Fair Value Measurements (Tables)

6 Months Ended

Mar. 31, 2017

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

The following table sets forth, by level within the fair value hierarchy, the Company's financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of March 31, 2017 and September 30, 2016. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value presentation for over the counter swaps combines gas and oil swaps because a significant number of the counterparties enter into both gas and oil swap agreements with the Company.



Recurring Fair Value Measures	At fair value as of March 31, 2017
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	214,213	$	—	$	—	$	—		$	214,213
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	2,449		—		—		(1,068		)	1,381
Over the Counter Swaps – Gas and Oil	—		73,525		—		(10,177		)	63,348
Foreign Currency Contracts	—		48		—		(48		)	—
Other Investments:
Balanced Equity Mutual Fund	34,664		—		—		—			34,664
Fixed Income Mutual Fund	38,460		—		—		—			38,460
Common Stock – Financial Services Industry	3,649		—		—		—			3,649
Hedging Collateral Deposits	1,771		—		—		—			1,771
Total	$	295,206	$	73,573	$	—	$	(11,293	)	$	357,486

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$	1,068	$	—	$	—	$	(1,068	)	$	—
Over the Counter Swaps – Gas and Oil	—		9,641		—		(10,177		)	(536		)
Foreign Currency Contracts	—		2,055		—		(48		)	2,007
Total	$	1,068	$	11,696	$	—	$	(11,293	)	$	1,471
Total Net Assets/(Liabilities)	$	294,138	$	61,877	$	—	$	—		$	356,015



Recurring Fair Value Measures	At fair value as of September 30, 2016
(Thousands of Dollars)	Level 1		Level 2		Level 3		Netting Adjustments⁽¹⁾			Total⁽¹⁾
Assets:
Cash Equivalents – Money Market Mutual Funds	$	114,895	$	—	$	—	$	—		$	114,895
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	$	189,957	$	119,654	$	—	$	(8,473	)	$	301,138

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)	$	187,681	$	111,995	$	—	$	—		$	299,676


⁽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.

Fair Value Measurements Using Unobservable Inputs (Level 3)

The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value and classified as Level 3 for the six months ended March 31, 2016. For the six months ended March 31, 2017, there were no assets or liabilities measured at fair value and classified as Level 3. The Company's Exploration and Production segment had a small portion of their crude oil price swap agreements reported as Level 3 at October 1, 2015 that settled during the first quarter of fiscal 2016. For the quarters and six months ended March 31, 2017 and March 31, 2016, no transfers in or out of Level 1 or Level 2 occurred. There were no purchases or sales of derivative financial instruments during the period presented in the table below. All settlements of the derivative financial instruments are reflected in the Gains/Losses Realized and Included in Earnings column of the table below (amounts in parentheses indicate credits in the derivative asset/liability accounts).




Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)			Total Gains/Losses
	October 1, 2015		Gains/Losses Realized and Included in Earnings				Gains/Losses Unrealized and Included in Other Comprehensive Income (Loss)		Transfer In/Out of Level 3		March 31, 2016
Derivative Financial Instruments⁽²⁾	$	1,791	$	(2,002	)	⁽¹⁾	$	211	$	—	$	—


⁽¹⁾	Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended March 31, 2016.


⁽²⁾	Derivative Financial Instruments are shown on a net basis.