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Capitalization | 9 Months Ended
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Jun. 30, 2025
Capitalization, Long-Term Debt and Equity [Abstract] |
Capitalization | Capitalization Summary of Changes in Common Stock Equity
| Common Stock |  | Paid In Capital |  | Earnings Reinvested in the Business |  | Accumulated Other Comprehensive Income (Loss)
Shares |  | Amount |
| (Thousands, except per share amounts)
Balance at April 1, 2025 | 90,398 |  |  | $ | 90,398 |  |  | $ | 1,042,822 |  |  | $ | 1,855,366 |  |  | $ | (222,975) |
Net Income Available for Common Stock |  |  |  |  |  |  | 149,818 |  |  |
Dividends Declared on Common Stock ($0.535 Per Share) |  |  |  |  |  |  | (48,340) |  |  |
Other Comprehensive Income, Net of Tax |  |  |  |  |  |  |  |  | 107,168 |
Share-Based Payment Expense (1) |  |  |  |  | 4,685 |  |  |  |  |
Common Stock Issued Under Stock and Benefit Plans | 12 |  |  | 12 |  |  | 529 |  |  |  |  |
Share Repurchases Under Repurchase Plan | (54) |  |  | (54) |  |  | (630) |  |  | (3,311) |  |  |
Balance at June 30, 2025 | 90,356 |  |  | $ | 90,356 |  |  | $ | 1,047,406 |  |  | $ | 1,953,533 |  |  | $ | (115,807) |
Balance at October 1, 2024 | 91,006 |  |  | $ | 91,006 |  |  | $ | 1,045,487 |  |  | $ | 1,727,326 |  |  | $ | (15,476) |
Net Income Available for Common Stock |  |  |  |  |  |  | 411,162 |  |  |
Dividends Declared on Common Stock ($1.565 Per Share) |  |  |  |  |  |  | (141,566) |  |  |
Other Comprehensive Loss, Net of Tax |  |  |  |  |  |  |  |  | (100,331) |
Share-Based Payment Expense (1) |  |  |  |  | 13,911 |  |  |  |  |
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 179 |  |  | 179 |  |  | (2,377) |  |  |  |  |
Share Repurchases Under Repurchase Plan | (829) |  |  | (829) |  |  | (9,615) |  |  | (43,389) |  |  |
Balance at June 30, 2025 | 90,356 |  |  | $ | 90,356 |  |  | $ | 1,047,406 |  |  | $ | 1,953,533 |  |  | $ | (115,807) |
Balance at April 1, 2024 | 92,032 |  |  | $ | 92,032 |  |  | $ | 1,045,929 |  |  | $ | 2,090,172 |  |  | $ | 75,340 |
Net Loss Available for Common Stock |  |  |  |  |  |  | (54,158) |  |  |
Dividends Declared on Common Stock ($0.515 Per Share) |  |  |  |  |  |  | (47,195) |  |  |
Other Comprehensive Loss, Net of Tax |  |  |  |  |  |  |  |  | (70,290) |
Share-Based Payment Expense (1) |  |  |  |  | 4,905 |  |  |  |  |
Common Stock Issued Under Stock and Benefit Plans | 11 |  |  | 11 |  |  | 587 |  |  |  |  |
Share Repurchases Under Repurchase Plan | (431) |  |  | $ | (431) |  |  | $ | (4,942) |  |  | $ | (18,435) |  |  |
Balance at June 30, 2024 | 91,612 |  |  | $ | 91,612 |  |  | $ | 1,046,479 |  |  | $ | 1,970,384 |  |  | $ | 5,050 |
Balance at October 1, 2023 | 91,819 |  |  | $ | 91,819 |  |  | $ | 1,040,761 |  |  | $ | 1,885,856 |  |  | $ | (55,060) |
Net Income Available for Common Stock |  |  |  |  |  |  | 245,134 |  |  |
Dividends Declared on Common Stock ($1.505 Per Share) |  |  |  |  |  |  | (138,354) |  |  |
Other Comprehensive Income, Net of Tax |  |  |  |  |  |  |  |  | 60,110 |
Share-Based Payment Expense (1) |  |  |  |  | 14,262 |  |  |  |  |
Common Stock Issued (Repurchased) Under Stock and Benefit Plans | 320 |  |  | 320 |  |  | (2,514) |  |  |  |  |
Share Repurchases Under Repurchase Plan | (527) |  |  | $ | (527) |  |  | $ | (6,030) |  |  | $ | (22,252) |  |  |
Balance at June 30, 2024 | 91,612 |  |  | $ | 91,612 |  |  | $ | 1,046,479 |  |  | $ | 1,970,384 |  |  | $ | 5,050 |
(1)Paid in Capital includes compensation costs associated with performance shares and/or restricted stock awards. The expense is included within Net Income Available For Common Stock, net of tax benefits. Common Stock. Common stock share activity during the nine months ended June 30, 2025 consisted of the following items:
| Nine Months Ended June 30, 2025
Vesting of Restricted Stock Units | 125,528 |
Vesting of Performance Shares | 89,843 |
Issuance of Common Stock Pursuant to the Company's Non-Employee Director Equity Compensation Plan and Deferred Compensation Plan for Directors and Officers | 28,699 |
Shares Tendered to Pay Withholding Taxes on Stock-Based Compensation Awards (1) | (65,387) |
Common Stock Issued Under Stock and Benefit Plans | 178,683 |
Share Repurchases Under Repurchase Plan | (828,720) |
Total Net Shares Repurchased During the Nine Months Ended June 30, 2025 | (650,037) |
(1) The Company considers all shares tendered as cancelled shares restored to the status of authorized but unissued shares, in accordance with New Jersey law. On March 8, 2024, the Company’s Board of Directors authorized the Company to implement a share repurchase program, whereby the Company may repurchase outstanding shares of common stock, up to an aggregate amount of $200 million in the open market or through privately negotiated transactions, including through the use of trading plans intended to qualify under SEC Rule 10b5-1, in accordance with applicable securities laws and other restrictions. In April 2025, repurchases under the program were temporarily paused. As a result, the Company expects completion of the program will extend into calendar 2026. The timing and amount of future repurchases under this program will depend on a number of factors, including but not limited to stock price, market conditions, applicable securities laws (including SEC Rule 10b-18), corporate and regulatory requirements, and capital and liquidity needs. During the nine months ended June 30, 2025, the Company executed transactions to repurchase 828,720 shares at an average price of $64.37 per share, for a total cost of $53.8 million (including broker fees and excise taxes). Share repurchases that settled during the nine months ended June 30, 2025 were funded with cash provided by operating activities and/or short-term borrowings. In the future, it is expected that this share repurchase program will continue to be funded with cash provided by operating activities and/or through the use of short-term borrowings. The program has no fixed expiration date. Short-Term Borrowings. The Company is a party to a syndicated Credit Agreement (as amended from time to time, the “Credit Agreement”) that provides a $1.0 billion unsecured committed revolving credit facility. In January 2025, the Company and the banks in the syndicate consented to a second one-year extension of the maturity date of the Credit Agreement, such that the Company has aggregate commitments available in the full amount of $1.0 billion through February 23, 2029. In May 2025, the total lenders under the Credit Agreement increased to twelve as a new lender joined the syndicate, assuming a portion of an existing lender's commitment. Current Portion of Long-Term Debt. The Current Portion of Long-Term Debt at June 30, 2025 consisted of a $300.0 million long-term delayed draw term loan that matures in February 2026. The Current Portion of Long-Term Debt at September 30, 2024 consisted of $50.0 million of 7.38% notes that matured in June 2025 and $450.0 million of 5.20% notes with a maturity date in July 2025. As discussed below, the Company redeemed the $450.0 million of 5.20% notes on March 6, 2025. Long-Term Debt. On February 19, 2025, the Company issued $500.0 million of 5.50% notes due March 15, 2030 and $500.0 million of 5.95% notes due March 15, 2035. After deducting underwriting discounts, commissions and other debt issuance costs, the net proceeds to the Company amounted to $495.2 million and $493.5 million, respectively. The holders of the 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. Additionally, the interest rate payable on the notes will be subject to adjustment from time to time, with a maximum adjustment of 2.00%, such that the coupon will not exceed 7.50% on the 5.50% notes and 7.95% on the 5.95% notes, if certain change of control events involving a material subsidiary result in a downgrade of the credit rating assigned to the notes to a rating below investment grade. A downgrade with a resulting increase to the coupon does not preclude the coupon from returning to its original rate if the Company's credit rating is subsequently upgraded. The proceeds of these debt issuances were used for general corporate purposes, including the March 6, 2025 redemptions of $450.0 million of the Company's 5.20% notes that were scheduled to mature in July 2025 and $500.0 million of the Company's 5.50% notes that were scheduled to mature in January 2026. The Company redeemed those notes for $450.8 million and $503.3 million, respectively, plus accrued interest. In the Exploration and Production and Gathering segments, the call premiums of $0.6 million for the redemption of the 5.20% notes and $1.8 million for the redemption of the 5.50% notes, were recorded to Interest Expense on Long-Term Debt on the Consolidated Income Statement during the quarter ended March 31, 2025, and in the Pipeline and Storage segment, the call premiums of $0.2 million for the 5.20% notes redeemed and $1.5 million for the 5.50% notes redeemed were recorded to Unamortized Debt Expense on the Consolidated Balance Sheet as of March 31, 2025. The remaining proceeds of the debt issuances were used to repay a portion of short-term borrowings the Company incurred to fund a trust for the benefit of holders of $50.0 million of 7.38% notes under the Company's 1974 indenture prior to the June 13, 2025 maturity date of these notes. Placing these funds in trust enabled the Company to cancel and discharge the 1974 indenture. This relieved the Company from its obligations to comply with the 1974 indenture's covenants. The funds were paid out of the trust on June 13, 2025 for the redemption of the $50.0 million of 7.38% notes, leaving no notes outstanding under the 1974 indenture. Delayed Draw Term Loan. On February 14, 2024, the Company entered into a Term Loan Agreement (the “Term Loan Agreement”) with six lenders, all of which are lenders under the Credit Agreement. The Term Loan Agreement provides a $300.0 million unsecured committed delayed draw term loan facility with a maturity date of February 14, 2026, and the Company has the ability to select interest periods of one, three or six months for borrowings. In April 2024, pursuant to the delayed draw mechanism, the Company elected to draw a total of $300.0 million under the facility. After deducting debt issuance costs, the net proceeds to the Company amounted to $299.4 million. The Company used the proceeds for general corporate purposes, which included the redemption of outstanding commercial paper. Borrowings under the Term Loan Agreement currently bear interest at a rate equal to SOFR for the applicable interest period, plus an adjustment of 0.10%, plus a spread of 1.375%. The current weighted average locked-in interest rate is 5.82% until mid-August 2025

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