Financial Analysis

Commitments and Contingencies Environmental Matters The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and to comply with regulatory requirements. It is the Companys policy to accrue estimated environmental clean-up costs (investigation and remediation) when such amounts can reasonably be estimated and it is probable that the Company will be required to incur such costs. At September 30, 2025, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $3.2 million. The Companys liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at September 30, 2025. The Company has a regulatory liability of $1.8 million related to environmental clean-up costs at September 30, 2025 and is currently not aware of any material additional exposure to environmental liabilities. However, changes in environmental laws and regulations, new information or other factors could have an adverse financial impact on the Company. Other The Company, in its Utility segment and Integrated Upstream and Gathering segment, has entered into contractual commitments in the ordinary course of business, including commitments to purchase gas, transportation, and storage service to meet customer gas …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables provide a disaggregation of the Companys revenues for the years ended September 30, 2025, 2024 and 2023, presented by type of service from each reportable segment. Year Ended September 30, 2025 Revenues by Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated (Thousands) Production of Natural Gas $ 1,104,283 $ $ $ 1,104,283 $ $ $ 1,104,283 Production of Crude Oil 1,837 1,837 1,837 Natural Gas Processing 1,196 1,196 1,196 Natural Gas Gathering Service 11,813 11,813 11,813 Natural Gas Transportation Service 324,179 109,443 433,622 (108,351) 325,271 Natural Gas Storage Service 100,292 100,292 (42,485) 57,807 Natural Gas Residential Sales 596,988 596,988 596,988 Natural Gas Commercial Sales 84,515 84,515 84,515 Natural Gas Industrial Sales 4,403 4,403 (4) 4,399 Other 18,050 3,130 10,813 31,993 (985) 31,008 Total Revenues from Contracts with Customers 1,137,179 427,601 806,162 2,370,942 (151,825) 2,219,117 Alternative Revenue Programs 11,467 11,467 11,467 Derivative Financial Instruments 46,957 46,957 46,957 Total Revenues $ 1,184,136 $ 427,601 $ 817,629 $ 2,429,366 $ $ (151,825) $ 2,277,541 Year Ended September 30, 2024 Revenues by Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated (Thousands) Production of Natural Gas $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The FASB authoritative guidance regarding fair value measurements establishes a fair-value hierarchy and prioritizes the inputs used in valuation techniques that measure fair value. Those inputs are prioritized into three levels. Level 1 inputs are unadjusted quoted prices in active markets for assets or liabilities that the Company can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly at the measurement date. Level 3 inputs are unobservable inputs for the asset or liability at the measurement date. The Companys assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. The following table sets forth, by level within the fair value hierarchy, the Companys financial assets and liabilities (as applicable) that were accounted for at fair value on a recurring basis as of September 30, 2025 and 2024. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. At Fair Value as of September 30, 2025 Recurring Fair Value Measures Level 1 Level 2 Level 3 Netting Adjustments(1) Total(1) (Dollars in thousands) Assets: Cash Equivalents Money Market Mutual Funds $ 30,551 $ $ $ …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The components of federal and state income taxes included in the Consolidated Statements of Income are as follows: Year Ended September 30 2025 2024 2023 (Thousands) Current Income Taxes Federal $ 42,089 $ 6,453 $ 11,744 State 12,186 5,899 1,386 Deferred Income Taxes Federal 90,881 894 106,801 State 30,393 (3,504) 44,602 Total Income Taxes $ 175,549 $ 9,742 $ 164,533 On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation related to the Integrated Upstream and Gathering segment, domestic research cost expensing, and the business interest expense limitation. Additionally, the OBBBA permits the inclusion of intangible drilling cost deductions in the calculation of the Corporate Alternative Minimum Tax. The Company has evaluated the OBBBA. The results of such evaluations are reflected within the Companys financial statements and the impacts were not material. Total income taxes as reported differ from the amounts that were computed by applying the federal income tax rate to income before income taxes. The following is a reconciliation of this difference: Year Ended September 30 2025 2024 2023 (Thousands) U.S. Income Before Income Taxes $ 694,053 $ 87,255 $ 641,399 Income Tax Expense, Computed at U.S. Federal Statutory Rate of 21% $ 145,751 $ 18,324 $ 134,694 State Income Taxes 33,637 1,892 36,331 Amortization of Excess Deferred Federal Income T …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Leases The Company follows authoritative guidance regarding lease accounting, which requires entities that lease the use of property, plant and equipment to recognize on the balance sheet the assets and liabilities for the rights and obligations created by all leases, including leases classified as operating leases. The Company has elected to apply the following practical expedients provided in the authoritative guidance: 1. An election not to apply the recognition requirements in the authoritative guidance to short-term leases (a lease that at commencement date has a lease term of one year or less); 2. A practical expedient that permits combining lease and non-lease components in a contract and accounting for the combination as a lease (elected by asset-class). Nature of Leases The Company primarily leases building space and drilling rigs, and on a limited basis, compressor equipment and other miscellaneous assets. The Company determines if an arrangement is a lease at the inception of the arrangement. To the extent that an arrangement represents a lease, the Company classifies that lease as an operating or a finance lease in accordance with the authoritative guidance. The Company did not have any material finance leases as of September 30, 2025 or September 30, 2024. The Company also does not have any material arrangements where the Company is the lessor. Buildings and Property The Company enters into building and property rental agreements with third parties for office spa …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

New Authoritative Accounting and Financial Reporting Guidance In November 2023, the FASB issued authoritative guidance which improves reportable segment disclosure requirements, primarily through enhanced disclosures for significant segment expenses. The guidance was effective retrospectively for the Company as of September 30, 2025. As a result, the Company has enhanced its segment disclosures to include the presentation of significant costs and expenses by segment. The adoption of this authoritative guidance only affects the Companys disclosures, with no impact to its financial condition and results of operations. All applicable disclosures have been included in Note M Business Segment Information. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Retirement Plan and Other Post-Retirement Benefits The Company has a tax-qualified, noncontributory, defined-benefit retirement plan (Retirement Plan). The Retirement Plan covers certain non-collectively bargained employees hired before July 1, 2003 and certain collectively bargained employees hired before November 1, 2003. Certain non-collectively bargained employees hired after June 30, 2003 and certain collectively bargained employees hired after October 31, 2003 are eligible for a Retirement Savings Account benefit provided under the Companys defined contribution Tax-Deferred Savings Plans. Costs associated with the Retirement Savings Account were $7.1 million, $6.5 million and $5.7 million for the years ended September 30, 2025, 2024 and 2023, respectively. Costs associated with the Companys contributions to the Tax-Deferred Savings Plans, exclusive of the costs associated with the Retirement Savings Account, were $9.8 million, $9.0 million and $8.2 million for the years ended September 30, 2025, 2024 and 2023, respectively. The Company provides health care and life insurance benefits (other post-retirement benefits) for a majority of its retired employees. The other post-retirement benefits cover certain non-collectively bargained employees hired before January 1, 2003 and certain collectively bargained employees hired before October 31, 2003. The Companys policy is to fund the Retirement Plan with at least an amount necessary to satisfy the minimum funding requirements …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following tables provide a disaggregation of the Companys revenues for the years ended September 30, 2025, 2024 and 2023, presented by type of service from each reportable segment. Year Ended September 30, 2025 Revenues by Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated (Thousands) Production of Natural Gas $ 1,104,283 $ $ $ 1,104,283 $ $ $ 1,104,283 Production of Crude Oil 1,837 1,837 1,837 Natural Gas Processing 1,196 1,196 1,196 Natural Gas Gathering Service 11,813 11,813 11,813 Natural Gas Transportation Service 324,179 109,443 433,622 (108,351) 325,271 Natural Gas Storage Service 100,292 100,292 (42,485) 57,807 Natural Gas Residential Sales 596,988 596,988 596,988 Natural Gas Commercial Sales 84,515 84,515 84,515 Natural Gas Industrial Sales 4,403 4,403 (4) 4,399 Other 18,050 3,130 10,813 31,993 (985) 31,008 Total Revenues from Contracts with Customers 1,137,179 427,601 806,162 2,370,942 (151,825) 2,219,117 Alternative Revenue Programs 11,467 11,467 11,467 Derivative Financial Instruments 46,957 46,957 46,957 Total Revenues $ 1,184,136 $ 427,601 $ 817,629 $ 2,429,366 $ $ (151,825) $ 2,277,541 Year Ended September 30, 2024 Revenues by Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated ( …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segment Information In the Companys 2024 Form 10-K and its Form 10-Qs for the first three quarters of 2025, the Company reported financial results for four segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. The division of the Companys operations into reportable segments is based upon a combination of factors including differences in products and services as well as regulatory environment. During the quarter ended September 30, 2025, the president and chief executive officer, who is the chief operating decision maker (CODM), determined that the Exploration and Production segment and Gathering segment should be treated as one operating segment. The CODM made this decision to provide more clarity for management and investors as to the interdependence of both Seneca and Midstream Company in bringing Appalachian natural gas to market. As a result of this decision, during the quarter ended September 30, 2025, the CODM began reviewing financial information of these three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. As a result, the Company is now reporting financial results for these three segments. Prior year segment information shown below has been recast to reflect this change in presentation. The Integrated Upstream and Gathering segment is composed of the operations of Seneca and Midstream Company. Seneca is engaged in the exploration for and development of natural gas reserves in the Appalachian regi …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Principles of Consolidation The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to exploration and production properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications During the quarter ended September 30, 2025, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment. As a result, revenue and operation and maintenance expense line items on the consolidated statements of income in prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided at Note M Business Segment Information. Regulation The Company is subject to regulation by certain state and federal authorities. The Company has accounting policies which conform to GAAP, as applied to regulated enterprises, …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Commitments and Contingencies Environmental Matters. The Company is subject to various federal, state and local laws and regulations relating to the protection of the environment. The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and to comply with regulatory requirements. It is the Companys policy to accrue estimated environmental clean-up costs (investigation and remediation) when such amounts can reasonably be estimated and it is probable that the Company will be required to incur such costs. At June 30, 2026, the Company has estimated its remaining clean-up costs related to former manufactured gas plant sites will be approximately $2.9 million. The Company's liability for such clean-up costs has been recorded in Other Liabilities on the Consolidated Balance Sheet at June 30, 2026. The Company has a regulatory liability of less than $0.1 million related to environmental clean-up costs at June 30, 2026 and is currently not aware of any material additional exposure to environmental liabilities. However, changes in environmental laws and regulations, new information or other factors could have an adverse financial impact on the Company. Other. The Company is involved in other litigation and regulatory matters arising in the normal course of business. These other matters may include, for example, negligence claims and tax, regulatory or other governmental audits, inspections, investigations and oth …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables provide a disaggregation of the Company's revenues for the quarter and nine months ended June 30, 2026 and 2025, presented by type of service from each reportable segment. As reported in the Company's 2025 Form 10-K, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment called Integrated Upstream and Gathering. Prior year disaggregation of revenue information shown below has been restated to reflect this change in presentation. Quarter Ended June 30, 2026 (Thousands) Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Production of Natural Gas $ 235,036 $ $ $ 235,036 $ $ $ 235,036 Production of Crude Oil (146) (146) (146) Natural Gas Processing 245 245 245 Natural Gas Gathering Service 3,723 3,723 3,723 Natural Gas Transportation Service 80,867 20,561 101,428 (26,095) 75,333 Natural Gas Storage Service 25,699 25,699 (10,735) 14,964 Natural Gas Residential Sales 121,502 121,502 121,502 Natural Gas Commercial Sales 14,129 14,129 14,129 Natural Gas Industrial Sales 885 885 (1) 884 Other 5,400 (25) 3,158 8,533 (229) 8,304 Total Revenues from Contracts with Customers 244,258 106,541 160,235 511,034 (37,060) 473,974 Alternative Revenue Programs 5,265 5,265 5,265 Derivative Financial Instruments 58,258 58,258 58,258 Total Revenues $ 302,516 $ …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The FASB authoritative guidance regarding fair value measurements establishes a fair-value hierarchy and prioritizes the inputs used in valuation techniques that measure fair value. Those inputs are prioritized into three levels. Level 1 inputs are unadjusted quoted prices in active markets for assets or liabilities that the Company can access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly at the measurement date. Level 3 inputs are unobservable inputs for the asset or liability at the measurement date. The Companys assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of fair value assets and liabilities and their placement within the fair value hierarchy levels. 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 June 30, 2026 and September 30, 2025. Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Recurring Fair Value Measures At fair value as of June 30, 2026 (Thousands of Dollars) Level 1 Level 2 Level 3 Netting Adjustments (1) Total (1) Assets: Cash Equivalents Money Market Mutual Funds $ 1,231 …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The effective tax rates for the quarters ended June 30, 2026 and June 30, 2025 were 25.0% and 25.4%, respectively. The effective income tax rate for the quarter ended June 30, 2026 was generally consistent with the prior year quarter ended June 30, 2025. The effective tax rates for the nine months ended June 30, 2026 and June 30, 2025 were 24.9% and 24.5%, respectively. The effective income tax rate for the nine months ended June 30, 2026 was generally consistent with the prior year nine months ended June 30, 2025.

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Retirement Plan and Other Post-Retirement Benefits Components of Net Periodic Benefit Cost (in thousands): Retirement Plan Other Post-Retirement Benefits Three Months Ended June 30, 2026 2025 2026 2025 Service Cost $ 861 $ 1,023 $ 105 $ 130 Interest Cost 8,944 9,223 3,836 3,625 Expected Return on Plan Assets (14,710) (14,647) (7,374) (6,536) Amortization of Prior Service Cost (Credit) 63 76 (65) (107) Amortization of (Gains) Losses 2,421 1,620 152 9 Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) 152 85 131 (447) Net Periodic Benefit Cost (Income) $ (2,269) $ (2,620) $ (3,215) $ (3,326) Retirement Plan Other Post-Retirement Benefits Nine Months Ended June 30, 2026 2025 2026 2025 Service Cost $ 2,584 $ 3,069 $ 315 $ 389 Interest Cost 26,833 27,669 11,508 10,876 Expected Return on Plan Assets (44,131) (43,940) (22,122) (19,608) Amortization of Prior Service Cost (Credit) 190 227 (195) (322) Amortization of (Gains) Losses 7,261 4,860 456 28 Net Amortization and Deferral for Regulatory Purposes (Including Volumetric Adjustments) (1) (2,825) (3,026) (3,578) (5,333) Net Periodic Benefit Cost (Income) $ (10,088) $ (11,141) $ (13,616) $ (13,970) (1) The Companys policy is to record retirement plan and other post-retirement benefit costs in the Utility segment on a volumetric basis to reflect the fact that the Utility segment experiences higher throughput of natural gas in the winter months and lower throughput of natural gas in the summer …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue from Contracts with Customers The following tables provide a disaggregation of the Company's revenues for the quarter and nine months ended June 30, 2026 and 2025, presented by type of service from each reportable segment. As reported in the Company's 2025 Form 10-K, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment called Integrated Upstream and Gathering. Prior year disaggregation of revenue information shown below has been restated to reflect this change in presentation. Quarter Ended June 30, 2026 (Thousands) Revenues By Type of Service Integrated Upstream and Gathering Pipeline and Storage Utility Total Reportable Segments All Other Corporate and Intersegment Eliminations Total Consolidated Production of Natural Gas $ 235,036 $ $ $ 235,036 $ $ $ 235,036 Production of Crude Oil (146) (146) (146) Natural Gas Processing 245 245 245 Natural Gas Gathering Service 3,723 3,723 3,723 Natural Gas Transportation Service 80,867 20,561 101,428 (26,095) 75,333 Natural Gas Storage Service 25,699 25,699 (10,735) 14,964 Natural Gas Residential Sales 121,502 121,502 121,502 Natural Gas Commercial Sales 14,129 14,129 14,129 Natural Gas Industrial Sales 885 885 (1) 884 Other 5,400 (25) 3,158 8,533 (229) 8,304 Total Revenues from Contracts with Customers 244,258 106,541 160,235 511,034 (37,060) 473,974 Alternative Revenue Programs 5,265 5,265 5,265 Derivative Financial Instruments 58,258 58, …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Business Segment Information The Company reports financial results for three segments: Integrated Upstream and Gathering, Pipeline and Storage, and Utility. The division of the Companys operations into reportable segments is based on a combination of factors including differences in products and services as well as regulatory environments. As reported in the Company's 2025 Form 10-K, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment called Integrated Upstream and Gathering. Prior year segment information shown below has been recast to reflect this change in presentation. The Company's Chief Executive Officer, its Chief Operating Decision Maker (CODM), evaluates segment performance primarily using earnings attributable to the Company. External reporting is consistent with the internal financial reports used by the CODM to regularly assess performance of the business, make operating decisions and allocate resources. The Integrated Upstream and Gathering segment is composed of the operations of Seneca and Midstream Company. Seneca is engaged in the exploration for and development of natural gas reserves in the Appalachian region of the United States. Midstream Company builds, owns and operates natural gas processing and pipeline gathering facilities in the Appalachian region, primarily providing gathering services to Seneca. The Pipeline and Storage segment operations are regulated by th …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Summary of Significant Accounting Policies Principles of Consolidation. The Company consolidates all entities in which it has a controlling financial interest. All significant intercompany balances and transactions are eliminated. The Company uses proportionate consolidation when accounting for drilling arrangements related to exploration and production properties accounted for under the full cost method of accounting. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications. As reported in the Company's 2025 Form 10-K, during the quarter ended September 30, 2025, the segment reporting structure was modified to merge the Exploration and Production segment and Gathering segment into one reportable segment called Integrated Upstream and Gathering. As a result, revenue and operation and maintenance expense line items on the consolidated statements of income in prior periods have been reclassified to conform to the current year presentation. Additional discussion is provided at Note 9 Business Segment Information. Earnings for Interim Periods. The Company, in its opinion, has included all adjustments (which co …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing