Net Economic Earnings and Reconciliation to GAAP

(In Millions, except per share amounts)

Gas Utility

Gas Marketing

Midstream

Other

Total

Per Diluted Common Share (2)

Three Months Ended June 30, 2023

Net (Loss) Income [GAAP]

$

(12.4)

$

(4.9)

$

3.1

$

(7.4)

$

(21.6)

$

(0.48)

Adjustments, pre-tax:

Fair value and timing adjustments

0.2

3.2

—

—

3.4

0.06

Acquisition activities

—

—

0.5

—

0.5

0.01

Income tax adjustments (1)

(0.1)

(0.8)

—

—

(0.9)

(0.01)

Net Economic (Loss) Earnings [Non-GAAP]

$

(12.3)

$

(2.5)

$

3.6

$

(7.4)

$

(18.6)

$

(0.42)

Three Months Ended June 30, 2022

Net Income (Loss) [GAAP]

$

4.2

$

(5.1)

$

4.3

$

(4.8)

$

(1.4)

$

(0.10)

Adjustments, pre-tax:

Fair value and timing adjustments

—

7.3

—

—

7.3

0.14

Income tax adjustments (1)

—

(1.8)

—

—

(1.8)

(0.03)

Net Economic Earnings (Loss) [Non-GAAP]

$

4.2

$

0.4

$

4.3

$

(4.8)

$

4.1

$

0.01

Nine Months Ended June 30, 2023

Net Income (Loss) [GAAP]

$

234.0

$

28.9

$

11.1

$

(25.4)

$

248.6

$

4.51

Adjustments, pre-tax:

Fair value and timing adjustments

0.7

21.5

—

—

22.2

0.42

Acquisition activities

—

—

0.5

—

0.5

0.01

Income tax adjustments (1)

(0.2)

(5.4)

—

—

(5.6)

(0.11)

Net Economic Earnings (Loss) [Non-GAAP]

$

234.5

$

45.0

$

11.6

$

(25.4)

$

265.7

$

4.83

Nine Months Ended June 30, 2022

Net Income (Loss) [GAAP]

$

236.5

$

(0.4)

$

9.8

$

(18.0)

$

227.9

$

4.16

Adjustments, pre-tax:

Fair value and timing adjustments

—

20.9

—

—

20.9

0.40

Income tax adjustments (1)

4.1

(5.2)

—

—

(1.1)

(0.02)

Net Economic Earnings (Loss) [Non-GAAP]

$

240.6

$

15.3

$

9.8

$

(18.0)

$

247.7

$

4.54