During the six months ended March 31, 2024, the company implemented or received approval to implement ratemaking regulatory actions, resulting in a $165.4 million increase in annual operating income. Additional ratemaking efforts are in progress, seeking a further $178.8 million increase.

The company's strategy involves significant capital spending to modernize natural gas distribution and transmission systems. This is reflected in the capital expenditure allocation, with a significant portion invested in safety and reliability improvements.

During the six months ended March 31, 2024, the company executed forward sales under its ATM equity sales program with various forward sellers who borrowed and sold 5,917,899 shares of common stock at an aggregate price of $678.9 million.

The company was in compliance with all debt covenants as of March 31, 2024, as described in Note 7 to the condensed consolidated financial statements. This demonstrates sound financial management and adherence to contractual obligations.

On April 1, 2024, Moody's reaffirmed its long-term and short-term credit ratings but placed the ratings under negative outlook. This indicates potential future downgrades due to concerns about the company's financial performance or market conditions.

The company is subject to various legal and regulatory proceedings, including an investigation by the NTSB relating to incidents in Jackson, Mississippi. While management believes the outcome will not have a material adverse effect, the proceedings introduce uncertainty.

The company acknowledges increased competition from energy suppliers and alternative forms of energy as a risk factor that could impact future performance. This highlights the importance of maintaining a competitive cost structure and reliable service.

During the six months ended March 31, 2024, the company completed approximately $1.2 billion of long-term debt and equity financing. This demonstrates the company's ability to access capital markets to fund its operations and growth initiatives.

Seasonal weather patterns affect the company's distribution operations. However, the effect of weather that is above or below normal is substantially offset through weather normalization adjustments, known as WNA.