Fair Value Measurements (Tables)

9 Months Ended

Jun. 30, 2012

Recurring Fair Value Measures Of Assets And Liabilities



Recurring Fair Value Measures	At fair value as of June 30, 2012
(Thousands of Dollars)	Level 1	Level 2	Level 3	Netting Adjustments⁽¹⁾	Total

Assets:
Cash Equivalents – Money Market Mutual Funds	$ 117,813	$ -	$ -	$ -	$117,813
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	4,396	-	-	(4,396)	-
Over the Counter Swaps – Oil	-	-	3,124	(4,649)	(1,525)
Over the Counter Swaps – Gas	-	95,114	-	(7,684)	87,430
Other Investments:
Balanced Equity Mutual Fund	23,629	-	-	-	23,629
Common Stock – Financial Services Industry	4,304	-	-	-	4,304
Other Common Stock	279	-	-	-	279
Hedging Collateral Deposits	3,392	-	-	-	3,392
Total	$153,813	$ 95,114	$ 3,124	$(16,729)	$235,322

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$ 5,558	$ -	$ -	$ (4,396)	$ 1,162
Over the Counter Swaps – Oil	-	-	19,672	(4,649)	15,023
Over the Counter Swaps – Gas	-	7,692	-	(7,684)	8
Total	$ 5,558	$ 7,692	$ 19,672	$ (16,729)	$ 16,193

Total Net Assets/(Liabilities)	$148,255	$ 87,422	$ (16,548)	$ -	$219,129
DDE


Recurring Fair Value Measures	At fair value as of September 30, 2011
(Thousands of Dollars)	Level 1	Level 2	Level 3	Netting Adjustments⁽¹⁾	Total

Assets:
Cash Equivalents – Money Market Mutual Funds	$ 32,444	$ -	$ -	$ -	$ 32,444
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	4,541	-	-	(4,541)	-
Over the Counter Swaps – Gas	-	75,292	-	(179)	75,113
Over the Counter Swaps – Oil	-	-	10,420	(9,448)	972
Other Investments:
Balanced Equity Mutual Fund	19,882	-	-	-	19,882
Common Stock – Financial Services Industry	4,478	-	-	-	4,478
Other Common Stock	226	-	-	-	226
Hedging Collateral Deposits	19,701	-	-	-	19,701
Total	$81,272	$ 75,292	$ 10,420	$(14,168)	$152,816

Liabilities:
Derivative Financial Instruments:
Commodity Futures Contracts – Gas	$ 7,833	$ -	$ -	(4,541)	$ 3,292
Over the Counter Swaps – Gas	-	179	-	(179)	-
Over the Counter Swaps – Oil	-	-	15,830	(9,448)	6,382
Total	$ 7,833	$ 179	$ 15,830	$(14,168)	$ 9,674

Total Net Assets/(Liabilities)	$ 73,439	$ 75,113	$ (5,410)	$ -	$143,142

Amounts represent the impact of legally-enforceable master netting arrangements that allow the Company to net gain and loss positions held with the same counterparties.

Fair Value Measurements Using Unobservable Inputs (Level 3)


Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)		Total Gains/Losses
	April 1, 2012	(Gains)/ Losses Realized and Included in Earnings	Gains/(Losses) Unrealized and Included in Other Comprehensive Income (Loss)	Transfer In/Out of Level 3	June 30, 2012

Derivative Financial Instruments⁽²⁾	$(68,754)	$10,392⁽¹⁾	$41,814	$ -	$(16,548)

⁽¹⁾Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended June 30, 2012.

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



Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)		Total Gains/Losses
	October 1, 2011	(Gains)/ Losses Realized and Included in Earnings	Gains/(Losses) Unrealized and Included in Other Comprehensive Income (Loss)	Transfer In/Out of Level 3	June 30, 2012

Derivative Financial Instruments⁽²⁾	$(5,410)	$36,526⁽¹⁾	$(47,664)	$ -	$(16,548)

⁽¹⁾Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the nine months ended June 30, 2012.

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


Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)		Total Gains/Losses
	April 1, 2011	(Gains)/ Losses Realized and Included in Earnings	Gains/(Losses) Unrealized and Included in Other Comprehensive Income (Loss)	Transfer In/Out of Level 3	June 30, 2011

Derivative Financial Instruments⁽²⁾	$(71,913)	$15,377⁽¹⁾	$6,083	$ -	$(50,453)

⁽¹⁾Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the three months ended June 30, 2011.

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


Fair Value Measurements Using Unobservable Inputs (Level 3)
(Thousands of Dollars)		Total Gains/Losses
	October 1, 2010	(Gains)/ Losses Realized and Included in Earnings	Gains/(Losses) Unrealized and Included in Other Comprehensive Income (Loss)	Transfer In/Out of Level 3	June 30, 2011

Derivative Financial Instruments⁽²⁾	$(16,483)	$28,545⁽¹⁾	$(62,515)	$ -	$(50,453)

⁽¹⁾Amounts are reported in Operating Revenues in the Consolidated Statement of Income for the nine months ended June 30, 2011.

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

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References+ Details

- Definition

The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19190-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 33

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 6

-Footnote 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details