ALABAMA GAS CORP

CIK:0000003146|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues	$ 420.2	$ 352.5	$ 2,138.9	$ 1,946.9
Operating Expenses:
Natural gas	101.2	95.5	770.3	763.5
Operation and maintenance	148.3	119.6	432.5	365.3
Depreciation and amortization	95.2	72.8	257.4	216.1
Taxes, other than income taxes	52.1	42.5	189.9	167.1
Total Operating Expenses	396.8	330.4	1,650.1	1,512.0
Operating Income	23.4	22.1	488.8	434.9
Interest Expense, Net	85.6	47.9	206.2	139.4
Other Income (Expense), Net	5.8	4.6	15.5	8.2
Impairment	(1.5)	0.0	(5.4)	0.0
Gain on Sale of Subsidiary	0.0	0.0	28.9	0.0
(Loss) Income From Continuing Operations Before Income Taxes	(57.9)	(21.2)	321.6	303.7
Income Tax (Benefit) Expense	(15.3)	(7.9)	58.8	55.6
Net (Loss) Income From Continuing Operations	(42.6)	(13.3)	262.8	248.1
Net Income From Discontinued Operations, Net of Tax	253.8	34.2	325.6	63.4
Net Income	211.2	20.9	588.4	311.5
Provision for preferred dividends	0.0	3.7	5.2	11.1
Income allocated to participating securities	0.3	0.0	0.8	0.4
Preferred Share Redemption Cost	0.0	0.0	8.0	0.0
Income Available to Common Shareholders	$ 210.9	$ 17.2	$ 574.4	$ 300.0
Weighted Average Number of Common Shares Outstanding:
Basic (in shares)	59.0	58.9	59.0	58.3
Diluted (in shares)	59.1	59.1	59.2	58.5
Basic (Loss) Earnings Per Common Share - Continuing Operations Available to Common Shareholders (in dollars per share)	$ (0.72)	$ (0.29)	$ 4.22	$ 4.06
Diluted (Loss) Earnings Per Common Share - Continuing Operations Available to Common Shareholders (in dollars per share)	(0.72)	(0.29)	4.21	4.05
Basic Earnings Per Common Share - Discontinued Operations (in dollars per share)	4.29	0.58	5.51	1.08
Diluted Earnings Per Common Share - Discontinued Operations (in dollars per share)	4.29	0.58	5.49	1.08
Basic Earnings Per Common Share (in dollars per share)	3.57	0.29	9.73	5.14
Diluted Earnings Per Common Share (in dollars per share)	$ 3.57	$ 0.29	$ 9.7	$ 5.13
Spire Alabama Inc [Member]
Operating Revenues	$ 99.0	$ 98.8	$ 471.3	$ 471.6
Operating Expenses:
Natural gas	18.5	28.0	125.0	140.3
Operation and maintenance	34.5	32.3	100.8	101.8
Depreciation and amortization	21.3	17.8	59.8	53.5
Taxes, other than income taxes	8.2	8.0	33.5	33.3
Total Operating Expenses	82.5	86.1	319.1	328.9
Operating Income	16.5	12.7	152.2	142.7
Interest Expense, Net	7.3	7.1	21.8	22.3
Other Income (Expense), Net	0.6	0.4	1.7	(0.0)
(Loss) Income From Continuing Operations Before Income Taxes	9.8	6.0	132.1	120.4
Income Tax (Benefit) Expense	2.5	1.5	33.2	30.2
Net Income	$ 7.3	$ 4.5	$ 98.9	$ 90.2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	9 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net Income	$ 588.4	$ 311.5
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	264.2	221.7
Deferred income taxes and investment tax credits	156.0	73.5
Gain on sale of discontinued operations	(329.4)	0.0
Changes in assets and liabilities, excluding impact of acquisition and divestitures:
Accounts receivable	132.6	(80.5)
Inventories	79.3	39.0
Regulatory assets and liabilities	8.9	95.5
Accounts payable	(84.4)	48.2
Delayed/advance customer billings, net	(56.6)	(25.4)
Taxes accrued	(11.8)	(12.0)
Other assets and liabilities	(1.0)	(94.8)
Other	(132.6)	6.2
Net cash provided by operating activities	613.6	582.9
Investing Activities:
Capital expenditures	(608.4)	(699.7)
Business acquisitions, net of cash acquired	(2,500.8)	0.0
Proceeds from sale of discontinued operations	819.9	0.0
Proceeds from sale of subsidiary	30.0	0.0
Other	(9.6)	3.0
Net cash used in investing activities	(2,268.9)	(696.7)
Financing Activities:
Issuance of long-term debt	2,488.1	150.0
Repayment of long-term debt	(357.5)	(7.0)
Redemption of preferred shares	(242.0)	0.0
Preferred share redemption cost	(8.0)	0.0
Issuance of delayed draw term loan	800.0	0.0
Repayment of delayed draw term loan	(800.0)	0.0
(Repayment) issuance of short-term debt, net	(53.5)	62.5
Issuance of common stock	0.0	76.0
Dividends paid on common stock	(144.8)	(135.8)
Dividends paid on preferred stock	(7.4)	(11.1)
Other	(1.8)	(7.6)
Net cash provided by (used in) financing activities	1,673.1	127.0
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	17.8	13.2
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	41.2	34.9
Cash, Cash Equivalents, and Restricted Cash at End of Period	59.0	48.1
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	(178.7)	(131.1)
Income taxes	(3.0)	(2.2)
Spire Missouri [Member]
Operating Activities:
Net Income	215.2	153.3
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	165.0	140.4
Deferred income taxes and investment tax credits	41.2	21.4
Changes in assets and liabilities, excluding impact of acquisition and divestitures:
Accounts receivable	(0.4)	(19.2)
Inventories	50.3	31.4
Regulatory assets and liabilities	41.8	102.6
Accounts payable	(14.1)	16.2
Delayed/advance customer billings, net	(56.5)	(24.9)
Taxes accrued	(8.6)	(7.0)
Other assets and liabilities	(49.3)	(64.1)
Other	1.2	0.0
Net cash provided by operating activities	385.8	350.1
Investing Activities:
Capital expenditures	(435.7)	(481.9)
Other	4.0	4.1
Net cash used in investing activities	(431.7)	(477.8)
Financing Activities:
Issuance of long-term debt	200.0	150.0
Borrowings from (Repayments to) Spire, net	(122.8)	(96.6)
Issuance of common stock	0.0	74.4
Dividends paid	(29.9)	0.0
Other	(1.4)	(0.1)
Net cash provided by (used in) financing activities	45.9	127.7
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	0.0	0.0
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	0.0	0.0
Cash, Cash Equivalents, and Restricted Cash at End of Period	0.0	0.0
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	(59.6)	(70.8)
Income taxes	(0.3)	(0.9)
Spire Alabama Inc [Member]
Operating Activities:
Net Income	98.9	90.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	59.8	53.5
Deferred income taxes and investment tax credits	33.2	30.2
Changes in assets and liabilities, excluding impact of acquisition and divestitures:
Accounts receivable	(9.4)	(18.5)
Inventories	(4.1)	5.6
Regulatory assets and liabilities	(35.8)	(6.7)
Accounts payable	7.5	8.9
Delayed/advance customer billings, net	0.0	(0.7)
Taxes accrued	(2.9)	(4.2)
Other assets and liabilities	(6.3)	(14.0)
Other	0.2	0.4
Net cash provided by operating activities	141.1	144.7
Investing Activities:
Capital expenditures	(124.8)	(102.8)
Other	(3.0)	0.8
Net cash used in investing activities	(127.8)	(102.0)
Financing Activities:
Borrowings from (Repayments to) Spire, net	38.0	8.0
Return of capital to Spire	(6.6)	(36.5)
Dividends paid on common stock	(43.8)	(14.0)
Net cash provided by (used in) financing activities	(12.4)	(42.5)
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	0.9	0.2
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	1.9	1.5
Cash, Cash Equivalents, and Restricted Cash at End of Period	2.8	1.7
Supplemental disclosure of cash paid for:
Interest, net of amounts capitalized	(19.2)	(23.7)
Income taxes	$ 0.0	$ 0.0

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Sep. 30, 2025	Jun. 30, 2025
ASSETS
Utility Plant	$ 12,032.6	$ 9,330.4	$ 9,232.8
Less: Accumulated depreciation and amortization	3,107.9	2,577.4	2,571.8
Net Utility Plant	8,924.7	6,753.0	6,661.0
Non-utility Property (net of accumulated depreciation and amortization of $124.7, $106.6 and $100.5 at June 30, 2026, September 30, 2025, and June 30, 2025, respectively)	553.4	568.1	572.3
Other Investments	131.8	126.6	124.1
Total Other Property and Investments	685.2	694.7	696.4
Current Assets:
Cash and cash equivalents	20.7	5.7	13.1
Accounts receivable:
Utility	228.8	191.9	228.0
Other	47.1	47.2	46.1
Allowance for credit losses	(30.4)	(28.8)	(33.8)
Delayed customer billings	29.5	13.6	18.3
Inventories:
Natural gas	155.7	192.8	133.0
Propane gas	8.6	8.6	8.6
Materials and supplies	45.4	47.0	46.5
Regulatory assets	78.6	78.3	35.0
Prepayments	63.6	46.1	58.7
Other	60.9	22.8	26.7
Assets held for sale	81.4	182.7	199.9
Total Current Assets	789.9	807.9	780.1
Deferred Charges and Other Assets:
Goodwill	1,895.2	1,171.6	1,171.6
Regulatory assets	1,395.0	1,323.5	1,293.4
Other	401.4	378.7	347.7
Assets held for sale	0.0	445.9	446.1
Total Deferred Charges and Other Assets	3,691.6	3,319.7	3,258.8
Total Assets	14,091.4	11,575.3	11,396.3
Capitalization:
Common stock (par value $1.00 per share; 70.0 million shares authorized; 59.1 million, 59.0 million, and 59.0 million shares issued and outstanding at June 30, 2026, September 30, 2025, and June 30, 2025, respectively)	59.1	59.0	59.0
Paid-in capital	1,984.9	1,981.4	1,979.2
Retained earnings	1,515.9	1,087.6	1,179.5
Accumulated other comprehensive income (loss)	23.1	19.4	20.5
Total Shareholders' Equity	3,583.0	3,389.4	3,480.2
Temporary equity	4.4	6.1	5.2
Long-term debt (less current portion)	5,758.0	3,369.4	3,498.4
Total Capitalization	9,345.4	6,764.9	6,983.8
Current Liabilities:
Current portion of long-term debt	238.1	487.5	392.5
Notes payable	1,263.5	1,317.0	1,009.5
Accounts payable	194.4	156.3	140.2
Advance customer billings	17.0	58.1	29.4
Wages and compensation accrued	41.4	49.2	35.4
Customer deposits	38.8	32.8	32.6
Taxes accrued	100.9	107.5	90.8
Regulatory liabilities	11.3	39.4	48.6
Other	219.2	176.5	175.1
Liabilities associated with assets held for sale	7.9	124.2	132.4
Total Current Liabilities	2,132.5	2,548.5	2,086.5
Deferred Credits and Other Liabilities:
Deferred income taxes	1,054.6	887.4	900.5
Pension and postretirement benefit costs	43.1	74.7	105.0
Asset retirement obligations	596.9	577.7	593.0
Regulatory liabilities	777.6	578.0	582.0
Other	141.3	136.7	138.4
Liabilities associated with assets held for sale	0.0	7.4	7.1
Total Deferred Credits and Other Liabilities	2,613.5	2,261.9	2,326.0
Commitments and Contingencies (Note 13)
Total Capitalization and Liabilities	14,091.4	11,575.3	11,396.3
Depositary Shares [Member]
Capitalization:
Preferred stock ($25.00 par value per share; 10.0 million depositary shares authorized, issued and outstanding at September 30, 2025 and June 30, 2025)	0.0	242.0	242.0
Spire Missouri [Member]
ASSETS
Utility Plant	6,246.9	5,864.3	5,793.3
Less: Accumulated depreciation and amortization	1,190.9	1,104.6	1,089.8
Net Utility Plant	5,056.0	4,759.7	4,703.5
Total Other Property and Investments	76.7	75.8	73.6
Accounts receivable:
Other	26.3	34.0	33.0
Allowance for credit losses	(22.9)	(23.0)	(27.9)
Delayed customer billings	25.3	4.2	14.2
Inventories:
Natural gas	100.6	150.0	99.1
Propane gas	8.6	8.6	8.6
Materials and supplies	23.5	24.5	23.4
Regulatory assets	7.7	48.9	8.7
Prepayments	39.2	28.2	37.3
Other	0.5	0.0	0.0
Total Current Assets	368.1	426.7	363.6
Deferred Charges and Other Assets:
Goodwill	210.2	210.2	210.2
Regulatory assets	669.2	653.2	613.5
Other	198.7	224.2	194.6
Total Deferred Charges and Other Assets	1,078.1	1,087.6	1,018.3
Total Assets	6,578.9	6,349.8	6,159.0
Capitalization:
Paid-in capital and common stock	929.3	929.3	929.3
Retained earnings	1,424.4	1,239.1	1,264.1
Accumulated other comprehensive income (loss)	(0.6)	(0.7)	(1.3)
Total Shareholders' Equity	2,353.1	2,167.7	2,192.1
Long-term debt (less current portion)	2,153.6	1,953.6	1,953.2
Total Capitalization	4,506.7	4,121.3	4,145.3
Current Liabilities:
Advance customer billings	7.7	43.2	19.1
Wages and compensation accrued	21.0	27.0	19.8
Customer deposits	7.2	7.2	7.0
Taxes accrued	57.2	65.8	53.0
Regulatory liabilities	3.5	13.9	14.0
Other	62.3	64.3	51.6
Total Current Liabilities	692.7	908.0	663.9
Deferred Credits and Other Liabilities:
Deferred income taxes	651.4	598.7	603.6
Pension and postretirement benefit costs	42.7	72.4	85.0
Asset retirement obligations	98.5	95.5	98.6
Regulatory liabilities	509.5	481.3	491.1
Other	77.4	72.6	71.5
Total Deferred Credits and Other Liabilities	1,379.5	1,320.5	1,349.8
Commitments and Contingencies (Note 13)
Total Capitalization and Liabilities	6,578.9	6,349.8	6,159.0
Spire Missouri [Member] \| Nonrelated Party [Member]
Accounts receivable:
Utility	157.3	149.1	164.9
Current Liabilities:
Accounts payable	80.2	98.9	90.8
Spire Missouri [Member] \| Related Party [Member]
Accounts receivable:
Utility	2.0	2.2	2.3
Current Liabilities:
Notes payable	443.5	566.3	398.7
Accounts payable	10.1	21.4	9.9
Spire Alabama Inc [Member]
ASSETS
Utility Plant	3,173.7	3,052.9	3,042.8
Less: Accumulated depreciation and amortization	1,416.9	1,362.4	1,370.8
Net Utility Plant	1,756.8	1,690.5	1,672.0
Total Other Property and Investments	0.1	0.1	0.1
Current Assets:
Cash and cash equivalents	2.8	1.9	1.7
Accounts receivable:
Other	5.9	6.9	6.2
Allowance for credit losses	(4.9)	(4.9)	(5.1)
Delayed customer billings	3.9	9.0	3.9
Inventories:
Natural gas	43.8	39.4	31.1
Materials and supplies	18.8	19.0	19.3
Regulatory assets	25.8	16.1	13.2
Prepayments	8.8	7.7	9.4
Other	0.2	0.0	0.0
Total Current Assets	150.2	129.9	133.3
Deferred Charges and Other Assets:
Regulatory assets	667.6	650.6	659.6
Other	100.6	99.2	94.8
Total Deferred Charges and Other Assets	768.2	749.8	754.4
Total Assets	2,675.3	2,570.3	2,559.8
Capitalization:
Paid-in capital and common stock	236.3	242.9	242.9
Retained earnings	790.3	735.2	745.1
Total Shareholders' Equity	1,026.6	978.1	988.0
Long-term debt (less current portion)	712.0	711.7	711.6
Total Capitalization	1,738.6	1,689.8	1,699.6
Current Liabilities:
Current portion of long-term debt	0.0	0.0	35.0
Advance customer billings	8.1	13.1	8.4
Wages and compensation accrued	6.2	7.8	5.6
Customer deposits	23.7	22.3	22.3
Taxes accrued	30.2	33.1	30.6
Regulatory liabilities	1.9	20.3	29.3
Other	12.4	14.6	11.9
Total Current Liabilities	302.1	290.0	248.1
Deferred Credits and Other Liabilities:
Deferred income taxes	97.1	64.1	65.9
Pension and postretirement benefit costs	0.2	2.4	11.1
Asset retirement obligations	485.4	470.0	483.9
Regulatory liabilities	28.0	29.2	25.8
Other	23.9	24.8	25.4
Total Deferred Credits and Other Liabilities	634.6	590.5	612.1
Total Capitalization and Liabilities	2,675.3	2,570.3	2,559.8
Spire Alabama Inc [Member] \| Nonrelated Party [Member]
Accounts receivable:
Utility	45.0	34.8	53.5
Current Liabilities:
Accounts payable	45.5	43.3	43.6
Spire Alabama Inc [Member] \| Related Party [Member]
Accounts receivable:
Utility	0.1		0.1
Current Liabilities:
Notes payable	168.2	130.1	56.4
Accounts payable	$ 5.9	$ 5.4	$ 5.0