What changed in this filing

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Item 2. Properties

2025-11-21 compared with 2024-11-22 · 21 added, 54 removed, 75 unchanged (50% of the section changed)

2 unchanged sentences

The net investment of the Company in property, plant and equipment was $7.7 billion at September 30, 2025.

The Exploration and Production segment constitutes 32.5% of this investment, and is primarily located in the Appalachian region of the United States.

Approximately 54.3% of the Company’s investment in net property, plant and equipment was in the Utility and Pipeline and Storage segments , whose operations are located primarily in western and central New York and western Pennsylvania.

The Gathering segment constitutes 13.1% of the Company’s investment in net property, plant and equipment, and is located in northwestern and central Pennsylvania.

The Integrated Upstream and Gathering segment constitutes 46.0% of this investment, and is primarily located in the Appalachian region of the United States.

Approximately 53.9% of the Company’s investment in

net property, plant and equipment was in the Utility and Pipeline and Storage segments , whose operations are located primarily in western and central New York and western Pennsylvania.

The remaining 0.1% of the Company ’ s net investment in property, plant and equipment falls within All Other and Corporate operations.

During the past five years, the Company has made significant additions to property, plant and equipment in order to expand its exploration and production and gathering operations in the Appalachian region of the United States and to expand and modernize transmission, storage, and distribution facilities for customers in New York and Pennsylvania.

During the past five years, the Company has made significant additions to property, plant and equipment in order to expand its integrated upstream and gathering operations in the Appalachian region of the United States and to expand and modernize transmission, storage, and distribution facilities for customers in New York and Pennsylvania.

Net property, plant and equipment has increased $1.7 billion, or 28.6%, s ince September 30, 2020.

The five-year increase is net of impairments of assets recorded in 2021, 2024 and 2025 (pre-tax amounts of $76 million, $519 million and $142 million, respectively).

The Exploration and Production segment had a net investment in property, plant and equipment of $2.4 billion at Se ptember 30, 2024 consisting primarily of capitalized costs relating to exploration and production activities, the components of which are disclosed in Item 8, Note N — Supplementary Information for Exploration and Production Activities.

The Integrated Upstream and Gathering segment had a net investment in property, plant and equipment of $3.5 billion at September 30, 2025.

Capitalized costs relating to exploration and production activities, the components of which are disclosed in Item 8, Note N — Supplementary Information for Exploration and Production Activities, represent 69% of this segments total net investment.

Gathering lines and related compressor stations represent 23% of this segment’s total net investment and includes 401 miles of pipelines utilized to move Appalachian production (including Marcellus and Utica shales) to various transmission pipeline receipt points as well as 24 compressor stations with 128,286 installed horsepower.

The Pipeline and Storage segment had a net investment o f $2.2 billion in property, plant and eq uipment at September 30, 2025.

1 unchanged sentence

Storage facilities represent 15% of this segment’s total net investment and consist of 382 miles of pipeline, as well as 28 storage fields operating at a combined working gas level of 77.2 Bcf, three of which are jointly owned and operated with other interstate gas pipeline companies.

Net investment in storage facilities includes $81.2 million of gas stored underground-noncurrent, representing the cost of the gas utilized to maintain pressure levels for normal operating purposes as well as gas maintained for system balancing and other purposes, including that needed for no-notice transportation service.

Net investment in storage facilities includes $80.7 million of gas stored underground, representing the cost of base gas utilized to maintain pressure levels for normal operating purposes as well as gas maintained for system balancing and other purposes, including that needed for no-notice transportation service.

The Pipeline and Storage segment has 30 compressor stations with 259,038 installed horsepower that represent 31% of this segment’s total net investment in property, plant and equipment.

The Pipeline and Storage segment ’ s facilities provided the capacity to meet Supply Corporation’s 2024 peak day sendout f or transportation service of 2,304 MMcf, which occurred on January 14, 2024.

The Pipeline and Storage segment ’ s facilities provided the capacity to meet Supply Corp oration’s 2025 peak day sendout for transportation service of 2,371 MMcf, which occurred on January 21, 2025.

Withdrawals from storage of 563 MMcf provided approximately 24% of the requirements on that day.

The Gathering segment had a net investment of $1.0 billion i n property, plant and equipment at September 30, 2024.

Gathering lines and related compressor stations represent substantially all of this segment’s total net investment, including 390 miles of pipelines utilized to move Appalachian production

(including Marcellus and Utica shales) to various transmission pipeline receipt points.

The Gathering segment has 23 compressor stations with 122,406 installed horsepower.

The Utility segment had a net investment in property, plant and equipment of $2.0 billion at September 30, 2025.

2 unchanged sentences

Exploration and Production Activities

The Company is engaged in the exploration for and the development of natural gas reserves i n the Appalachian region of the United States.

The Company’s development activities in the Appalachian region are focused primarily in the Marcellus and Utica shales.

Seneca, which is part of the Company’s Integrated Upstream and Gathering segment, is engaged in the exploration for and the development of natural gas reserves in the Appalachian region of the United States.

Seneca’s development activities in the Appalachian region are focused primarily in the Marcellus and Utica shales.

Further discussion of exploration and production activities is included in Item 8, Note N — Supplementary Information for Exploration and Production Activities.

2 unchanged sentences

The reserves were estimated by Seneca’s petroleum engineers and were audited by independent petroleum engineers from Netherland, Sewell & Associates, Inc.

Note N discusses the qualifications of the Company’s petroleum engineers, internal controls over the reserve estimation process and audit of the reserve estimates and changes in proved developed and undeveloped gas reserves year over year.

Note N discusses the qualifications of Seneca’s petroleum engineers, internal controls over the reserve estimation process and audit of the reserve estimates and changes in proved developed and undeveloped gas reserves year over year.

Seneca’s proved developed and undeveloped natural gas reserves increased from 4,752 Bcf at September 30, 2024 to 4,980 Bcf at September 30, 2025.

This increase is attributed to extensions and discoveries of 632

Bcf and revisions of previous estimates of 22 Bcf, partially offset by production of 426 Bcf.

Upward revisions of 69 Bcf are mainly attributed to positive performance improvements and price revisions.

The additions and upward revisions were partially offset by downward revisions of 47 Bcf from changes to development layout, the removal of one PUD location and operating expense-related revisions.

The Company has no near term plans to develop the reserves at this PUD location.

Seneca’s proved developed and undeveloped natural gas reserves increased from 4,535 Bcf at September 30, 2023 to 4,752 Bcf at September 30, 2024.

This increase is attributed to extensions and discoveries of 602 Bcf and revisions of previous estimates of 7 Bcf, partially offset by production of 392 Bcf.

2 unchanged sentences

The Company has no near term plans to develop the reserves at these PUD locations.

Seneca’s proved developed and undeveloped natural gas reserves increased from 4,171 Bcf at September 30, 2022 to 4,535 Bcf at September 30, 2023.

This increase was attributed to extensions and discoveries of 670 Bcf, purchases of minerals in place of 34 Bcf, and revisions of previous estimates of 32 Bcf, partially offset by production of 372 Bcf.

Upward revisions of 94 Bcf were mainly attributed to positive performance improvements and adding back one PUD location.

The additions and upward revisions were partially offset by downward revisions of 62 Bcf from the removal of seven PUD locations related to pad layout changes and price-related revisions.

The Company has no near term plans to develop the reserves at these PUD locations.

At September 30, 2024, the Company’s Exploration and Production segment had delivery commitments for natural gas production of 1,896 Bcf.

At September 30, 2025, Seneca had delivery commitments for natural gas production of 2,055 Bcf.

The Company expects to meet those commitments through the future production of reserves that are currently classified as proved reserves and future extensions and discoveries.

5 unchanged sentences

Average Sales Price per Mcf of Gas $ 2.59 (1) $ 1.88 (1) $ 2.78 (1)

Average Sales Price per Barrel of Oil N/M N/M N/M

Average Sales Price per Mcf of Gas (after hedging) $ 2.70 $ 2.44 $ 2.55

Average Sales Price per Barrel of Oil (after hedging) N/M N/M N/M

Average Production (Lifting) Cost per Mcf Equivalent of Gas and Oil Produced $ 0.67 (1) $ 0.69 (1) $ 0.68 (1)

$ 0.69 (1) $ 0.68 (1) $ 0.68 (1)

Average Production per Day (in MMcf Equivalent of Gas and Oil Produced) 1,169 (1) 1,072 (1) 1,020 (1)

1,072 (1) 1,020 (1) 936 (1)

West Coast Region (2)

Average Sales Price per Mcf of Gas N/A N/A $ 10.03

Average Sales Price per Barrel of Oil N/A N/A $ 94.06

Average Sales Price per Mcf of Gas (after hedging) N/A N/A $ 10.03

Average Sales Price per Barrel of Oil (after hedging) N/A N/A $ 70.53

Average Production (Lifting) Cost per Mcf Equivalent of Gas and Oil Produced

N/A N/A $ 4.83

Average Production per Day (in MMcf Equivalent of Gas and Oil Produced)

Total Company

Average Sales Price per Mcf of Gas $ 1.88 $ 2.78 $ 5.05

Average Sales Price per Barrel of Oil N/M N/M $ 94.10

Average Sales Price per Mcf of Gas (after hedging) $ 2.44 $ 2.55 $ 2.71

Average Sales Price per Barrel of Oil (after hedging) N/M N/M $ 70.80

Average Production (Lifting) Cost per Mcf Equivalent of Gas and Oil Produced

$ 0.69 $ 0.68 $ 0.81

Average Production per Day (in MMcf Equivalent of Gas and Oil Produced)

1,072 1,020 966

N/M Sales price amounts are considered not meaningful as oil production is insignificant.

(1) Average sales prices per Mcf of gas reflect sales of gas in the Marcellus and Utica Shale fields.

3 unchanged sentences

The average lifting costs (per Mcfe) were $0.61 in 2025, $0.64 in 2024 and $0.62 in 2023.

(2) West Coast region properties were sold at June 30, 2022.

Information for the years ended September 30, 2023 and 2024 is not applicable (N/A) as a result of the sale.

Productive Wells

29 unchanged sentences

— Development(1) 31.25 34.00 34.25 1.50 — 0.50

West Coast Region

Net Wells Completed

— Exploratory — — — — — —

— Development — — 23.00 — — —

Total Company

Net Wells Completed

— Exploratory — — — — — —

— Development 34.00 34.25 66.00 — 0.50 2.50

(1) Fiscal 2023 and 2022 Appalachian region dry wells include 0.5 and 2.5 net wells, respectively, drilled prior to 2013 that were never completed under a joint venture in which the Company was the nonoperator.

The Company became the operator of the properties in 2017 and plugged and abandoned the wells in 2023 and 2022 after the Company determined it would not continue development activities.

(1) Fiscal 2025 and 2023 Appalachian region dry wells include 1.5 and 0.5 net wells, respectively, drilled prior to 2013 that were never completed under a joint venture in which Seneca was the nonoperator.

Seneca became the operator of the properties in 2017 and plugged and abandoned the wells in 2025 and 2023 after Seneca determined it would not continue development activities.

Present Activities

4 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties