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As of September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Exploration and Production | $ | 4,925,409 | $ | 4,645,226 | |||
Pipeline and Storage | 2,002,736 | 1,956,708 | |||||
Gathering | 484,768 | 454,343 | |||||
Utility | 2,045,074 | 1,998,605 | |||||
Energy Marketing | 3,564 | 3,528 | |||||
All Other and Corporate | 109,128 | 109,455 | |||||
$ | 9,570,679 | $ | 9,167,865 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Exploration and Production, per Mcfe(1) | $ | 0.65 | $ | 0.87 | $ | 1.52 | |||||
Pipeline and Storage | 2.2 | % | 2.4 | % | 2.4 | % | |||||
Gathering | 3.4 | % | 4.0 | % | 4.0 | % | |||||
Utility | 2.8 | % | 2.7 | % | 2.6 | % | |||||
Energy Marketing | 7.9 | % | 7.9 | % | 6.1 | % | |||||
All Other and Corporate | 1.3 | % | 1.8 | % | 1.4 | % |
(1) | Amounts include depletion of oil and gas producing properties as well as depreciation of fixed assets. As disclosed in Note M — Supplementary Information for Oil and Gas Producing Activities, depletion of oil and gas producing properties amounted to $0.63, $0.85 and $1.49 per Mcfe of production in 2017, 2016 and 2015, respectively. |
Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||||
Year Ended September 30, 2017 | |||||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | |||||
Other Comprehensive Gains and Losses Before Reclassifications | 3,338 | 2,503 | 9,486 | 15,327 | |||||||||||
Amounts Reclassified From Other Comprehensive Loss | (47,319 | ) | (995 | ) | 8,504 | (39,810 | ) | ||||||||
Balance at September 30, 2017 | $ | 20,801 | $ | 7,562 | $ | (58,486 | ) | $ | (30,123 | ) | |||||
Year Ended September 30, 2016 | |||||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | ||||||
Other Comprehensive Gains and Losses Before Reclassifications | 41,845 | 932 | (13,027 | ) | 29,750 | ||||||||||
Amounts Reclassified From Other Comprehensive Loss | (134,260 | ) | (847 | ) | 6,345 | (128,762 | ) | ||||||||
Balance at September 30, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) |
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) for the Year Ended September 30, | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||
2017 | 2016 | |||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | ||||||||||
Commodity Contracts | $83,983 | $216,823 | Operating Revenues | |||||||
Commodity Contracts | (1,921 | ) | 4,520 | Purchased Gas | ||||||
Foreign Currency Contracts | (457 | ) | (424 | ) | Operation and Maintenance Expense | |||||
Gains (Losses) on Securities Available for Sale | 1,575 | 1,374 | Other Income | |||||||
Amortization of Prior Year Funded Status of the Pension and Other Post-Retirement Benefit Plans: | ||||||||||
Prior Service Credit | (288 | ) | (333 | ) | (1) | |||||
Net Actuarial Loss | (13,145 | ) | (9,735 | ) | (1) | |||||
69,747 | 212,225 | Total Before Income Tax | ||||||||
(29,937 | ) | (83,463 | ) | Income Tax Expense | ||||||
$39,810 | $128,762 | Net of Tax |
(1) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost. Refer to Note H — Retirement Plan and Other Post-Retirement Benefits for additional details. |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Prepayments | $ | 10,927 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 13,974 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 9,689 | 3,961 | |||||
Fair Values of Firm Commitments | 1,031 | 3,962 | |||||
Regulatory Assets | 15,884 | 15,616 | |||||
$ | 51,505 | $ | 59,354 |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Accrued Capital Expenditures | $ | 37,382 | $ | 26,796 | |||
Regulatory Liabilities | 34,059 | 14,725 | |||||
Federal Income Taxes Payable | 1,775 | — | |||||
Other | 38,673 | 32,909 | |||||
$ | 111,889 | $ | 74,430 |
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Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Balance at Beginning of Year | $ | 112,330 | $ | 156,805 | $ | 117,713 | |||||
Liabilities Incurred | 2,963 | 2,719 | 4,433 | ||||||||
Revisions of Estimates | (10,578 | ) | 16,721 | 33,717 | |||||||
Liabilities Settled | (4,967 | ) | (72,215 | ) | (6,825 | ) | |||||
Accretion Expense | 6,647 | 8,300 | 7,767 | ||||||||
Balance at End of Year | $ | 106,395 | $ | 112,330 | $ | 156,805 |
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At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Regulatory Assets(1): | |||||||
Pension Costs(2) (Note H) | $ | 125,175 | $ | 203,755 | |||
Post-Retirement Benefit Costs(2) (Note H) | 13,886 | 74,802 | |||||
Recoverable Future Taxes (Note D) | 181,363 | 177,261 | |||||
Environmental Site Remediation Costs(2) (Note I) | 19,665 | 23,392 | |||||
Asset Retirement Obligations(2) (Note B) | 12,764 | 12,490 | |||||
Unamortized Debt Expense (Note A) | 1,159 | 1,688 | |||||
Other(3) | 18,827 | 21,927 | |||||
Total Regulatory Assets | 372,839 | 515,315 | |||||
Less: Amounts Included in Other Current Assets | (15,884 | ) | (15,616 | ) | |||
Total Long-Term Regulatory Assets | $ | 356,955 | $ | 499,699 |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Regulatory Liabilities: | |||||||
Cost of Removal Regulatory Liability | $ | 204,630 | $ | 193,424 | |||
Taxes Refundable to Customers (Note D) | 95,739 | 93,318 | |||||
Post-Retirement Benefit Costs (Note H) | 102,891 | 67,204 | |||||
Amounts Payable to Customers (See Regulatory Mechanisms in Note A) | — | 19,537 | |||||
Other(4) | 44,884 | 47,310 | |||||
Total Regulatory Liabilities | 448,144 | 420,793 | |||||
Less: Amounts included in Current and Accrued Liabilities | (34,059 | ) | (34,262 | ) | |||
Total Long-Term Regulatory Liabilities | $ | 414,085 | $ | 386,531 |
(1) | The Company recovers the cost of its regulatory assets but generally does not earn a return on them. There are a few exceptions to this rule. For example, the Company does earn a return on Unrecovered Purchased Gas Costs and, in the New York jurisdiction of its Utility segment, earns a return, within certain parameters, on the excess of cumulative funding to the pension plan over the cumulative amount collected in rates. |
(2) | Included in Other Regulatory Assets on the Consolidated Balance Sheets. |
(3) | $15,884 and $15,616 are included in Other Current Assets on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively, since such amounts are expected to be recovered from ratepayers in the next 12 months. $2,943 and $6,311 are included in Other Regulatory Assets on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively. |
(4) | $34,059 and $14,725 are included in Other Accruals and Current Liabilities on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively, since such amounts are expected to be recovered from ratepayers in the next 12 months. $10,825 and $32,585 are included in Other Regulatory Liabilities on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively. |
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Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Current Income Taxes — | |||||||||||
Federal | $ | 32,034 | $ | (6,658 | ) | $ | 25,064 | ||||
State | 10,673 | 20,903 | 13,387 | ||||||||
Deferred Income Taxes — | |||||||||||
Federal | 103,046 | (164,818 | ) | (244,336 | ) | ||||||
State | 14,929 | (81,976 | ) | (113,251 | ) | ||||||
160,682 | (232,549 | ) | (319,136 | ) | |||||||
Deferred Investment Tax Credit | (173 | ) | (348 | ) | (414 | ) | |||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) | |||
Presented as Follows: | |||||||||||
Other Income | $ | (173 | ) | $ | (348 | ) | $ | (414 | ) | ||
Income Tax Expense (Benefit) | 160,682 | (232,549 | ) | (319,136 | ) | ||||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
U.S. Income (Loss) Before Income Taxes | $ | 443,991 | $ | (523,855 | ) | $ | (698,977 | ) | |||
Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35% | $ | 155,397 | $ | (183,349 | ) | $ | (244,642 | ) | |||
State Income Taxes (Benefit) | 16,641 | (39,697 | ) | (64,912 | ) | ||||||
Federal Tax Credits | (6,679 | ) | (3,262 | ) | (732 | ) | |||||
Miscellaneous | (4,850 | ) | (6,589 | ) | (9,264 | ) | |||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Deferred Tax Liabilities: | |||||||
Property, Plant and Equipment | $ | 1,141,432 | $ | 1,049,100 | |||
Pension and Other Post-Retirement Benefit Costs | 79,516 | 151,903 | |||||
Unrealized Hedging Gains | 19,127 | 50,179 | |||||
Other | 57,919 | 55,457 | |||||
Total Deferred Tax Liabilities | 1,297,994 | 1,306,639 | |||||
Deferred Tax Assets: | |||||||
Pension and Other Post-Retirement Benefit Costs | (123,532 | ) | (195,829 | ) | |||
Tax Loss and Credit Carryforwards | (200,344 | ) | (194,875 | ) | |||
Other | (82,831 | ) | (92,140 | ) | |||
Total Deferred Tax Assets | (406,707 | ) | (482,844 | ) | |||
Total Net Deferred Income Taxes | $ | 891,287 | $ | 823,795 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Balance at Beginning of Year | $ | 396 | $ | 5,085 | $ | 3,147 | |||||
Additions for Tax Positions of Prior Years | 1,251 | 396 | 2,504 | ||||||||
Reductions for Tax Positions of Prior Years | (396 | ) | (1,314 | ) | (566 | ) | |||||
Reductions Related to Settlements with Taxing Authorities | — | (3,771 | ) | — | |||||||
Balance at End of Year | $ | 1,251 | $ | 396 | $ | 5,085 |
Jurisdiction | Tax Attribute | Amount (Thousands) | Expires | |||||
Federal | Net Operating Loss | $ | 184,289 | 2028-2033 | ||||
Pennsylvania | Net Operating Loss | 324,572 | 2030-2035 | |||||
California | Net Operating Loss | 169,723 | 2029-2035 | |||||
Federal | Alternative Minimum Tax Credit | 81,683 | Unlimited | |||||
California | Alternative Minimum Tax Credit | 5,873 | Unlimited | |||||
Federal | Enhanced Oil Recovery Credit | 10,502 | 2029-2037 | |||||
California | Enhanced Oil Recovery Credit | 5,061 | 2021-2037 | |||||
Federal | R&D Tax Credit | 5,694 | 2031-2036 |
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Common Stock | Paid In Capital | Earnings Reinvested in the Business | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Shares | Amount | |||||||||||||||||
(Thousands, except per share amounts) | ||||||||||||||||||
Balance at September 30, 2014 | 84,157 | $ | 84,157 | $ | 716,144 | $ | 1,614,361 | $ | (3,979 | ) | ||||||||
Net Income (Loss) Available for Common Stock | (379,427 | ) | ||||||||||||||||
Dividends Declared on Common Stock ($1.56 Per Share) | (131,734 | ) | ||||||||||||||||
Other Comprehensive Income, Net of Tax | 97,351 | |||||||||||||||||
Share-Based Payment Expense(2) | 2,207 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans(1) | 437 | 437 | 25,923 | |||||||||||||||
Balance at September 30, 2015 | 84,594 | 84,594 | 744,274 | 1,103,200 | 93,372 | |||||||||||||
Net Income (Loss) Available for Common Stock | (290,958 | ) | ||||||||||||||||
Dividends Declared on Common Stock ($1.60 Per Share) | (135,881 | ) | ||||||||||||||||
Other Comprehensive Loss, Net of Tax | (99,012 | ) | ||||||||||||||||
Share-Based Payment Expense(2) | 4,843 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans(1) | 525 | 525 | 22,047 | |||||||||||||||
Balance at September 30, 2016 | 85,119 | 85,119 | 771,164 | 676,361 | (5,640 | ) | ||||||||||||
Net Income Available for Common Stock | 283,482 | |||||||||||||||||
Dividends Declared on Common Stock ($1.64 Per Share) | (140,090 | ) | ||||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Stock-Based Compensation | 31,916 | |||||||||||||||||
Other Comprehensive Loss, Net of Tax | (24,483 | ) | ||||||||||||||||
Share-Based Payment Expense(2) | 10,902 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans | 424 | 424 | 14,580 | |||||||||||||||
Balance at September 30, 2017 | 85,543 | $ | 85,543 | $ | 796,646 | $ | 851,669 | (3) | $ | (30,123 | ) |
(1) | Paid in Capital includes tax benefits of $1.9 million and $9.1 million for September 30, 2016 and 2015, respectively, related to stock-based compensation. |
(2) | Paid in Capital includes compensation costs associated with stock option, SARs, performance share and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits. |
(3) | The availability of consolidated earnings reinvested in the business for dividends payable in cash is limited under terms of the indentures covering long-term debt. At September 30, 2017, $707.5 million of accumulated earnings was free of such limitations. |
Number of Shares Subject to Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In thousands) | ||||||||||
Outstanding at September 30, 2016 | 19,000 | $ | 39.48 | ||||||||||
Granted in 2017 | — | $ | — | ||||||||||
Exercised in 2017 | (19,000 | ) | $ | 39.48 | |||||||||
Forfeited in 2017 | — | $ | — | ||||||||||
Outstanding at September 30, 2017 | — | $ | — | — | $ | — | |||||||
Option shares exercisable at September 30, 2017 | — | $ | — | — | $ | — | |||||||
Shares available for future grant at September 30, 2017(1) | 2,182,243 |
(1) | Includes shares available for options, SARs, restricted stock and performance share grants. |
Number of Shares Subject To Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In thousands) | |||||||||
Outstanding at September 30, 2016 | 1,590,988 | $ | 48.19 | |||||||||
Granted in 2017 | — | $ | — | |||||||||
Exercised in 2017 | (82,077 | ) | $ | 39.77 | ||||||||
Forfeited in 2017 | — | $ | — | |||||||||
Expired in 2017 | (3,000 | ) | $ | 52.10 | ||||||||
Outstanding at September 30, 2017 | 1,505,911 | $ | 48.64 | 2.52 | $ | 13,144 | ||||||
SARs exercisable at September 30, 2017 | 1,505,911 | $ | 48.64 | 2.52 | $ | 13,144 |
Number of Restricted Share Awards | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 20,000 | $ | 47.46 | |||
Granted in 2017 | — | $ | — | |||
Vested in 2017 | — | $ | — | |||
Forfeited in 2017 | — | $ | — | |||
Outstanding at September 30, 2017 | 20,000 | $ | 47.46 |
Number of Restricted Stock Units | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 239,151 | $ | 49.67 | |||
Granted in 2017 | 87,143 | $ | 52.13 | |||
Vested in 2017 | (80,530 | ) | $ | 53.38 | ||
Forfeited in 2017 | (12,565 | ) | $ | 53.75 | ||
Outstanding at September 30, 2017 | 233,199 | $ | 48.99 |
Number of Performance Shares | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 438,234 | $ | 44.98 | |||
Granted in 2017 | 184,148 | $ | 56.39 | |||
Vested in 2017 | (43,484 | ) | $ | 69.13 | ||
Forfeited in 2017 | (51,150 | ) | $ | 60.74 | ||
Outstanding at September 30, 2017 | 527,748 | $ | 45.44 |
Year Ended September 30 | ||||||||
2017 | 2016 | 2015 | ||||||
Risk-Free Interest Rate | 1.54 | % | 1.26 | % | 1.01 | % | ||
Remaining Term at Date of Grant (Years) | 2.79 | 2.79 | 2.78 | |||||
Expected Volatility | 22.6 | % | 20.5 | % | 20.1 | % | ||
Expected Dividend Yield (Quarterly) | N/A | N/A | N/A |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Medium-Term Notes(1): | |||||||
7.4% due March 2023 to June 2025 | $ | 99,000 | $ | 99,000 | |||
Notes(1)(3)(4): | |||||||
3.75% to 8.75% due April 2018 to September 2027 | 2,300,000 | 2,000,000 | |||||
Total Long-Term Debt | 2,399,000 | 2,099,000 | |||||
Less Unamortized Discount and Debt Issuance Costs | 15,319 | 12,748 | |||||
Less Current Portion(2) | 300,000 | — | |||||
$ | 2,083,681 | $ | 2,086,252 |
(1) | The Medium-Term Notes and Notes are unsecured. |
(2) | Current Portion of Long-Term Debt at September 30, 2017 consisted of $300.0 million of 6.50% notes scheduled to mature in April 2018. The Company redeemed these notes on October 18, 2017 for $307.0 million, plus accrued interest. The call premium was recorded to Unamortized Debt Expense on the Consolidated Balance Sheet in October 2017. |
(3) | The holders of these notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade. |
(4) | The interest rate payable on $300.0 million of 3.95% notes will be subject to adjustment from time to time, with a maximum of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). |
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At Fair Value as of September 30, 2017 | |||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents — Money Market Mutual Funds | $ | 527,978 | $ | — | $ | — | $ | — | $ | 527,978 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | 1,483 | — | — | (963 | ) | 520 | |||||||||||||
Over the Counter Swaps — Gas and Oil | — | 38,977 | — | (4,206 | ) | 34,771 | |||||||||||||
Foreign Currency Contracts | — | 1,227 | — | (407 | ) | 820 | |||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 37,033 | — | — | — | 37,033 | ||||||||||||||
Fixed Income Mutual Fund | 45,727 | — | — | — | 45,727 | ||||||||||||||
Common Stock — Financial Services Industry | 3,150 | — | — | — | 3,150 | ||||||||||||||
Hedging Collateral Deposits | 1,741 | — | — | — | 1,741 | ||||||||||||||
Total | $ | 617,112 | $ | 40,204 | $ | — | $ | (5,576 | ) | $ | 651,740 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | $ | 963 | $ | — | $ | — | $ | (963 | ) | $ | — | ||||||||
Over the Counter Swaps — Gas and Oil | — | 5,309 | — | (4,206 | ) | 1,103 | |||||||||||||
Foreign Currency Contracts | — | 407 | — | (407 | ) | — | |||||||||||||
Total | $ | 963 | $ | 5,716 | $ | — | $ | (5,576 | ) | $ | 1,103 | ||||||||
Total Net Assets/(Liabilities) | $ | 616,149 | $ | 34,488 | $ | — | $ | — | $ | 650,637 |
At Fair Value as of September 30, 2016 | |||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents — Money Market Mutual Funds | $ | 113,407 | $ | — | $ | — | $ | — | $ | 113,407 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | 2,623 | — | — | (2,276 | ) | 347 | |||||||||||||
Over the Counter Swaps — Gas and Oil | — | 119,654 | — | (3,860 | ) | 115,794 | |||||||||||||
Foreign Currency Contracts | — | — | — | (2,337 | ) | (2,337 | ) | ||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 36,658 | — | — | — | 36,658 | ||||||||||||||
Fixed Income Mutual Fund | 31,395 | — | — | — | 31,395 | ||||||||||||||
Common Stock — Financial Services Industry | 2,902 | — | — | — | 2,902 | ||||||||||||||
Hedging Collateral Deposits | 1,484 | — | — | — | 1,484 | ||||||||||||||
Total | $ | 188,469 | $ | 119,654 | $ | — | $ | (8,473 | ) | $ | 299,650 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | $ | 2,276 | $ | — | $ | — | $ | (2,276 | ) | $ | — | ||||||||
Over the Counter Swaps — Gas and Oil | — | 5,322 | — | (3,860 | ) | 1,462 | |||||||||||||
Foreign Currency Contracts | — | 2,337 | — | (2,337 | ) | — | |||||||||||||
Total | $ | 2,276 | $ | 7,659 | $ | — | $ | (8,473 | ) | $ | 1,462 | ||||||||
Total Net Assets/(Liabilities) | $ | 186,193 | $ | 111,995 | $ | — | $ | — | $ | 298,188 |
(1) | Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet. |
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At September 30 | |||||||||||||||
2017 Carrying Amount | 2017 Fair Value | 2016 Carrying Amount | 2016 Fair Value | ||||||||||||
(Thousands) | |||||||||||||||
Long-Term Debt | $ | 2,383,681 | $ | 2,523,639 | $ | 2,086,252 | $ | 2,255,562 |
Commodity | Units | ||
Natural Gas | 114.3 | Bcf (short positions) | |
Natural Gas | 1.0 | Bcf (long positions) | |
Crude Oil | 3,459,000 | Bbls (short positions) |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the Year Ended September 30, 2017 and 2016 (Dollar Amounts in Thousands) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Year Ended September 30, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Year Ended September 30, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Year Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Commodity Contracts | $ | 2,811 | $ | 58,714 | Operating Revenue | $ | 83,983 | $ | 216,823 | Operating Revenue | $ | (100 | ) | $ | 392 | |||||||||||||
Commodity Contracts | (164 | ) | 1,585 | Purchased Gas | (1,921 | ) | 4,520 | Not Applicable | — | — | ||||||||||||||||||
Foreign Currency Contracts | 2,700 | 194 | Operation and Maintenance Expense | (457 | ) | (424 | ) | Not Applicable | — | — | ||||||||||||||||||
Total | $ | 5,347 | $ | 60,493 | $ | 81,605 | $ | 220,919 | $ | (100 | ) | $ | 392 |
Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income | Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the Year Ended September 30, 2017 | Amount of Gain or (Loss) on Hedged Item Recognized in the Consolidated Statement of Income for the Year Ended September 30, 2017 | |||||||
(In thousands) | ||||||||||
Commodity Contracts | Operating Revenues | $ | 1,655 | $ | (1,655 | ) | ||||
Commodity Contracts | Purchased Gas | 464 | (464 | ) | ||||||
$ | 2,119 | $ | (2,119 | ) |
|
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||||||||
Year Ended September 30 | Year Ended September 30 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 1,097,421 | $ | 1,026,190 | $ | 999,499 | $ | 526,138 | $ | 464,987 | $ | 465,583 | |||||||||||
Service Cost | 11,969 | 11,710 | 12,047 | 2,449 | 2,331 | 2,693 | |||||||||||||||||
Interest Cost | 38,383 | 42,315 | 41,217 | 19,007 | 20,386 | 19,285 | |||||||||||||||||
Plan Participants’ Contributions | — | — | — | 2,717 | 2,558 | 2,242 | |||||||||||||||||
Retiree Drug Subsidy Receipts | — | — | — | 1,553 | 1,925 | 1,338 | |||||||||||||||||
Amendments(1) | — | — | 7,752 | — | — | — | |||||||||||||||||
Actuarial (Gain) Loss | (32,466 | ) | 76,309 | 23,426 | (62,215 | ) | 60,402 | (1,575 | ) | ||||||||||||||
Benefits Paid | (60,481 | ) | (59,103 | ) | (57,751 | ) | (27,030 | ) | (26,451 | ) | (24,579 | ) | |||||||||||
Benefit Obligation at End of Period | $ | 1,054,826 | $ | 1,097,421 | $ | 1,026,190 | $ | 462,619 | $ | 526,138 | $ | 464,987 | |||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair Value of Assets at Beginning of Period | $ | 869,775 | $ | 834,870 | $ | 869,791 | $ | 494,320 | $ | 477,959 | $ | 497,601 | |||||||||||
Actual Return on Plan Assets | 84,279 | 87,008 | (13,370 | ) | 40,157 | 37,415 | 534 | ||||||||||||||||
Employer Contributions | 17,146 | 7,000 | 36,200 | 3,853 | 2,839 | 2,161 | |||||||||||||||||
Plan Participants’ Contributions | — | — | — | 2,717 | 2,558 | 2,242 | |||||||||||||||||
Benefits Paid | (60,481 | ) | (59,103 | ) | (57,751 | ) | (27,030 | ) | (26,451 | ) | (24,579 | ) | |||||||||||
Fair Value of Assets at End of Period | $ | 910,719 | $ | 869,775 | $ | 834,870 | $ | 514,017 | $ | 494,320 | $ | 477,959 | |||||||||||
Net Amount Recognized at End of Period (Funded Status) | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | 51,398 | $ | (31,818 | ) | $ | 12,972 | |||||||
Amounts Recognized in the Balance Sheets Consist of: | |||||||||||||||||||||||
Non-Current Liabilities | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | (4,972 | ) | $ | (49,467 | ) | $ | (11,487 | ) | |||||
Non-Current Assets | — | — | — | 56,370 | 17,649 | 24,459 | |||||||||||||||||
Net Amount Recognized at End of Period | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | 51,398 | $ | (31,818 | ) | $ | 12,972 | |||||||
Accumulated Benefit Obligation | $ | 1,010,179 | $ | 1,039,408 | $ | 968,984 | N/A | N/A | N/A | ||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligation at September 30 | |||||||||||||||||||||||
Discount Rate | 3.77 | % | 3.60 | % | 4.25 | % | 3.81 | % | 3.70 | % | 4.50 | % | |||||||||||
Rate of Compensation Increase | 4.70 | % | 4.70 | % | 4.75 | % | 4.70 | % | 4.70 | % | 4.75 | % |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||||||||
Year Ended September 30 | Year Ended September 30 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||
Service Cost | $ | 11,969 | $ | 11,710 | $ | 12,047 | $ | 2,449 | $ | 2,331 | $ | 2,693 | |||||||||||
Interest Cost | 38,383 | 42,315 | 41,217 | 19,007 | 20,386 | 19,285 | |||||||||||||||||
Expected Return on Plan Assets | (59,718 | ) | (59,369 | ) | (59,615 | ) | (31,458 | ) | (31,535 | ) | (34,089 | ) | |||||||||||
Amortization of Prior Service Cost (Credit) | 1,058 | 1,234 | 183 | (429 | ) | (912 | ) | (1,913 | ) | ||||||||||||||
Recognition of Actuarial Loss(2) | 42,687 | 32,248 | 36,129 | 18,415 | 5,530 | 4,148 | |||||||||||||||||
Net Amortization and Deferral for Regulatory Purposes | 469 | 3,957 | 7,739 | 6,108 | 17,123 | 20,322 | |||||||||||||||||
Net Periodic Benefit Cost | $ | 34,848 | $ | 32,095 | $ | 37,700 | $ | 14,092 | $ | 12,923 | $ | 10,446 | |||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost at September 30 | |||||||||||||||||||||||
Discount Rate | 3.60 | % | 4.25 | % | 4.25 | % | 3.70 | % | 4.50 | % | 4.25 | % | |||||||||||
Expected Return on Plan Assets | 7.00 | % | 7.25 | % | 7.50 | % | 6.50 | % | 6.75 | % | 7.00 | % | |||||||||||
Rate of Compensation Increase | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % |
(1) | In fiscal 2015, the Company passed an amendment which updated the mortality table used in the Retirement Plan's definition of "actuarially equivalent" effective July 1, 2015. This increased the benefit obligation of the Retirement Plan. |
(2) | Distribution Corporation’s New York jurisdiction calculates the amortization of the actuarial loss on a vintage year basis over 10 years, as mandated by the NYPSC. All the other subsidiaries of the Company utilize the corridor approach. |
Retirement Plan | Other Post-Retirement Benefits | Non-Qualified Benefit Plans | |||||||||
(Thousands) | |||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Regulatory Liabilities(1) | |||||||||||
Net Actuarial Loss | $ | (203,887 | ) | $ | (19,578 | ) | $ | (24,332 | ) | ||
Prior Service (Cost) Credit | (6,133 | ) | 3,687 | — | |||||||
Net Amount Recognized | $ | (210,020 | ) | $ | (15,891 | ) | $ | (24,332 | ) | ||
Changes to Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Regulatory Liabilities Recognized During Fiscal 2017(1) | |||||||||||
Decrease (Increase) in Actuarial Loss, excluding amortization(2) | $ | 57,028 | $ | 70,915 | $ | (1,351 | ) | ||||
Change due to Amortization of Actuarial Loss | 42,687 | 18,415 | 4,059 | ||||||||
Prior Service (Cost) Credit | 1,058 | (429 | ) | — | |||||||
Net Change | $ | 100,773 | $ | 88,901 | $ | 2,708 | |||||
Amounts Expected to be Recognized in Net Periodic Benefit Cost in the Next Fiscal Year(1) | |||||||||||
Net Actuarial Loss | $ | (37,205 | ) | $ | (10,558 | ) | $ | (3,549 | ) | ||
Prior Service (Cost) Credit | (938 | ) | 429 | — | |||||||
Net Amount Expected to be Recognized | $ | (38,143 | ) | $ | (10,129 | ) | $ | (3,549 | ) |
(1) | Amounts presented are shown before recognizing deferred taxes. |
(2) | Amounts presented include the impact of actuarial gains/losses related to return on assets, as well as the Actuarial (Gain) Loss amounts presented in the Change in Benefit Obligation. |
Benefit Payments | Subsidy Receipts | ||||||
2018 | $ | 26,483 | $ | (1,910 | ) | ||
2019 | $ | 27,456 | $ | (2,074 | ) | ||
2020 | $ | 28,359 | $ | (2,225 | ) | ||
2021 | $ | 29,173 | $ | (2,369 | ) | ||
2022 | $ | 29,757 | $ | (2,515 | ) | ||
2023 through 2027 | $ | 152,957 | $ | (14,271 | ) |
2017 | 2016 | 2015 | |||||||||
Rate of Medical Cost Increase for Pre Age 65 Participants | 5.67 | % | (1) | 5.75 | % | (1) | 6.93 | % | (2) | ||
Rate of Medical Cost Increase for Post Age 65 Participants | 4.75 | % | (1) | 4.75 | % | (1) | 6.68 | % | (2) | ||
Annual Rate of Increase in the Per Capita Cost of Covered Prescription Drug Benefits | 8.45 | % | (1) | 9.00 | % | (1) | 7.17 | % | (2) | ||
Annual Rate of Increase in the Per Capita Medicare Part B Reimbursement | 4.75 | % | (1) | 4.75 | % | (1) | 6.68 | % | (2) | ||
Annual Rate of Increase in the Per Capita Medicare Part D Subsidy | 7.33 | % | (1) | 7.20 | % | (1) | 6.65 | % | (2) |
(1) | It was assumed that this rate would gradually decline to 4.5% by 2039. |
(2) | It was assumed that this rate would gradually decline to 4.5% by 2028. |
Total Fair Value Amounts at September 30, 2017 | Level 1 | Level 2 | Level 3 | Measured at NAV(7) | |||||||||||||||
Retirement Plan Investments | |||||||||||||||||||
Domestic Equities(1) | $ | 290,716 | $ | 209,421 | $ | — | $ | — | $ | 81,295 | |||||||||
International Equities(2) | 123,069 | — | — | — | 123,069 | ||||||||||||||
Global Equities(3) | 121,008 | — | — | — | 121,008 | ||||||||||||||
Domestic Fixed Income(4) | 348,501 | 1,664 | 346,837 | — | — | ||||||||||||||
International Fixed Income(5) | 422 | 422 | — | — | — | ||||||||||||||
Global Fixed Income(6) | 75,428 | — | — | — | 75,428 | ||||||||||||||
Real Estate | 3,391 | — | — | 3,391 | — | ||||||||||||||
Cash Held in Collective Trust Funds | 26,058 | — | — | — | 26,058 | ||||||||||||||
Total Retirement Plan Investments | 988,593 | 211,507 | 346,837 | 3,391 | 426,858 | ||||||||||||||
401(h) Investments | (64,728 | ) | (14,026 | ) | (23,001 | ) | (225 | ) | (27,476 | ) | |||||||||
Total Retirement Plan Investments (excluding 401(h) Investments) | $ | 923,865 | $ | 197,481 | $ | 323,836 | $ | 3,166 | $ | 399,382 | |||||||||
Miscellaneous Accruals, Interest Receivables, and Non-Interest Cash | (13,146 | ) | |||||||||||||||||
Total Retirement Plan Assets | $ | 910,719 |
Total Fair Value Amounts at September 30, 2016 | Level 1 | Level 2 | Level 3 | Measured at NAV(7) | |||||||||||||||
Retirement Plan Investments | |||||||||||||||||||
Domestic Equities(1) | $ | 256,796 | $ | 188,253 | $ | — | $ | — | $ | 68,543 | |||||||||
International Equities(2) | 104,592 | — | — | — | 104,592 | ||||||||||||||
Global Equities(3) | 120,025 | — | — | — | 120,025 | ||||||||||||||
Domestic Fixed Income(4) | 342,442 | 1,647 | 340,795 | — | — | ||||||||||||||
International Fixed Income(5) | 744 | 407 | 337 | — | — | ||||||||||||||
Global Fixed Income(6) | 81,146 | — | — | — | 81,146 | ||||||||||||||
Real Estate | 2,970 | — | — | 2,970 | — | ||||||||||||||
Cash Held in Collective Trust Funds | 24,812 | — | — | — | 24,812 | ||||||||||||||
Total Retirement Plan Investments | 933,527 | 190,307 | 341,132 | 2,970 | 399,118 | ||||||||||||||
401(h) Investments | (58,707 | ) | (12,025 | ) | (21,555 | ) | (188 | ) | (24,939 | ) | |||||||||
Total Retirement Plan Investments (excluding 401(h) Investments) | $ | 874,820 | $ | 178,282 | $ | 319,577 | $ | 2,782 | $ | 374,179 | |||||||||
Miscellaneous Accruals, Interest Receivables, and Non-Interest Cash | (5,045 | ) | |||||||||||||||||
Total Retirement Plan Assets | $ | 869,775 |
(1) | Domestic Equities include mostly collective trust funds, common stock, and exchange traded funds. |
(2) | International Equities are comprised of collective trust funds. |
(3) | Global Equities are comprised of collective trust funds. |
(4) | Domestic Fixed Income securities include mostly collective trust funds, corporate/government bonds and mortgages, and exchange traded funds. |
(5) | International Fixed Income securities are comprised mostly of an exchange traded fund. |
(6) | Global Fixed Income securities are comprised of a collective trust fund. |
(7) | Reflects the adoption of the new authoritative guidance related to investments measured at the net asset value (NAV) practical expedient. |
Total Fair Value Amounts at September 30, 2017 | Level 1 | Level 2 | Level 3 | Measured at NAV(1) | |||||||||||||||
Other Post-Retirement Benefit Assets held in VEBA Trusts | |||||||||||||||||||
Collective Trust Funds — Domestic Equities | $ | 130,864 | $ | — | $ | — | $ | — | $ | 130,864 | |||||||||
Collective Trust Funds — International Equities | 52,063 | — | — | — | 52,063 | ||||||||||||||
Exchange Traded Funds — Fixed Income | 256,099 | 256,099 | — | — | — | ||||||||||||||
Cash Held in Collective Trust Funds | 9,569 | — | — | — | 9,569 | ||||||||||||||
Total VEBA Trust Investments | 448,595 | 256,099 | — | — | 192,496 | ||||||||||||||
401(h) Investments | 64,728 | 14,026 | 23,001 | 225 | 27,476 | ||||||||||||||
Total Investments (including 401(h) Investments) | $ | 513,323 | $ | 270,125 | $ | 23,001 | $ | 225 | $ | 219,972 | |||||||||
Miscellaneous Accruals (Including Current and Deferred Taxes, Claims Incurred But Not Reported, Administrative) | 694 | ||||||||||||||||||
Total Other Post-Retirement Benefit Assets | $ | 514,017 |
Total Fair Value Amounts at September 30, 2016 | Level 1 | Level 2 | Level 3 | Measured at NAV(1) | |||||||||||||||
Other Post-Retirement Benefit Assets held in VEBA Trusts | |||||||||||||||||||
Collective Trust Funds — Domestic Equities | $ | 139,617 | $ | — | $ | — | $ | — | $ | 139,617 | |||||||||
Collective Trust Funds — International Equities | 51,488 | — | — | — | 51,488 | ||||||||||||||
Exchange Traded Funds — Fixed Income | 230,761 | 230,761 | — | — | — | ||||||||||||||
Cash Held in Collective Trust Funds | 13,176 | — | — | — | 13,176 | ||||||||||||||
Total VEBA Trust Investments | 435,042 | 230,761 | — | — | 204,281 | ||||||||||||||
401(h) Investments | 58,707 | 12,025 | 21,555 | 188 | 24,939 | ||||||||||||||
Total Investments (including 401(h) Investments) | $ | 493,749 | $ | 242,786 | $ | 21,555 | $ | 188 | $ | 229,220 | |||||||||
Miscellaneous Accruals (Including Current and Deferred Taxes, Claims Incurred But Not Reported, Administrative) | 571 | ||||||||||||||||||
Total Other Post-Retirement Benefit Assets | $ | 494,320 |
(1) | Reflects the adoption of the new authoritative guidance related to investments measured at the net asset value (NAV) practical expedient. |
Retirement Plan Level 3 Assets (Thousands) | ||||||||||||||||
Hedge Funds | Real Estate | Excluding 401(h) Investments | Total | |||||||||||||
Balance at September 30, 2015 | $ | 26,490 | $ | 4,724 | $ | (1,885 | ) | $ | 29,329 | |||||||
Realized Gains/(Losses) | 5,878 | — | (354 | ) | 5,524 | |||||||||||
Unrealized Gains/(Losses) | (5,445 | ) | (404 | ) | 344 | (5,505 | ) | |||||||||
Sales | (26,923 | ) | (1,350 | ) | 1,707 | (26,566 | ) | |||||||||
Balance at September 30, 2016 | — | 2,970 | (188 | ) | 2,782 | |||||||||||
Unrealized Gains/(Losses) | — | 421 | (37 | ) | 384 | |||||||||||
Balance at September 30, 2017 | $ | — | $ | 3,391 | $ | (225 | ) | $ | 3,166 |
Other Post-Retirement Benefit Level 3 Assets (Thousands) | ||||
401(h) Investments | ||||
Balance at September 30, 2015 | $ | 1,885 | ||
Realized Gains/(Losses) | 354 | |||
Unrealized Gains/(Losses) | (344 | ) | ||
Sales | (1,707 | ) | ||
Balance at September 30, 2016 | 188 | |||
Unrealized Gains/(Losses) | 37 | |||
Balance at September 30, 2017 | $ | 225 |
|
|
Year Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 614,599 | $ | 206,615 | $ | 115 | $ | 626,899 | $ | 128,586 | $ | 1,576,814 | $ | 2,173 | $ | 894 | $ | 1,579,881 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 87,810 | $ | 107,566 | $ | 13,072 | $ | 794 | $ | 209,242 | $ | — | $ | (209,242 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 707 | $ | 1,467 | $ | 994 | $ | 1,051 | $ | 571 | $ | 4,790 | $ | 213 | $ | (890 | ) | $ | 4,113 | ||||||||||||||||
Interest Expense | $ | 53,702 | $ | 33,717 | $ | 9,142 | $ | 28,492 | $ | 47 | $ | 125,100 | $ | — | $ | (5,263 | ) | $ | 119,837 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 112,565 | $ | 41,196 | $ | 16,162 | $ | 52,582 | $ | 279 | $ | 222,784 | $ | 661 | $ | 750 | $ | 224,195 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | 66,093 | $ | 40,947 | $ | 29,694 | $ | 24,894 | $ | 891 | $ | 162,519 | $ | (247 | ) | $ | (1,590 | ) | $ | 160,682 | |||||||||||||||
Segment Profit: Net Income (Loss) | $ | 129,326 | $ | 68,446 | $ | 40,377 | $ | 46,935 | $ | 1,509 | $ | 286,593 | $ | (342 | ) | $ | (2,769 | ) | $ | 283,482 | |||||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 253,057 | $ | 95,336 | $ | 32,645 | $ | 80,867 | $ | 36 | $ | 461,941 | $ | 39 | $ | 137 | $ | 462,117 | |||||||||||||||||
At September 30, 2017 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 1,407,152 | $ | 1,929,788 | $ | 580,051 | $ | 2,013,123 | $ | 60,937 | $ | 5,991,051 | $ | 76,861 | $ | 35,408 | $ | 6,103,320 |
Year Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Elimination | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 607,113 | $ | 215,674 | $ | 374 | $ | 531,024 | $ | 93,578 | $ | 1,447,763 | $ | 3,753 | $ | 900 | $ | 1,452,416 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 90,755 | $ | 89,073 | $ | 13,123 | $ | 884 | $ | 193,835 | $ | — | $ | (193,835 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 858 | $ | 770 | $ | 297 | $ | 1,737 | $ | 422 | $ | 4,084 | $ | 117 | $ | 34 | $ | 4,235 | |||||||||||||||||
Interest Expense | $ | 55,434 | $ | 33,327 | $ | 8,872 | $ | 27,582 | $ | 49 | $ | 125,264 | $ | — | $ | (4,220 | ) | $ | 121,044 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 139,963 | $ | 43,273 | $ | 15,282 | $ | 48,618 | $ | 278 | $ | 247,414 | $ | 1,260 | $ | 743 | $ | 249,417 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | (334,029 | ) | $ | 50,241 | $ | 24,334 | $ | 25,602 | $ | 2,460 | $ | (231,392 | ) | $ | 561 | $ | (1,718 | ) | $ | (232,549 | ) | |||||||||||||
Significant Non-Cash Item: Impairment of Oil and Gas Producing Properties | $ | 948,307 | $ | — | $ | — | $ | — | $ | — | $ | 948,307 | $ | — | $ | — | $ | 948,307 | |||||||||||||||||
Segment Profit: Net Income (Loss) | $ | (452,842 | ) | $ | 76,610 | $ | 30,499 | $ | 50,960 | $ | 4,348 | $ | (290,425 | ) | $ | 778 | $ | (1,311 | ) | $ | (290,958 | ) | |||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 256,104 | $ | 114,250 | $ | 54,293 | $ | 98,007 | $ | 34 | $ | 522,688 | $ | 37 | $ | 326 | $ | 523,051 | |||||||||||||||||
At September 30, 2016 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 1,323,081 | $ | 1,680,734 | $ | 534,259 | $ | 2,021,514 | $ | 63,392 | $ | 5,622,980 | $ | 77,138 | $ | (63,731 | ) | $ | 5,636,387 |
Year Ended September 30, 2015 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 693,441 | $ | 203,089 | $ | 497 | $ | 700,761 | $ | 159,857 | $ | 1,757,645 | $ | 2,352 | $ | 916 | $ | 1,760,913 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 88,251 | $ | 76,709 | $ | 15,506 | $ | 849 | $ | 181,315 | $ | — | $ | (181,315 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 2,554 | $ | 474 | $ | 140 | $ | 2,220 | $ | 195 | $ | 5,583 | $ | 66 | $ | (1,727 | ) | $ | 3,922 | ||||||||||||||||
Interest Expense | $ | 46,726 | $ | 27,658 | $ | 1,627 | $ | 28,176 | $ | 27 | $ | 104,214 | $ | — | $ | (4,743 | ) | $ | 99,471 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 239,818 | $ | 38,178 | $ | 10,829 | $ | 45,616 | $ | 209 | $ | 334,650 | $ | 832 | $ | 676 | $ | 336,158 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | (428,217 | ) | $ | 48,113 | $ | 24,721 | $ | 33,143 | $ | 4,547 | $ | (317,693 | ) | $ | 13 | $ | (1,456 | ) | $ | (319,136 | ) | |||||||||||||
Significant Non-Cash Item: Impairment of Oil and Gas Producing Properties | $ | 1,126,257 | $ | — | $ | — | $ | — | $ | — | $ | 1,126,257 | $ | — | $ | — | $ | 1,126,257 | |||||||||||||||||
Segment Profit: Net Income (Loss) | $ | (556,974 | ) | $ | 80,354 | $ | 31,849 | $ | 63,271 | $ | 7,766 | $ | (373,734 | ) | $ | (2 | ) | $ | (5,691 | ) | $ | (379,427 | ) | ||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 557,313 | $ | 230,192 | $ | 118,166 | $ | 94,371 | $ | 128 | $ | 1,000,170 | $ | — | $ | 339 | $ | 1,000,509 | |||||||||||||||||
At September 30, 2015 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 2,439,801 | $ | 1,590,524 | $ | 444,358 | $ | 1,934,731 | $ | 90,676 | $ | 6,500,090 | $ | 77,350 | $ | (12,501 | ) | $ | 6,564,939 |
(1) | All Revenue from External Customers originated in the United States. |
Geographic Information | At September 30 | ||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Long-Lived Assets: | |||||||||||
United States | $ | 5,285,040 | $ | 5,223,356 | $ | 6,189,138 |
|
Quarter Ended | Operating Revenues | Operating Income (Loss) | Net Income (Loss) Available for Common Stock | Earnings (Loss) per Common Share | ||||||||||||||||
Basic | Diluted | |||||||||||||||||||
(Thousands, except per common share amounts) | ||||||||||||||||||||
2017 | ||||||||||||||||||||
9/30/2017 | $ | 286,937 | $ | 87,395 | $ | 45,577 | $ | 0.53 | $ | 0.53 | ||||||||||
6/30/2017 | $ | 348,369 | $ | 123,354 | $ | 59,714 | $ | 0.70 | $ | 0.69 | ||||||||||
3/31/2017 | $ | 522,075 | $ | 169,957 | $ | 89,283 | $ | 1.05 | $ | 1.04 | ||||||||||
12/31/2016 | $ | 422,500 | $ | 172,139 | $ | 88,908 | $ | 1.04 | $ | 1.04 | ||||||||||
2016 | ||||||||||||||||||||
9/30/2016 | $ | 292,472 | $ | 81,244 | $ | 37,553 | (1) | $ | 0.44 | $ | 0.44 | |||||||||
6/30/2016 | $ | 335,617 | $ | 45,162 | $ | 8,286 | (2) | $ | 0.10 | $ | 0.10 | |||||||||
3/31/2016 | $ | 449,132 | $ | (237,000 | ) | $ | (147,688 | ) | (3) | $ | (1.74 | ) | $ | (1.74 | ) | |||||
12/31/2015 | $ | 375,195 | $ | (305,924 | ) | $ | (189,109 | ) | (4) | $ | (2.23 | ) | $ | (2.23 | ) |
(1) | Includes a non-cash $32.7 million impairment charge ($19.0 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(2) | Includes a non-cash $82.7 million impairment charge ($47.9 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(3) | Includes a non-cash $397.4 million impairment charge ($230.5 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(4) | Includes a non-cash $435.5 million impairment charge ($252.6 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
|
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Proved Properties(1) | $ | 4,832,301 | $ | 4,554,929 | |||
Unproved Properties | 80,932 | 135,285 | |||||
4,913,233 | 4,690,214 | ||||||
Less — Accumulated Depreciation, Depletion and Amortization | 3,765,710 | 3,657,239 | |||||
$ | 1,147,523 | $ | 1,032,975 |
(1) | Includes asset retirement costs of $54.4 million and $63.6 million at September 30, 2017 and 2016, respectively. |
Total as of September 30, 2017 | Year Costs Incurred | ||||||||||||||||||
2017 | 2016 | 2015 | Prior | ||||||||||||||||
(Thousands) | |||||||||||||||||||
Acquisition Costs | $ | 55,193 | $ | — | $ | — | $ | — | $ | 55,193 | |||||||||
Development Costs | 11,879 | 4,388 | 6,707 | 416 | 368 | ||||||||||||||
Exploration Costs | 13,388 | 2,376 | 7,593 | 3,419 | — | ||||||||||||||
Capitalized Interest | 472 | 235 | 149 | 88 | — | ||||||||||||||
$ | 80,932 | $ | 6,999 | $ | 14,449 | $ | 3,923 | $ | 55,561 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Property Acquisition Costs: | |||||||||||
Proved | $ | 8,908 | $ | 1,342 | $ | 1,767 | |||||
Unproved | 262 | 2,165 | 19,998 | ||||||||
Exploration Costs(1) | 40,975 | 27,561 | 53,222 | ||||||||
Development Costs(2) | 200,639 | 219,386 | 454,605 | ||||||||
Asset Retirement Costs | (9,175 | ) | (49,653 | ) | 37,595 | ||||||
$ | 241,609 | $ | 200,801 | $ | 567,187 |
(1) | Amounts for 2017, 2016 and 2015 include capitalized interest of $0.3 million, $0.3 million and $0.4 million, respectively. |
(2) | Amounts for 2017, 2016 and 2015 include capitalized interest of $0.2 million, $0.2 million and $0.5 million, respectively. |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
United States | (Thousands, except per Mcfe amounts) | ||||||||||
Operating Revenues: | |||||||||||
Natural Gas (includes transfers to operations of $2,357, $1,765 and $1,946, respectively)(1) | $ | 399,975 | $ | 282,619 | $ | 350,673 | |||||
Oil, Condensate and Other Liquids | 126,517 | 103,533 | 156,048 | ||||||||
Total Operating Revenues(2) | 526,492 | 386,152 | 506,721 | ||||||||
Production/Lifting Costs | 165,991 | 153,914 | 167,800 | ||||||||
Franchise/Ad Valorem Taxes | 15,372 | 13,794 | 20,167 | ||||||||
Purchased Emission Allowance Expense | 1,391 | 700 | 3,089 | ||||||||
Accretion Expense | 4,896 | 6,663 | 6,186 | ||||||||
Depreciation, Depletion and Amortization ($0.63, $0.85 and $1.49 per Mcfe of production, respectively) | 108,471 | 136,579 | 234,480 | ||||||||
Impairment of Oil and Gas Producing Properties | — | 948,307 | 1,126,257 | ||||||||
Income Tax Expense (Benefit) | 86,657 | (368,940 | ) | (444,393 | ) | ||||||
Results of Operations for Producing Activities (excluding corporate overheads and interest charges) | $ | 143,714 | $ | (504,865 | ) | $ | (606,865 | ) |
(1) | There were no revenues from sales to affiliates for all years presented. |
(2) | Exclusive of hedging gains and losses. See further discussion in Note G — Financial Instruments. |
Gas MMcf | ||||||||
U. S. | ||||||||
Appalachian Region | West Coast Region | Total Company | ||||||
Proved Developed and Undeveloped Reserves: | ||||||||
September 30, 2014 | 1,624,062 | 58,822 | 1,682,884 | |||||
Extensions and Discoveries | 633,360 | (1) | — | 633,360 | ||||
Revisions of Previous Estimates | (28,124 | ) | (6,317 | ) | (34,441 | ) | ||
Production | (136,404 | ) | (2) | (3,159 | ) | (139,563 | ) | |
Sale of Minerals in Place | (112 | ) | — | (112 | ) | |||
September 30, 2015 | 2,092,782 | 49,346 | 2,142,128 | |||||
Extensions and Discoveries | 185,347 | (1) | — | 185,347 | ||||
Revisions of Previous Estimates | (245,029 | ) | (3,132 | ) | (248,161 | ) | ||
Production | (140,457 | ) | (2) | (3,090 | ) | (143,547 | ) | |
Sale of Minerals in Place | (261,192 | ) | — | (261,192 | ) | |||
September 30, 2016 | 1,631,451 | 43,124 | 1,674,575 | |||||
Extensions and Discoveries | 386,649 | (1) | 8 | 386,657 | ||||
Revisions of Previous Estimates | 84,480 | 6,369 | 90,849 | |||||
Production | (154,093 | ) | (2) | (2,995 | ) | (157,088 | ) | |
Sale of Minerals in Place | (21,873 | ) | — | (21,873 | ) | |||
September 30, 2017 | 1,926,614 | 46,506 | 1,973,120 | |||||
Proved Developed Reserves: | ||||||||
September 30, 2014 | 1,119,901 | 57,907 | 1,177,808 | |||||
September 30, 2015 | 1,267,498 | 49,346 | 1,316,844 | |||||
September 30, 2016 | 1,089,492 | 43,124 | 1,132,616 | |||||
September 30, 2017 | 1,316,596 | 46,506 | 1,363,102 | |||||
Proved Undeveloped Reserves: | ||||||||
September 30, 2014 | 504,161 | 915 | 505,076 | |||||
September 30, 2015 | 825,284 | — | 825,284 | |||||
September 30, 2016 | 541,959 | — | 541,959 | |||||
September 30, 2017 | 610,018 | — | 610,018 |
(1) | Extensions and discoveries include 598 Bcf (during 2015), 179 Bcf (during 2016) and 181 Bcf (during 2017), of Marcellus Shale gas in the Appalachian region. |
(2) | Production includes 130,291 MMcf (during 2015), 135,598 MMcf (during 2016) and 145,452 MMcf (during 2017), from Marcellus Shale fields (which exceed 15% of total reserves). |
Oil Mbbl | ||||||||
U. S. | ||||||||
Appalachian Region | West Coast Region | Total Company | ||||||
Proved Developed and Undeveloped Reserves: | ||||||||
September 30, 2014 | 253 | 38,224 | 38,477 | |||||
Extensions and Discoveries | — | 533 | 533 | |||||
Revisions of Previous Estimates | (3 | ) | (2,251 | ) | (2,254 | ) | ||
Production | (30 | ) | (3,004 | ) | (3,034 | ) | ||
September 30, 2015 | 220 | 33,502 | 33,722 | |||||
Extensions and Discoveries | — | 530 | 530 | |||||
Revisions of Previous Estimates | (46 | ) | (2,201 | ) | (2,247 | ) | ||
Production | (28 | ) | (2,895 | ) | (2,923 | ) | ||
Sales of Minerals in Place | (73 | ) | — | (73 | ) | |||
September 30, 2016 | 73 | 28,936 | 29,009 | |||||
Extensions and Discoveries | — | 674 | 674 | |||||
Revisions of Previous Estimates | (12 | ) | 3,305 | 3,293 | ||||
Production | (4 | ) | (2,736 | ) | (2,740 | ) | ||
Sales of Minerals in Place | (29 | ) | — | (29 | ) | |||
September 30, 2017 | 28 | 30,179 | 30,207 | |||||
Proved Developed Reserves: | ||||||||
September 30, 2014 | 253 | 37,002 | 37,255 | |||||
September 30, 2015 | 220 | 33,150 | 33,370 | |||||
September 30, 2016 | 73 | 28,698 | 28,771 | |||||
September 30, 2017 | 28 | 29,771 | 29,799 | |||||
Proved Undeveloped Reserves: | ||||||||
September 30, 2014 | — | 1,222 | 1,222 | |||||
September 30, 2015 | — | 352 | 352 | |||||
September 30, 2016 | — | 238 | 238 | |||||
September 30, 2017 | — | 408 | 408 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Future Cash Inflows | $ | 6,144,317 | $ | 3,768,463 | $ | 6,916,775 | |||||
Less: | |||||||||||
Future Production Costs | 2,378,262 | 1,994,916 | 2,854,142 | ||||||||
Future Development Costs | 411,578 | 375,152 | 761,922 | ||||||||
Future Income Tax Expense at Applicable Statutory Rate | 1,160,469 | 303,397 | 1,117,433 | ||||||||
Future Net Cash Flows | 2,194,008 | 1,094,998 | 2,183,278 | ||||||||
Less: | |||||||||||
10% Annual Discount for Estimated Timing of Cash Flows | 1,080,962 | 452,470 | 860,244 | ||||||||
Standardized Measure of Discounted Future Net Cash Flows | $ | 1,113,046 | $ | 642,528 | $ | 1,323,034 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Standardized Measure of Discounted Future | |||||||||||
Net Cash Flows at Beginning of Year | $ | 642,528 | $ | 1,323,034 | $ | 2,066,878 | |||||
Sales, Net of Production Costs | (345,075 | ) | (218,444 | ) | (318,753 | ) | |||||
Net Changes in Prices, Net of Production Costs | 828,187 | (1,066,593 | ) | (1,752,843 | ) | ||||||
Extensions and Discoveries | 170,500 | 47,742 | 266,159 | ||||||||
Changes in Estimated Future Development Costs | 8,816 | 143,752 | 164,510 | ||||||||
Sales of Minerals in Place | (9,849 | ) | (95,849 | ) | (1 | ) | |||||
Previously Estimated Development Costs Incurred | 101,134 | 92,840 | 161,833 | ||||||||
Net Change in Income Taxes at Applicable Statutory Rate | (393,353 | ) | 387,739 | 545,442 | |||||||
Revisions of Previous Quantity Estimates | 39,078 | 6,202 | (16,573 | ) | |||||||
Accretion of Discount and Other | 71,080 | 22,105 | 206,382 | ||||||||
Standardized Measure of Discounted Future Net Cash Flows at End of Year | $ | 1,113,046 | $ | 642,528 | $ | 1,323,034 |
|
Description | Balance at Beginning of Period | Additions Charged to Costs and Expenses | Additions Charged to Other Accounts(1) | Deductions (2) | Balance at End of Period | ||||||||||||||
Year Ended September 30, 2017 | |||||||||||||||||||
Allowance for Uncollectible Accounts | $ | 21,109 | $ | 6,301 | $ | 1,774 | $ | 6,658 | $ | 22,526 | |||||||||
Year Ended September 30, 2016 | |||||||||||||||||||
Allowance for Uncollectible Accounts | $ | 29,029 | $ | 6,819 | $ | 1,521 | $ | 16,260 | $ | 21,109 | |||||||||
Year Ended September 30, 2015 | |||||||||||||||||||
Allowance for Uncollectible Accounts | $ | 31,811 | $ | 9,316 | $ | 2,585 | $ | 14,683 | $ | 29,029 |
(1) | Represents the discount on accounts receivable purchased in accordance with the Utility segment’s 2005 New York rate agreement. |
(2) | Amounts represent net accounts receivable written-off. |
|
As of September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Exploration and Production | $ | 4,925,409 | $ | 4,645,226 | |||
Pipeline and Storage | 2,002,736 | 1,956,708 | |||||
Gathering | 484,768 | 454,343 | |||||
Utility | 2,045,074 | 1,998,605 | |||||
Energy Marketing | 3,564 | 3,528 | |||||
All Other and Corporate | 109,128 | 109,455 | |||||
$ | 9,570,679 | $ | 9,167,865 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Exploration and Production, per Mcfe(1) | $ | 0.65 | $ | 0.87 | $ | 1.52 | |||||
Pipeline and Storage | 2.2 | % | 2.4 | % | 2.4 | % | |||||
Gathering | 3.4 | % | 4.0 | % | 4.0 | % | |||||
Utility | 2.8 | % | 2.7 | % | 2.6 | % | |||||
Energy Marketing | 7.9 | % | 7.9 | % | 6.1 | % | |||||
All Other and Corporate | 1.3 | % | 1.8 | % | 1.4 | % |
(1) | Amounts include depletion of oil and gas producing properties as well as depreciation of fixed assets. As disclosed in Note M — Supplementary Information for Oil and Gas Producing Activities, depletion of oil and gas producing properties amounted to $0.63, $0.85 and $1.49 per Mcfe of production in 2017, 2016 and 2015, respectively. |
Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||||
Year Ended September 30, 2017 | |||||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | |||||
Other Comprehensive Gains and Losses Before Reclassifications | 3,338 | 2,503 | 9,486 | 15,327 | |||||||||||
Amounts Reclassified From Other Comprehensive Loss | (47,319 | ) | (995 | ) | 8,504 | (39,810 | ) | ||||||||
Balance at September 30, 2017 | $ | 20,801 | $ | 7,562 | $ | (58,486 | ) | $ | (30,123 | ) | |||||
Year Ended September 30, 2016 | |||||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | ||||||
Other Comprehensive Gains and Losses Before Reclassifications | 41,845 | 932 | (13,027 | ) | 29,750 | ||||||||||
Amounts Reclassified From Other Comprehensive Loss | (134,260 | ) | (847 | ) | 6,345 | (128,762 | ) | ||||||||
Balance at September 30, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) |
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) for the Year Ended September 30, | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||
2017 | 2016 | |||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | ||||||||||
Commodity Contracts | $83,983 | $216,823 | Operating Revenues | |||||||
Commodity Contracts | (1,921 | ) | 4,520 | Purchased Gas | ||||||
Foreign Currency Contracts | (457 | ) | (424 | ) | Operation and Maintenance Expense | |||||
Gains (Losses) on Securities Available for Sale | 1,575 | 1,374 | Other Income | |||||||
Amortization of Prior Year Funded Status of the Pension and Other Post-Retirement Benefit Plans: | ||||||||||
Prior Service Credit | (288 | ) | (333 | ) | (1) | |||||
Net Actuarial Loss | (13,145 | ) | (9,735 | ) | (1) | |||||
69,747 | 212,225 | Total Before Income Tax | ||||||||
(29,937 | ) | (83,463 | ) | Income Tax Expense | ||||||
$39,810 | $128,762 | Net of Tax |
(1) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost. Refer to Note H — Retirement Plan and Other Post-Retirement Benefits for additional details. |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Prepayments | $ | 10,927 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 13,974 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 9,689 | 3,961 | |||||
Fair Values of Firm Commitments | 1,031 | 3,962 | |||||
Regulatory Assets | 15,884 | 15,616 | |||||
$ | 51,505 | $ | 59,354 |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Accrued Capital Expenditures | $ | 37,382 | $ | 26,796 | |||
Regulatory Liabilities | 34,059 | 14,725 | |||||
Federal Income Taxes Payable | 1,775 | — | |||||
Other | 38,673 | 32,909 | |||||
$ | 111,889 | $ | 74,430 |
|
As of September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Exploration and Production | $ | 4,925,409 | $ | 4,645,226 | |||
Pipeline and Storage | 2,002,736 | 1,956,708 | |||||
Gathering | 484,768 | 454,343 | |||||
Utility | 2,045,074 | 1,998,605 | |||||
Energy Marketing | 3,564 | 3,528 | |||||
All Other and Corporate | 109,128 | 109,455 | |||||
$ | 9,570,679 | $ | 9,167,865 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
Exploration and Production, per Mcfe(1) | $ | 0.65 | $ | 0.87 | $ | 1.52 | |||||
Pipeline and Storage | 2.2 | % | 2.4 | % | 2.4 | % | |||||
Gathering | 3.4 | % | 4.0 | % | 4.0 | % | |||||
Utility | 2.8 | % | 2.7 | % | 2.6 | % | |||||
Energy Marketing | 7.9 | % | 7.9 | % | 6.1 | % | |||||
All Other and Corporate | 1.3 | % | 1.8 | % | 1.4 | % |
(1) | Amounts include depletion of oil and gas producing properties as well as depreciation of fixed assets. As disclosed in Note M — Supplementary Information for Oil and Gas Producing Activities, depletion of oil and gas producing properties amounted to $0.63, $0.85 and $1.49 per Mcfe of production in 2017, 2016 and 2015, respectively. |
Gains and Losses on Derivative Financial Instruments | Gains and Losses on Securities Available for Sale | Funded Status of the Pension and Other Post-Retirement Benefit Plans | Total | ||||||||||||
Year Ended September 30, 2017 | |||||||||||||||
Balance at October 1, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) | |||||
Other Comprehensive Gains and Losses Before Reclassifications | 3,338 | 2,503 | 9,486 | 15,327 | |||||||||||
Amounts Reclassified From Other Comprehensive Loss | (47,319 | ) | (995 | ) | 8,504 | (39,810 | ) | ||||||||
Balance at September 30, 2017 | $ | 20,801 | $ | 7,562 | $ | (58,486 | ) | $ | (30,123 | ) | |||||
Year Ended September 30, 2016 | |||||||||||||||
Balance at October 1, 2015 | $ | 157,197 | $ | 5,969 | $ | (69,794 | ) | $ | 93,372 | ||||||
Other Comprehensive Gains and Losses Before Reclassifications | 41,845 | 932 | (13,027 | ) | 29,750 | ||||||||||
Amounts Reclassified From Other Comprehensive Loss | (134,260 | ) | (847 | ) | 6,345 | (128,762 | ) | ||||||||
Balance at September 30, 2016 | $ | 64,782 | $ | 6,054 | $ | (76,476 | ) | $ | (5,640 | ) |
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) for the Year Ended September 30, | Affected Line Item in the Statement Where Net Income (Loss) is Presented | ||||||||
2017 | 2016 | |||||||||
Gains (Losses) on Derivative Financial Instrument Cash Flow Hedges: | ||||||||||
Commodity Contracts | $83,983 | $216,823 | Operating Revenues | |||||||
Commodity Contracts | (1,921 | ) | 4,520 | Purchased Gas | ||||||
Foreign Currency Contracts | (457 | ) | (424 | ) | Operation and Maintenance Expense | |||||
Gains (Losses) on Securities Available for Sale | 1,575 | 1,374 | Other Income | |||||||
Amortization of Prior Year Funded Status of the Pension and Other Post-Retirement Benefit Plans: | ||||||||||
Prior Service Credit | (288 | ) | (333 | ) | (1) | |||||
Net Actuarial Loss | (13,145 | ) | (9,735 | ) | (1) | |||||
69,747 | 212,225 | Total Before Income Tax | ||||||||
(29,937 | ) | (83,463 | ) | Income Tax Expense | ||||||
$39,810 | $128,762 | Net of Tax |
(1) | These accumulated other comprehensive income (loss) components are included in the computation of net periodic benefit cost. Refer to Note H — Retirement Plan and Other Post-Retirement Benefits for additional details. |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Prepayments | $ | 10,927 | $ | 10,919 | |||
Prepaid Property and Other Taxes | 13,974 | 13,138 | |||||
Federal Income Taxes Receivable | — | 11,758 | |||||
State Income Taxes Receivable | 9,689 | 3,961 | |||||
Fair Values of Firm Commitments | 1,031 | 3,962 | |||||
Regulatory Assets | 15,884 | 15,616 | |||||
$ | 51,505 | $ | 59,354 |
Year Ended September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Accrued Capital Expenditures | $ | 37,382 | $ | 26,796 | |||
Regulatory Liabilities | 34,059 | 14,725 | |||||
Federal Income Taxes Payable | 1,775 | — | |||||
Other | 38,673 | 32,909 | |||||
$ | 111,889 | $ | 74,430 |
|
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Balance at Beginning of Year | $ | 112,330 | $ | 156,805 | $ | 117,713 | |||||
Liabilities Incurred | 2,963 | 2,719 | 4,433 | ||||||||
Revisions of Estimates | (10,578 | ) | 16,721 | 33,717 | |||||||
Liabilities Settled | (4,967 | ) | (72,215 | ) | (6,825 | ) | |||||
Accretion Expense | 6,647 | 8,300 | 7,767 | ||||||||
Balance at End of Year | $ | 106,395 | $ | 112,330 | $ | 156,805 |
|
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Regulatory Assets(1): | |||||||
Pension Costs(2) (Note H) | $ | 125,175 | $ | 203,755 | |||
Post-Retirement Benefit Costs(2) (Note H) | 13,886 | 74,802 | |||||
Recoverable Future Taxes (Note D) | 181,363 | 177,261 | |||||
Environmental Site Remediation Costs(2) (Note I) | 19,665 | 23,392 | |||||
Asset Retirement Obligations(2) (Note B) | 12,764 | 12,490 | |||||
Unamortized Debt Expense (Note A) | 1,159 | 1,688 | |||||
Other(3) | 18,827 | 21,927 | |||||
Total Regulatory Assets | 372,839 | 515,315 | |||||
Less: Amounts Included in Other Current Assets | (15,884 | ) | (15,616 | ) | |||
Total Long-Term Regulatory Assets | $ | 356,955 | $ | 499,699 |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Regulatory Liabilities: | |||||||
Cost of Removal Regulatory Liability | $ | 204,630 | $ | 193,424 | |||
Taxes Refundable to Customers (Note D) | 95,739 | 93,318 | |||||
Post-Retirement Benefit Costs (Note H) | 102,891 | 67,204 | |||||
Amounts Payable to Customers (See Regulatory Mechanisms in Note A) | — | 19,537 | |||||
Other(4) | 44,884 | 47,310 | |||||
Total Regulatory Liabilities | 448,144 | 420,793 | |||||
Less: Amounts included in Current and Accrued Liabilities | (34,059 | ) | (34,262 | ) | |||
Total Long-Term Regulatory Liabilities | $ | 414,085 | $ | 386,531 |
(1) | The Company recovers the cost of its regulatory assets but generally does not earn a return on them. There are a few exceptions to this rule. For example, the Company does earn a return on Unrecovered Purchased Gas Costs and, in the New York jurisdiction of its Utility segment, earns a return, within certain parameters, on the excess of cumulative funding to the pension plan over the cumulative amount collected in rates. |
(2) | Included in Other Regulatory Assets on the Consolidated Balance Sheets. |
(3) | $15,884 and $15,616 are included in Other Current Assets on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively, since such amounts are expected to be recovered from ratepayers in the next 12 months. $2,943 and $6,311 are included in Other Regulatory Assets on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively. |
(4) | $34,059 and $14,725 are included in Other Accruals and Current Liabilities on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively, since such amounts are expected to be recovered from ratepayers in the next 12 months. $10,825 and $32,585 are included in Other Regulatory Liabilities on the Consolidated Balance Sheets at September 30, 2017 and 2016, respectively. |
|
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Current Income Taxes — | |||||||||||
Federal | $ | 32,034 | $ | (6,658 | ) | $ | 25,064 | ||||
State | 10,673 | 20,903 | 13,387 | ||||||||
Deferred Income Taxes — | |||||||||||
Federal | 103,046 | (164,818 | ) | (244,336 | ) | ||||||
State | 14,929 | (81,976 | ) | (113,251 | ) | ||||||
160,682 | (232,549 | ) | (319,136 | ) | |||||||
Deferred Investment Tax Credit | (173 | ) | (348 | ) | (414 | ) | |||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) | |||
Presented as Follows: | |||||||||||
Other Income | $ | (173 | ) | $ | (348 | ) | $ | (414 | ) | ||
Income Tax Expense (Benefit) | 160,682 | (232,549 | ) | (319,136 | ) | ||||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
U.S. Income (Loss) Before Income Taxes | $ | 443,991 | $ | (523,855 | ) | $ | (698,977 | ) | |||
Income Tax Expense (Benefit), Computed at U.S. Federal Statutory Rate of 35% | $ | 155,397 | $ | (183,349 | ) | $ | (244,642 | ) | |||
State Income Taxes (Benefit) | 16,641 | (39,697 | ) | (64,912 | ) | ||||||
Federal Tax Credits | (6,679 | ) | (3,262 | ) | (732 | ) | |||||
Miscellaneous | (4,850 | ) | (6,589 | ) | (9,264 | ) | |||||
Total Income Taxes | $ | 160,509 | $ | (232,897 | ) | $ | (319,550 | ) |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Deferred Tax Liabilities: | |||||||
Property, Plant and Equipment | $ | 1,141,432 | $ | 1,049,100 | |||
Pension and Other Post-Retirement Benefit Costs | 79,516 | 151,903 | |||||
Unrealized Hedging Gains | 19,127 | 50,179 | |||||
Other | 57,919 | 55,457 | |||||
Total Deferred Tax Liabilities | 1,297,994 | 1,306,639 | |||||
Deferred Tax Assets: | |||||||
Pension and Other Post-Retirement Benefit Costs | (123,532 | ) | (195,829 | ) | |||
Tax Loss and Credit Carryforwards | (200,344 | ) | (194,875 | ) | |||
Other | (82,831 | ) | (92,140 | ) | |||
Total Deferred Tax Assets | (406,707 | ) | (482,844 | ) | |||
Total Net Deferred Income Taxes | $ | 891,287 | $ | 823,795 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Balance at Beginning of Year | $ | 396 | $ | 5,085 | $ | 3,147 | |||||
Additions for Tax Positions of Prior Years | 1,251 | 396 | 2,504 | ||||||||
Reductions for Tax Positions of Prior Years | (396 | ) | (1,314 | ) | (566 | ) | |||||
Reductions Related to Settlements with Taxing Authorities | — | (3,771 | ) | — | |||||||
Balance at End of Year | $ | 1,251 | $ | 396 | $ | 5,085 |
Jurisdiction | Tax Attribute | Amount (Thousands) | Expires | |||||
Federal | Net Operating Loss | $ | 184,289 | 2028-2033 | ||||
Pennsylvania | Net Operating Loss | 324,572 | 2030-2035 | |||||
California | Net Operating Loss | 169,723 | 2029-2035 | |||||
Federal | Alternative Minimum Tax Credit | 81,683 | Unlimited | |||||
California | Alternative Minimum Tax Credit | 5,873 | Unlimited | |||||
Federal | Enhanced Oil Recovery Credit | 10,502 | 2029-2037 | |||||
California | Enhanced Oil Recovery Credit | 5,061 | 2021-2037 | |||||
Federal | R&D Tax Credit | 5,694 | 2031-2036 |
|
Common Stock | Paid In Capital | Earnings Reinvested in the Business | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
Shares | Amount | |||||||||||||||||
(Thousands, except per share amounts) | ||||||||||||||||||
Balance at September 30, 2014 | 84,157 | $ | 84,157 | $ | 716,144 | $ | 1,614,361 | $ | (3,979 | ) | ||||||||
Net Income (Loss) Available for Common Stock | (379,427 | ) | ||||||||||||||||
Dividends Declared on Common Stock ($1.56 Per Share) | (131,734 | ) | ||||||||||||||||
Other Comprehensive Income, Net of Tax | 97,351 | |||||||||||||||||
Share-Based Payment Expense(2) | 2,207 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans(1) | 437 | 437 | 25,923 | |||||||||||||||
Balance at September 30, 2015 | 84,594 | 84,594 | 744,274 | 1,103,200 | 93,372 | |||||||||||||
Net Income (Loss) Available for Common Stock | (290,958 | ) | ||||||||||||||||
Dividends Declared on Common Stock ($1.60 Per Share) | (135,881 | ) | ||||||||||||||||
Other Comprehensive Loss, Net of Tax | (99,012 | ) | ||||||||||||||||
Share-Based Payment Expense(2) | 4,843 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans(1) | 525 | 525 | 22,047 | |||||||||||||||
Balance at September 30, 2016 | 85,119 | 85,119 | 771,164 | 676,361 | (5,640 | ) | ||||||||||||
Net Income Available for Common Stock | 283,482 | |||||||||||||||||
Dividends Declared on Common Stock ($1.64 Per Share) | (140,090 | ) | ||||||||||||||||
Cumulative Effect of Adoption of Authoritative Guidance for Stock-Based Compensation | 31,916 | |||||||||||||||||
Other Comprehensive Loss, Net of Tax | (24,483 | ) | ||||||||||||||||
Share-Based Payment Expense(2) | 10,902 | |||||||||||||||||
Common Stock Issued Under Stock and Benefit Plans | 424 | 424 | 14,580 | |||||||||||||||
Balance at September 30, 2017 | 85,543 | $ | 85,543 | $ | 796,646 | $ | 851,669 | (3) | $ | (30,123 | ) |
(1) | Paid in Capital includes tax benefits of $1.9 million and $9.1 million for September 30, 2016 and 2015, respectively, related to stock-based compensation. |
(2) | Paid in Capital includes compensation costs associated with stock option, SARs, performance share and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits. |
(3) | The availability of consolidated earnings reinvested in the business for dividends payable in cash is limited under terms of the indentures covering long-term debt. At September 30, 2017, $707.5 million of accumulated earnings was free of such limitations. |
Number of Shares Subject to Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In thousands) | ||||||||||
Outstanding at September 30, 2016 | 19,000 | $ | 39.48 | ||||||||||
Granted in 2017 | — | $ | — | ||||||||||
Exercised in 2017 | (19,000 | ) | $ | 39.48 | |||||||||
Forfeited in 2017 | — | $ | — | ||||||||||
Outstanding at September 30, 2017 | — | $ | — | — | $ | — | |||||||
Option shares exercisable at September 30, 2017 | — | $ | — | — | $ | — | |||||||
Shares available for future grant at September 30, 2017(1) | 2,182,243 |
(1) | Includes shares available for options, SARs, restricted stock and performance share grants. |
Number of Shares Subject To Option | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value (In thousands) | |||||||||
Outstanding at September 30, 2016 | 1,590,988 | $ | 48.19 | |||||||||
Granted in 2017 | — | $ | — | |||||||||
Exercised in 2017 | (82,077 | ) | $ | 39.77 | ||||||||
Forfeited in 2017 | — | $ | — | |||||||||
Expired in 2017 | (3,000 | ) | $ | 52.10 | ||||||||
Outstanding at September 30, 2017 | 1,505,911 | $ | 48.64 | 2.52 | $ | 13,144 | ||||||
SARs exercisable at September 30, 2017 | 1,505,911 | $ | 48.64 | 2.52 | $ | 13,144 |
Number of Restricted Share Awards | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 20,000 | $ | 47.46 | |||
Granted in 2017 | — | $ | — | |||
Vested in 2017 | — | $ | — | |||
Forfeited in 2017 | — | $ | — | |||
Outstanding at September 30, 2017 | 20,000 | $ | 47.46 |
Number of Restricted Stock Units | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 239,151 | $ | 49.67 | |||
Granted in 2017 | 87,143 | $ | 52.13 | |||
Vested in 2017 | (80,530 | ) | $ | 53.38 | ||
Forfeited in 2017 | (12,565 | ) | $ | 53.75 | ||
Outstanding at September 30, 2017 | 233,199 | $ | 48.99 |
Number of Performance Shares | Weighted Average Fair Value per Award | |||||
Outstanding at September 30, 2016 | 438,234 | $ | 44.98 | |||
Granted in 2017 | 184,148 | $ | 56.39 | |||
Vested in 2017 | (43,484 | ) | $ | 69.13 | ||
Forfeited in 2017 | (51,150 | ) | $ | 60.74 | ||
Outstanding at September 30, 2017 | 527,748 | $ | 45.44 |
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Medium-Term Notes(1): | |||||||
7.4% due March 2023 to June 2025 | $ | 99,000 | $ | 99,000 | |||
Notes(1)(3)(4): | |||||||
3.75% to 8.75% due April 2018 to September 2027 | 2,300,000 | 2,000,000 | |||||
Total Long-Term Debt | 2,399,000 | 2,099,000 | |||||
Less Unamortized Discount and Debt Issuance Costs | 15,319 | 12,748 | |||||
Less Current Portion(2) | 300,000 | — | |||||
$ | 2,083,681 | $ | 2,086,252 |
(1) | The Medium-Term Notes and Notes are unsecured. |
(2) | Current Portion of Long-Term Debt at September 30, 2017 consisted of $300.0 million of 6.50% notes scheduled to mature in April 2018. The Company redeemed these notes on October 18, 2017 for $307.0 million, plus accrued interest. The call premium was recorded to Unamortized Debt Expense on the Consolidated Balance Sheet in October 2017. |
(3) | The holders of these notes may require the Company to repurchase their notes at a price equal to 101% of the principal amount in the event of both a change in control and a ratings downgrade to a rating below investment grade. |
(4) | The interest rate payable on $300.0 million of 3.95% notes will be subject to adjustment from time to time, with a maximum of 2.00%, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to below investment grade (or if the credit rating assigned to the notes is subsequently upgraded). |
Year Ended September 30 | ||||||||
2017 | 2016 | 2015 | ||||||
Risk-Free Interest Rate | 1.54 | % | 1.26 | % | 1.01 | % | ||
Remaining Term at Date of Grant (Years) | 2.79 | 2.79 | 2.78 | |||||
Expected Volatility | 22.6 | % | 20.5 | % | 20.1 | % | ||
Expected Dividend Yield (Quarterly) | N/A | N/A | N/A |
|
At Fair Value as of September 30, 2017 | |||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents — Money Market Mutual Funds | $ | 527,978 | $ | — | $ | — | $ | — | $ | 527,978 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | 1,483 | — | — | (963 | ) | 520 | |||||||||||||
Over the Counter Swaps — Gas and Oil | — | 38,977 | — | (4,206 | ) | 34,771 | |||||||||||||
Foreign Currency Contracts | — | 1,227 | — | (407 | ) | 820 | |||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 37,033 | — | — | — | 37,033 | ||||||||||||||
Fixed Income Mutual Fund | 45,727 | — | — | — | 45,727 | ||||||||||||||
Common Stock — Financial Services Industry | 3,150 | — | — | — | 3,150 | ||||||||||||||
Hedging Collateral Deposits | 1,741 | — | — | — | 1,741 | ||||||||||||||
Total | $ | 617,112 | $ | 40,204 | $ | — | $ | (5,576 | ) | $ | 651,740 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | $ | 963 | $ | — | $ | — | $ | (963 | ) | $ | — | ||||||||
Over the Counter Swaps — Gas and Oil | — | 5,309 | — | (4,206 | ) | 1,103 | |||||||||||||
Foreign Currency Contracts | — | 407 | — | (407 | ) | — | |||||||||||||
Total | $ | 963 | $ | 5,716 | $ | — | $ | (5,576 | ) | $ | 1,103 | ||||||||
Total Net Assets/(Liabilities) | $ | 616,149 | $ | 34,488 | $ | — | $ | — | $ | 650,637 |
At Fair Value as of September 30, 2016 | |||||||||||||||||||
Recurring Fair Value Measures | Level 1 | Level 2 | Level 3 | Netting Adjustments(1) | Total(1) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Cash Equivalents — Money Market Mutual Funds | $ | 113,407 | $ | — | $ | — | $ | — | $ | 113,407 | |||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | 2,623 | — | — | (2,276 | ) | 347 | |||||||||||||
Over the Counter Swaps — Gas and Oil | — | 119,654 | — | (3,860 | ) | 115,794 | |||||||||||||
Foreign Currency Contracts | — | — | — | (2,337 | ) | (2,337 | ) | ||||||||||||
Other Investments: | |||||||||||||||||||
Balanced Equity Mutual Fund | 36,658 | — | — | — | 36,658 | ||||||||||||||
Fixed Income Mutual Fund | 31,395 | — | — | — | 31,395 | ||||||||||||||
Common Stock — Financial Services Industry | 2,902 | — | — | — | 2,902 | ||||||||||||||
Hedging Collateral Deposits | 1,484 | — | — | — | 1,484 | ||||||||||||||
Total | $ | 188,469 | $ | 119,654 | $ | — | $ | (8,473 | ) | $ | 299,650 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative Financial Instruments: | |||||||||||||||||||
Commodity Futures Contracts — Gas | $ | 2,276 | $ | — | $ | — | $ | (2,276 | ) | $ | — | ||||||||
Over the Counter Swaps — Gas and Oil | — | 5,322 | — | (3,860 | ) | 1,462 | |||||||||||||
Foreign Currency Contracts | — | 2,337 | — | (2,337 | ) | — | |||||||||||||
Total | $ | 2,276 | $ | 7,659 | $ | — | $ | (8,473 | ) | $ | 1,462 | ||||||||
Total Net Assets/(Liabilities) | $ | 186,193 | $ | 111,995 | $ | — | $ | — | $ | 298,188 |
(1) | Netting Adjustments represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties. The net asset or net liability for each counterparty is recorded as an asset or liability on the Company’s balance sheet. |
|
At September 30 | |||||||||||||||
2017 Carrying Amount | 2017 Fair Value | 2016 Carrying Amount | 2016 Fair Value | ||||||||||||
(Thousands) | |||||||||||||||
Long-Term Debt | $ | 2,383,681 | $ | 2,523,639 | $ | 2,086,252 | $ | 2,255,562 |
The Effect of Derivative Financial Instruments on the Statement of Financial Performance for the Year Ended September 30, 2017 and 2016 (Dollar Amounts in Thousands) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Derivative Gain or (Loss) Recognized in Other Comprehensive Income (Loss) on the Consolidated Statement of Comprehensive Income (Loss) (Effective Portion) for the Year Ended September 30, | Location of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) | Amount of Derivative Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) on the Consolidated Balance Sheet into the Consolidated Statement of Income (Effective Portion) for the Year Ended September 30, | Location of Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Derivative Gain or (Loss) Recognized in the Consolidated Statement of Income (Ineffective Portion and Amount Excluded from Effectiveness Testing) for the Year Ended September 30, | |||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||
Commodity Contracts | $ | 2,811 | $ | 58,714 | Operating Revenue | $ | 83,983 | $ | 216,823 | Operating Revenue | $ | (100 | ) | $ | 392 | |||||||||||||
Commodity Contracts | (164 | ) | 1,585 | Purchased Gas | (1,921 | ) | 4,520 | Not Applicable | — | — | ||||||||||||||||||
Foreign Currency Contracts | 2,700 | 194 | Operation and Maintenance Expense | (457 | ) | (424 | ) | Not Applicable | — | — | ||||||||||||||||||
Total | $ | 5,347 | $ | 60,493 | $ | 81,605 | $ | 220,919 | $ | (100 | ) | $ | 392 |
Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) on Derivative and Hedged Item Recognized in the Consolidated Statement of Income | Amount of Gain or (Loss) on Derivative Recognized in the Consolidated Statement of Income for the Year Ended September 30, 2017 | Amount of Gain or (Loss) on Hedged Item Recognized in the Consolidated Statement of Income for the Year Ended September 30, 2017 | |||||||
(In thousands) | ||||||||||
Commodity Contracts | Operating Revenues | $ | 1,655 | $ | (1,655 | ) | ||||
Commodity Contracts | Purchased Gas | 464 | (464 | ) | ||||||
$ | 2,119 | $ | (2,119 | ) |
|
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||||||||
Year Ended September 30 | Year Ended September 30 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Change in Benefit Obligation | |||||||||||||||||||||||
Benefit Obligation at Beginning of Period | $ | 1,097,421 | $ | 1,026,190 | $ | 999,499 | $ | 526,138 | $ | 464,987 | $ | 465,583 | |||||||||||
Service Cost | 11,969 | 11,710 | 12,047 | 2,449 | 2,331 | 2,693 | |||||||||||||||||
Interest Cost | 38,383 | 42,315 | 41,217 | 19,007 | 20,386 | 19,285 | |||||||||||||||||
Plan Participants’ Contributions | — | — | — | 2,717 | 2,558 | 2,242 | |||||||||||||||||
Retiree Drug Subsidy Receipts | — | — | — | 1,553 | 1,925 | 1,338 | |||||||||||||||||
Amendments(1) | — | — | 7,752 | — | — | — | |||||||||||||||||
Actuarial (Gain) Loss | (32,466 | ) | 76,309 | 23,426 | (62,215 | ) | 60,402 | (1,575 | ) | ||||||||||||||
Benefits Paid | (60,481 | ) | (59,103 | ) | (57,751 | ) | (27,030 | ) | (26,451 | ) | (24,579 | ) | |||||||||||
Benefit Obligation at End of Period | $ | 1,054,826 | $ | 1,097,421 | $ | 1,026,190 | $ | 462,619 | $ | 526,138 | $ | 464,987 | |||||||||||
Change in Plan Assets | |||||||||||||||||||||||
Fair Value of Assets at Beginning of Period | $ | 869,775 | $ | 834,870 | $ | 869,791 | $ | 494,320 | $ | 477,959 | $ | 497,601 | |||||||||||
Actual Return on Plan Assets | 84,279 | 87,008 | (13,370 | ) | 40,157 | 37,415 | 534 | ||||||||||||||||
Employer Contributions | 17,146 | 7,000 | 36,200 | 3,853 | 2,839 | 2,161 | |||||||||||||||||
Plan Participants’ Contributions | — | — | — | 2,717 | 2,558 | 2,242 | |||||||||||||||||
Benefits Paid | (60,481 | ) | (59,103 | ) | (57,751 | ) | (27,030 | ) | (26,451 | ) | (24,579 | ) | |||||||||||
Fair Value of Assets at End of Period | $ | 910,719 | $ | 869,775 | $ | 834,870 | $ | 514,017 | $ | 494,320 | $ | 477,959 | |||||||||||
Net Amount Recognized at End of Period (Funded Status) | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | 51,398 | $ | (31,818 | ) | $ | 12,972 | |||||||
Amounts Recognized in the Balance Sheets Consist of: | |||||||||||||||||||||||
Non-Current Liabilities | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | (4,972 | ) | $ | (49,467 | ) | $ | (11,487 | ) | |||||
Non-Current Assets | — | — | — | 56,370 | 17,649 | 24,459 | |||||||||||||||||
Net Amount Recognized at End of Period | $ | (144,107 | ) | $ | (227,646 | ) | $ | (191,320 | ) | $ | 51,398 | $ | (31,818 | ) | $ | 12,972 | |||||||
Accumulated Benefit Obligation | $ | 1,010,179 | $ | 1,039,408 | $ | 968,984 | N/A | N/A | N/A | ||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligation at September 30 | |||||||||||||||||||||||
Discount Rate | 3.77 | % | 3.60 | % | 4.25 | % | 3.81 | % | 3.70 | % | 4.50 | % | |||||||||||
Rate of Compensation Increase | 4.70 | % | 4.70 | % | 4.75 | % | 4.70 | % | 4.70 | % | 4.75 | % |
Retirement Plan | Other Post-Retirement Benefits | ||||||||||||||||||||||
Year Ended September 30 | Year Ended September 30 | ||||||||||||||||||||||
2017 | 2016 | 2015 | 2017 | 2016 | 2015 | ||||||||||||||||||
(Thousands) | |||||||||||||||||||||||
Components of Net Periodic Benefit Cost | |||||||||||||||||||||||
Service Cost | $ | 11,969 | $ | 11,710 | $ | 12,047 | $ | 2,449 | $ | 2,331 | $ | 2,693 | |||||||||||
Interest Cost | 38,383 | 42,315 | 41,217 | 19,007 | 20,386 | 19,285 | |||||||||||||||||
Expected Return on Plan Assets | (59,718 | ) | (59,369 | ) | (59,615 | ) | (31,458 | ) | (31,535 | ) | (34,089 | ) | |||||||||||
Amortization of Prior Service Cost (Credit) | 1,058 | 1,234 | 183 | (429 | ) | (912 | ) | (1,913 | ) | ||||||||||||||
Recognition of Actuarial Loss(2) | 42,687 | 32,248 | 36,129 | 18,415 | 5,530 | 4,148 | |||||||||||||||||
Net Amortization and Deferral for Regulatory Purposes | 469 | 3,957 | 7,739 | 6,108 | 17,123 | 20,322 | |||||||||||||||||
Net Periodic Benefit Cost | $ | 34,848 | $ | 32,095 | $ | 37,700 | $ | 14,092 | $ | 12,923 | $ | 10,446 | |||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost at September 30 | |||||||||||||||||||||||
Discount Rate | 3.60 | % | 4.25 | % | 4.25 | % | 3.70 | % | 4.50 | % | 4.25 | % | |||||||||||
Expected Return on Plan Assets | 7.00 | % | 7.25 | % | 7.50 | % | 6.50 | % | 6.75 | % | 7.00 | % | |||||||||||
Rate of Compensation Increase | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % | 4.75 | % |
(1) | In fiscal 2015, the Company passed an amendment which updated the mortality table used in the Retirement Plan's definition of "actuarially equivalent" effective July 1, 2015. This increased the benefit obligation of the Retirement Plan. |
(2) | Distribution Corporation’s New York jurisdiction calculates the amortization of the actuarial loss on a vintage year basis over 10 years, as mandated by the NYPSC. All the other subsidiaries of the Company utilize the corridor approach. |
Retirement Plan | Other Post-Retirement Benefits | Non-Qualified Benefit Plans | |||||||||
(Thousands) | |||||||||||
Amounts Recognized in Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Regulatory Liabilities(1) | |||||||||||
Net Actuarial Loss | $ | (203,887 | ) | $ | (19,578 | ) | $ | (24,332 | ) | ||
Prior Service (Cost) Credit | (6,133 | ) | 3,687 | — | |||||||
Net Amount Recognized | $ | (210,020 | ) | $ | (15,891 | ) | $ | (24,332 | ) | ||
Changes to Accumulated Other Comprehensive Income (Loss), Regulatory Assets and Regulatory Liabilities Recognized During Fiscal 2017(1) | |||||||||||
Decrease (Increase) in Actuarial Loss, excluding amortization(2) | $ | 57,028 | $ | 70,915 | $ | (1,351 | ) | ||||
Change due to Amortization of Actuarial Loss | 42,687 | 18,415 | 4,059 | ||||||||
Prior Service (Cost) Credit | 1,058 | (429 | ) | — | |||||||
Net Change | $ | 100,773 | $ | 88,901 | $ | 2,708 | |||||
Amounts Expected to be Recognized in Net Periodic Benefit Cost in the Next Fiscal Year(1) | |||||||||||
Net Actuarial Loss | $ | (37,205 | ) | $ | (10,558 | ) | $ | (3,549 | ) | ||
Prior Service (Cost) Credit | (938 | ) | 429 | — | |||||||
Net Amount Expected to be Recognized | $ | (38,143 | ) | $ | (10,129 | ) | $ | (3,549 | ) |
(1) | Amounts presented are shown before recognizing deferred taxes. |
(2) | Amounts presented include the impact of actuarial gains/losses related to return on assets, as well as the Actuarial (Gain) Loss amounts presented in the Change in Benefit Obligation. |
Benefit Payments | Subsidy Receipts | ||||||
2018 | $ | 26,483 | $ | (1,910 | ) | ||
2019 | $ | 27,456 | $ | (2,074 | ) | ||
2020 | $ | 28,359 | $ | (2,225 | ) | ||
2021 | $ | 29,173 | $ | (2,369 | ) | ||
2022 | $ | 29,757 | $ | (2,515 | ) | ||
2023 through 2027 | $ | 152,957 | $ | (14,271 | ) |
2017 | 2016 | 2015 | |||||||||
Rate of Medical Cost Increase for Pre Age 65 Participants | 5.67 | % | (1) | 5.75 | % | (1) | 6.93 | % | (2) | ||
Rate of Medical Cost Increase for Post Age 65 Participants | 4.75 | % | (1) | 4.75 | % | (1) | 6.68 | % | (2) | ||
Annual Rate of Increase in the Per Capita Cost of Covered Prescription Drug Benefits | 8.45 | % | (1) | 9.00 | % | (1) | 7.17 | % | (2) | ||
Annual Rate of Increase in the Per Capita Medicare Part B Reimbursement | 4.75 | % | (1) | 4.75 | % | (1) | 6.68 | % | (2) | ||
Annual Rate of Increase in the Per Capita Medicare Part D Subsidy | 7.33 | % | (1) | 7.20 | % | (1) | 6.65 | % | (2) |
(1) | It was assumed that this rate would gradually decline to 4.5% by 2039. |
(2) | It was assumed that this rate would gradually decline to 4.5% by 2028. |
Total Fair Value Amounts at September 30, 2017 | Level 1 | Level 2 | Level 3 | Measured at NAV(7) | |||||||||||||||
Retirement Plan Investments | |||||||||||||||||||
Domestic Equities(1) | $ | 290,716 | $ | 209,421 | $ | — | $ | — | $ | 81,295 | |||||||||
International Equities(2) | 123,069 | — | — | — | 123,069 | ||||||||||||||
Global Equities(3) | 121,008 | — | — | — | 121,008 | ||||||||||||||
Domestic Fixed Income(4) | 348,501 | 1,664 | 346,837 | — | — | ||||||||||||||
International Fixed Income(5) | 422 | 422 | — | — | — | ||||||||||||||
Global Fixed Income(6) | 75,428 | — | — | — | 75,428 | ||||||||||||||
Real Estate | 3,391 | — | — | 3,391 | — | ||||||||||||||
Cash Held in Collective Trust Funds | 26,058 | — | — | — | 26,058 | ||||||||||||||
Total Retirement Plan Investments | 988,593 | 211,507 | 346,837 | 3,391 | 426,858 | ||||||||||||||
401(h) Investments | (64,728 | ) | (14,026 | ) | (23,001 | ) | (225 | ) | (27,476 | ) | |||||||||
Total Retirement Plan Investments (excluding 401(h) Investments) | $ | 923,865 | $ | 197,481 | $ | 323,836 | $ | 3,166 | $ | 399,382 | |||||||||
Miscellaneous Accruals, Interest Receivables, and Non-Interest Cash | (13,146 | ) | |||||||||||||||||
Total Retirement Plan Assets | $ | 910,719 |
Total Fair Value Amounts at September 30, 2016 | Level 1 | Level 2 | Level 3 | Measured at NAV(7) | |||||||||||||||
Retirement Plan Investments | |||||||||||||||||||
Domestic Equities(1) | $ | 256,796 | $ | 188,253 | $ | — | $ | — | $ | 68,543 | |||||||||
International Equities(2) | 104,592 | — | — | — | 104,592 | ||||||||||||||
Global Equities(3) | 120,025 | — | — | — | 120,025 | ||||||||||||||
Domestic Fixed Income(4) | 342,442 | 1,647 | 340,795 | — | — | ||||||||||||||
International Fixed Income(5) | 744 | 407 | 337 | — | — | ||||||||||||||
Global Fixed Income(6) | 81,146 | — | — | — | 81,146 | ||||||||||||||
Real Estate | 2,970 | — | — | 2,970 | — | ||||||||||||||
Cash Held in Collective Trust Funds | 24,812 | — | — | — | 24,812 | ||||||||||||||
Total Retirement Plan Investments | 933,527 | 190,307 | 341,132 | 2,970 | 399,118 | ||||||||||||||
401(h) Investments | (58,707 | ) | (12,025 | ) | (21,555 | ) | (188 | ) | (24,939 | ) | |||||||||
Total Retirement Plan Investments (excluding 401(h) Investments) | $ | 874,820 | $ | 178,282 | $ | 319,577 | $ | 2,782 | $ | 374,179 | |||||||||
Miscellaneous Accruals, Interest Receivables, and Non-Interest Cash | (5,045 | ) | |||||||||||||||||
Total Retirement Plan Assets | $ | 869,775 |
(1) | Domestic Equities include mostly collective trust funds, common stock, and exchange traded funds. |
(2) | International Equities are comprised of collective trust funds. |
(3) | Global Equities are comprised of collective trust funds. |
(4) | Domestic Fixed Income securities include mostly collective trust funds, corporate/government bonds and mortgages, and exchange traded funds. |
(5) | International Fixed Income securities are comprised mostly of an exchange traded fund. |
(6) | Global Fixed Income securities are comprised of a collective trust fund. |
(7) | Reflects the adoption of the new authoritative guidance related to investments measured at the net asset value (NAV) practical expedient. |
Retirement Plan Level 3 Assets (Thousands) | ||||||||||||||||
Hedge Funds | Real Estate | Excluding 401(h) Investments | Total | |||||||||||||
Balance at September 30, 2015 | $ | 26,490 | $ | 4,724 | $ | (1,885 | ) | $ | 29,329 | |||||||
Realized Gains/(Losses) | 5,878 | — | (354 | ) | 5,524 | |||||||||||
Unrealized Gains/(Losses) | (5,445 | ) | (404 | ) | 344 | (5,505 | ) | |||||||||
Sales | (26,923 | ) | (1,350 | ) | 1,707 | (26,566 | ) | |||||||||
Balance at September 30, 2016 | — | 2,970 | (188 | ) | 2,782 | |||||||||||
Unrealized Gains/(Losses) | — | 421 | (37 | ) | 384 | |||||||||||
Balance at September 30, 2017 | $ | — | $ | 3,391 | $ | (225 | ) | $ | 3,166 |
Total Fair Value Amounts at September 30, 2017 | Level 1 | Level 2 | Level 3 | Measured at NAV(1) | |||||||||||||||
Other Post-Retirement Benefit Assets held in VEBA Trusts | |||||||||||||||||||
Collective Trust Funds — Domestic Equities | $ | 130,864 | $ | — | $ | — | $ | — | $ | 130,864 | |||||||||
Collective Trust Funds — International Equities | 52,063 | — | — | — | 52,063 | ||||||||||||||
Exchange Traded Funds — Fixed Income | 256,099 | 256,099 | — | — | — | ||||||||||||||
Cash Held in Collective Trust Funds | 9,569 | — | — | — | 9,569 | ||||||||||||||
Total VEBA Trust Investments | 448,595 | 256,099 | — | — | 192,496 | ||||||||||||||
401(h) Investments | 64,728 | 14,026 | 23,001 | 225 | 27,476 | ||||||||||||||
Total Investments (including 401(h) Investments) | $ | 513,323 | $ | 270,125 | $ | 23,001 | $ | 225 | $ | 219,972 | |||||||||
Miscellaneous Accruals (Including Current and Deferred Taxes, Claims Incurred But Not Reported, Administrative) | 694 | ||||||||||||||||||
Total Other Post-Retirement Benefit Assets | $ | 514,017 |
Total Fair Value Amounts at September 30, 2016 | Level 1 | Level 2 | Level 3 | Measured at NAV(1) | |||||||||||||||
Other Post-Retirement Benefit Assets held in VEBA Trusts | |||||||||||||||||||
Collective Trust Funds — Domestic Equities | $ | 139,617 | $ | — | $ | — | $ | — | $ | 139,617 | |||||||||
Collective Trust Funds — International Equities | 51,488 | — | — | — | 51,488 | ||||||||||||||
Exchange Traded Funds — Fixed Income | 230,761 | 230,761 | — | — | — | ||||||||||||||
Cash Held in Collective Trust Funds | 13,176 | — | — | — | 13,176 | ||||||||||||||
Total VEBA Trust Investments | 435,042 | 230,761 | — | — | 204,281 | ||||||||||||||
401(h) Investments | 58,707 | 12,025 | 21,555 | 188 | 24,939 | ||||||||||||||
Total Investments (including 401(h) Investments) | $ | 493,749 | $ | 242,786 | $ | 21,555 | $ | 188 | $ | 229,220 | |||||||||
Miscellaneous Accruals (Including Current and Deferred Taxes, Claims Incurred But Not Reported, Administrative) | 571 | ||||||||||||||||||
Total Other Post-Retirement Benefit Assets | $ | 494,320 |
(1) | Reflects the adoption of the new authoritative guidance related to investments measured at the net asset value (NAV) practical expedient. |
Other Post-Retirement Benefit Level 3 Assets (Thousands) | ||||
401(h) Investments | ||||
Balance at September 30, 2015 | $ | 1,885 | ||
Realized Gains/(Losses) | 354 | |||
Unrealized Gains/(Losses) | (344 | ) | ||
Sales | (1,707 | ) | ||
Balance at September 30, 2016 | 188 | |||
Unrealized Gains/(Losses) | 37 | |||
Balance at September 30, 2017 | $ | 225 |
|
Year Ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 614,599 | $ | 206,615 | $ | 115 | $ | 626,899 | $ | 128,586 | $ | 1,576,814 | $ | 2,173 | $ | 894 | $ | 1,579,881 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 87,810 | $ | 107,566 | $ | 13,072 | $ | 794 | $ | 209,242 | $ | — | $ | (209,242 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 707 | $ | 1,467 | $ | 994 | $ | 1,051 | $ | 571 | $ | 4,790 | $ | 213 | $ | (890 | ) | $ | 4,113 | ||||||||||||||||
Interest Expense | $ | 53,702 | $ | 33,717 | $ | 9,142 | $ | 28,492 | $ | 47 | $ | 125,100 | $ | — | $ | (5,263 | ) | $ | 119,837 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 112,565 | $ | 41,196 | $ | 16,162 | $ | 52,582 | $ | 279 | $ | 222,784 | $ | 661 | $ | 750 | $ | 224,195 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | 66,093 | $ | 40,947 | $ | 29,694 | $ | 24,894 | $ | 891 | $ | 162,519 | $ | (247 | ) | $ | (1,590 | ) | $ | 160,682 | |||||||||||||||
Segment Profit: Net Income (Loss) | $ | 129,326 | $ | 68,446 | $ | 40,377 | $ | 46,935 | $ | 1,509 | $ | 286,593 | $ | (342 | ) | $ | (2,769 | ) | $ | 283,482 | |||||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 253,057 | $ | 95,336 | $ | 32,645 | $ | 80,867 | $ | 36 | $ | 461,941 | $ | 39 | $ | 137 | $ | 462,117 | |||||||||||||||||
At September 30, 2017 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 1,407,152 | $ | 1,929,788 | $ | 580,051 | $ | 2,013,123 | $ | 60,937 | $ | 5,991,051 | $ | 76,861 | $ | 35,408 | $ | 6,103,320 |
Year Ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Elimination | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 607,113 | $ | 215,674 | $ | 374 | $ | 531,024 | $ | 93,578 | $ | 1,447,763 | $ | 3,753 | $ | 900 | $ | 1,452,416 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 90,755 | $ | 89,073 | $ | 13,123 | $ | 884 | $ | 193,835 | $ | — | $ | (193,835 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 858 | $ | 770 | $ | 297 | $ | 1,737 | $ | 422 | $ | 4,084 | $ | 117 | $ | 34 | $ | 4,235 | |||||||||||||||||
Interest Expense | $ | 55,434 | $ | 33,327 | $ | 8,872 | $ | 27,582 | $ | 49 | $ | 125,264 | $ | — | $ | (4,220 | ) | $ | 121,044 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 139,963 | $ | 43,273 | $ | 15,282 | $ | 48,618 | $ | 278 | $ | 247,414 | $ | 1,260 | $ | 743 | $ | 249,417 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | (334,029 | ) | $ | 50,241 | $ | 24,334 | $ | 25,602 | $ | 2,460 | $ | (231,392 | ) | $ | 561 | $ | (1,718 | ) | $ | (232,549 | ) | |||||||||||||
Significant Non-Cash Item: Impairment of Oil and Gas Producing Properties | $ | 948,307 | $ | — | $ | — | $ | — | $ | — | $ | 948,307 | $ | — | $ | — | $ | 948,307 | |||||||||||||||||
Segment Profit: Net Income (Loss) | $ | (452,842 | ) | $ | 76,610 | $ | 30,499 | $ | 50,960 | $ | 4,348 | $ | (290,425 | ) | $ | 778 | $ | (1,311 | ) | $ | (290,958 | ) | |||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 256,104 | $ | 114,250 | $ | 54,293 | $ | 98,007 | $ | 34 | $ | 522,688 | $ | 37 | $ | 326 | $ | 523,051 | |||||||||||||||||
At September 30, 2016 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 1,323,081 | $ | 1,680,734 | $ | 534,259 | $ | 2,021,514 | $ | 63,392 | $ | 5,622,980 | $ | 77,138 | $ | (63,731 | ) | $ | 5,636,387 |
Year Ended September 30, 2015 | |||||||||||||||||||||||||||||||||||
Exploration and Production | Pipeline and Storage | Gathering | Utility | Energy Marketing | Total Reportable Segments | All Other | Corporate and Intersegment Eliminations | Total Consolidated | |||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Revenue from External Customers(1) | $ | 693,441 | $ | 203,089 | $ | 497 | $ | 700,761 | $ | 159,857 | $ | 1,757,645 | $ | 2,352 | $ | 916 | $ | 1,760,913 | |||||||||||||||||
Intersegment Revenues | $ | — | $ | 88,251 | $ | 76,709 | $ | 15,506 | $ | 849 | $ | 181,315 | $ | — | $ | (181,315 | ) | $ | — | ||||||||||||||||
Interest Income | $ | 2,554 | $ | 474 | $ | 140 | $ | 2,220 | $ | 195 | $ | 5,583 | $ | 66 | $ | (1,727 | ) | $ | 3,922 | ||||||||||||||||
Interest Expense | $ | 46,726 | $ | 27,658 | $ | 1,627 | $ | 28,176 | $ | 27 | $ | 104,214 | $ | — | $ | (4,743 | ) | $ | 99,471 | ||||||||||||||||
Depreciation, Depletion and Amortization | $ | 239,818 | $ | 38,178 | $ | 10,829 | $ | 45,616 | $ | 209 | $ | 334,650 | $ | 832 | $ | 676 | $ | 336,158 | |||||||||||||||||
Income Tax Expense (Benefit) | $ | (428,217 | ) | $ | 48,113 | $ | 24,721 | $ | 33,143 | $ | 4,547 | $ | (317,693 | ) | $ | 13 | $ | (1,456 | ) | $ | (319,136 | ) | |||||||||||||
Significant Non-Cash Item: Impairment of Oil and Gas Producing Properties | $ | 1,126,257 | $ | — | $ | — | $ | — | $ | — | $ | 1,126,257 | $ | — | $ | — | $ | 1,126,257 | |||||||||||||||||
Segment Profit: Net Income (Loss) | $ | (556,974 | ) | $ | 80,354 | $ | 31,849 | $ | 63,271 | $ | 7,766 | $ | (373,734 | ) | $ | (2 | ) | $ | (5,691 | ) | $ | (379,427 | ) | ||||||||||||
Expenditures for Additions to Long-Lived Assets | $ | 557,313 | $ | 230,192 | $ | 118,166 | $ | 94,371 | $ | 128 | $ | 1,000,170 | $ | — | $ | 339 | $ | 1,000,509 | |||||||||||||||||
At September 30, 2015 | |||||||||||||||||||||||||||||||||||
(Thousands) | |||||||||||||||||||||||||||||||||||
Segment Assets | $ | 2,439,801 | $ | 1,590,524 | $ | 444,358 | $ | 1,934,731 | $ | 90,676 | $ | 6,500,090 | $ | 77,350 | $ | (12,501 | ) | $ | 6,564,939 |
(1) | All Revenue from External Customers originated in the United States. |
Geographic Information | At September 30 | ||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
Long-Lived Assets: | |||||||||||
United States | $ | 5,285,040 | $ | 5,223,356 | $ | 6,189,138 |
|
Quarter Ended | Operating Revenues | Operating Income (Loss) | Net Income (Loss) Available for Common Stock | Earnings (Loss) per Common Share | ||||||||||||||||
Basic | Diluted | |||||||||||||||||||
(Thousands, except per common share amounts) | ||||||||||||||||||||
2017 | ||||||||||||||||||||
9/30/2017 | $ | 286,937 | $ | 87,395 | $ | 45,577 | $ | 0.53 | $ | 0.53 | ||||||||||
6/30/2017 | $ | 348,369 | $ | 123,354 | $ | 59,714 | $ | 0.70 | $ | 0.69 | ||||||||||
3/31/2017 | $ | 522,075 | $ | 169,957 | $ | 89,283 | $ | 1.05 | $ | 1.04 | ||||||||||
12/31/2016 | $ | 422,500 | $ | 172,139 | $ | 88,908 | $ | 1.04 | $ | 1.04 | ||||||||||
2016 | ||||||||||||||||||||
9/30/2016 | $ | 292,472 | $ | 81,244 | $ | 37,553 | (1) | $ | 0.44 | $ | 0.44 | |||||||||
6/30/2016 | $ | 335,617 | $ | 45,162 | $ | 8,286 | (2) | $ | 0.10 | $ | 0.10 | |||||||||
3/31/2016 | $ | 449,132 | $ | (237,000 | ) | $ | (147,688 | ) | (3) | $ | (1.74 | ) | $ | (1.74 | ) | |||||
12/31/2015 | $ | 375,195 | $ | (305,924 | ) | $ | (189,109 | ) | (4) | $ | (2.23 | ) | $ | (2.23 | ) |
(1) | Includes a non-cash $32.7 million impairment charge ($19.0 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(2) | Includes a non-cash $82.7 million impairment charge ($47.9 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(3) | Includes a non-cash $397.4 million impairment charge ($230.5 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
(4) | Includes a non-cash $435.5 million impairment charge ($252.6 million after tax) associated with the Exploration and Production segment's oil and gas producing properties. |
|
At September 30 | |||||||
2017 | 2016 | ||||||
(Thousands) | |||||||
Proved Properties(1) | $ | 4,832,301 | $ | 4,554,929 | |||
Unproved Properties | 80,932 | 135,285 | |||||
4,913,233 | 4,690,214 | ||||||
Less — Accumulated Depreciation, Depletion and Amortization | 3,765,710 | 3,657,239 | |||||
$ | 1,147,523 | $ | 1,032,975 |
(1) | Includes asset retirement costs of $54.4 million and $63.6 million at September 30, 2017 and 2016, respectively. |
Total as of September 30, 2017 | Year Costs Incurred | ||||||||||||||||||
2017 | 2016 | 2015 | Prior | ||||||||||||||||
(Thousands) | |||||||||||||||||||
Acquisition Costs | $ | 55,193 | $ | — | $ | — | $ | — | $ | 55,193 | |||||||||
Development Costs | 11,879 | 4,388 | 6,707 | 416 | 368 | ||||||||||||||
Exploration Costs | 13,388 | 2,376 | 7,593 | 3,419 | — | ||||||||||||||
Capitalized Interest | 472 | 235 | 149 | 88 | — | ||||||||||||||
$ | 80,932 | $ | 6,999 | $ | 14,449 | $ | 3,923 | $ | 55,561 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Property Acquisition Costs: | |||||||||||
Proved | $ | 8,908 | $ | 1,342 | $ | 1,767 | |||||
Unproved | 262 | 2,165 | 19,998 | ||||||||
Exploration Costs(1) | 40,975 | 27,561 | 53,222 | ||||||||
Development Costs(2) | 200,639 | 219,386 | 454,605 | ||||||||
Asset Retirement Costs | (9,175 | ) | (49,653 | ) | 37,595 | ||||||
$ | 241,609 | $ | 200,801 | $ | 567,187 |
(1) | Amounts for 2017, 2016 and 2015 include capitalized interest of $0.3 million, $0.3 million and $0.4 million, respectively. |
(2) | Amounts for 2017, 2016 and 2015 include capitalized interest of $0.2 million, $0.2 million and $0.5 million, respectively. |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
United States | (Thousands, except per Mcfe amounts) | ||||||||||
Operating Revenues: | |||||||||||
Natural Gas (includes transfers to operations of $2,357, $1,765 and $1,946, respectively)(1) | $ | 399,975 | $ | 282,619 | $ | 350,673 | |||||
Oil, Condensate and Other Liquids | 126,517 | 103,533 | 156,048 | ||||||||
Total Operating Revenues(2) | 526,492 | 386,152 | 506,721 | ||||||||
Production/Lifting Costs | 165,991 | 153,914 | 167,800 | ||||||||
Franchise/Ad Valorem Taxes | 15,372 | 13,794 | 20,167 | ||||||||
Purchased Emission Allowance Expense | 1,391 | 700 | 3,089 | ||||||||
Accretion Expense | 4,896 | 6,663 | 6,186 | ||||||||
Depreciation, Depletion and Amortization ($0.63, $0.85 and $1.49 per Mcfe of production, respectively) | 108,471 | 136,579 | 234,480 | ||||||||
Impairment of Oil and Gas Producing Properties | — | 948,307 | 1,126,257 | ||||||||
Income Tax Expense (Benefit) | 86,657 | (368,940 | ) | (444,393 | ) | ||||||
Results of Operations for Producing Activities (excluding corporate overheads and interest charges) | $ | 143,714 | $ | (504,865 | ) | $ | (606,865 | ) |
(1) | There were no revenues from sales to affiliates for all years presented. |
(2) | Exclusive of hedging gains and losses. See further discussion in Note G — Financial Instruments. |
Gas MMcf | ||||||||
U. S. | ||||||||
Appalachian Region | West Coast Region | Total Company | ||||||
Proved Developed and Undeveloped Reserves: | ||||||||
September 30, 2014 | 1,624,062 | 58,822 | 1,682,884 | |||||
Extensions and Discoveries | 633,360 | (1) | — | 633,360 | ||||
Revisions of Previous Estimates | (28,124 | ) | (6,317 | ) | (34,441 | ) | ||
Production | (136,404 | ) | (2) | (3,159 | ) | (139,563 | ) | |
Sale of Minerals in Place | (112 | ) | — | (112 | ) | |||
September 30, 2015 | 2,092,782 | 49,346 | 2,142,128 | |||||
Extensions and Discoveries | 185,347 | (1) | — | 185,347 | ||||
Revisions of Previous Estimates | (245,029 | ) | (3,132 | ) | (248,161 | ) | ||
Production | (140,457 | ) | (2) | (3,090 | ) | (143,547 | ) | |
Sale of Minerals in Place | (261,192 | ) | — | (261,192 | ) | |||
September 30, 2016 | 1,631,451 | 43,124 | 1,674,575 | |||||
Extensions and Discoveries | 386,649 | (1) | 8 | 386,657 | ||||
Revisions of Previous Estimates | 84,480 | 6,369 | 90,849 | |||||
Production | (154,093 | ) | (2) | (2,995 | ) | (157,088 | ) | |
Sale of Minerals in Place | (21,873 | ) | — | (21,873 | ) | |||
September 30, 2017 | 1,926,614 | 46,506 | 1,973,120 | |||||
Proved Developed Reserves: | ||||||||
September 30, 2014 | 1,119,901 | 57,907 | 1,177,808 | |||||
September 30, 2015 | 1,267,498 | 49,346 | 1,316,844 | |||||
September 30, 2016 | 1,089,492 | 43,124 | 1,132,616 | |||||
September 30, 2017 | 1,316,596 | 46,506 | 1,363,102 | |||||
Proved Undeveloped Reserves: | ||||||||
September 30, 2014 | 504,161 | 915 | 505,076 | |||||
September 30, 2015 | 825,284 | — | 825,284 | |||||
September 30, 2016 | 541,959 | — | 541,959 | |||||
September 30, 2017 | 610,018 | — | 610,018 |
(1) | Extensions and discoveries include 598 Bcf (during 2015), 179 Bcf (during 2016) and 181 Bcf (during 2017), of Marcellus Shale gas in the Appalachian region. |
(2) | Production includes 130,291 MMcf (during 2015), 135,598 MMcf (during 2016) and 145,452 MMcf (during 2017), from Marcellus Shale fields (which exceed 15% of total reserves). |
Oil Mbbl | ||||||||
U. S. | ||||||||
Appalachian Region | West Coast Region | Total Company | ||||||
Proved Developed and Undeveloped Reserves: | ||||||||
September 30, 2014 | 253 | 38,224 | 38,477 | |||||
Extensions and Discoveries | — | 533 | 533 | |||||
Revisions of Previous Estimates | (3 | ) | (2,251 | ) | (2,254 | ) | ||
Production | (30 | ) | (3,004 | ) | (3,034 | ) | ||
September 30, 2015 | 220 | 33,502 | 33,722 | |||||
Extensions and Discoveries | — | 530 | 530 | |||||
Revisions of Previous Estimates | (46 | ) | (2,201 | ) | (2,247 | ) | ||
Production | (28 | ) | (2,895 | ) | (2,923 | ) | ||
Sales of Minerals in Place | (73 | ) | — | (73 | ) | |||
September 30, 2016 | 73 | 28,936 | 29,009 | |||||
Extensions and Discoveries | — | 674 | 674 | |||||
Revisions of Previous Estimates | (12 | ) | 3,305 | 3,293 | ||||
Production | (4 | ) | (2,736 | ) | (2,740 | ) | ||
Sales of Minerals in Place | (29 | ) | — | (29 | ) | |||
September 30, 2017 | 28 | 30,179 | 30,207 | |||||
Proved Developed Reserves: | ||||||||
September 30, 2014 | 253 | 37,002 | 37,255 | |||||
September 30, 2015 | 220 | 33,150 | 33,370 | |||||
September 30, 2016 | 73 | 28,698 | 28,771 | |||||
September 30, 2017 | 28 | 29,771 | 29,799 | |||||
Proved Undeveloped Reserves: | ||||||||
September 30, 2014 | — | 1,222 | 1,222 | |||||
September 30, 2015 | — | 352 | 352 | |||||
September 30, 2016 | — | 238 | 238 | |||||
September 30, 2017 | — | 408 | 408 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Future Cash Inflows | $ | 6,144,317 | $ | 3,768,463 | $ | 6,916,775 | |||||
Less: | |||||||||||
Future Production Costs | 2,378,262 | 1,994,916 | 2,854,142 | ||||||||
Future Development Costs | 411,578 | 375,152 | 761,922 | ||||||||
Future Income Tax Expense at Applicable Statutory Rate | 1,160,469 | 303,397 | 1,117,433 | ||||||||
Future Net Cash Flows | 2,194,008 | 1,094,998 | 2,183,278 | ||||||||
Less: | |||||||||||
10% Annual Discount for Estimated Timing of Cash Flows | 1,080,962 | 452,470 | 860,244 | ||||||||
Standardized Measure of Discounted Future Net Cash Flows | $ | 1,113,046 | $ | 642,528 | $ | 1,323,034 |
Year Ended September 30 | |||||||||||
2017 | 2016 | 2015 | |||||||||
(Thousands) | |||||||||||
United States | |||||||||||
Standardized Measure of Discounted Future | |||||||||||
Net Cash Flows at Beginning of Year | $ | 642,528 | $ | 1,323,034 | $ | 2,066,878 | |||||
Sales, Net of Production Costs | (345,075 | ) | (218,444 | ) | (318,753 | ) | |||||
Net Changes in Prices, Net of Production Costs | 828,187 | (1,066,593 | ) | (1,752,843 | ) | ||||||
Extensions and Discoveries | 170,500 | 47,742 | 266,159 | ||||||||
Changes in Estimated Future Development Costs | 8,816 | 143,752 | 164,510 | ||||||||
Sales of Minerals in Place | (9,849 | ) | (95,849 | ) | (1 | ) | |||||
Previously Estimated Development Costs Incurred | 101,134 | 92,840 | 161,833 | ||||||||
Net Change in Income Taxes at Applicable Statutory Rate | (393,353 | ) | 387,739 | 545,442 | |||||||
Revisions of Previous Quantity Estimates | 39,078 | 6,202 | (16,573 | ) | |||||||
Accretion of Discount and Other | 71,080 | 22,105 | 206,382 | ||||||||
Standardized Measure of Discounted Future Net Cash Flows at End of Year | $ | 1,113,046 | $ | 642,528 | $ | 1,323,034 |
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