Essential Utilities Inc
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Regulated Natural Gas Segment
Our Regulated Natural Gas segment recognizes revenues by selling gas directly to customers at approved rates or by transporting gas through our pipelines at approved rates to customers that have purchased gas directly from other producers, brokers, or marketers. Natural gas sales to residential, commercial and industrial customers are seasonal, which results in higher demand for natural gas for heating purposes during the colder months.
The following tables present selected operating results and statistics for our Regulated Natural Gas segment, for the periods ended September 30, 2024 and 2023:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating revenues | $96,731 | $94,798 | $549,250 | $675,076 |
| Operations and maintenance expense | $49,002 | $50,006 | $144,628 | $148,270 |
| Purchased gas | $17,603 | $14,408 | $175,825 | $295,929 |
| Segment net income (loss) | $(30,660) | $(9,776) | $177,563 | $127,400 |
| Operating Statistics | ||||
| Selected operating results as a percentage of operating revenues: | ||||
| Operations and maintenance | 50.7% | 52.8% | 26.3% | 22.0% |
| Purchased gas | 18.2% | 15.2% | 32.0% | 43.8% |
| Depreciation and amortization | 35.5% | 32.8% | 18.1% | 13.8% |
| Taxes other than income taxes | 5.7% | 6.9% | 3.3% | 2.6% |
| Interest expense, net of interest income | 22.9% | 20.5% | 12.4% | 10.1% |
| Segment net income (loss) | -31.7% | -10.3% | 32.3% | 18.9% |
| Effective tax rate | -0.7% | 63.4% | -27.9% | -137.3% |
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