Business Segment Information

6 Months Ended

Mar. 31, 2020

The Company reports financial results for four segments: Exploration and Production, Pipeline and Storage, Gathering and Utility. The division of the Company’s operations into reportable segments is based upon a combination of factors including differences in products and services, regulatory environment and geographic factors. As reported in the Company's 2019 Form 10-K, the Company previously reported financial results for five business segments: Exploration and Production, Pipeline and

Storage, Gathering, Utility and Energy Marketing. However, management made the decision to eliminate the Energy Marketing segment as a reportable segment based on the fact that the energy marketing operations do not meet any of the quantitative thresholds specified by authoritative guidance related to segment reporting. Furthermore, from a qualitative standpoint, management’s focus has changed regarding the energy marketing operations, and management no longer considers the energy marketing operations to be integral to the overall operations of the Company. As a result of this change in focus and the fact that the energy marketing operations cannot be aggregated into one of the other four reportable business segments, the energy marketing operations have been included in the All Other category in the disclosures that follow. Prior year segment information shown below has been restated to reflect this change in presentation.

The data presented in the tables below reflect financial information for the segments and reconciliations to consolidated amounts. As stated in the 2019 Form 10-K, the Company evaluates segment performance based on income before discontinued operations (when applicable). When this is not applicable, the Company evaluates performance based on net income. There have not been any changes in the basis of segmentation nor in the basis of measuring segment profit or loss from those used in the Company’s 2019 Form 10-K. A listing of segment assets at March 31, 2020 and September 30, 2019 is shown in the tables below.



Quarter Ended March 31, 2020 (Thousands)
	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Revenue from External Customers	$155,560	$51,919	$—	$250,556	$458,035	$32,925	$135	$491,095
Intersegment Revenues	$—	$27,326	$35,267	$3,937	$66,530	$79	$(66,609)	$—
Segment Profit: Net Income (Loss)	$(175,275)	$22,087	$19,898	$31,499	$(101,791)	$1,169	$(5,446)	$(106,068)



Six Months Ended March 31, 2020 (Thousands)
	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Revenue from External Customers	$321,499	$100,888	$—	$445,465	$867,852	$67,161	$270	$935,283
Intersegment Revenues	$—	$50,577	$70,055	$5,853	$126,485	$256	$(126,741)	$—
Segment Profit: Net Income (Loss)	$(151,299)	$40,192	$35,842	$58,082	$(17,183)	$1,540	$(3,834)	$(19,477)



(Thousands)	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Segment Assets:
At March 31, 2020	$2,014,520	$1,916,849	$576,589	$2,049,424	$6,557,382	$134,926	$16,351	$6,708,659
At September 30, 2019	$1,972,776	$1,893,514	$547,995	$1,991,338	$6,405,623	$122,241	$(65,707)	$6,462,157



Quarter Ended March 31, 2019 (Thousands)
	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Revenue from External Customers	$146,102	$48,421	$2	$298,636	$493,161	$59,328	$55	$552,544
Intersegment Revenues	$—	$23,918	$29,366	$4,394	$57,678	$43	$(57,721)	$—
Segment Profit: Net Income	$21,873	$17,749	$12,690	$35,589	$87,901	$416	$2,278	$90,595



Six Months Ended March 31, 2019 (Thousands)
	Exploration and Production	Pipeline and Storage	Gathering	Utility	Total Reportable Segments	All Other	Corporate and Intersegment Eliminations	Total Consolidated
Revenue from External Customers	$308,978	$102,639	$2	$518,647	$930,266	$112,416	$109	$1,042,791
Intersegment Revenues	$—	$46,769	$59,056	$7,040	$112,865	$375	$(113,240)	$—
Segment Profit: Net Income	$60,087	$42,851	$26,872	$61,237	$191,047	$499	$1,710	$193,256