Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2023 | Jul. 31, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001069533 | |
Entity Registrant Name | RGC Resources, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 000-26591 | |
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, $5 Par Value | |
Trading Symbol | RGCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,001,197 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,181,106 | $ 4,898,914 |
Accounts receivable (less allowance for credit losses of $760,027, and $371,271, respectively) | 4,675,325 | 5,353,270 |
Materials and supplies | 1,744,725 | 1,228,554 |
Gas in storage | 8,196,154 | 16,916,651 |
Prepaid income taxes | 1,557,309 | 3,087,755 |
Regulatory assets | 1,807,709 | 1,877,468 |
Interest rate swaps | 1,467,312 | 1,218,211 |
Other | 1,125,290 | 967,496 |
Total current assets | 25,754,930 | 35,548,319 |
UTILITY PROPERTY: | ||
In service | 301,644,749 | 290,940,683 |
Accumulated depreciation and amortization | (84,658,793) | (80,242,946) |
In service, net | 216,985,956 | 210,697,737 |
Construction work in progress | 26,101,591 | 19,163,337 |
Utility property, net | 243,087,547 | 229,861,074 |
OTHER NON-CURRENT ASSETS: | ||
Regulatory assets | 5,455,317 | 5,446,547 |
Investment in unconsolidated affiliates | 15,625,337 | 13,773,075 |
Benefit plan assets | 369,811 | 749,341 |
Deferred income taxes | 840,665 | 1,057,079 |
Interest rate swaps | 3,025,034 | 3,580,256 |
Other | 607,443 | 293,552 |
Total other non-current assets | 25,923,607 | 24,899,850 |
TOTAL ASSETS | 294,766,084 | 290,309,243 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 11,100,000 | 1,300,000 |
Dividends payable | 1,975,236 | 1,915,317 |
Accounts payable | 5,679,904 | 8,600,919 |
Capital contributions payable | 508 | 804,506 |
Customer credit balances | 1,140,998 | 1,400,770 |
Customer deposits | 1,495,493 | 1,457,610 |
Accrued expenses | 3,319,675 | 3,668,122 |
Regulatory liabilities | 2,541,001 | 3,168,066 |
Total current liabilities | 27,252,815 | 22,315,310 |
LONG-TERM DEBT: | ||
Notes payable | 126,500,000 | 135,971,200 |
Less unamortized debt issuance costs | (247,414) | (275,911) |
Long-term debt, net | 126,252,586 | 135,695,289 |
DEFERRED CREDITS AND OTHER NON-CURRENT LIABILITIES: | ||
Asset retirement obligations | 10,610,503 | 10,204,079 |
Regulatory cost of retirement obligations | 12,865,747 | 12,277,796 |
Benefit plan liabilities | 497,854 | 337,535 |
Deferred income taxes | 3,224,126 | 3,165,454 |
Regulatory liabilities | 12,821,125 | 13,223,124 |
Other | 293,515 | 0 |
Total deferred credits and other non-current liabilities | 40,312,870 | 39,207,988 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $5 par; authorized 20,000,000 shares; issued and outstanding 9,998,435 and 9,820,535 shares, respectively | 49,992,175 | 49,102,675 |
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding | 0 | 0 |
Capital in excess of par value | 44,238,202 | 41,479,459 |
Retained earnings | 4,936,504 | 544,158 |
Accumulated other comprehensive income | 1,780,932 | 1,964,364 |
Total stockholders’ equity | 100,947,813 | 93,090,656 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 294,766,084 | $ 290,309,243 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Accounts receivable, allowance for uncollectible | $ 760,027 | $ 371,271 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 9,998,435 | 9,820,535 |
Common stock, shares outstanding (in shares) | 9,998,435 | 9,820,535 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING REVENUES: | ||||
Revenues | $ 13,660,245 | $ 17,259,899 | $ 84,972,237 | $ 70,052,662 |
OPERATING EXPENSES: | ||||
Operations and maintenance | 3,845,377 | 3,593,102 | 11,856,618 | 11,525,423 |
General taxes | 588,767 | 579,709 | 1,816,046 | 1,830,171 |
Depreciation and amortization | 2,419,541 | 2,218,322 | 7,258,623 | 6,757,720 |
Total operating expenses | 11,861,780 | 15,619,727 | 68,037,865 | 55,590,679 |
OPERATING INCOME | 1,798,465 | 1,640,172 | 16,934,372 | 14,461,983 |
Equity in earnings of unconsolidated affiliate | 519,482 | 235 | 523,581 | 71,917 |
Impairment of unconsolidated affiliates | 0 | 0 | 0 | (39,822,213) |
Other income, net | 6,725 | 221,141 | 203,155 | 888,090 |
Interest expense | 1,423,566 | 1,102,214 | 4,188,592 | 3,310,914 |
INCOME (LOSS) BEFORE INCOME TAXES | 901,106 | 759,334 | 13,472,516 | (27,711,137) |
INCOME TAX EXPENSE (BENEFIT) | 214,290 | 166,807 | 3,187,409 | (7,393,764) |
NET INCOME (LOSS) | $ 686,816 | $ 592,527 | $ 10,285,107 | $ (20,317,373) |
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ 0.07 | $ 0.06 | $ 1.04 | $ (2.29) |
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | 0.07 | 0.06 | 1.04 | (2.29) |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.1975 | $ 0.195 | $ 0.5925 | $ 0.5850 |
Gas Utility [Member] | ||||
OPERATING REVENUES: | ||||
Revenues | $ 13,631,856 | $ 17,226,649 | $ 84,885,600 | $ 69,957,523 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | 5,003,371 | 9,221,968 | 47,092,581 | 35,461,948 |
Non-utility [Member] | ||||
OPERATING REVENUES: | ||||
Revenues | 28,389 | 33,250 | 86,637 | 95,139 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | $ 4,724 | $ 6,626 | $ 13,997 | $ 15,417 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
NET INCOME (LOSS) | $ 686,816 | $ 592,527 | $ 10,285,107 | $ (20,317,373) |
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | 461,130 | 1,129,736 | (227,325) | 3,027,509 |
Defined benefit plans | 14,631 | (11,191) | 43,893 | (33,573) |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | 475,761 | 1,118,545 | (183,432) | 2,993,936 |
COMPREHENSIVE INCOME (LOSS) | 1,162,577 | 1,711,072 | 10,101,675 | (17,323,437) |
Interest Rate Swap [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | $ 461,130 | $ 1,129,736 | $ (227,325) | $ 3,027,509 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 30, 2021 | $ 41,875,460 | $ 19,705,387 | $ 39,656,296 | $ (1,535,434) | $ 99,701,709 |
Net income (loss) | 0 | 0 | 3,584,529 | 0 | 3,584,529 |
Other comprehensive income (loss) | 0 | 0 | 0 | 351,083 | 351,083 |
Cash dividends declared | 0 | 0 | (1,642,324) | 0 | (1,642,324) |
Issuance of common stock | 69,570 | 230,278 | 0 | 0 | 299,848 |
Balance at Dec. 31, 2021 | 41,945,030 | 19,935,665 | 41,598,501 | (1,184,351) | 102,294,845 |
Balance at Sep. 30, 2021 | 41,875,460 | 19,705,387 | 39,656,296 | (1,535,434) | 99,701,709 |
Net income (loss) | (20,317,373) | ||||
Other comprehensive income (loss) | 2,993,936 | ||||
Balance at Jun. 30, 2022 | 49,022,075 | 41,227,343 | 13,874,704 | 1,458,502 | 105,582,624 |
Balance at Dec. 31, 2021 | 41,945,030 | 19,935,665 | 41,598,501 | (1,184,351) | 102,294,845 |
Net income (loss) | 0 | 0 | (24,494,429) | 0 | (24,494,429) |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,524,308 | 1,524,308 |
Cash dividends declared | 0 | 0 | (1,909,717) | 0 | (1,909,717) |
Issuance of common stock | 7,004,445 | 21,043,277 | 0 | 0 | 28,047,722 |
Balance at Mar. 31, 2022 | 48,949,475 | 40,978,942 | 15,194,355 | 339,957 | 105,462,729 |
Net income (loss) | 0 | 0 | 592,527 | 0 | 592,527 |
Other comprehensive income (loss) | 0 | 0 | 0 | 1,118,545 | 1,118,545 |
Cash dividends declared | 0 | 0 | (1,912,178) | 0 | (1,912,178) |
Issuance of common stock | 72,600 | 248,401 | 0 | 0 | 321,001 |
Balance at Jun. 30, 2022 | 49,022,075 | 41,227,343 | 13,874,704 | 1,458,502 | 105,582,624 |
Balance at Sep. 30, 2022 | 49,102,675 | 41,479,459 | 544,158 | 1,964,364 | 93,090,656 |
Net income (loss) | 0 | 0 | 3,256,405 | 0 | 3,256,405 |
Other comprehensive income (loss) | 0 | 0 | 0 | (168,667) | (168,667) |
Cash dividends declared | 0 | 0 | (1,957,369) | 0 | (1,957,369) |
Issuance of common stock | 156,225 | 512,757 | 0 | 0 | 668,982 |
Balance at Dec. 31, 2022 | 49,258,900 | 41,992,216 | 1,843,194 | 1,795,697 | 94,890,007 |
Balance at Sep. 30, 2022 | 49,102,675 | 41,479,459 | 544,158 | 1,964,364 | 93,090,656 |
Net income (loss) | 10,285,107 | ||||
Other comprehensive income (loss) | (183,432) | (183,432) | |||
Balance at Jun. 30, 2023 | 49,992,175 | 44,238,202 | 4,936,504 | 1,780,932 | 100,947,813 |
Balance at Dec. 31, 2022 | 49,258,900 | 41,992,216 | 1,843,194 | 1,795,697 | 94,890,007 |
Net income (loss) | 0 | 0 | 6,341,886 | 0 | 6,341,886 |
Other comprehensive income (loss) | 0 | 0 | 0 | (490,526) | (490,526) |
Cash dividends declared | 0 | 0 | (1,960,156) | 0 | (1,960,156) |
Issuance of common stock | 357,835 | 1,139,362 | 0 | 0 | 1,497,197 |
Balance at Mar. 31, 2023 | 49,616,735 | 43,131,578 | 6,224,924 | 1,305,171 | 100,278,408 |
Net income (loss) | 0 | 0 | 686,816 | 0 | 686,816 |
Other comprehensive income (loss) | 0 | 0 | 0 | 475,761 | 475,761 |
Cash dividends declared | 0 | 0 | (1,975,236) | 0 | (1,975,236) |
Issuance of common stock | 375,440 | 1,106,624 | 0 | 0 | 1,482,064 |
Balance at Jun. 30, 2023 | $ 49,992,175 | $ 44,238,202 | $ 4,936,504 | $ 1,780,932 | $ 100,947,813 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Dividends declared per share (in dollars per share) | $ 0.1975 | $ 0.1975 | $ 0.1975 | $ 0.195 | $ 0.195 | $ 0.195 | $ 0.5925 | $ 0.5850 |
Common stock issued (in shares) | 75,088 | 71,567 | 31,245 | 14,520 | 1,400,889 | 13,914 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ 10,285,107 | $ (20,317,373) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,431,251 | 6,933,866 |
Cost of retirement of utility property, net | (627,225) | (466,898) |
Stock option grants | 21,560 | 5,550 |
Equity in earnings of unconsolidated affiliate | (523,581) | (71,917) |
Impairment of unconsolidated affiliates | 0 | 39,822,213 |
Allowance for funds used during construction | (184,619) | 0 |
Changes in assets and liabilities which provided (used) cash, exclusive of changes and noncash transactions shown separately | 7,231,786 | (6,108,461) |
Net cash provided by operating activities | 23,634,279 | 19,796,980 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (19,368,974) | (17,430,913) |
Investment in unconsolidated affiliates | (2,132,679) | (4,345,712) |
Proceeds from disposal of utility property | 37,674 | 53,239 |
Net cash used in investing activities | (21,463,979) | (21,723,386) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of unsecured notes | 1,103,800 | 33,339,000 |
Repayments of notes payable | (775,000) | (25,000,000) |
Borrowings under line-of-credit | 26,946,775 | 34,423,129 |
Repayments under line-of-credit | (26,946,775) | (52,052,026) |
Debt issuance expenses | (10,749) | (51,732) |
Proceeds from issuance of stock | (3,626,683) | (28,663,021) |
Cash dividends paid | (5,832,842) | (5,101,881) |
Net cash provided by (used in) financing activities | (1,888,108) | 14,219,511 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 282,192 | 12,293,105 |
BEGINNING CASH AND CASH EQUIVALENTS | 4,898,914 | 1,518,317 |
ENDING CASH AND CASH EQUIVALENTS | $ 5,181,106 | $ 13,811,422 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. 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 June 30, 2023 nine June 30, 2023 2022 three nine June 30, 2023 2022 three nine June 30, 2023 not September 30, 2023 The unaudited condensed consolidated financial statements and condensed notes are presented 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, 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 September 30, 2022 September 30, 2022 10 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 10 September 30, 2022 Recently Issued or Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01 2022 06, December 31, 2024. one one six one June 2023 no may December 31, 2021. June 30, 2023, one one six one September 2024 one June 30, 2023. fourth 2023. 7 9 Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 2 - Stock Issue
Note 2 - Stock Issue | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 2. Stock Issue In March 2022, 2022 During fiscal 2023, June 30, 2023 |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue The Company assesses new contracts and identifies related performance obligations for promises to transfer distinct goods or services to the customer. Revenue is recognized when performance obligations have been satisfied. In the case of Roanoke Gas, the Company contracts with its customers for the sale and/or delivery of natural gas. The following tables summarize revenue by customer, product and income statement classification: Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 7,405,959 $ — $ 7,405,959 $ 9,065,659 $ — $ 9,065,659 Commercial 4,459,667 — 4,459,667 6,340,569 — 6,340,569 Industrial and Transportation 1,354,678 — 1,354,678 1,557,090 — 1,557,090 Other 170,160 28,389 198,549 128,540 33,250 161,790 Total contracts with customers 13,390,464 28,389 13,418,853 17,091,858 33,250 17,125,108 Alternative Revenue Programs 241,392 — 241,392 134,791 — 134,791 Total operating revenues $ 13,631,856 $ 28,389 $ 13,660,245 $ 17,226,649 $ 33,250 $ 17,259,899 Nine Months Ended June 30, 2023 Nine Months Ended June 30, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 48,148,235 $ — $ 48,148,235 $ 40,382,660 $ — $ 40,382,660 Commercial 28,502,754 — 28,502,754 23,213,599 — 23,213,599 Industrial and Transportation 4,508,997 — 4,508,997 4,222,342 — 4,222,342 Other 855,079 86,637 941,716 490,403 95,139 585,542 Total contracts with customers 82,015,065 86,637 82,101,702 68,309,004 95,139 68,404,143 Alternative Revenue Programs 2,870,535 — 2,870,535 1,648,519 — 1,648,519 Total operating revenues $ 84,885,600 $ 86,637 $ 84,972,237 $ 69,957,523 $ 95,139 $ 70,052,662 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. All customers are billed monthly based on consumption as measured by metered usage with payments due 20 no 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 no Alternative Revenue Program revenues ARPs, which fall outside the scope of ASC 606, 30 Customer accounts r Accounts receivable, as reflected in the condensed consolidated balance sheets, includes both billed and unbilled customer revenues, as well as amounts that are not Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2022 $ 3,697,431 $ 1,585,062 $ 1,400,770 $ 1,457,610 Balance at June 30, 2023 3,440,361 1,206,943 1,140,998 1,495,493 Increase (decrease) $ (257,070 ) $ (378,119 ) $ (259,772 ) $ 37,883 ( 1 The Company had no not |
Note 4 - Income Taxes
Note 4 - Income Taxes | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The effective tax rate for the three June 30, 2023 2022 The effective tax rates for the three nine June 30, 2023 nine June 30, 2022. 2022. nine June 30, 2022 2023. nine June 30, 2022 Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Effective tax rate 23.8 % 22.0 % 23.7 % 26.7 % Effective tax rate - LLC impairment — — — 25.7 % Effective tax rate excluding LLC impairment 23.8 % 22.0 % 23.7 % 23.6 % The Company files a consolidated federal income tax return and state income tax returns in Virginia and West Virginia, and thus subject to examinations by federal and state tax authorities. The IRS is currently examining the Company's 2018 2019 not June 30, 2023 2022; 2017, 2018 2019, two September 30, 2017 no September 30, 2019 no |
Note 5 - Rates and Regulatory M
Note 5 - Rates and Regulatory Matters | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Public Utilities Disclosure [Text Block] | 5. Rates and Regulatory Matters The SCC exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service, safety standards, service extension and depreciation. On December 2, 2022, January 1, 2023. On December 21, 2022, January 1, 2023, 2023 2024. The Company has recorded a provision for refund, including interest, associated with customer billings under the new non-gas rates based in part on the history of final awards in previous rate filings, as well as other factors. The amount of the accrued refund is an estimate, and the final order could result in a rate award that is either more or less than the amount currently reflected in the financial statements. The SCC audit is still in progress and management will refine its estimates as more information becomes available. The Company filed an application with the SCC for a new, five March 31, 2023 2024 five September 30, 2028. July 7, 2023, five October 1, 2023. fourth 2023. RGC RESOURCES, INC. AND SUBSIDIARIES On May 16, 2022, August 2022, 30 56 30 2022 January 23, 2023 March 2023. March 1, 2023, On May 30, 2023, October 1, 2023. fourth 2023. On June 2, 2022, On July 19, 2022, August 4, 2022, fourth 2022. one 2023. two |
Note 6 - Other Investments
Note 6 - Other Investments | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. Other Investments Midstream is an approximately 1% equity investment owner of the LLC constructing the MVP, a 303 November 2021 June 2023 July 2023, Midstream is a less than 1% investor in Southgate, which is being accounted for under the cost method. On May 4, 2023, In the second 2022, fourth 2022, Midstream estimated the fair value of its investment in the LLC, with the assistance of a valuation specialist, using an income-based approach that primarily considered probability-weighted scenarios of discounted future cash flows based on the estimated project costs at completion and projected revenues. These scenarios reflected assumptions and judgments regarding the ultimate outcome of further matters relating to, or resulting from the Fourth Circuit rulings, as well as various other ongoing legal and regulatory matters affecting MVP and Southgate. Such assumptions and judgments also included certain additional potential delays and related cost increases that could result from unfavorable decisions on these proceedings and matters. Midstream’s analysis considered probability weighted growth expectations from additional compression expansion opportunities, how ongoing or new legal and regulatory matters may Midstream reassesses the value of its investment in the LLC on at least a quarterly basis. With the assistance of a valuation specialist, Midstream conducted the quarterly evaluation of its investment in the LLC as of June 30, 2023 no 3 There is risk that Midstream’s equity investment in the LLC may may not may On July 27, 2023, two fourth 2023. Funding for Midstream's investments in the LLC for both MVP and Southgate has been provided through two three 9, The Company will participate in the earnings generated from the transportation of natural gas through both pipelines proportionate to its level of investment once the pipelines are placed in service. Investment balances of MVP and Southgate, as of June 30, 2023, Balance Sheet location: June 30, 2023 September 30, 2022 Other Assets: MVP $ 15,535,067 $ 13,689,370 Southgate 90,270 83,705 Investment in unconsolidated affiliates $ 15,625,337 $ 13,773,075 Current Liabilities: MVP $ — $ 804,404 Southgate 508 102 Capital contributions payable $ 508 $ 804,506 Three Months Ended Nine Months Ended Income Statement location: June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Equity in earnings of unconsolidated affiliate $ 519,482 $ 235 $ 523,581 $ 71,917 June 30, 2023 September 30, 2022 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 8,524,294 $ 8,135,482 The undistributed earnings does not The change in the investment in unconsolidated affiliates is provided below: Nine Months Ended June 30, 2023 June 30, 2022 Cash investment $ 2,132,679 $ 4,345,712 Change in accrued capital calls (803,998 ) (1,299,387 ) Pre-tax impairment — (39,822,213 ) Equity in earnings of unconsolidated affiliate 523,581 71,917 Change in investment in unconsolidated affiliates $ 1,852,262 $ (36,703,971 ) Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not Income Statements Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 AFUDC $ 49,744,717 $ — $ 49,744,717 $ 6,883,069 Other income, net 304,093 82,394 723,805 46,576 Net income $ 50,048,810 $ 82,394 $ 50,468,522 $ 6,929,645 Balance Sheets June 30, 2023 September 30, 2022 Assets: Current assets $ 360,817,998 $ 76,474,981 Construction work in progress 6,914,678,901 6,667,146,408 Other assets 9,684,447 8,021,877 Total assets $ 7,285,181,346 $ 6,751,643,266 Liabilities and Equity: Current liabilities $ 128,011,871 $ 115,061,723 Capital 7,157,169,475 6,636,581,543 Total liabilities and equity $ 7,285,181,346 $ 6,751,643,266 |
Note 7 - Derivatives and Hedgin
Note 7 - Derivatives and Hedging | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. 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 five interest rate swaps associated with its variable rate debt as of June 30, 2023. April 1, 2022 September 30, 2022. three three No On April 3, 2023, September 24, 2021. April 1, 2023, September 24, 2021, March 24, 2023. 2.49%, 9 On June 28, 2023, June 12, 2019 November 1, 2021, July 1, 2023, June 12, 2019 November 1, 2021, June 28, 2023. 9 The Company had no 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 10 |
Note 8 - Short-term Debt
Note 8 - Short-term Debt | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Short-Term Debt On March 31, 2022, March 25, 2021. March 31, 2022, March 31, 2016 March 31, 2023. On March 24, 2023, March 31, 2022 March 31, 2024. June 30, 2023, |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Debt On June 28, 2023, June 12, 2019 November 1, 2021, July 1, 2023. On March 24, 2023, September 24, 2021. April 1, 2023. April 3, 2023, September 24, 2021. 7 8 On March 31, 2022, June 30, 2022, 30 July 28, 2023, December 31, 2024. Long-term debt consists of the following: June 30, 2023 September 30, 2022 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 108,608 $ 30,500,000 $ 115,849 Unsecured term notes payable, at 3.58 8,000,000 20,468 8,000,000 24,080 Unsecured term notes payable, at 4.41 10,000,000 24,277 10,000,000 26,627 Unsecured term notes payable, at 3.60 10,000,000 22,898 10,000,000 25,539 Unsecured term note payable, at 30-day SOFR plus 1.20 2.00 15,000,000 — 15,000,000 — Unsecured term note payable, at Term SOFR plus 1.00 2.49 10,000,000 35,350 10,000,000 28,674 Midstream: Unsecured term notes payable, at TERM SOFR plus 2.00 23,000,000 6,229 21,896,200 18,553 Unsecured term note payable, at Daily Simple SOFR plus 1.26448 3.24 14,000,000 7,223 14,000,000 9,029 Unsecured term note payable, at 30-day LIBOR plus 1.20 3.14 9,500,000 2,161 9,875,000 3,929 Unsecured term note payable, at Daily Simple SOFR plus 1.26448 2.443 7,600,000 20,200 8,000,000 23,631 Total long-term debt 137,600,000 247,414 137,271,200 275,911 Less: current maturities of long-term debt (11,100,000 ) — (1,300,000 ) — Total long-term debt, net current maturities $ 126,500,000 $ 247,414 $ 135,971,200 $ 275,911 All 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 not June 30, 2023 September 30, 2022 RGC RESOURCES, INC. AND SUBSIDIARIES |
Note 10 - Other Comprehensive I
Note 10 - Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Other Comprehensive Income (Loss) A summary of other comprehensive income and loss is provided below: Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 1,111,338 $ (286,058 ) $ 825,280 Transfer of realized gains to interest expense (490,371 ) 126,221 (364,150 ) Net interest rate swaps 620,967 (159,837 ) 461,130 Defined benefit plans: Amortization of actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive income $ 640,670 $ (164,909 ) $ 475,761 Three Months Ended June 30, 2022 Interest rate swaps: Unrealized gains $ 1,409,027 $ (362,683 ) $ 1,046,344 Transfer of realized losses to interest expense 112,297 (28,905 ) 83,392 Net interest rate swaps 1,521,324 (391,588 ) 1,129,736 Defined benefit plans: Amortization of actuarial gains (15,070 ) 3,879 (11,191 ) Other comprehensive income $ 1,506,254 $ (387,709 ) $ 1,118,545 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Nine Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 894,741 $ (230,304 ) $ 664,437 Transfer of realized gains to interest expense (1,200,862 ) 309,100 (891,762 ) Net interest rate swaps (306,121 ) 78,796 (227,325 ) Defined benefit plans: Amortization of actuarial losses 59,109 (15,216 ) 43,893 Other comprehensive loss $ (247,012 ) $ 63,580 $ (183,432 ) Nine Months Ended June 30, 2022 Interest rate swaps: Unrealized gains $ 3,628,885 $ (934,073 ) $ 2,694,812 Transfer of realized losses to interest expense 448,020 (115,323 ) 332,697 Net interest rate swaps 4,076,905 (1,049,396 ) 3,027,509 Defined benefit plans: Amortization of actuarial gains (45,210 ) 11,637 (33,573 ) Other comprehensive income $ 4,031,695 $ (1,037,759 ) $ 2,993,936 The amortization of actuarial gains and losses, reflected in the preceding table, relate to the unregulated operations of the Company. Actuarial gains and losses attributable to the regulated operations are included as a regulatory asset. See Note 16 RGC RESOURCES, INC. AND SUBSIDIARIES Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2022 $ 3,563,341 $ (1,598,977 ) $ 1,964,364 Other comprehensive income (loss) (227,325 ) 43,893 (183,432 ) Balance at June 30, 2023 $ 3,336,016 $ (1,555,084 ) $ 1,780,932 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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. 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 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings Per Share Basic earnings per common share for the three nine June 30, 2023 2022 A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 686,816 $ 592,527 $ 10,285,107 $ (20,317,373 ) Weighted average common shares 9,939,843 9,798,700 9,893,454 8,889,359 Effect of dilutive securities: Options to purchase common stock 3,028 5,589 5,767 — Diluted average common shares 9,942,871 9,804,289 9,899,221 8,889,359 Earnings (loss) per share of common stock: Basic $ 0.07 $ 0.06 $ 1.04 $ (2.29 ) Diluted $ 0.07 $ 0.06 $ 1.04 $ (2.29 ) RGC RESOURCES, INC. AND SUBSIDIARIES |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. 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 January 1, 2000, Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Components of net periodic pension cost (benefit): Service cost $ 91,635 $ 162,072 $ 274,905 $ 486,216 Interest cost 343,025 253,279 1,029,075 759,837 Expected return on plan assets (308,149 ) (457,888 ) (924,447 ) (1,373,664 ) Recognized loss 79,181 36,600 237,543 109,800 Net periodic pension cost (benefit) $ 205,692 $ (5,937 ) $ 617,076 $ (17,811 ) Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Components of postretirement benefit cost (benefit): Service cost $ 11,475 $ 24,450 $ 34,425 $ 73,350 Interest cost 155,156 110,930 465,468 332,790 Expected return on plan assets (116,012 ) (166,541 ) (348,036 ) (499,623 ) Net postretirement benefit cost (benefit) $ 50,619 $ (31,161 ) $ 151,857 $ (93,483 ) The components of net periodic benefit cost, excluding the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included under operations and maintenance expense in the condensed consolidated statements of income. For the three nine June 30, 2023, not 2023. |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures one three Level 1 Level 2 1 not Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 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 - June 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,492,346 $ — $ 4,492,346 $ — Total $ 4,492,346 $ — $ 4,492,346 $ — Liabilities: Natural gas purchases $ 1,452,442 $ — $ 1,452,442 $ — Total $ 1,452,442 $ — $ 1,452,442 $ — Fair Value Measurements - September 30, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,798,467 $ — $ 4,798,467 $ — Total $ 4,798,467 $ — $ 4,798,467 $ — Liabilities: Natural gas purchases $ 1,295,225 $ — $ 1,295,225 $ — Total $ 1,295,225 $ — $ 1,295,225 $ — 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. See Note 6 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 June 30, 2023 September 30, 2022 first 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 Fair Value Measurements - June 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 11,100,000 $ — $ — $ 11,100,000 Notes payable 126,500,000 — — 123,002,182 Total $ 137,600,000 $ — $ — $ 134,102,182 Fair Value Measurements - September 30, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 1,300,000 $ — $ — $ 1,300,000 Notes payable 135,971,200 — — 130,266,252 Total $ 137,271,200 $ — $ — $ 131,566,252 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. ASC 825, Financial Instruments three 5% June 30, 2023 September 30, 2022 |
Note 15 - Segment Information
Note 15 - Segment Information | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. 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. RGC RESOURCES, INC. AND SUBSIDIARIES The reportable segments disclosed herein are defined as follows: Gas Utility Investment in Affiliates Parent and Other Information related to the Company's segments are provided below: Three Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 13,631,856 $ — $ 28,389 $ 13,660,245 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 1,839,910 (63,766 ) 22,321 1,798,465 Equity in earnings — 519,482 — 519,482 Interest expense 808,384 615,182 — 1,423,566 Income (loss) before income taxes 1,039,212 (160,402 ) 22,296 901,106 Three Months Ended June 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 17,226,649 $ — $ 33,250 $ 17,259,899 Depreciation 2,218,322 — — 2,218,322 Operating income (loss) 1,677,714 (62,722 ) 25,180 1,640,172 Equity in earnings — 235 — 235 Interest expense 748,020 354,194 — 1,102,214 Income (loss) before income taxes 1,147,894 (413,857 ) 25,297 759,334 Nine Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 84,885,600 $ — $ 86,637 $ 84,972,237 Depreciation 7,258,623 — — 7,258,623 Operating income (loss) 17,034,575 (169,217 ) 69,014 16,934,372 Equity in earnings — 523,581 — 523,581 Interest expense 2,441,296 1,747,296 — 4,188,592 Income (loss) before income taxes 14,798,527 (1,394,950 ) 68,939 13,472,516 Nine Months Ended June 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 69,957,523 $ — $ 95,139 $ 70,052,662 Depreciation 6,757,720 — — 6,757,720 Operating income (loss) 14,610,869 (223,269 ) 74,383 14,461,983 Equity in earnings — 71,917 — 71,917 Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 2,263,921 1,046,993 — 3,310,914 Income (loss) before income taxes 13,224,278 (41,010,233 ) 74,818 (27,711,137 ) RGC RESOURCES, INC. AND SUBSIDIARIES June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 263,822,583 $ 16,294,673 $ 14,648,828 $ 294,766,084 September 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 258,519,230 $ 13,838,108 $ 17,951,905 $ 290,309,243 |
Note 16 - Regulatory Assets and
Note 16 - Regulatory Assets and Liabilities | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Schedule of Regulatory Assets and Liabilities [Text Block] | 16. Regulatory Assets and Liabilities The Company’s regulated operations follow the accounting and reporting requirements of ASC 980, Regulated Operations may 980 no 980 no Regulatory assets included in the Company’s accompanying balance sheets are as follows: June 30, 2023 September 30, 2022 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,227,171 $ 193,518 Under-recovery of gas costs — 1,316,580 Under-recovery of RNG revenues 414,623 — Accrued pension and postretirement medical 59,477 237,911 Other deferred expenses 106,438 129,459 Total current 1,807,709 1,877,468 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 645,961 461,342 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,284,606 1,370,246 Accrued pension and postretirement medical 3,894,561 3,894,561 Other deferred expenses 276,150 181,740 Total non-current 5,455,317 5,446,547 Total regulatory assets $ 7,920,932 $ 7,797,302 RGC RESOURCES, INC. AND SUBSIDIARIES Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: June 30, 2023 September 30, 2022 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 448,602 $ — Over-recovery of SAVE Plan revenues 179,507 158,847 Rate refund 976,108 — Deferred income taxes 460,448 363,297 Supplier refunds 298,270 2,484,992 Other deferred liabilities 178,066 160,930 Total current 2,541,001 3,168,066 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 10,610,503 10,204,079 Regulatory cost of retirement obligations 12,865,747 12,277,796 Regulatory liabilities: Deferred income taxes 12,791,007 13,193,006 Other 30,118 30,118 Total non-current 36,297,375 35,704,999 Total regulatory liabilities $ 38,838,376 $ 38,873,065 As of June 30, 2023 September 30, 2022 not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. There were no not RGC RESOURCES, INC. AND SUBSIDIARIES |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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 June 30, 2023 nine June 30, 2023 2022 three nine June 30, 2023 2022 three nine June 30, 2023 not September 30, 2023 The unaudited condensed consolidated financial statements and condensed notes are presented 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, 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 September 30, 2022 September 30, 2022 10 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 10 September 30, 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued or Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01 2022 06, December 31, 2024. one one six one June 2023 no may December 31, 2021. June 30, 2023, one one six one September 2024 one June 30, 2023. fourth 2023. 7 9 Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2023 Three Months Ended June 30, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 7,405,959 $ — $ 7,405,959 $ 9,065,659 $ — $ 9,065,659 Commercial 4,459,667 — 4,459,667 6,340,569 — 6,340,569 Industrial and Transportation 1,354,678 — 1,354,678 1,557,090 — 1,557,090 Other 170,160 28,389 198,549 128,540 33,250 161,790 Total contracts with customers 13,390,464 28,389 13,418,853 17,091,858 33,250 17,125,108 Alternative Revenue Programs 241,392 — 241,392 134,791 — 134,791 Total operating revenues $ 13,631,856 $ 28,389 $ 13,660,245 $ 17,226,649 $ 33,250 $ 17,259,899 Nine Months Ended June 30, 2023 Nine Months Ended June 30, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 48,148,235 $ — $ 48,148,235 $ 40,382,660 $ — $ 40,382,660 Commercial 28,502,754 — 28,502,754 23,213,599 — 23,213,599 Industrial and Transportation 4,508,997 — 4,508,997 4,222,342 — 4,222,342 Other 855,079 86,637 941,716 490,403 95,139 585,542 Total contracts with customers 82,015,065 86,637 82,101,702 68,309,004 95,139 68,404,143 Alternative Revenue Programs 2,870,535 — 2,870,535 1,648,519 — 1,648,519 Total operating revenues $ 84,885,600 $ 86,637 $ 84,972,237 $ 69,957,523 $ 95,139 $ 70,052,662 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2022 $ 3,697,431 $ 1,585,062 $ 1,400,770 $ 1,457,610 Balance at June 30, 2023 3,440,361 1,206,943 1,140,998 1,495,493 Increase (decrease) $ (257,070 ) $ (378,119 ) $ (259,772 ) $ 37,883 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Effective tax rate 23.8 % 22.0 % 23.7 % 26.7 % Effective tax rate - LLC impairment — — — 25.7 % Effective tax rate excluding LLC impairment 23.8 % 22.0 % 23.7 % 23.6 % |
Note 6 - Other Investments (Tab
Note 6 - Other Investments (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Investment [Table Text Block] | Balance Sheet location: June 30, 2023 September 30, 2022 Other Assets: MVP $ 15,535,067 $ 13,689,370 Southgate 90,270 83,705 Investment in unconsolidated affiliates $ 15,625,337 $ 13,773,075 Current Liabilities: MVP $ — $ 804,404 Southgate 508 102 Capital contributions payable $ 508 $ 804,506 Three Months Ended Nine Months Ended Income Statement location: June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Equity in earnings of unconsolidated affiliate $ 519,482 $ 235 $ 523,581 $ 71,917 June 30, 2023 September 30, 2022 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 8,524,294 $ 8,135,482 Nine Months Ended June 30, 2023 June 30, 2022 Cash investment $ 2,132,679 $ 4,345,712 Change in accrued capital calls (803,998 ) (1,299,387 ) Pre-tax impairment — (39,822,213 ) Equity in earnings of unconsolidated affiliate 523,581 71,917 Change in investment in unconsolidated affiliates $ 1,852,262 $ (36,703,971 ) |
Equity Method Investments [Table Text Block] | Income Statements Three Months Ended Nine Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 AFUDC $ 49,744,717 $ — $ 49,744,717 $ 6,883,069 Other income, net 304,093 82,394 723,805 46,576 Net income $ 50,048,810 $ 82,394 $ 50,468,522 $ 6,929,645 Balance Sheets June 30, 2023 September 30, 2022 Assets: Current assets $ 360,817,998 $ 76,474,981 Construction work in progress 6,914,678,901 6,667,146,408 Other assets 9,684,447 8,021,877 Total assets $ 7,285,181,346 $ 6,751,643,266 Liabilities and Equity: Current liabilities $ 128,011,871 $ 115,061,723 Capital 7,157,169,475 6,636,581,543 Total liabilities and equity $ 7,285,181,346 $ 6,751,643,266 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, 2023 September 30, 2022 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 108,608 $ 30,500,000 $ 115,849 Unsecured term notes payable, at 3.58 8,000,000 20,468 8,000,000 24,080 Unsecured term notes payable, at 4.41 10,000,000 24,277 10,000,000 26,627 Unsecured term notes payable, at 3.60 10,000,000 22,898 10,000,000 25,539 Unsecured term note payable, at 30-day SOFR plus 1.20 2.00 15,000,000 — 15,000,000 — Unsecured term note payable, at Term SOFR plus 1.00 2.49 10,000,000 35,350 10,000,000 28,674 Midstream: Unsecured term notes payable, at TERM SOFR plus 2.00 23,000,000 6,229 21,896,200 18,553 Unsecured term note payable, at Daily Simple SOFR plus 1.26448 3.24 14,000,000 7,223 14,000,000 9,029 Unsecured term note payable, at 30-day LIBOR plus 1.20 3.14 9,500,000 2,161 9,875,000 3,929 Unsecured term note payable, at Daily Simple SOFR plus 1.26448 2.443 7,600,000 20,200 8,000,000 23,631 Total long-term debt 137,600,000 247,414 137,271,200 275,911 Less: current maturities of long-term debt (11,100,000 ) — (1,300,000 ) — Total long-term debt, net current maturities $ 126,500,000 $ 247,414 $ 135,971,200 $ 275,911 |
Note 10 - Other Comprehensive_2
Note 10 - Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 1,111,338 $ (286,058 ) $ 825,280 Transfer of realized gains to interest expense (490,371 ) 126,221 (364,150 ) Net interest rate swaps 620,967 (159,837 ) 461,130 Defined benefit plans: Amortization of actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive income $ 640,670 $ (164,909 ) $ 475,761 Three Months Ended June 30, 2022 Interest rate swaps: Unrealized gains $ 1,409,027 $ (362,683 ) $ 1,046,344 Transfer of realized losses to interest expense 112,297 (28,905 ) 83,392 Net interest rate swaps 1,521,324 (391,588 ) 1,129,736 Defined benefit plans: Amortization of actuarial gains (15,070 ) 3,879 (11,191 ) Other comprehensive income $ 1,506,254 $ (387,709 ) $ 1,118,545 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Nine Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 894,741 $ (230,304 ) $ 664,437 Transfer of realized gains to interest expense (1,200,862 ) 309,100 (891,762 ) Net interest rate swaps (306,121 ) 78,796 (227,325 ) Defined benefit plans: Amortization of actuarial losses 59,109 (15,216 ) 43,893 Other comprehensive loss $ (247,012 ) $ 63,580 $ (183,432 ) Nine Months Ended June 30, 2022 Interest rate swaps: Unrealized gains $ 3,628,885 $ (934,073 ) $ 2,694,812 Transfer of realized losses to interest expense 448,020 (115,323 ) 332,697 Net interest rate swaps 4,076,905 (1,049,396 ) 3,027,509 Defined benefit plans: Amortization of actuarial gains (45,210 ) 11,637 (33,573 ) Other comprehensive income $ 4,031,695 $ (1,037,759 ) $ 2,993,936 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2022 $ 3,563,341 $ (1,598,977 ) $ 1,964,364 Other comprehensive income (loss) (227,325 ) 43,893 (183,432 ) Balance at June 30, 2023 $ 3,336,016 $ (1,555,084 ) $ 1,780,932 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2023 2022 2023 2022 Net income (loss) $ 686,816 $ 592,527 $ 10,285,107 $ (20,317,373 ) Weighted average common shares 9,939,843 9,798,700 9,893,454 8,889,359 Effect of dilutive securities: Options to purchase common stock 3,028 5,589 5,767 — Diluted average common shares 9,942,871 9,804,289 9,899,221 8,889,359 Earnings (loss) per share of common stock: Basic $ 0.07 $ 0.06 $ 1.04 $ (2.29 ) Diluted $ 0.07 $ 0.06 $ 1.04 $ (2.29 ) |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Components of net periodic pension cost (benefit): Service cost $ 91,635 $ 162,072 $ 274,905 $ 486,216 Interest cost 343,025 253,279 1,029,075 759,837 Expected return on plan assets (308,149 ) (457,888 ) (924,447 ) (1,373,664 ) Recognized loss 79,181 36,600 237,543 109,800 Net periodic pension cost (benefit) $ 205,692 $ (5,937 ) $ 617,076 $ (17,811 ) Three Months Ended Nine Months Ended June 30, June 30, 2023 2022 2023 2022 Components of postretirement benefit cost (benefit): Service cost $ 11,475 $ 24,450 $ 34,425 $ 73,350 Interest cost 155,156 110,930 465,468 332,790 Expected return on plan assets (116,012 ) (166,541 ) (348,036 ) (499,623 ) Net postretirement benefit cost (benefit) $ 50,619 $ (31,161 ) $ 151,857 $ (93,483 ) |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - June 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,492,346 $ — $ 4,492,346 $ — Total $ 4,492,346 $ — $ 4,492,346 $ — Liabilities: Natural gas purchases $ 1,452,442 $ — $ 1,452,442 $ — Total $ 1,452,442 $ — $ 1,452,442 $ — Fair Value Measurements - September 30, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,798,467 $ — $ 4,798,467 $ — Total $ 4,798,467 $ — $ 4,798,467 $ — Liabilities: Natural gas purchases $ 1,295,225 $ — $ 1,295,225 $ — Total $ 1,295,225 $ — $ 1,295,225 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - June 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 11,100,000 $ — $ — $ 11,100,000 Notes payable 126,500,000 — — 123,002,182 Total $ 137,600,000 $ — $ — $ 134,102,182 Fair Value Measurements - September 30, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 1,300,000 $ — $ — $ 1,300,000 Notes payable 135,971,200 — — 130,266,252 Total $ 137,271,200 $ — $ — $ 131,566,252 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 13,631,856 $ — $ 28,389 $ 13,660,245 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 1,839,910 (63,766 ) 22,321 1,798,465 Equity in earnings — 519,482 — 519,482 Interest expense 808,384 615,182 — 1,423,566 Income (loss) before income taxes 1,039,212 (160,402 ) 22,296 901,106 Three Months Ended June 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 17,226,649 $ — $ 33,250 $ 17,259,899 Depreciation 2,218,322 — — 2,218,322 Operating income (loss) 1,677,714 (62,722 ) 25,180 1,640,172 Equity in earnings — 235 — 235 Interest expense 748,020 354,194 — 1,102,214 Income (loss) before income taxes 1,147,894 (413,857 ) 25,297 759,334 Nine Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 84,885,600 $ — $ 86,637 $ 84,972,237 Depreciation 7,258,623 — — 7,258,623 Operating income (loss) 17,034,575 (169,217 ) 69,014 16,934,372 Equity in earnings — 523,581 — 523,581 Interest expense 2,441,296 1,747,296 — 4,188,592 Income (loss) before income taxes 14,798,527 (1,394,950 ) 68,939 13,472,516 Nine Months Ended June 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 69,957,523 $ — $ 95,139 $ 70,052,662 Depreciation 6,757,720 — — 6,757,720 Operating income (loss) 14,610,869 (223,269 ) 74,383 14,461,983 Equity in earnings — 71,917 — 71,917 Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 2,263,921 1,046,993 — 3,310,914 Income (loss) before income taxes 13,224,278 (41,010,233 ) 74,818 (27,711,137 ) June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 263,822,583 $ 16,294,673 $ 14,648,828 $ 294,766,084 September 30, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 258,519,230 $ 13,838,108 $ 17,951,905 $ 290,309,243 |
Note 16 - Regulatory Assets a_2
Note 16 - Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Regulatory Assets [Table Text Block] | June 30, 2023 September 30, 2022 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,227,171 $ 193,518 Under-recovery of gas costs — 1,316,580 Under-recovery of RNG revenues 414,623 — Accrued pension and postretirement medical 59,477 237,911 Other deferred expenses 106,438 129,459 Total current 1,807,709 1,877,468 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 645,961 461,342 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,284,606 1,370,246 Accrued pension and postretirement medical 3,894,561 3,894,561 Other deferred expenses 276,150 181,740 Total non-current 5,455,317 5,446,547 Total regulatory assets $ 7,920,932 $ 7,797,302 |
Schedule of Regulatory Liabilities [Table Text Block] | June 30, 2023 September 30, 2022 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 448,602 $ — Over-recovery of SAVE Plan revenues 179,507 158,847 Rate refund 976,108 — Deferred income taxes 460,448 363,297 Supplier refunds 298,270 2,484,992 Other deferred liabilities 178,066 160,930 Total current 2,541,001 3,168,066 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 10,610,503 10,204,079 Regulatory cost of retirement obligations 12,865,747 12,277,796 Regulatory liabilities: Deferred income taxes 12,791,007 13,193,006 Other 30,118 30,118 Total non-current 36,297,375 35,704,999 Total regulatory liabilities $ 38,838,376 $ 38,873,065 |
Note 2 - Stock Issue (Details T
Note 2 - Stock Issue (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Stock Issued During Period, Shares, New Issues (in shares) | 75,088 | 71,567 | 31,245 | 14,520 | 1,400,889 | 13,914 | ||||
Proceeds from Issuance of Common Stock | $ 3,626,683 | $ 28,663,021 | ||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 177,900 | 95,443 | ||||||||
Equity Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,350,000 | |||||||||
Proceeds from Issuance of Common Stock | $ 27,000,000 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Total contracts with customers | $ 13,418,853 | $ 17,125,108 | $ 82,101,702 | $ 68,404,143 |
Alternative Revenue Programs | 241,392 | 134,791 | 2,870,535 | 1,648,519 |
Operating revenues | 13,660,245 | 17,259,899 | 84,972,237 | 70,052,662 |
Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 7,405,959 | 9,065,659 | 48,148,235 | 40,382,660 |
Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 4,459,667 | 6,340,569 | 28,502,754 | 23,213,599 |
Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 1,354,678 | 1,557,090 | 4,508,997 | 4,222,342 |
Product and Service, Other [Member] | ||||
Total contracts with customers | 198,549 | 161,790 | 941,716 | 585,542 |
Gas Utility [Member] | ||||
Total contracts with customers | 13,390,464 | 17,091,858 | 82,015,065 | 68,309,004 |
Alternative Revenue Programs | 241,392 | 134,791 | 2,870,535 | 1,648,519 |
Operating revenues | 13,631,856 | 17,226,649 | 84,885,600 | 69,957,523 |
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 7,405,959 | 9,065,659 | 48,148,235 | 40,382,660 |
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 4,459,667 | 6,340,569 | 28,502,754 | 23,213,599 |
Gas Utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 1,354,678 | 1,557,090 | 4,508,997 | 4,222,342 |
Gas Utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | 170,160 | 128,540 | 855,079 | 490,403 |
Non-utility [Member] | ||||
Total contracts with customers | 28,389 | 33,250 | 86,637 | 95,139 |
Alternative Revenue Programs | 0 | 0 | 0 | 0 |
Operating revenues | 28,389 | 33,250 | 86,637 | 95,139 |
Non-utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | $ 28,389 | $ 33,250 | $ 86,637 | $ 95,139 |
Note 3 - Revenue - Customer Acc
Note 3 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2023 | Sep. 30, 2022 | ||
Trade accounts receivable | $ 4,675,325 | $ 5,353,270 | |
Unbilled revenue | 1,206,943 | 1,585,062 | |
Customer credit balances | 1,140,998 | 1,400,770 | |
Customer deposits | 1,495,493 | 1,457,610 | |
Increase (decrease) in Unbilled revenue | [1] | (378,119) | |
Increase (decrease) in Customer credit balances | (259,772) | ||
Increase (decrease) in Customer deposits | 37,883 | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | 3,440,361 | $ 3,697,431 | |
Increase (decrease) in Trade accounts receivable | [1] | $ (257,070) | |
[1]Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for credit losses. |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) | 9 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal and State Statutory Income Tax Rate, Percent | 25.74% | |
Effective Income Tax Rate Reconciliation, Percent, Excluding Impairment | 23.60% | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Open Tax Year | 2017 2018 2019 | |
State and Local Jurisdiction [Member] | Virginia, Jurisdiction [Member] | ||
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | West Virginia, Jurisdiction [Member] | ||
Open Tax Year | 2019 2020 2021 2022 |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Positions (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Effective tax rate | 23.80% | 22% | 23.70% | 26.70% |
Effective tax rate excluding LLC impairment | 23.60% | |||
Effective Income Tax Rate, Including the Effect of Impaired Investment [Member] | ||||
Effective tax rate - LLC impairment | 0% | 0% | 0% | 25.70% |
Effective Income Tax Rate, Excluding the Effect of Impaired Investment [Member] | ||||
Effective tax rate excluding LLC impairment | 23.80% | 22% | 23.70% | 23.60% |
Note 5 - Rates and Regulatory_2
Note 5 - Rates and Regulatory Matters (Details Textual) | 3 Months Ended | 6 Months Ended | 9 Months Ended | 10 Months Ended | |||||
Jul. 07, 2023 USD ($) | Dec. 02, 2022 USD ($) | Sep. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | Jul. 19, 2022 | Jun. 02, 2022 | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8,550,000 | ||||||||
Regulated Operating Revenue, SAVE Revenue | $ 4,050,000 | ||||||||
SAVE Plan and Rider for Recovery Costs, Term (Year) | 5 years | 5 years | 5 years | ||||||
Recovery Costs, SAVE Eligible Expenses | $ 8,500,000 | ||||||||
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 184,619 | $ 0 | |||||||
Number of Locations, Natural Gas Delivery Assets, Requested Acquisition | 5 | ||||||||
Number of Locations, Natural Gas Delivery Assets, Approved Acquisition | 2 | ||||||||
Natural Gas Delivery Assets [Member] | Housing Authority Management [Member] | |||||||||
Asset Acquisition, Recognized Pre-tax Gain | $ 219,000 | ||||||||
Roanoke Gas Company [Member] | |||||||||
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 273,000 | ||||||||
SAVE Plan and Rider [Member] | |||||||||
Investments | $ 49,500,000 | $ 49,500,000 | $ 49,500,000 | ||||||
SAVE Annual Revenues | $ 366,000 |
Note 6 - Other Investments (Det
Note 6 - Other Investments (Details Textual) - RGC Midstream LLC [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended |
Mar. 31, 2022 | Jun. 30, 2023 | |
MVP Southgate Investment [Member] | ||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1% | |
MVP [Member] | ||
Equity Method Investment, Ownership Percentage | 1% | |
Number of Gate Stations, Suspended Accruing of Afudc | 2 | |
Long Term Investment, Other than Temporary Impairment | $ 39.8 | $ 15.3 |
Note 6 - Other Investments - Sc
Note 6 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Investment in unconsolidated affiliates | $ 15,625,337 | $ 15,625,337 | $ 15,625,337 | $ 15,625,337 | $ 13,773,075 |
Capital contributions payable | 508 | 508 | 508 | 508 | 804,506 |
Equity in earnings of unconsolidated affiliate | 519,482 | 235 | 523,581 | 71,917 | |
Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment | 8,524,294 | 8,524,294 | 8,135,482 | ||
Cash investment | 2,132,679 | 4,345,712 | |||
Change in accrued capital calls | (803,998) | (1,299,387) | |||
Impairment of unconsolidated affiliates | $ 0 | 0 | 0 | (39,822,213) | |
Change in investment in unconsolidated affiliates | $ 1,852,262 | (36,703,971) | |||
MVP [Member] | |||||
Investment in unconsolidated affiliates | 15,535,067 | 15,535,067 | 13,689,370 | ||
Capital contributions payable | 0 | 0 | 804,404 | ||
Southgate [Member] | |||||
Investment in unconsolidated affiliates | 90,270 | 90,270 | 83,705 | ||
Capital contributions payable | $ 508 | $ 508 | $ 102 |
Note 6 - Other Investments - In
Note 6 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Other income, net | $ 6,725 | $ 221,141 | $ 203,155 | $ 888,090 | ||||||
Net income (loss) | 686,816 | $ 6,341,886 | $ 3,256,405 | 592,527 | $ (24,494,429) | $ 3,584,529 | 10,285,107 | (20,317,373) | ||
Current assets | 25,754,930 | 25,754,930 | $ 35,548,319 | |||||||
Total assets | 294,766,084 | 294,766,084 | 290,309,243 | |||||||
Current liabilities | 27,252,815 | 27,252,815 | 22,315,310 | |||||||
Capital | 100,947,813 | $ 100,278,408 | $ 94,890,007 | 105,582,624 | $ 105,462,729 | $ 102,294,845 | 100,947,813 | 105,582,624 | 93,090,656 | $ 99,701,709 |
Total liabilities and equity | 294,766,084 | 294,766,084 | 290,309,243 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||
Current assets | 360,817,998 | 360,817,998 | 76,474,981 | |||||||
Construction work in progress | 6,914,678,901 | 6,914,678,901 | 6,667,146,408 | |||||||
Other assets | 9,684,447 | 9,684,447 | 8,021,877 | |||||||
Total assets | 7,285,181,346 | 7,285,181,346 | 6,751,643,266 | |||||||
Current liabilities | 128,011,871 | 128,011,871 | 115,061,723 | |||||||
Capital | 7,157,169,475 | 7,157,169,475 | 6,636,581,543 | |||||||
Total liabilities and equity | 7,285,181,346 | 7,285,181,346 | $ 6,751,643,266 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | MVP [Member] | ||||||||||
AFUDC | 49,744,717 | 0 | 49,744,717 | 6,883,069 | ||||||
Other income, net | 304,093 | 82,394 | 723,805 | 46,576 | ||||||
Net income (loss) | $ 50,048,810 | $ 82,394 | $ 50,468,522 | $ 6,929,645 |
Note 7 - Derivatives and Hedg_2
Note 7 - Derivatives and Hedging (Details Textual) $ in Millions | Jun. 28, 2023 | Jun. 27, 2023 | Apr. 03, 2023 USD ($) | Sep. 30, 2022 USD ($) | Apr. 01, 2022 USD ($) | Jun. 30, 2023 | Nov. 01, 2021 USD ($) | Sep. 24, 2021 USD ($) | Aug. 20, 2021 USD ($) | Jun. 30, 2019 USD ($) | Jun. 12, 2019 USD ($) |
Number of Interest Rate Derivatives Held | 5 | ||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 15 | ||||||||||
Roanoke Gas Company [Member] | |||||||||||
Number of Interest Rate Derivatives Held | 2 | ||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | |||||||||||
Proceeds from Issuance of Long-Term Debt, Total | $ 5 | $ 5 | |||||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 15 | ||||||||||
Derivative, Fixed Interest Rate | 2% | ||||||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Derivative, Fixed Interest Rate | 2.49% | ||||||||||
RGC Midstream LLC [Member] | |||||||||||
Derivative, Fixed Interest Rate | 2.49% | ||||||||||
RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||||||||||
RGC Midstream LLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Interest Rate Swap [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument, Face Amount | $ 8 | ||||||||||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | |||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | ||||||||||
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, Face Amount | $ 14 | ||||||||||
Derivative, Fixed 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] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Derivative, Fixed Interest Rate | 3.14% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | |||||||||||
Debt Instrument, Face Amount | $ 14 | $ 14 | |||||||||
Derivative, Fixed Interest Rate | 3.24% |
Note 8 - Short-term Debt (Detai
Note 8 - Short-term Debt (Details Textual) - USD ($) $ in Thousands | Apr. 03, 2023 | Mar. 24, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Mar. 31, 2023 |
Long-Term Line of Credit | $ 0 | ||||
Roanoke Gas Company [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Debt Instrument, Face Amount | $ 10,000 | ||||
Roanoke Gas Company [Member] | Unsecured Revolving Note Maturing March 31, 2024 [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||
Debt Instrument, Face Amount | $ 25,000 | ||||
Minimum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 4,000 | $ 21,000 | |||
Maximum [Member] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | $ 33,000 | |||
Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Roanoke Gas Company [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||
Debt Instrument, Face Amount | $ 10,000 | ||||
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||||||||||
Jul. 28, 2023 | Jun. 28, 2023 | Jun. 27, 2023 | Apr. 03, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Nov. 01, 2021 | Aug. 20, 2021 | Jun. 30, 2019 | Jun. 12, 2019 | |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 23 | $ 33 | |||||||||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65% | ||||||||||
Debt Instrument, Debt Covenant, Ratio of Priority Debt to Total Assets, Maximum | 15% | ||||||||||
Debt Instrument, Debt Covenant, Interest Coverage Ratio | 1.5 | ||||||||||
Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Cash Infusion Proceeds Utilized to Repay Non-revolving Credit Facility [Member] | |||||||||||
Repayments of Debt | $ 10 | ||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 15 | ||||||||||
RGC Midstream LLC [Member] | |||||||||||
Derivative, Fixed Interest Rate | 2.49% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Subsequent Event [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | |||||||||||
Debt Instrument, Face Amount | $ 14 | $ 14 | |||||||||
Derivative, Fixed Interest Rate | 3.24% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | |||||||||||
Debt Instrument, Face Amount | $ 8 | ||||||||||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | |||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | ||||||||||
Roanoke Gas Company [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 10 | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||||||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||||||
Debt Instrument, Face Amount | $ 15 | ||||||||||
Derivative, Fixed Interest Rate | 2% |
Note 9 - Long-term Debt - Long-
Note 9 - Long-term Debt - Long-term Debt (Details) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Unamortized Debt Issuance Costs | $ 247,414 | $ 275,911 |
Notes Payable [Member] | ||
Notes payable | 137,600,000 | 137,271,200 |
Unamortized Debt Issuance Costs | 247,414 | 275,911 |
Less: current maturities of long-term debt | (11,100,000) | (1,300,000) |
Total long-term debt, net current maturities | 126,500,000 | 135,971,200 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | ||
Notes payable | 30,500,000 | 30,500,000 |
Unamortized Debt Issuance Costs | 108,608 | 115,849 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||
Notes payable | 8,000,000 | 8,000,000 |
Unamortized Debt Issuance Costs | 20,468 | 24,080 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 24,277 | 26,627 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 22,898 | 25,539 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||
Notes payable | 15,000,000 | 15,000,000 |
Unamortized Debt Issuance Costs | 0 | 0 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Term SOFR plus 1.00%, due October 1, 2028 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 35,350 | 28,674 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term notes payable, at TERM SOFR plus 2.00%, due December 31, 2024 [Member] | ||
Notes payable | 23,000,000 | 21,896,200 |
Unamortized Debt Issuance Costs | 6,229 | 18,553 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | ||
Notes payable | 14,000,000 | 14,000,000 |
Unamortized Debt Issuance Costs | 7,223 | 9,029 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||
Notes payable | 9,500,000 | 9,875,000 |
Unamortized Debt Issuance Costs | 2,161 | 3,929 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due January 1, 2028 [Member] | ||
Notes payable | 7,600,000 | 8,000,000 |
Unamortized Debt Issuance Costs | $ 20,200 | $ 23,631 |
Note 9 - Long-term Debt - Lon_2
Note 9 - Long-term Debt - Long-term Debt (Details) (Parentheticals) | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2023 | Jun. 30, 2023 | Sep. 30, 2022 | |
Roanoke Gas Company [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||
Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | ||
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | |||
Stated rate | 4.26% | 4.26% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | |||
Stated rate | 3.58% | 3.58% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | |||
Stated rate | 4.41% | 4.41% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | |||
Stated rate | 3.60% | 3.60% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||
Derivative, Fixed Interest Rate | 2% | 2% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Term SOFR plus 1.00%, due October 1, 2028 [Member] | |||
Derivative, Fixed Interest Rate | 2.49% | 2.49% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Term SOFR plus 1.00%, due October 1, 2028 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | 1% | |
RGC Midstream LLC [Member] | |||
Derivative, Fixed Interest Rate | 2.49% | ||
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term notes payable, at TERM SOFR plus 2.00%, due December 31, 2024 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | |||
Derivative, Fixed Interest Rate | 3.24% | 3.24% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | 1.26448% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | |||
Derivative, Fixed Interest Rate | 3.14% | 3.14% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | LIBOR [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due January 1, 2028 [Member] | |||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due January 1, 2028 [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | 1.26448% |
Note 10 - Other Comprehensive_3
Note 10 - Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income and Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 21 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
Unrealized gains (losses) | $ 1,111,338 | $ 1,409,027 | $ 3,628,885 | $ 894,741 | |||||
Unrealized gains (losses) | (286,058) | (362,683) | (934,073) | (230,304) | |||||
Unrealized gains (losses) | 825,280 | 1,046,344 | 2,694,812 | $ 664,437 | |||||
Transfer of realized gains to interest expense | (490,371) | 112,297 | $ (1,200,862) | 448,020 | |||||
Transfer of realized gains to interest expense | 126,221 | (28,905) | 309,100 | (115,323) | |||||
Transfer of realized gains to interest expense | (364,150) | 83,392 | (891,762) | 332,697 | |||||
Net interest rate swaps | 620,967 | 1,521,324 | (306,121) | 4,076,905 | |||||
Net interest rate swaps | (159,837) | (391,588) | 78,796 | (1,049,396) | |||||
Net interest rate swaps | 461,130 | 1,129,736 | (227,325) | 3,027,509 | |||||
Amortization of actuarial losses | 19,703 | (15,070) | 59,109 | (45,210) | |||||
Amortization of actuarial losses | (5,072) | 3,879 | (15,216) | 11,637 | |||||
Amortization of actuarial losses | 14,631 | (11,191) | 43,893 | (33,573) | |||||
Other comprehensive income (loss) | 640,670 | 1,506,254 | (247,012) | 4,031,695 | |||||
Other comprehensive income (loss) | (164,909) | (387,709) | 63,580 | (1,037,759) | |||||
Other comprehensive income (loss) | $ 475,761 | $ (490,526) | $ (168,667) | $ 1,118,545 | $ 1,524,308 | $ 351,083 | $ (183,432) | $ 2,993,936 |
Note 10 - Other Comprehensive_4
Note 10 - Other Comprehensive Income (Loss) - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Balance | $ 100,278,408 | $ 94,890,007 | $ 93,090,656 | $ 105,462,729 | $ 102,294,845 | $ 99,701,709 | $ 93,090,656 | $ 99,701,709 |
Other comprehensive income (loss) | 475,761 | (490,526) | (168,667) | 1,118,545 | 1,524,308 | 351,083 | (183,432) | 2,993,936 |
Balance | 100,947,813 | 100,278,408 | 94,890,007 | 105,582,624 | 105,462,729 | 102,294,845 | 100,947,813 | 105,582,624 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | 3,563,341 | 3,563,341 | ||||||
Other comprehensive income (loss) | (227,325) | |||||||
Balance | 3,336,016 | 3,336,016 | ||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | (1,598,977) | (1,598,977) | ||||||
Other comprehensive income (loss) | 43,893 | |||||||
Balance | (1,555,084) | (1,555,084) | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | 1,305,171 | 1,795,697 | 1,964,364 | 339,957 | (1,184,351) | (1,535,434) | 1,964,364 | (1,535,434) |
Other comprehensive income (loss) | 475,761 | (490,526) | (168,667) | 1,118,545 | 1,524,308 | 351,083 | (183,432) | |
Balance | $ 1,780,932 | $ 1,305,171 | $ 1,795,697 | $ 1,458,502 | $ 339,957 | $ (1,184,351) | $ 1,780,932 | $ 1,458,502 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) | 9 Months Ended |
Jun. 30, 2023 | |
Number of Pipelines | 2 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Net income (loss) | $ 686,816 | $ 6,341,886 | $ 3,256,405 | $ 592,527 | $ (24,494,429) | $ 3,584,529 | $ 10,285,107 | $ (20,317,373) |
Weighted average common shares (in shares) | 9,939,843 | 9,798,700 | 9,893,454 | 8,889,359 | ||||
Options to purchase common stock (in shares) | 3,028 | 5,589 | 5,767 | 0 | ||||
Diluted average common shares (in shares) | 9,942,871 | 9,804,289 | 9,899,221 | 8,889,359 | ||||
Basic (in dollars per share) | $ 0.07 | $ 0.06 | $ 1.04 | $ (2.29) | ||||
Diluted (in dollars per share) | $ 0.07 | $ 0.06 | $ 1.04 | $ (2.29) |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Pension Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 0 | 0 |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | $ 0 |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Pension Plan [Member] | ||||
Service cost | $ 91,635 | $ 162,072 | $ 274,905 | $ 486,216 |
Interest cost | 343,025 | 253,279 | 1,029,075 | 759,837 |
Expected return on plan assets | (308,149) | (457,888) | (924,447) | (1,373,664) |
Recognized loss | 79,181 | 36,600 | 237,543 | 109,800 |
Net periodic pension cost (benefit) | 205,692 | (5,937) | 617,076 | (17,811) |
Postemployment Retirement Benefits [Member] | ||||
Service cost | 11,475 | 24,450 | 34,425 | 73,350 |
Interest cost | 155,156 | 110,930 | 465,468 | 332,790 |
Expected return on plan assets | (116,012) | (166,541) | (348,036) | (499,623) |
Net periodic pension cost (benefit) | $ 50,619 | $ (31,161) | $ 151,857 | $ (93,483) |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) - Customer Concentration Risk [Member] - Accounts Receivable [Member] | 12 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2023 | |
Number of Major Customers | 1 | 0 |
One Customer [Member] | ||
Concentration Risk, Percentage | 5.10% |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Total Assets fair value | $ 4,492,346 | $ 4,798,467 |
Natural gas purchases | 1,452,442 | 1,295,225 |
Total Liabilities fair value | 1,452,442 | 1,295,225 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets fair value | 0 | 0 |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest rate swaps, liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total Assets fair value | 4,492,346 | 4,798,467 |
Natural gas purchases | 1,452,442 | 1,295,225 |
Total Liabilities fair value | 1,452,442 | 1,295,225 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets fair value | 0 | 0 |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest Rate Swap [Member] | ||
Interest rate swaps | 4,492,346 | |
Interest rate swaps, liabilities | 4,798,467 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 4,492,346 | |
Interest rate swaps, liabilities | 4,798,467 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | $ 0 | |
Interest rate swaps, liabilities | $ 0 |
Note 14- Fair Value Measurement
Note 14- Fair Value Measurements - Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value (Details) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Current maturities of long-term debt | $ 11,100,000 | $ 1,300,000 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 11,100,000 | 1,300,000 |
Notes payable | 126,500,000 | 135,971,200 |
Total Liabilities fair value | 137,600,000 | 137,271,200 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current maturities of long-term debt | 11,100,000 | 1,300,000 |
Notes payable | 123,002,182 | 130,266,252 |
Total Liabilities fair value | $ 134,102,182 | $ 131,566,252 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2022 | |
Operating revenues | $ 13,660,245 | $ 17,259,899 | $ 84,972,237 | $ 70,052,662 | |
Depreciation | 2,419,541 | 2,218,322 | 7,258,623 | 6,757,720 | |
Operating income (loss) | 1,798,465 | 1,640,172 | 16,934,372 | 14,461,983 | |
Equity in earnings | 519,482 | 235 | 523,581 | 71,917 | |
Interest expense | 1,423,566 | 1,102,214 | 4,188,592 | 3,310,914 | |
Income (loss) before income taxes | 901,106 | 759,334 | 13,472,516 | (27,711,137) | |
Impairment of investments in affiliates | 0 | 0 | 0 | (39,822,213) | |
Total assets | 294,766,084 | 294,766,084 | $ 290,309,243 | ||
Operating Segments [Member] | Gas Utility [Member] | |||||
Operating revenues | 13,631,856 | 17,226,649 | 84,885,600 | 69,957,523 | |
Depreciation | 2,419,541 | 2,218,322 | 7,258,623 | 6,757,720 | |
Operating income (loss) | 1,839,910 | 1,677,714 | 17,034,575 | 14,610,869 | |
Equity in earnings | 0 | 0 | 0 | 0 | |
Interest expense | 808,384 | 748,020 | 2,441,296 | 2,263,921 | |
Income (loss) before income taxes | 1,039,212 | 1,147,894 | 14,798,527 | 13,224,278 | |
Impairment of investments in affiliates | 0 | ||||
Total assets | 263,822,583 | 263,822,583 | 258,519,230 | ||
Operating Segments [Member] | Investment in Affiliates [Member] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Depreciation | 0 | 0 | 0 | 0 | |
Operating income (loss) | (63,766) | (62,722) | (169,217) | (223,269) | |
Equity in earnings | 519,482 | 235 | 523,581 | 71,917 | |
Interest expense | 615,182 | 354,194 | 1,747,296 | 1,046,993 | |
Income (loss) before income taxes | (160,402) | (413,857) | (1,394,950) | (41,010,233) | |
Impairment of investments in affiliates | (39,822,213) | ||||
Total assets | 16,294,673 | 16,294,673 | 13,838,108 | ||
Corporate, Non-Segment [Member] | |||||
Operating revenues | 28,389 | 33,250 | 86,637 | 95,139 | |
Depreciation | 0 | 0 | 0 | 0 | |
Operating income (loss) | 22,321 | 25,180 | 69,014 | 74,383 | |
Equity in earnings | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 22,296 | $ 25,297 | 68,939 | 74,818 | |
Impairment of investments in affiliates | $ 0 | ||||
Total assets | $ 14,648,828 | $ 14,648,828 | $ 17,951,905 |
Note 16 - Regulatory Assets a_3
Note 16 - Regulatory Assets and Liabilities (Details Textual) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 7,908,987 | $ 7,785,357 |
Note 16 - Regulatory Assets a_4
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Assets (Details) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Regulatory assets | $ 1,807,709 | $ 1,877,468 |
Utility property in service, other | 11,945 | 11,945 |
Construction work in progress - AFUDC | 645,961 | 461,342 |
Noncurrent regulatory assets | 5,455,317 | 5,446,547 |
Total regulatory assets | 7,920,932 | 7,797,302 |
WNA [Member] | ||
Regulatory assets | 1,227,171 | 193,518 |
Regulatory Clause Revenues, under-Recovered [Member] | ||
Regulatory assets | 0 | 1,316,580 |
Under-recovery of RNG Revenues [Member] | ||
Regulatory assets | 414,623 | 0 |
Pension Costs [Member] | ||
Regulatory assets | 59,477 | 237,911 |
Noncurrent regulatory assets | 3,894,561 | 3,894,561 |
Other Assets [Member] | ||
Regulatory assets | 106,438 | 129,459 |
Noncurrent regulatory assets | 276,150 | 181,740 |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||
Noncurrent regulatory assets | $ 1,284,606 | $ 1,370,246 |
Note 16 - Regulatory Assets a_5
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Liabilities (Details) - USD ($) | Jun. 30, 2023 | Sep. 30, 2022 |
Regulatory liabilities | $ 2,541,001 | $ 3,168,066 |
Asset retirement obligations | 10,610,503 | 10,204,079 |
Regulatory cost of retirement obligations | 12,865,747 | 12,277,796 |
Regulatory Liability, Noncurrent | 12,821,125 | 13,223,124 |
Total non-current | 36,297,375 | 35,704,999 |
Total regulatory liabilities | 38,838,376 | 38,873,065 |
Over-recovery of Gas Cost [Member] | ||
Regulatory liabilities | 448,602 | 0 |
Revenue Subject to Refund [Member] | ||
Regulatory liabilities | 179,507 | 158,847 |
Rate Refund [Member] | ||
Regulatory liabilities | 976,108 | 0 |
Deferred Income Tax Charge [Member] | ||
Regulatory liabilities | 460,448 | 363,297 |
Regulatory Liability, Noncurrent | 12,791,007 | 13,193,006 |
Supplier Refund [Member] | ||
Regulatory liabilities | 298,270 | 2,484,992 |
Other Deferred Liabilities [Member] | ||
Regulatory liabilities | 178,066 | 160,930 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulatory Liability, Noncurrent | $ 30,118 | $ 30,118 |