2,223,556
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	983,151	470,755
Total	2,979,499	2,694,311
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
Liabilities:
Interest rate swap	1,996,348	2,223,556
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 ($)	Dec. 31, 2020	Sep. 30, 2020
Liabilities:
Current maturities of long-term debt	$ 7,000,000	$ 0
Carrying Value [Member]
Liabilities:
Current maturities of long-term debt	7,000,000
Notes payable	110,880,200	114,975,200
Total	117,880,200	114,975,200
Fair Value [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Current maturities of long-term debt	0
Notes payable	0	0
Total	0	0
Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Current maturities of long-term debt	0
Notes payable	0	0
Total	0	0
Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Current maturities of long-term debt	7,000,000
Notes payable	122,370,235	124,740,970
Total	$ 129,370,235	$ 124,740,970

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2020
Segment Reporting Information [Line Items]
Operating revenues	$ 19,517,017	$ 19,785,453
Depreciation	2,153,398	1,988,505
Operating income (loss)	5,581,387	5,081,979
Equity in earnings	1,356,683	1,094,086
Interest expense	1,019,829	1,085,185
Income before income taxes	6,248,267	5,248,523
Total assets	294,354,329		$ 281,679,507
Operating Segments [Member] | Gas Utility [Member]
Segment Reporting Information [Line Items]
Operating revenues	19,483,500	19,625,606
Depreciation	2,153,398	1,988,505
Operating income (loss)	5,613,042	5,041,485
Equity in earnings	0	0
Interest expense	704,330	718,853
Income before income taxes	5,236,000	4,478,882
Total assets	221,771,900		211,994,364
Operating Segments [Member] | Investment In Affiliates [Member]
Segment Reporting Information [Line Items]
Operating revenues	0	0
Depreciation	0	0
Operating income (loss)	(50,847)	(38,591)
Equity in earnings	1,356,683	1,094,086
Interest expense	315,499	366,332
Income before income taxes	992,925	690,354
Total assets	60,515,903		57,660,105
Parent and Other [Member]
Segment Reporting Information [Line Items]
Operating revenues	33,517	159,847
Depreciation	0	0
Operating income (loss)	19,192	79,085
Equity in earnings	0	0
Interest expense	0	0
Income before income taxes	19,342	$ 79,287
Total assets	$ 12,066,526		$ 12,025,038

Regulatory Assets and Liabili_3

Regulatory Assets and Liabilities (Schedule of Regulatory Assets) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Regulatory Assets [Line Items]
Current regulatory assets	$ 2,385,995	$ 2,503,314
Utility property in service, other	11,945	11,945
Construction work in progress - AFUDC	386,189	330,208
Noncurrent regulatory assets	10,963,668	10,970,094
Total regulatory assets	13,747,797	13,815,561
WNA [Member]
Regulatory Assets [Line Items]
Current regulatory assets	334,209	0
Under-recovery of gas costs [Member]
Regulatory Assets [Line Items]
Current regulatory assets	1,491,661	1,733,718
Under-recovery of SAVE Plan revenues [Member]
Regulatory Assets [Line Items]
Current regulatory assets	43,262	108,550
Accrued pension and postretirement medical [Member]
Regulatory Assets [Line Items]
Current regulatory assets	432,548	576,731
Noncurrent regulatory assets	9,156,546	9,156,546
Other deferred expenses [Member]
Regulatory Assets [Line Items]
Current regulatory assets	84,315	84,315
Noncurrent regulatory assets	237,048	214,928
Premium on early retirement of debt [Member]
Regulatory Assets [Line Items]
Noncurrent regulatory assets	$ 1,570,074	$ 1,598,620

Regulatory Assets and Liabili_4

Regulatory Assets and Liabilities (Schedule of Regulatory Liabilities) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Regulatory Liabilities [Line Items]
Current regulatory liabilities	$ 267,503	$ 890,313
Deferred Credits and Other Liabilities:
Asset retirement obligations	7,288,892	7,180,982
Regulatory cost of retirement obligations	12,892,254	12,678,043
Noncurrent regulatory liabilities - excess deferred income taxes	10,612,992	10,729,082
Total non-current	30,794,138	30,588,107
Total regulatory liabilities	31,061,641	31,478,420
WNA [Member]
Regulatory Liabilities [Line Items]
Current regulatory liabilities	0	601,784
Excess deferred income taxes [Member]
Regulatory Liabilities [Line Items]
Current regulatory liabilities	205,353	205,353
Other deferred liabilities [Member]
Regulatory Liabilities [Line Items]
Current regulatory liabilities	$ 62,150	$ 83,176

Regulatory Assets and Liabili_5

Regulatory Assets and Liabilities (Narrative) (Details) - USD ($)	Dec. 31, 2020	Sep. 30, 2020
Regulatory Assets and Liabilities [Abstract]
Remaining amount of regulatory assets that did not earn a return during the recovery period	$ 13,735,852	$ 13,803,616

Non-qualified Deferred Compen_2

Non-qualified Deferred Compensation Plan (Details) - Nonqualified Plan [Member] - Officer [Member] - USD ($)	Dec. 01, 2020	Dec. 31, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Maximum percentage of compensation that can be deferred	80.00%
Deferred Compensation Arrangement with Individual, Cash Award Granted, Amount		$ 40,000

Subsequent Events (Details)

Subsequent Events (Details)	1 Months Ended	3 Months Ended
	Feb. 11, 2021gas_station	Dec. 31, 2020USD ($)
Roanoke Gas Company [Member]
Subsequent Event [Line Items]
Income from AFUDC		$ 55,981
The LLC [Member]
Subsequent Event [Line Items]
Income from AFUDC		$ 1,356,000
Subsequent Event [Member] | Roanoke Gas Company [Member]
Subsequent Event [Line Items]
Number of gas stations to be suspended | gas_station	2