Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Dec. 31, 2023 | Jan. 31, 2024 | |
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 | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Dec. 31, 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, $5 Par Value | |
Trading Symbol | RGCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,163,395 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,864,737 | $ 1,512,431 |
Accounts receivable (less allowance for credit losses of $343,304, and $155,164, respectively) | 13,158,930 | 4,194,934 |
Materials and supplies | 1,573,190 | 1,674,462 |
Gas in storage | 10,018,097 | 11,185,601 |
Prepaid income taxes | 1,084,515 | 3,227,544 |
Regulatory assets | 2,868,018 | 2,854,276 |
Interest rate swaps | 1,123,194 | 1,533,057 |
Other | 2,079,194 | 612,957 |
Total current assets | 34,769,875 | 26,795,262 |
UTILITY PROPERTY: | ||
In service | 323,411,050 | 318,369,891 |
Accumulated depreciation and amortization | (87,584,583) | (85,752,798) |
In service, net | 235,826,467 | 232,617,093 |
Construction work in progress | 14,517,366 | 14,966,458 |
Utility property, net | 250,343,833 | 247,583,551 |
OTHER NON-CURRENT ASSETS: | ||
Regulatory assets | 5,350,191 | 5,389,445 |
Investment in unconsolidated affiliates | 18,654,928 | 17,187,093 |
Benefit plan assets | 1,743,208 | 1,901,902 |
Deferred income taxes | 1,115,898 | 1,163,594 |
Interest rate swaps | 2,113,007 | 3,084,398 |
Other | 612,295 | 624,095 |
Total other non-current assets | 29,589,527 | 29,350,527 |
TOTAL ASSETS | 314,703,235 | 303,729,340 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 33,850,000 | 10,975,000 |
Line-of-credit | 13,252,596 | 4,353,572 |
Dividends payable | 2,032,679 | 1,978,400 |
Accounts payable | 6,058,027 | 5,838,643 |
Customer credit balances | 1,882,100 | 1,972,132 |
Income taxes payable | 174,440 | 0 |
Customer deposits | 1,646,267 | 1,476,321 |
Accrued expenses | 2,958,931 | 4,661,722 |
Regulatory liabilities | 2,311,025 | 1,632,716 |
Other | 30,657 | 30,281 |
Total current liabilities | 64,196,722 | 32,918,787 |
LONG-TERM DEBT: | ||
Notes payable | 102,700,000 | 126,100,000 |
Unamortized debt issuance costs | (238,804) | (255,272) |
Long-term debt, net | 102,461,196 | 125,844,728 |
DEFERRED CREDITS AND OTHER NON-CURRENT LIABILITIES: | ||
Asset retirement obligations | 10,855,794 | 10,792,831 |
Regulatory cost of retirement obligations | 13,404,991 | 13,029,376 |
Benefit plan liabilities | 75,637 | 47,674 |
Deferred income taxes | 1,959,485 | 2,008,458 |
Regulatory liabilities | 17,883,751 | 18,031,693 |
Other | 321,056 | 323,168 |
Total deferred credits and other non-current liabilities | 44,500,714 | 44,233,200 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $5 par; authorized 20,000,000 shares; issued and outstanding 10,059,621 and 10,015,254 shares, respectively | 50,298,105 | 50,076,270 |
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding | 0 | 0 |
Capital in excess of par value | 45,047,443 | 44,430,786 |
Retained earnings | 6,959,593 | 3,972,280 |
Accumulated other comprehensive income | 1,239,462 | 2,253,289 |
Total stockholders’ equity | 103,544,603 | 100,732,625 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 314,703,235 | $ 303,729,340 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Accounts receivable, allowance for uncollectible | $ 343,304 | $ 155,164 |
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) | 10,059,621 | 10,015,254 |
Common stock, shares outstanding (in shares) | 10,059,621 | 10,015,254 |
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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
OPERATING REVENUES: | ||
Revenues | $ 24,419,352 | $ 33,282,335 |
OPERATING EXPENSES: | ||
Operations and maintenance | 4,335,197 | 3,920,513 |
General taxes | 632,245 | 589,050 |
Depreciation and amortization | 2,697,707 | 2,419,541 |
Total operating expenses | 17,767,315 | 27,737,850 |
OPERATING INCOME | 6,652,037 | 5,544,485 |
Equity in earnings of unconsolidated affiliate | 1,467,835 | 1,232 |
Other income, net | 120,786 | 74,606 |
Interest expense | 1,636,273 | 1,369,164 |
INCOME BEFORE INCOME TAXES | 6,604,385 | 4,251,159 |
INCOME TAX EXPENSE | 1,584,393 | 994,754 |
NET INCOME | $ 5,019,992 | $ 3,256,405 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.5 | $ 0.33 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | 0.5 | 0.33 |
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share) | $ 0.2 | $ 0.1975 |
Gas Utility [Member] | ||
OPERATING REVENUES: | ||
Revenues | $ 24,391,854 | $ 33,252,767 |
OPERATING EXPENSES: | ||
Cost of gas and sale | 10,097,016 | 20,804,153 |
Non-utility [Member] | ||
OPERATING REVENUES: | ||
Revenues | 27,498 | 29,568 |
OPERATING EXPENSES: | ||
Cost of gas and sale | $ 5,150 | $ 4,593 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
NET INCOME | $ 5,019,992 | $ 3,256,405 |
Other comprehensive income (loss), net of tax: | ||
Interest rate swaps | (1,025,720) | 183,298 |
Defined benefit plans | 11,893 | 14,631 |
OTHER COMPREHENSIVE LOSS, NET OF TAX | (1,013,827) | (168,667) |
COMPREHENSIVE INCOME | 4,006,165 | 3,087,738 |
Interest Rate Swap [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Interest rate swaps | $ (1,025,720) | $ (183,298) |
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, 2022 | $ 49,102,675 | $ 41,479,459 | $ 544,158 | $ 1,964,364 | $ 93,090,656 |
Net income | 0 | 0 | 3,256,405 | 0 | 3,256,405 |
Other comprehensive loss | 0 | 0 | 0 | (168,667) | (168,667) |
Cash dividends declared | 0 | 0 | (1,957,369) | 0 | (1,957,369) |
Net issuance of common stock (44,367 shares) | 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, 2023 | 50,076,270 | 44,430,786 | 3,972,280 | 2,253,289 | 100,732,625 |
Net income | 0 | 0 | 5,019,992 | 0 | 5,019,992 |
Other comprehensive loss | 0 | 0 | 0 | (1,013,827) | (1,013,827) |
Cash dividends declared | 0 | 0 | (2,032,679) | 0 | (2,032,679) |
Net issuance of common stock (44,367 shares) | 221,835 | 616,657 | 0 | 0 | 838,492 |
Balance at Dec. 31, 2023 | $ 50,298,105 | $ 45,047,443 | $ 6,959,593 | $ 1,239,462 | $ 103,544,603 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Dividends declared per share (in dollars per share) | $ 0.2 | $ 0.1975 |
Common stock issued (in shares) | 44,367 | 31,245 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 5,019,992 | $ 3,256,405 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 2,761,920 | 2,477,084 |
Cost of retirement of utility property, net | (136,639) | (159,174) |
Amortization of stock option grants | 17,168 | 16,170 |
Equity in earnings of unconsolidated affiliate | (1,467,835) | (1,232) |
Allowance for funds used during construction | 0 | (103,771) |
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately | (6,758,953) | (7,909,883) |
Net cash used in operating activities | (564,347) | (2,424,401) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (5,300,669) | (7,530,620) |
Investment in unconsolidated affiliates | 0 | (818,178) |
Proceeds from disposal of utility property | 374 | 209 |
Net cash used in investing activities | (5,300,295) | (8,348,589) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of unsecured notes | 0 | 1,103,800 |
Repayments of notes payable | (525,000) | (125,000) |
Borrowings under line-of-credit | 16,390,292 | 17,952,768 |
Repayments under line-of-credit | (7,491,268) | (8,560,795) |
Proceeds from issuance of stock | (821,324) | (652,812) |
Cash dividends paid | (1,978,400) | (1,915,317) |
Net cash provided by financing activities | 7,216,948 | 9,108,268 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,352,306 | (1,664,722) |
BEGINNING CASH AND CASH EQUIVALENTS | 1,512,431 | 4,898,914 |
ENDING CASH AND CASH EQUIVALENTS | $ 2,864,737 | $ 3,234,192 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Dec. 31, 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 December 31, 2023 three December 31, 2023 2022 three December 31, 2023 2022 three December 31, 2023 not September 30, 2024 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, 2023 September 30, 2023 10 Roanoke Gas’ line of credit is renewed annually in March, 12 third 2014 15, Management's plans are to refinance these amounts and management's discussions with banks regarding refinancing the amounts have been positive. Additionally, the Company has refinanced this debt in the past and the pending completion of the MVP further supports a favorable likelihood of successful refinancing. Since such refinancing is not no 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, 2023 Certain amounts previously disclosed have been reclassified to conform to current year presentations. 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 December 31, 2023. 2024. 7 9 In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 31, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 5 not December 15, 2024. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 2 - Leases
Note 2 - Leases | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 2. Leases The Company leases certain assets including office space and land classified as operating leases. The Company determines if an arrangement is a lease at inception of the agreement based on the terms and conditions in the contract. The operating lease ROU assets and operating lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not third Lease expense for minimum lease payments is recognized on a straight-line basis over the term of the agreement. The Company made an accounting policy election that payments under agreements with an initial term of 12 not During fiscal 2023, two five not Other information related to leases were as follows: Three Months Ended December 31, 2023 2022 Supplemental Cash Flow Information: Cash paid on operating leases $ 6,766 $ 12,600 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 2.8 Weighted-average discount rate N/A N/A On December 31, 2023, 2024 $ 42,300 2025 43,065 2026 30,038 2027 30,038 2028 26,400 Thereafter 369,600 Total minimum lease payments 541,441 Less imputed interest (189,728 ) Total $ 351,713 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Dec. 31, 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 December 31, 2023 Three Months Ended December 31, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 13,824,642 $ — $ 13,824,642 $ 19,365,840 $ — $ 19,365,840 Commercial 7,841,726 — 7,841,726 12,019,113 — 12,019,113 Transportation and interruptible 1,370,270 — 1,370,270 1,588,068 — 1,588,068 Other 293,888 27,498 321,386 421,995 29,568 451,563 Total contracts with customers 23,330,526 27,498 23,358,024 33,395,016 29,568 33,424,584 Alternative revenue programs 1,061,328 — 1,061,328 (142,249 ) — (142,249 ) Total operating revenues $ 24,391,854 $ 27,498 $ 24,419,352 $ 33,252,767 $ 29,568 $ 33,282,335 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, Revenue from Contracts with Customers 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 receivable and liabilities 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, 2023 $ 2,782,025 $ 1,240,097 $ 1,972,132 $ 1,476,321 Balance at December 31, 2023 8,302,330 4,757,101 1,882,100 1,646,267 Increase (decrease) $ 5,520,305 $ 3,517,004 $ (90,032 ) $ 169,946 ( 1 The Company had no not |
Note 4 - Income Taxes
Note 4 - Income Taxes | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The effective tax rates for the three December 31, 2023 2022 three December 31, 2023 three December 31, 2022 Three Months Ended December 31, 2023 2022 Effective tax rate 24.0 % 23.4 % 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 10 December 31, 2023 2022; September 30, 2017, September 30, 2018 September 30, 2020 no |
Note 5 - Rates and Regulatory M
Note 5 - Rates and Regulatory Matters | 3 Months Ended |
Dec. 31, 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, 2023. On December 21, 2022, January 1, 2023, fourth 2023, October 1, 2023. December 19, 2023 The Company has recorded a provision for customer refund, including interest, associated with billings for the difference between the interim rates and the settlement rates. The Company expects to complete the customer refund process with the February 2024 In December 2023, February 2, 2024. 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. August 31, 2023, October 1, 2023. On June 2, 2022, five On July 19, 2022, August 4, 2022, fourth 2022. September 29, 2023, one fourth 2023. two |
Note 6 - Other Investments
Note 6 - Other Investments | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. Other Investments Midstream owns a less than 1% equity investment in the LLC constructing the MVP. Midstream is also a less than 1% investor, accounted for under the cost method, in Southgate. Since inception, the MVP has encountered various legal and regulatory issues that have substantially delayed the completion of the project, including a period in 2022 2023, While under construction, AFUDC has provided the majority of the income recognized by Midstream. The LLC temporarily suspended accruing AFUDC on the project for portions of prior periods. AFUDC accruals resumed in June 2023 Midstream reassesses the value of its investment in the LLC on at least a quarterly basis, and no 2023 first 2024. 2023 not Funding for Midstream's investments has been provided through equity contributions from Resources and unsecured promissory notes as detailed in Note 9. 2024. 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 December 31, 2023 September 30, 2023, Balance Sheet location: December 31, 2023 September 30, 2023 Other Assets: MVP $ 18,564,311 $ 17,096,476 Southgate 90,617 90,617 Investment in unconsolidated affiliates $ 18,654,928 $ 17,187,093 Three Months Ended December 31, Income Statement location: 2023 2022 Equity in earnings of unconsolidated affiliate $ 1,467,835 $ 1,232 December 31, 2023 September 30, 2023 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 10,773,811 $ 9,683,797 The undistributed earnings does not The change in the investment in unconsolidated affiliates is provided below: Three Months Ended December 31, 2023 2022 Cash investment $ — $ 818,178 Change in accrued capital calls — 39,466 Equity in earnings of unconsolidated affiliate 1,467,835 1,232 Change in investment in unconsolidated affiliates $ 1,467,835 $ 858,876 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 December 31, 2023 2022 AFUDC $ 158,562,141 $ — Other income, net 2,663,569 160,472 Net income $ 161,225,710 $ 160,472 Balance Sheets December 31, 2023 September 30, 2023 Assets: Current assets $ 349,417,551 $ 795,787,358 Construction work in progress 8,468,379,830 7,499,128,254 Other assets 12,160,170 11,639,586 Total assets $ 8,829,957,551 $ 8,306,555,198 Liabilities and Equity: Current liabilities $ 371,508,693 $ 236,947,158 Capital 8,458,448,858 8,069,608,040 Total liabilities and equity $ 8,829,957,551 $ 8,306,555,198 |
Note 7 - Derivatives and Hedgin
Note 7 - Derivatives and Hedging | 3 Months Ended |
Dec. 31, 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 December 31, 2023. three three 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 | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 8. Short-Term Debt On March 24, 2023, March 31, 2024. December 31, 2023, |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 3 Months Ended |
Dec. 31, 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 July 28, 2023, December 31, 2024. Long-term debt consists of the following: December 31, 2023 September 30, 2023 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable at 4.26 $ 30,500,000 $ 103,782 $ 30,500,000 $ 106,195 Unsecured term notes payable at 3.58 8,000,000 18,060 8,000,000 19,264 Unsecured term notes payable at 4.41 10,000,000 22,711 10,000,000 23,495 Unsecured term notes payable at 3.60 10,000,000 21,136 10,000,000 22,017 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 31,983 10,000,000 33,666 Midstream: Unsecured term notes payable at Term SOFR plus 2.00 23,000,000 16,217 23,000,000 23,386 Unsecured term note payable at Daily Simple SOFR plus 1.26448 3.24 14,000,000 6,019 14,000,000 6,621 Unsecured term note payable at 30-day LIBOR plus 1.20 41,667 3.14 9,250,000 982 9,375,000 1,571 Unsecured term note payable at Daily Simple SOFR plus 1.26448 400,000 2.443 6,800,000 17,914 7,200,000 19,057 Total long-term debt 136,550,000 238,804 137,075,000 255,272 Less: current maturities of long-term debt (33,850,000 ) — (10,975,000 ) — Total long-term debt, net current maturities $ 102,700,000 $ 238,804 $ 126,100,000 $ 255,272 Debt issuance costs are amortized over the life of the related debt. As of December 31, 2023 September 30, 2023, 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 not 1, December 31, 2021, December 31, 2023 September 30, 2023 |
Note 10 - Other Comprehensive I
Note 10 - Other Comprehensive Income (Loss) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 Interest rate swaps: Unrealized losses $ (836,071 ) $ 215,205 $ (620,866 ) Transfer of realized gains to interest expense (545,183 ) 140,329 (404,854 ) Net interest rate swaps (1,381,254 ) 355,534 (1,025,720 ) Defined benefit plans: Amortization of actuarial losses 16,015 (4,122 ) 11,893 Other comprehensive loss $ (1,365,239 ) $ 351,412 $ (1,013,827 ) Three Months Ended December 31, 2022 Interest rate swaps: Unrealized gains $ 43,947 $ (11,311 ) $ 32,636 Transfer of realized gains to interest expense (290,779 ) 74,845 (215,934 ) Net interest rate swaps (246,832 ) 63,534 (183,298 ) Defined benefit plans: Amortization of actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive loss $ (227,129 ) $ 58,462 $ (168,667 ) 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 Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2023 $ 3,428,922 $ (1,175,633 ) $ 2,253,289 Other comprehensive income (loss) (1,025,720 ) 11,893 (1,013,827 ) Balance at December 31, 2023 $ 2,403,202 $ (1,163,740 ) $ 1,239,462 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies Roanoke Gas currently holds the only franchises and/or CPCNs to distribute natural gas in its service area. These franchises generally extend for multi-year periods and are renewable by the municipalities, including exclusive franchises in the cities of Roanoke and Salem and the Town of Vinton, Virginia. All three December 31, 2035. 2019, five not November 2023, three 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 | 3 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings Per Share Basic earnings per common share for the three December 31, 2023 2022 A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended December 31, 2023 2022 Net income $ 5,019,992 $ 3,256,405 Weighted average common shares 10,029,243 9,830,206 Effect of dilutive securities: Options to purchase common stock 2,111 6,982 Diluted average common shares 10,031,354 9,837,188 Earnings per share of common stock: Basic $ 0.50 $ 0.33 Diluted $ 0.50 $ 0.33 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 3 Months Ended |
Dec. 31, 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 December 31, 2023 2022 Components of net periodic pension cost: Service cost $ 81,066 $ 91,635 Interest cost 367,206 343,025 Expected return on plan assets (294,958 ) (308,149 ) Recognized loss 79,132 79,181 Net periodic pension cost $ 232,446 $ 205,692 Three Months Ended December 31, 2023 2022 Components of postretirement benefit cost: Service cost $ 7,599 $ 11,475 Interest cost 153,369 155,156 Expected return on plan assets (133,311 ) (116,012 ) Recognized gain (10,149 ) — Net postretirement benefit cost $ 17,508 $ 50,619 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 in operations and maintenance expense in the condensed consolidated statements of income. For the three December 31, 2023, not 2024. |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 3 Months Ended |
Dec. 31, 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 - December 31, 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 $ 3,236,201 $ — $ 3,236,201 $ — Total $ 3,236,201 $ — $ 3,236,201 $ — Liabilities: Natural gas purchases $ 1,234,072 $ — $ 1,234,072 $ — Total $ 1,234,072 $ — $ 1,234,072 $ — Fair Value Measurements - September 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 $ 4,617,455 $ — $ 4,617,455 $ — Total $ 4,617,455 $ — $ 4,617,455 $ — Liabilities: Natural gas purchases $ 1,022,662 $ — $ 1,022,662 $ — Total $ 1,022,662 $ — $ 1,022,662 $ — The fair value of the interest rate swaps are determined by using the counterparty's proprietary models and certain assumptions regarding past, present and future market conditions. Under the asset management contract, a timing difference can exist between the payment for natural gas purchases and the actual receipt of such purchases. Payments are made based on a predetermined monthly volume with the price based on weighted average first December 31, 2023 September 30, 2023 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 - December 31, 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 $ 33,850,000 $ — $ — $ 34,027,761 Notes payable 102,700,000 — — 99,954,528 Total $ 136,550,000 $ — $ — $ 133,982,289 Fair Value Measurements - September 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 $ 10,975,000 $ — $ — $ 10,975,000 Notes payable 126,100,000 — — 120,298,658 Total $ 137,075,000 $ — $ — $ 131,273,658 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% December 31, 2023 September 30, 2023 |
Note 15 - Segment Information
Note 15 - Segment Information | 3 Months Ended |
Dec. 31, 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 executive management in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance. Intersegment transactions are recorded at cost. The reportable segments disclosed herein are defined as follows: Gas Utility Investment in Affiliates Parent and Other Information related to the Company's segments are provided below: Three Months Ended December 31, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 24,391,854 $ — $ 27,498 $ 24,419,352 Depreciation 2,697,707 — — 2,697,707 Operating income (loss) 6,644,298 (13,403 ) 21,142 6,652,037 Equity in earnings — 1,467,835 — 1,467,835 Interest expense 968,937 667,336 — 1,636,273 Income before income taxes 5,795,734 787,534 21,117 6,604,385 Three Months Ended December 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 33,252,767 $ — $ 29,568 $ 33,282,335 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 5,567,345 (46,704 ) 23,844 5,544,485 Equity in earnings — 1,232 — 1,232 Interest expense 822,566 546,598 — 1,369,164 Income (loss) before income taxes 4,819,955 (592,615 ) 23,819 4,251,159 December 31, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 278,936,342 $ 19,367,243 $ 16,399,650 $ 314,703,235 September 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 268,664,460 $ 17,882,108 $ 17,182,772 $ 303,729,340 |
Note 16 - Regulatory Assets and
Note 16 - Regulatory Assets and Liabilities | 3 Months Ended |
Dec. 31, 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: December 31, 2023 September 30, 2023 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,587,816 $ 414,689 Under-recovery of gas costs — 1,383,340 Under-recovery of RNG revenues 1,085,177 797,804 Accrued pension 182,263 243,017 Other deferred expenses 12,762 15,426 Total current 2,868,018 2,854,276 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,227,512 1,256,059 Accrued pension 3,786,265 3,786,265 Other deferred expenses 336,414 347,121 Total non-current 5,350,191 5,389,445 Total regulatory assets $ 8,218,209 $ 8,243,721 Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: December 31, 2023 September 30, 2023 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 663,505 $ — Over-recovery of SAVE Plan revenues 176,935 146,861 Rate refund 652,018 652,018 Deferred income taxes 591,765 527,034 Supplier refunds 203,437 275,649 Other deferred liabilities 23,365 31,154 Total current 2,311,025 1,632,716 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 10,855,794 10,792,831 Regulatory cost of retirement obligations 13,404,991 13,029,376 Regulatory liabilities: Deferred income taxes 16,101,834 16,249,776 Deferred postretirement medical 1,781,917 1,781,917 Total non-current 42,144,536 41,853,900 Total regulatory liabilities $ 44,455,561 $ 43,486,616 As of December 31, 2023 September 30, 2023 not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Dec. 31, 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 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 None. |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Dec. 31, 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 December 31, 2023 three December 31, 2023 2022 three December 31, 2023 2022 three December 31, 2023 not September 30, 2024 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, 2023 September 30, 2023 10 Roanoke Gas’ line of credit is renewed annually in March, 12 third 2014 15, Management's plans are to refinance these amounts and management's discussions with banks regarding refinancing the amounts have been positive. Additionally, the Company has refinanced this debt in the past and the pending completion of the MVP further supports a favorable likelihood of successful refinancing. Since such refinancing is not no 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, 2023 Certain amounts previously disclosed have been reclassified to conform to current year presentations. |
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 December 31, 2023. 2024. 7 9 In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 31, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 5 not December 15, 2024. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 2 - Leases (Tables)
Note 2 - Leases (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended December 31, 2023 2022 Supplemental Cash Flow Information: Cash paid on operating leases $ 6,766 $ 12,600 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 2.8 Weighted-average discount rate N/A N/A |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 42,300 2025 43,065 2026 30,038 2027 30,038 2028 26,400 Thereafter 369,600 Total minimum lease payments 541,441 Less imputed interest (189,728 ) Total $ 351,713 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended December 31, 2023 Three Months Ended December 31, 2022 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 13,824,642 $ — $ 13,824,642 $ 19,365,840 $ — $ 19,365,840 Commercial 7,841,726 — 7,841,726 12,019,113 — 12,019,113 Transportation and interruptible 1,370,270 — 1,370,270 1,588,068 — 1,588,068 Other 293,888 27,498 321,386 421,995 29,568 451,563 Total contracts with customers 23,330,526 27,498 23,358,024 33,395,016 29,568 33,424,584 Alternative revenue programs 1,061,328 — 1,061,328 (142,249 ) — (142,249 ) Total operating revenues $ 24,391,854 $ 27,498 $ 24,419,352 $ 33,252,767 $ 29,568 $ 33,282,335 |
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, 2023 $ 2,782,025 $ 1,240,097 $ 1,972,132 $ 1,476,321 Balance at December 31, 2023 8,302,330 4,757,101 1,882,100 1,646,267 Increase (decrease) $ 5,520,305 $ 3,517,004 $ (90,032 ) $ 169,946 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended December 31, 2023 2022 Effective tax rate 24.0 % 23.4 % |
Note 6 - Other Investments (Tab
Note 6 - Other Investments (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Investment [Table Text Block] | Balance Sheet location: December 31, 2023 September 30, 2023 Other Assets: MVP $ 18,564,311 $ 17,096,476 Southgate 90,617 90,617 Investment in unconsolidated affiliates $ 18,654,928 $ 17,187,093 Three Months Ended December 31, Income Statement location: 2023 2022 Equity in earnings of unconsolidated affiliate $ 1,467,835 $ 1,232 December 31, 2023 September 30, 2023 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 10,773,811 $ 9,683,797 Three Months Ended December 31, 2023 2022 Cash investment $ — $ 818,178 Change in accrued capital calls — 39,466 Equity in earnings of unconsolidated affiliate 1,467,835 1,232 Change in investment in unconsolidated affiliates $ 1,467,835 $ 858,876 |
Equity Method Investments [Table Text Block] | Income Statements Three Months Ended December 31, 2023 2022 AFUDC $ 158,562,141 $ — Other income, net 2,663,569 160,472 Net income $ 161,225,710 $ 160,472 Balance Sheets December 31, 2023 September 30, 2023 Assets: Current assets $ 349,417,551 $ 795,787,358 Construction work in progress 8,468,379,830 7,499,128,254 Other assets 12,160,170 11,639,586 Total assets $ 8,829,957,551 $ 8,306,555,198 Liabilities and Equity: Current liabilities $ 371,508,693 $ 236,947,158 Capital 8,458,448,858 8,069,608,040 Total liabilities and equity $ 8,829,957,551 $ 8,306,555,198 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, 2023 September 30, 2023 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable at 4.26 $ 30,500,000 $ 103,782 $ 30,500,000 $ 106,195 Unsecured term notes payable at 3.58 8,000,000 18,060 8,000,000 19,264 Unsecured term notes payable at 4.41 10,000,000 22,711 10,000,000 23,495 Unsecured term notes payable at 3.60 10,000,000 21,136 10,000,000 22,017 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 31,983 10,000,000 33,666 Midstream: Unsecured term notes payable at Term SOFR plus 2.00 23,000,000 16,217 23,000,000 23,386 Unsecured term note payable at Daily Simple SOFR plus 1.26448 3.24 14,000,000 6,019 14,000,000 6,621 Unsecured term note payable at 30-day LIBOR plus 1.20 41,667 3.14 9,250,000 982 9,375,000 1,571 Unsecured term note payable at Daily Simple SOFR plus 1.26448 400,000 2.443 6,800,000 17,914 7,200,000 19,057 Total long-term debt 136,550,000 238,804 137,075,000 255,272 Less: current maturities of long-term debt (33,850,000 ) — (10,975,000 ) — Total long-term debt, net current maturities $ 102,700,000 $ 238,804 $ 126,100,000 $ 255,272 |
Note 10 - Other Comprehensive_2
Note 10 - Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended December 31, 2023 Interest rate swaps: Unrealized losses $ (836,071 ) $ 215,205 $ (620,866 ) Transfer of realized gains to interest expense (545,183 ) 140,329 (404,854 ) Net interest rate swaps (1,381,254 ) 355,534 (1,025,720 ) Defined benefit plans: Amortization of actuarial losses 16,015 (4,122 ) 11,893 Other comprehensive loss $ (1,365,239 ) $ 351,412 $ (1,013,827 ) Three Months Ended December 31, 2022 Interest rate swaps: Unrealized gains $ 43,947 $ (11,311 ) $ 32,636 Transfer of realized gains to interest expense (290,779 ) 74,845 (215,934 ) Net interest rate swaps (246,832 ) 63,534 (183,298 ) Defined benefit plans: Amortization of actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive loss $ (227,129 ) $ 58,462 $ (168,667 ) |
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, 2023 $ 3,428,922 $ (1,175,633 ) $ 2,253,289 Other comprehensive income (loss) (1,025,720 ) 11,893 (1,013,827 ) Balance at December 31, 2023 $ 2,403,202 $ (1,163,740 ) $ 1,239,462 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended December 31, 2023 2022 Net income $ 5,019,992 $ 3,256,405 Weighted average common shares 10,029,243 9,830,206 Effect of dilutive securities: Options to purchase common stock 2,111 6,982 Diluted average common shares 10,031,354 9,837,188 Earnings per share of common stock: Basic $ 0.50 $ 0.33 Diluted $ 0.50 $ 0.33 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended December 31, 2023 2022 Components of net periodic pension cost: Service cost $ 81,066 $ 91,635 Interest cost 367,206 343,025 Expected return on plan assets (294,958 ) (308,149 ) Recognized loss 79,132 79,181 Net periodic pension cost $ 232,446 $ 205,692 Three Months Ended December 31, 2023 2022 Components of postretirement benefit cost: Service cost $ 7,599 $ 11,475 Interest cost 153,369 155,156 Expected return on plan assets (133,311 ) (116,012 ) Recognized gain (10,149 ) — Net postretirement benefit cost $ 17,508 $ 50,619 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - December 31, 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 $ 3,236,201 $ — $ 3,236,201 $ — Total $ 3,236,201 $ — $ 3,236,201 $ — Liabilities: Natural gas purchases $ 1,234,072 $ — $ 1,234,072 $ — Total $ 1,234,072 $ — $ 1,234,072 $ — Fair Value Measurements - September 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 $ 4,617,455 $ — $ 4,617,455 $ — Total $ 4,617,455 $ — $ 4,617,455 $ — Liabilities: Natural gas purchases $ 1,022,662 $ — $ 1,022,662 $ — Total $ 1,022,662 $ — $ 1,022,662 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - December 31, 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 $ 33,850,000 $ — $ — $ 34,027,761 Notes payable 102,700,000 — — 99,954,528 Total $ 136,550,000 $ — $ — $ 133,982,289 Fair Value Measurements - September 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 $ 10,975,000 $ — $ — $ 10,975,000 Notes payable 126,100,000 — — 120,298,658 Total $ 137,075,000 $ — $ — $ 131,273,658 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended December 31, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 24,391,854 $ — $ 27,498 $ 24,419,352 Depreciation 2,697,707 — — 2,697,707 Operating income (loss) 6,644,298 (13,403 ) 21,142 6,652,037 Equity in earnings — 1,467,835 — 1,467,835 Interest expense 968,937 667,336 — 1,636,273 Income before income taxes 5,795,734 787,534 21,117 6,604,385 Three Months Ended December 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 33,252,767 $ — $ 29,568 $ 33,282,335 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 5,567,345 (46,704 ) 23,844 5,544,485 Equity in earnings — 1,232 — 1,232 Interest expense 822,566 546,598 — 1,369,164 Income (loss) before income taxes 4,819,955 (592,615 ) 23,819 4,251,159 December 31, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 278,936,342 $ 19,367,243 $ 16,399,650 $ 314,703,235 September 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 268,664,460 $ 17,882,108 $ 17,182,772 $ 303,729,340 |
Note 16 - Regulatory Assets a_2
Note 16 - Regulatory Assets and Liabilities (Tables) | 3 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Regulatory Assets [Table Text Block] | December 31, 2023 September 30, 2023 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,587,816 $ 414,689 Under-recovery of gas costs — 1,383,340 Under-recovery of RNG revenues 1,085,177 797,804 Accrued pension 182,263 243,017 Other deferred expenses 12,762 15,426 Total current 2,868,018 2,854,276 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,227,512 1,256,059 Accrued pension 3,786,265 3,786,265 Other deferred expenses 336,414 347,121 Total non-current 5,350,191 5,389,445 Total regulatory assets $ 8,218,209 $ 8,243,721 |
Schedule of Regulatory Liabilities [Table Text Block] | December 31, 2023 September 30, 2023 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 663,505 $ — Over-recovery of SAVE Plan revenues 176,935 146,861 Rate refund 652,018 652,018 Deferred income taxes 591,765 527,034 Supplier refunds 203,437 275,649 Other deferred liabilities 23,365 31,154 Total current 2,311,025 1,632,716 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 10,855,794 10,792,831 Regulatory cost of retirement obligations 13,404,991 13,029,376 Regulatory liabilities: Deferred income taxes 16,101,834 16,249,776 Deferred postretirement medical 1,781,917 1,781,917 Total non-current 42,144,536 41,853,900 Total regulatory liabilities $ 44,455,561 $ 43,486,616 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Feb. 06, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Long-Term Line of Credit | $ 13,252,596 | |
Number of States in which Entity Operates | 2 | |
RGC Midstream LLC [Member] | ||
Unsecured Debt, Current | $ 33,850,000 | |
Subsequent Event [Member] | ||
Long-Term Line of Credit | $ 6,700,000 |
Note 2 - Leases (Details Textua
Note 2 - Leases (Details Textual) | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Number of Additional Operating Leases | 3 |
Three Other Operating Leases [Member] | |
Operating Lease, Cost | $ 50,000 |
Other Noncurrent Assets [Member] | |
Operating Lease, Right-of-Use Asset | 354,320 |
Other Noncurrent Liabilities [Member] | |
Operating Lease, Liability, Current | 30,657 |
Deferred Credit And Other Noncurrent Liabilities [Member] | |
Operating Lease, Liability, Noncurrent | $ 321,056 |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 3 years |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 6 years |
RNG [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 20 years |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 2 - Leases - Lease Cost (D
Note 2 - Leases - Lease Cost (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid on operating leases | $ 6,766 | $ 12,600 |
Weighted-average remaining term (in years) (Year) | 17 years 4 months 24 days | 2 years 9 months 18 days |
Note 2 - Leases - Operating Lea
Note 2 - Leases - Operating Lease Maturity (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 42,300 |
2025 | 43,065 |
2026 | 30,038 |
2027 | 30,038 |
2028 | 26,400 |
Thereafter | 369,600 |
Total minimum lease payments | 541,441 |
Less imputed interest | (189,728) |
Other Liabilities [Member] | |
Total | $ 351,713 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total contracts with customers | $ 23,358,024 | $ 33,424,584 |
Alternative revenue programs | 1,061,328 | (142,249) |
Operating revenues | 24,419,352 | 33,282,335 |
Oil and Gas [Member] | Residential [Member] | ||
Total contracts with customers | 13,824,642 | 19,365,840 |
Oil and Gas [Member] | Commercial [Member] | ||
Total contracts with customers | 7,841,726 | 12,019,113 |
Oil and Gas [Member] | Transportation and Interruptible [Member] | ||
Total contracts with customers | 1,370,270 | 1,588,068 |
Product and Service, Other [Member] | ||
Total contracts with customers | 321,386 | 451,563 |
Gas Utility [Member] | ||
Total contracts with customers | 23,330,526 | 33,395,016 |
Alternative revenue programs | 1,061,328 | (142,249) |
Operating revenues | 24,391,854 | 33,252,767 |
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||
Total contracts with customers | 13,824,642 | 19,365,840 |
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||
Total contracts with customers | 7,841,726 | 12,019,113 |
Gas Utility [Member] | Oil and Gas [Member] | Transportation and Interruptible [Member] | ||
Total contracts with customers | 1,370,270 | 1,588,068 |
Gas Utility [Member] | Product and Service, Other [Member] | ||
Total contracts with customers | 293,888 | 421,995 |
Non-utility [Member] | ||
Total contracts with customers | 27,498 | 29,568 |
Alternative revenue programs | 0 | 0 |
Operating revenues | 27,498 | 29,568 |
Non-utility [Member] | Oil and Gas [Member] | Residential [Member] | ||
Total contracts with customers | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||
Total contracts with customers | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Transportation and Interruptible [Member] | ||
Total contracts with customers | 0 | 0 |
Non-utility [Member] | Product and Service, Other [Member] | ||
Total contracts with customers | $ 27,498 | $ 29,568 |
Note 3 - Revenue - Customer Acc
Note 3 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Sep. 30, 2023 | ||
Trade accounts receivable | $ 13,158,930 | $ 4,194,934 | |
Unbilled revenue | 4,757,101 | 1,240,097 | |
Customer credit balances | 1,882,100 | 1,972,132 | |
Customer deposits | 1,646,267 | 1,476,321 | |
Increase (decrease) in Unbilled revenue | [1] | 3,517,004 | |
Increase (decrease) in Customer credit balances | (90,032) | ||
Increase (decrease) in Customer deposits | 169,946 | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | 8,302,330 | $ 2,782,025 | |
Increase (decrease) in Trade accounts receivable | [1] | $ 5,520,305 | |
[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) | 3 Months Ended |
Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal and State Statutory Income Tax Rate, Percent | 25.74% |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Positions (Details) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Effective tax rate | 24% | 23.40% |
Note 5 - Rates and Regulatory_2
Note 5 - Rates and Regulatory Matters (Details Textual) | 3 Months Ended | |||||||
Jul. 07, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 21, 2022 USD ($) | Dec. 02, 2022 USD ($) | Dec. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jul. 19, 2022 | Jun. 02, 2022 | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 8,550,000 | |||||||
Regulated Operating Revenue, SAVE Revenue | $ 4,050,000 | |||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7,450,000 | |||||||
SAVE Plan and Rider for Recovery Costs, Term (Year) | 5 years | 5 years | ||||||
Recovery Costs, SAVE Eligible Expenses | $ 8,500,000 | |||||||
Investments | $ 49,500,000 | $ 49,500,000 | ||||||
SAVE Annual Revenues | $ 366,000 | |||||||
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 | $ 311,000 | $ 219,000 |
Note 6 - Other Investments (Det
Note 6 - Other Investments (Details Textual) - RGC Midstream LLC [Member] | Dec. 31, 2023 |
MVP Southgate Investment [Member] | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 1% |
MVP [Member] | |
Equity Method Investment, Ownership Percentage | 1% |
Note 6 - Other Investments - Sc
Note 6 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Investment in unconsolidated affiliates | $ 18,654,928 | $ 17,187,093 | |
Equity in earnings of unconsolidated affiliate | 1,467,835 | $ 1,232 | |
Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment | 10,773,811 | 9,683,797 | |
Cash investment | 0 | 818,178 | |
Change in accrued capital calls | 0 | 39,466 | |
Change in investment in unconsolidated affiliates | 1,467,835 | $ 858,876 | |
MVP [Member] | |||
Investment in unconsolidated affiliates | 18,564,311 | 17,096,476 | |
Southgate [Member] | |||
Investment in unconsolidated affiliates | $ 90,617 | $ 90,617 |
Note 6 - Other Investments - In
Note 6 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other income, net | $ 120,786 | $ 74,606 | ||
Net income | 5,019,992 | 3,256,405 | ||
Current assets | 34,769,875 | $ 26,795,262 | ||
Total assets | 314,703,235 | 303,729,340 | ||
Current liabilities | 64,196,722 | 32,918,787 | ||
Capital | 103,544,603 | 94,890,007 | 100,732,625 | $ 93,090,656 |
Total liabilities and equity | 314,703,235 | 303,729,340 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||
Current assets | 349,417,551 | 795,787,358 | ||
Construction work in progress | 8,468,379,830 | 7,499,128,254 | ||
Other assets | 12,160,170 | 11,639,586 | ||
Total assets | 8,829,957,551 | 8,306,555,198 | ||
Current liabilities | 371,508,693 | 236,947,158 | ||
Capital | 8,458,448,858 | 8,069,608,040 | ||
Total liabilities and equity | 8,829,957,551 | $ 8,306,555,198 | ||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | MVP [Member] | ||||
AFUDC | 158,562,141 | 0 | ||
Other income, net | 2,663,569 | 160,472 | ||
Net income | $ 161,225,710 | $ 160,472 |
Note 7 - Derivatives and Hedg_2
Note 7 - Derivatives and Hedging (Details Textual) $ in Millions | Dec. 31, 2023 USD ($) | Jun. 28, 2023 USD ($) | Apr. 03, 2023 | Aug. 20, 2021 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 | |||
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] | Unsecured Debt [Member] | ||||
Debt Instrument, Face Amount | $ 8 | $ 8 | ||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | ||
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% |
Note 8 - Short-term Debt (Detai
Note 8 - Short-term Debt (Details Textual) - USD ($) | Mar. 24, 2023 | Dec. 31, 2023 |
Long-Term Line of Credit | $ 13,252,596 | |
Minimum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 4,000,000 | |
Maximum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | |
Roanoke Gas Company [Member] | Unsecured Revolving Note Maturing March 31, 2024 [Member] | ||
Debt Instrument, Face Amount | $ 25,000,000 | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) | 3 Months Ended | 9 Months Ended | |||||||
Jul. 28, 2023 | Jun. 28, 2023 USD ($) | Mar. 24, 2023 USD ($) | Jun. 30, 2022 | Dec. 31, 2023 USD ($) | Jun. 30, 2023 | Sep. 30, 2023 USD ($) | Apr. 03, 2023 USD ($) | Aug. 20, 2021 USD ($) | |
Regulatory Asset | $ 8,218,209 | $ 8,243,721 | |||||||
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 | ||||||||
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | |||||||||
Regulatory Asset | $ 1,227,512 | $ 1,256,059 | |||||||
Regulatory Asset, Amortization Period (Year) | 20 years | ||||||||
Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | |||||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||||
Debt Instrument, Face Amount | $ 15,000,000 | ||||||||
RGC Midstream LLC [Member] | |||||||||
Derivative, Fixed Interest Rate | 2.49% | ||||||||
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 | 2% | 1.50% | |||||||
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 | $ 14,000,000 | ||||||||
Derivative, Fixed Interest Rate | 3.24% | ||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | |||||||||
Debt Instrument, Face Amount | $ 8,000,000 | $ 8,000,000 | |||||||
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] | Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | |||||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||||
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 | $ 15,000,000 | ||||||||
Derivative, Fixed Interest Rate | 2% |
Note 9 - Long-term Debt - Long-
Note 9 - Long-term Debt - Long-term Debt (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Unamortized Debt Issuance Costs | $ 238,804 | $ 255,272 |
Total long-term debt, net current maturities | 102,700,000 | 126,100,000 |
Notes Payable [Member] | ||
Notes payable | 136,550,000 | 137,075,000 |
Unamortized Debt Issuance Costs | 238,804 | 255,272 |
Less: current maturities of long-term debt | (33,850,000) | (10,975,000) |
Total long-term debt, net current maturities | 102,700,000 | 126,100,000 |
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 | 103,782 | 106,195 |
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 | 18,060 | 19,264 |
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 | 22,711 | 23,495 |
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 | 21,136 | 22,017 |
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 | 31,983 | 33,666 |
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 | 23,000,000 |
Unamortized Debt Issuance Costs | 16,217 | 23,386 |
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 | 6,019 | 6,621 |
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 | 9,250,000 | 9,375,000 |
Unamortized Debt Issuance Costs | 982 | 1,571 |
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 | 6,800,000 | 7,200,000 |
Unamortized Debt Issuance Costs | $ 17,914 | $ 19,057 |
Note 9 - Long-term Debt - Lon_2
Note 9 - Long-term Debt - Long-term Debt (Details) (Parentheticals) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2023 | Sep. 30, 2023 | Apr. 03, 2023 | |
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] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
Derivative, Fixed Interest Rate | 3.14% | 3.14% | |
Debt Instrument, Periodic Payment | $ 41,667 | $ 41,667 | |
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% | |
Debt Instrument, Periodic Payment | $ 400,000 | $ 400,000 | |
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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Unrealized losses | $ (836,071) | $ (43,947) |
Unrealized losses | 215,205 | 11,311 |
Unrealized losses | (620,866) | (32,636) |
Transfer of realized gains to interest expense | (545,183) | (290,779) |
Transfer of realized gains to interest expense | 140,329 | (74,845) |
Transfer of realized gains to interest expense | (404,854) | (215,934) |
Net interest rate swaps | (1,381,254) | 246,832 |
Net interest rate swaps | 355,534 | (63,534) |
Net interest rate swaps | (1,025,720) | 183,298 |
Amortization of actuarial losses | 16,015 | 19,703 |
Amortization of actuarial losses | (4,122) | (5,072) |
Amortization of actuarial losses | 11,893 | 14,631 |
Other comprehensive loss | (1,365,239) | (227,129) |
Other comprehensive loss | 351,412 | 58,462 |
Other comprehensive loss | 1,013,827 | 168,667 |
Unrealized gains (losses) | 836,071 | 43,947 |
Unrealized gains (losses) | (215,205) | (11,311) |
Unrealized gains (losses) | 620,866 | 32,636 |
Transfer of realized gains to interest expense | (140,329) | 74,845 |
Net interest rate swaps | 1,381,254 | (246,832) |
Net interest rate swaps | (355,534) | 63,534 |
Net interest rate swaps | $ 1,025,720 | $ (183,298) |
Note 10 - Other Comprehensive_4
Note 10 - Other Comprehensive Income (Loss) - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance | $ 100,732,625 | $ 93,090,656 |
Other comprehensive loss | (1,013,827) | (168,667) |
Balance | 103,544,603 | 94,890,007 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 3,428,922 | |
Other comprehensive loss | (1,025,720) | |
Balance | 2,403,202 | |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Balance | (1,175,633) | |
Other comprehensive loss | 11,893 | |
Balance | (1,163,740) | |
AOCI Attributable to Parent [Member] | ||
Balance | 2,253,289 | 1,964,364 |
Other comprehensive loss | (1,013,827) | (168,667) |
Balance | $ 1,239,462 | $ 1,795,697 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) | 3 Months Ended |
Dec. 31, 2023 | |
Number of Pipelines | 2 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income | $ 5,019,992 | $ 3,256,405 |
Weighted average common shares (in shares) | 10,029,243 | 9,830,206 |
Options to purchase common stock (in shares) | 2,111 | 6,982 |
Diluted average common shares (in shares) | 10,031,354 | 9,837,188 |
Basic (in dollars per share) | $ 0.5 | $ 0.33 |
Diluted (in dollars per share) | $ 0.5 | $ 0.33 |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans (Details Textual) - Pension Plan [Member] $ in Thousands | 3 Months Ended |
Dec. 31, 2023 USD ($) | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 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 | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pension Plan [Member] | ||
Service cost | $ 81,066 | $ 91,635 |
Interest cost | 367,206 | 343,025 |
Expected return on plan assets | (294,958) | (308,149) |
Recognized loss | 79,132 | 79,181 |
Net periodic pension cost | 232,446 | 205,692 |
Postemployment Retirement Benefits [Member] | ||
Service cost | 7,599 | 11,475 |
Interest cost | 153,369 | 155,156 |
Expected return on plan assets | (133,311) | (116,012) |
Recognized loss | (10,149) | 0 |
Net periodic pension cost | $ 17,508 | $ 50,619 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) Pure in Thousands | Dec. 31, 2023 | Sep. 30, 2023 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Major Customers | 0 | 0 |
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 ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Total Assets fair value | $ 3,236,201 | $ 4,617,455 |
Natural gas purchases | 1,234,072 | 1,022,662 |
Total Liabilities fair value | 1,234,072 | 1,022,662 |
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 | 3,236,201 | 4,617,455 |
Natural gas purchases | 1,234,072 | 1,022,662 |
Total Liabilities fair value | 1,234,072 | 1,022,662 |
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 | 3,236,201 | |
Interest rate swaps, liabilities | 4,617,455 | |
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 | 3,236,201 | |
Interest rate swaps, liabilities | 4,617,455 | |
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 ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Current maturities of long-term debt | $ 33,850,000 | $ 10,975,000 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 33,850,000 | 10,975,000 |
Notes payable | 102,700,000 | 126,100,000 |
Total Liabilities fair value | 136,550,000 | 137,075,000 |
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 | 34,027,761 | 10,975,000 |
Notes payable | 99,954,528 | 120,298,658 |
Total Liabilities fair value | $ 133,982,289 | $ 131,273,658 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | |
Operating revenues | $ 24,419,352 | $ 33,282,335 | |
Depreciation | 2,697,707 | 2,419,541 | |
Operating income (loss) | 6,652,037 | 5,544,485 | |
Equity in earnings | 1,467,835 | 1,232 | |
Interest expense | 1,636,273 | 1,369,164 | |
Income before income taxes | 6,604,385 | 4,251,159 | |
Total assets | 314,703,235 | $ 303,729,340 | |
Operating Segments [Member] | Gas Utility [Member] | |||
Operating revenues | 24,391,854 | 33,252,767 | |
Depreciation | 2,697,707 | 2,419,541 | |
Operating income (loss) | 6,644,298 | 5,567,345 | |
Equity in earnings | 0 | 0 | |
Interest expense | 968,937 | 822,566 | |
Income before income taxes | 5,795,734 | 4,819,955 | |
Total assets | 278,936,342 | 268,664,460 | |
Operating Segments [Member] | Investment in Affiliates [Member] | |||
Operating revenues | 0 | 0 | |
Depreciation | 0 | 0 | |
Operating income (loss) | (13,403) | (46,704) | |
Equity in earnings | 1,467,835 | 1,232 | |
Interest expense | 667,336 | 546,598 | |
Income before income taxes | 787,534 | (592,615) | |
Total assets | 19,367,243 | 17,882,108 | |
Corporate, Non-Segment [Member] | |||
Operating revenues | 27,498 | 29,568 | |
Depreciation | 0 | 0 | |
Operating income (loss) | 21,142 | 23,844 | |
Equity in earnings | 0 | 0 | |
Interest expense | 0 | 0 | |
Income before income taxes | 21,117 | $ 23,819 | |
Total assets | $ 16,399,650 | $ 17,182,772 |
Note 16 - Regulatory Assets a_3
Note 16 - Regulatory Assets and Liabilities (Details Textual) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 8,218,209 | $ 8,243,721 |
Note 16 - Regulatory Assets a_4
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Assets (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Regulatory assets | $ 2,868,018 | $ 2,854,276 |
Noncurrent regulatory assets | 5,350,191 | 5,389,445 |
Total regulatory assets | 8,218,209 | 8,243,721 |
WNA [Member] | ||
Regulatory assets | 1,587,816 | 414,689 |
Regulatory Clause Revenues, under-Recovered [Member] | ||
Regulatory assets | 0 | 1,383,340 |
Under-recovery of RNG Revenues [Member] | ||
Regulatory assets | 1,085,177 | 797,804 |
Pension Costs [Member] | ||
Regulatory assets | 182,263 | 243,017 |
Noncurrent regulatory assets | 3,786,265 | 3,786,265 |
Other Assets [Member] | ||
Regulatory assets | 12,762 | 15,426 |
Noncurrent regulatory assets | 336,414 | 347,121 |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||
Noncurrent regulatory assets | 1,227,512 | 1,256,059 |
Total regulatory assets | $ 1,227,512 | $ 1,256,059 |
Note 16 - Regulatory Assets a_5
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Liabilities (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 |
Regulatory liabilities | $ 2,311,025 | $ 1,632,716 |
Asset retirement obligations | 10,855,794 | 10,792,831 |
Regulatory cost of retirement obligations | 13,404,991 | 13,029,376 |
Regulatory Liability, Noncurrent | 17,883,751 | 18,031,693 |
Total non-current | 42,144,536 | 41,853,900 |
Total regulatory liabilities | 44,455,561 | 43,486,616 |
Over-recovery of Gas Cost [Member] | ||
Regulatory liabilities | 663,505 | 0 |
Revenue Subject to Refund [Member] | ||
Regulatory liabilities | 176,935 | 146,861 |
Rate Refund [Member] | ||
Regulatory liabilities | 652,018 | 652,018 |
Deferred Income Tax Charge [Member] | ||
Regulatory liabilities | 591,765 | 527,034 |
Regulatory Liability, Noncurrent | 16,101,834 | 16,249,776 |
Supplier Refund [Member] | ||
Regulatory liabilities | 203,437 | 275,649 |
Other Deferred Liabilities [Member] | ||
Regulatory liabilities | 23,365 | 31,154 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulatory Liability, Noncurrent | $ 1,781,917 | $ 1,781,917 |