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REPORTING SEGMENT AND OTHER OPERATIONS DATA (Tables) | 9 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Information related to the Company's various reporting segments and other business operations during the three months ended June 30, 2025 and 2024, are as follows:
| Segments |  |  |  |
(Thousands) | NJNG | CEV | ES |  | S&T | Subtotal | HSO | Elims | Total
2025 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 204,790 |  | 12,030 |  | 38,850 |  |  | 27,129 |  | $ | 282,799 |  | 16,147 |  | — |  | $ | 298,946 |
Intercompany | $ | 238 |  | — |  | — |  |  | — |  | $ | 238 |  | 30 |  | (268) |  | $ | — |
Depreciation and amortization | $ | 35,987 |  | 5,772 |  | 30 |  |  | 4,809 |  | $ | 46,598 |  | 403 |  | (1) |  | $ | 47,000 |
Interest income (1) | $ | 687 |  | 280 |  | 36 |  |  | 2,275 |  | $ | 3,278 |  | 324 |  | (1,262) |  | $ | 2,340 |
Interest expense, net of capitalized interest | $ | 16,184 |  | 6,629 |  | 2,893 |  |  | 5,741 |  | $ | 31,447 |  | 247 |  | — |  | $ | 31,694 |
Income tax (benefit) provision | $ | 2,489 |  | (2,068) |  | (7,792) |  |  | 1,872 |  | $ | (5,499) |  | 687 |  | (330) |  | $ | (5,142) |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 908 |  | $ | 908 |  | — |  | 615 |  | $ | 1,523 |
Net financial (loss) earnings | $ | 10,079 |  | (6,857) |  | (3,734) |  |  | 5,898 |  | $ | 5,386 |  | 481 |  | 331 |  | $ | 6,198 |
Capital expenditures | $ | 103,402 |  | 49,276 |  | — |  |  | 4,227 |  | $ | 156,905 |  | 25 |  | — |  | $ | 156,930 |
2024 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 157,773 |  | 14,648 |  | 62,441 |  |  | 24,475 |  | $ | 259,337 |  | 16,299 |  | — |  | $ | 275,636 |
Intercompany | $ | 337 |  | — |  | — |  |  | — |  | $ | 337 |  | 57 |  | (394) |  | $ | — |
Depreciation and amortization | $ | 28,491 |  | 6,981 |  | 45 |  | (2) | 6,239 |  | $ | 41,756 |  | 308 |  | (1,157) |  | $ | 40,907 |
Interest income (1) | $ | 571 |  | — |  | 151 |  |  | 2,574 |  | $ | 3,296 |  | 386 |  | (1,447) |  | $ | 2,235 |
Interest expense, net of capitalized interest | $ | 14,239 |  | 7,027 |  | 3,946 |  |  | 5,773 |  | $ | 30,985 |  | 184 |  | — |  | $ | 31,169 |
Income tax provision (benefit) | $ | (1,132) |  | (2,008) |  | (1,553) |  |  | 1,345 |  | $ | (3,348) |  | 640 |  | (56) |  | $ | (2,764) |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 782 |  | $ | 782 |  | — |  | 558 |  | $ | 1,340 |
Net financial earnings (loss) | $ | (6,139) |  | (6,714) |  | (2,244) |  |  | 4,140 |  | $ | (10,957) |  | 881 |  | 1,177 |  | $ | (8,899) |
Capital expenditures | $ | 110,302 |  | 37,013 |  | — |  |  | 10,917 |  | $ | 158,232 |  | 252 |  | — |  | $ | 158,484 |
(1)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations. (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. Information related to the Company's various reporting segments and other business operations during the nine months ended June 30, 2025 and 2024, are as follows:
| Segments |  |  |  |
(Thousands) | NJNG | CEV | ES |  | S&T | Subtotal | HSO | Elims | Total
2025 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 1,156,558 |  | 46,403 |  | 371,548 |  |  | 79,023 |  | $ | 1,653,532 |  | 46,802 |  | — |  | $ | 1,700,334 |
Intercompany | $ | 881 |  | — |  | — |  |  | 41 |  | $ | 922 |  | 287 |  | (1,209) |  | $ | — |
Depreciation and amortization | $ | 103,784 |  | 17,701 |  | 139 |  |  | 17,843 |  | $ | 139,467 |  | 830 |  | (1) |  | $ | 140,296 |
Interest income (1) | $ | 1,934 |  | 530 |  | 109 |  |  | 6,927 |  | $ | 9,500 |  | 898 |  | (3,844) |  | $ | 6,554 |
Interest expense, net of capitalized interest | $ | 50,897 |  | 18,940 |  | 10,040 |  |  | 17,527 |  | $ | 97,404 |  | 708 |  | — |  | $ | 98,112 |
Income tax provision | $ | 63,980 |  | 10,994 |  | 14,088 |  |  | 4,095 |  | $ | 93,157 |  | 1,510 |  | (832) |  | $ | 93,835 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 3,030 |  | $ | 3,030 |  | — |  | 1,345 |  | $ | 4,375 |
Net financial earnings (loss) | $ | 221,518 |  | 37,315 |  | 39,400 |  |  | 13,905 |  | $ | 312,138 |  | 418 |  | 832 |  | $ | 313,388 |
Capital expenditures | $ | 306,638 |  | 117,978 |  | — |  |  | 18,289 |  | $ | 442,905 |  | 598 |  | — |  | $ | 443,503 |
2024 |  |  |  |  |  |  |  |  |
Operating revenues |  |  |  |  |  |  |  |  |
External customers | $ | 913,729 |  | 59,268 |  | 311,846 |  |  | 70,031 |  | $ | 1,354,874 |  | 45,885 |  | — |  | $ | 1,400,759 |
Intercompany | $ | 1,012 |  | — |  | (4,875) |  |  | 1,348 |  | $ | (2,515) |  | 210 |  | 2,305 |  | $ | — |
Depreciation and amortization | $ | 82,872 |  | 20,834 |  | 158 |  | (2) | 18,619 |  | $ | 122,483 |  | 808 |  | (2,022) |  | $ | 121,269 |
Interest income (1) | $ | 1,666 |  | — |  | 422 |  |  | 7,462 |  | $ | 9,550 |  | 1,074 |  | (4,327) |  | $ | 6,297 |
Interest expense, net of capitalized interest | $ | 43,840 |  | 21,656 |  | 10,585 |  |  | 17,574 |  | $ | 93,655 |  | 608 |  | — |  | $ | 94,263 |
Income tax provision (benefit) | $ | 34,000 |  | (471) |  | 11,247 |  |  | 2,996 |  | $ | 47,772 |  | 1,108 |  | 5,239 |  | $ | 54,119 |
Equity in earnings of affiliates | $ | — |  | — |  | — |  |  | 1,860 |  | $ | 1,860 |  | — |  | 1,878 |  | $ | 3,738 |
Net financial earnings (loss) | $ | 152,400 |  | (1,808) |  | 43,231 |  |  | 9,761 |  | $ | 203,584 |  | 665 |  | (2,128) |  | $ | 202,121 |
Capital expenditures | $ | 287,727 |  | 74,096 |  | — |  |  | 32,225 |  | $ | 394,048 |  | 1,738 |  | — |  | $ | 395,786 |
(1)Included in other income, net on the Unaudited Condensed Consolidated Statements of Operations. (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.
Schedule of Assets for Business Segments and Business Operations | The Company's assets for the various reporting segments and other business operations are detailed below:
| Segments |  |  | Intercompany |
(Thousands) | NJNG | CEV | ES | S&T | Subtotal | HSO | Assets (1) | Total
June 30, 2025 | $ | 5,039,492 |  | 1,199,871 |  | 119,101 |  | 1,026,379 |  | $ | 7,384,843 |  | 127,208 |  | (237,890) |  | $ | 7,274,161 |
September 30, 2024 | $ | 4,789,835 |  | 1,157,573 |  | 108,710 |  | 1,025,457 |  | $ | 7,081,575 |  | 159,444 |  | (259,374) |  | $ | 6,981,645 |
(1)Consists of transactions between subsidiaries that are eliminated and reclassified in consolidation.
Schedule of 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) | 2025 | 2024 | 2025 | 2024
Net financial earnings (loss) | $ | 6,198 |  | $ | (8,899) |  | $ | 313,388 |  | $ | 202,121 |
Less: |  |  |  |
Unrealized loss (gain) on derivative instruments and related transactions | 10,766 |  | 3,803 |  | (10,072) |  | 23,860 |
Tax effect | (2,559) |  | (903) |  | 2,394 |  | (5,670) |
Effects of economic hedging related to natural gas inventory | 16,924 |  | (385) |  | 747 |  | (19,458) |
Tax effect | (4,022) |  | 91 |  | (178) |  | 4,624 |
NFE tax adjustment | 140 |  | 69 |  | (58) |  | 116 |
Net (loss) income | $ | (15,051) |  | $ | (11,574) |  | $ | 320,555 |  | $ | 198,649 |

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