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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 9 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company's various reporting segments and other operations is detailed below:
| Three Months Ended | Nine Months Ended
| June 30, | June 30,
(Thousands) | 2023 | 2022 | 2023 | 2022
Operating revenues |  |  |  |
Natural Gas Distribution |  |  |  |
External customers | $ | 144,971 |  | $ | 199,357 |  | $ | 902,880 |  | $ | 937,266 |
Intercompany | 337 |  | 338 |  | 1,012 |  | 1,013 |
Clean Energy Ventures |  |  |  |
External customers | 13,178 |  | 13,795 |  | 40,376 |  | 35,805 |
Energy Services |  |  |  |
External customers (1) | 69,542 |  | 309,236 |  | 579,494 |  | 1,086,093 |
Intercompany | 630 |  | (1,421) |  | 9,190 |  | 3,611 |
Storage and Transportation |  |  |  |
External customers | 21,435 |  | 15,779 |  | 66,452 |  | 40,168 |
Intercompany | 766 |  | 611 |  | 3,474 |  | 1,707 |
Subtotal | 250,859 |  | 537,695 |  | 1,602,878 |  | 2,105,663 |
Home Services and Other |  |  |  |
External customers | 14,949 |  | 14,168 |  | 42,467 |  | 41,161 |
Intercompany | 6 |  | 52 |  | 202 |  | 232 |
Eliminations | (1,739) |  | 420 |  | (13,878) |  | (6,563) |
Total | $ | 264,075 |  | $ | 552,335 |  | $ | 1,631,669 |  | $ | 2,140,493 |
Depreciation and amortization |  |  |  |
Natural Gas Distribution | $ | 25,825 |  | $ | 23,951 |  | $ | 76,034 |  | $ | 70,188 |
Clean Energy Ventures | 6,672 |  | 5,358 |  | 18,713 |  | 15,902 |
Energy Services (2) | 51 |  | 34 |  | 170 |  | 94 |
Storage and Transportation | 6,102 |  | 3,323 |  | 18,064 |  | 8,027 |
Subtotal | 38,650 |  | 32,666 |  | 112,981 |  | 94,211 |
Home Services and Other | 227 |  | 207 |  | 669 |  | 614 |
Eliminations | — |  | (1) |  | — |  | (125) |
Total | $ | 38,877 |  | $ | 32,872 |  | $ | 113,650 |  | $ | 94,700 |
Interest income (3) |  |  |  |
Natural Gas Distribution | $ | 496 |  | $ | 250 |  | $ | 1,285 |  | $ | 634 |
Energy Services | 310 |  | — |  | 959 |  | — |
Storage and Transportation | 1,841 |  | 501 |  | 4,926 |  | 1,259 |
Subtotal | 2,647 |  | 751 |  | 7,170 |  | 1,893 |
Home Services and Other | 753 |  | 225 |  | 2,141 |  | 527 |
Eliminations | (1,010) |  | (292) |  | (2,726) |  | (747) |
Total | $ | 2,390 |  | $ | 684 |  | $ | 6,585 |  | $ | 1,673 |
(1)Includes sales to Canada for the Energy Services segment, which are immaterial. (2)The amortization of acquired wholesale energy contracts is excluded above and is included in natural gas purchases - nonutility on the Unaudited Condensed Consolidated Statements of Operations. (3)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations.
| Three Months Ended | Nine Months Ended
| June 30, | June 30,
(Thousands) | 2023 | 2022 | 2023 | 2022
Interest expense, net of capitalized interest |  |  |  |
Natural Gas Distribution | $ | 13,226 |  | $ | 11,474 |  | $ | 40,814 |  | $ | 33,233 |
Clean Energy Ventures | 7,848 |  | 5,510 |  | 21,059 |  | 16,332 |
Energy Services | 2,467 |  | 1,115 |  | 8,274 |  | 2,585 |
Storage and Transportation | 6,430 |  | 3,177 |  | 19,265 |  | 7,160 |
Subtotal | 29,971 |  | 21,276 |  | 89,412 |  | 59,310 |
Home Services and Other | 148 |  | 135 |  | 459 |  | 504 |
Total | $ | 30,119 |  | $ | 21,411 |  | $ | 89,871 |  | $ | 59,814 |
Income tax provision (benefit) |  |  |  |
Natural Gas Distribution | $ | 196 |  | $ | 1,508 |  | $ | 38,503 |  | $ | 44,401 |
Clean Energy Ventures | (18,237) |  | (1,526) |  | (23,079) |  | (5,524) |
Energy Services | (2,934) |  | 2,338 |  | 23,046 |  | 22,053 |
Storage and Transportation | 535 |  | 1,675 |  | 3,074 |  | 2,732 |
Subtotal | (20,440) |  | 3,995 |  | 41,544 |  | 63,662 |
Home Services and Other | 429 |  | 180 |  | 1,134 |  | 682 |
Eliminations | (494) |  | 259 |  | 381 |  | (293) |
Total | $ | (20,505) |  | $ | 4,434 |  | $ | 43,059 |  | $ | 64,051 |
Equity in earnings of affiliates |  |  |  |
Storage and Transportation | $ | 377 |  | $ | 5,274 |  | $ | 2,263 |  | $ | 7,586 |
Eliminations | 324 |  | (473) |  | 515 |  | (1,441) |
Total | $ | 701 |  | $ | 4,801 |  | $ | 2,778 |  | $ | 6,145 |
Net financial earnings (loss) |  |  |  |
Natural Gas Distribution | $ | 891 |  | $ | 2,648 |  | $ | 156,252 |  | $ | 156,511 |
Clean Energy Ventures | 7,267 |  | (5,098) |  | (5,694) |  | (18,410) |
Energy Services | (1,604) |  | (5,003) |  | 72,054 |  | 42,504 |
Storage and Transportation | 2,358 |  | 3,526 |  | 11,051 |  | 11,113 |
Subtotal | 8,912 |  | (3,927) |  | 233,663 |  | 191,718 |
Home Services and Other | 523 |  | 215 |  | 1,307 |  | 1,113 |
Eliminations | 235 |  | 161 |  | (2,706) |  | (406) |
Total | $ | 9,670 |  | $ | (3,551) |  | $ | 232,264 |  | $ | 192,425 |
Capital expenditures |  |  |  |
Natural Gas Distribution | $ | 102,555 |  | $ | 79,976 |  | $ | 277,226 |  | $ | 205,440 |
Clean Energy Ventures | 10,905 |  | 38,948 |  | 68,604 |  | 105,504 |
Storage and Transportation | 3,450 |  | 20,560 |  | 33,291 |  | 129,608 |
Subtotal | 116,910 |  | 139,484 |  | 379,121 |  | 440,552 |
Home Services and Other | 193 |  | 320 |  | 1,093 |  | 562 |
Total | $ | 117,103 |  | $ | 139,804 |  | $ | 380,214 |  | $ | 441,114 |
Return of capital from equity investees |  |  |  |
Storage and Transportation | $ | — |  | $ | (1,479) |  | $ | — |  | $ | (5,479) |
Total | $ | — |  | $ | (1,479) |  | $ | — |  | $ | (5,479) |
Schedule of Assets for Business Segments and Business Operations | The Company's assets for the various reporting segments and business operations are detailed below:
(Thousands) | June 30, 2023 | September 30, 2022
Assets at end of period: |  |
Natural Gas Distribution | $ | 4,239,231 |  | $ | 4,030,686 |
Clean Energy Ventures | 1,091,029 |  | 1,015,065 |
Energy Services | 126,903 |  | 333,064 |
Storage and Transportation | 1,004,129 |  | 999,520 |
Subtotal | 6,461,292 |  | 6,378,335 |
Home Services and Other | 151,430 |  | 159,068 |
Intercompany assets (1) | (300,142) |  | (275,987) |
Total | $ | 6,312,580 |  | $ | 6,261,416 |
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Reconciliation of Consolidated NFE to Consolidated Net Income | A reconciliation of consolidated NFE to consolidated net income is as follows:
| Three Months Ended | Nine Months Ended
| June 30, | June 30,
(Thousands) | 2023 | 2022 | 2023 | 2022
Net financial earnings (loss) | $ | 9,670 |  | $ | (3,551) |  | $ | 232,264 |  | $ | 192,425 |
Less: |  |  |  |
Unrealized gain on derivative instruments and related transactions | (12,970) |  | (17,891) |  | (30,502) |  | (58,060) |
Tax effect | 3,083 |  | 4,253 |  | 7,250 |  | 13,809 |
Effects of economic hedging related to natural gas inventory | 24,116 |  | 428 |  | 36,885 |  | 25,160 |
Tax effect | (5,731) |  | (102) |  | (8,766) |  | (5,979) |
Gain on equity method investment | (100) |  | (4,021) |  | (300) |  | (4,021) |
Tax effect | 24 |  | 1,003 |  | 74 |  | 1,003 |
NFE tax adjustment | (284) |  | (274) |  | (77) |  | 113 |
Net income | $ | 1,532 |  | $ | 13,053 |  | $ | 227,700 |  | $ | 220,400 |

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