Core Viewpoint - RGC Resources Inc. reported quarterly earnings of $0.01 per share, surpassing the Zacks Consensus Estimate of a loss of $0.01 per share, indicating a significant earnings surprise of 200% [1] Financial Performance - The company posted revenues of $13.1 million for the quarter ended September 2024, exceeding the Zacks Consensus Estimate by 0.80% and showing an increase from $12.47 million in the same quarter last year [2] - Over the last four quarters, RGC Resources has surpassed consensus EPS estimates two times and topped consensus revenue estimates twice [2] Stock Performance - RGC Resources shares have increased by approximately 6.6% since the beginning of the year, while the S&P 500 has gained 25.5% [3] Future Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is $0.50 on revenues of $26 million, and for the current fiscal year, it is $1.22 on revenues of $89 million [7] Industry Context - The Oil and Gas - Refining and Marketing industry, to which RGC Resources belongs, is currently ranked in the bottom 7% of over 250 Zacks industries, which may impact the stock's performance [8]

RGC Resources Inc. (RGCO) shares soared 13% in the last trading session to close at $23.49. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 1% gain over the past four weeks.RGC Resources has shown strong growth, with its recent stock performance reflecting growing confidence from investors. This upward trend is driven by the company’s strategic initiatives, along with favorable market conditions like increased energy demand and s ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended June 30, 2024 (540) 777-4427 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Transition Period From to Commission File Number 000-26591 RGC Resources, Inc. (Exact name of Registrant as Specified in its Charter) Virginia 54-1909697 (St ...

ROANOKE, Va., June 14, 2024 (GLOBE NEWSWIRE) -- In the midst of celebrating more than 140 years of serving the Roanoke Valley, Roanoke Gas Company, a subsidiary of RGC Resources, Inc. (Nasdaq: RGCO) announced a significant milestone in its long, proud history. For the first time since 1965, the Roanoke Valley now has access to a new interstate natural gas pipeline, the Mountain Valley Pipeline (MVP). Roanoke Gas has two interconnects with the new pipeline and began receiving delivery of natural gas from MVP ...

Paul Nester, President and CEO of Roanoke Gas stated, "The new and abundant supply of natural gas that MVP provides will allow Roanoke Gas to meet the continually increasing residential, commercial and industrial demand for natural gas in our service territory and will further propel economic development in the region. In addition, the energy supply the MVP delivers enhances the reliability of our system and allows us access to cheaper natural gas markets, both of which benefit our customers. Roanoke Gas wo ...

RGC Resources, Inc. (NASDAQ:RGCO) Q2 2024 Earnings Conference Call May 6, 2024 9:00 AM ET Company Participants Tommy Oliver - Senior Vice President of Regulatory & External Affairs Tim Mulvaney - Treasurer & Chief Financial Officer Paul Nester - President & Chief Executive Officer Conference Call Participants Michael Gaugler - Janney Montgomery Scott Tommy Oliver Good morning and thank you for joining us as we discuss RGC Resources, Inc.'s 2024 Second Quarter Results. I am Tommy Oliver, Senior Vice Presiden ...

[PART I. FINANCIAL INFORMATION](index=8&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements](index=8&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) RGC Resources, Inc. reported net income of **$6.44 million** for three months and **$11.46 million** for six months ended March 31, 2024, reflecting asset and equity growth [Condensed Consolidated Balance Sheets](index=8&type=section&id=CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) Total assets increased to **$313.4 million** as of March 31, 2024, driven by utility property and accounts receivable, with stockholders' equity reaching **$110.5 million** Condensed Consolidated Balance Sheet Highlights (Unaudited) | Balance Sheet Item | March 31, 2024 (USD) | September 30, 2023 (USD) | | :--- | :--- | :--- | | **Total Current Assets** | 28,525,645 | 26,795,262 | | **Utility Property, Net** | 254,140,117 | 247,583,551 | | **Total Assets** | 313,359,530 | 303,729,340 | | **Total Current Liabilities** | 21,702,382 | 32,918,787 | | **Long-Term Debt, Net** | 135,916,887 | 125,844,728 | | **Total Stockholders' Equity** | 110,543,862 | 100,732,625 | | **Total Liabilities and Stockholders' Equity** | 313,359,530 | 303,729,340 | [Condensed Consolidated Statements of Income](index=10&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20INCOME) Net income for the six months ended March 31, 2024, increased to **$11.46 million**, driven by equity in affiliate earnings despite lower operating revenues Key Income Statement Data (Unaudited) | Metric | Three Months Ended Mar 31, 2024 (USD) | Three Months Ended Mar 31, 2023 (USD) | Six Months Ended Mar 31, 2024 (USD) | Six Months Ended Mar 31, 2023 (USD) | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | 32,659,376 | 38,029,657 | 57,078,728 | 71,311,992 | | **Operating Income** | 8,629,709 | 9,591,422 | 15,281,746 | 15,135,907 | | **Equity in Earnings of Unconsolidated Affiliate** | 1,229,384 | 2,867 | 2,697,219 | 4,099 | | **Net Income** | 6,443,390 | 6,341,886 | 11,463,382 | 9,598,291 | | **Diluted EPS** | 0.63 | 0.64 | 1.13 | 0.97 | [Condensed Consolidated Statements of Cash Flows](index=13&type=section&id=CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Net cash from operating activities decreased to **$11.2 million** for the six months ended March 31, 2024, while financing activities provided **$0.59 million** Summary of Cash Flows (Unaudited) | Cash Flow Activity | Six Months Ended March 31, 2024 (USD) | Six Months Ended March 31, 2023 (USD) | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | 11,202,002 | 16,965,342 | | **Net Cash Used in Investing Activities** | (11,280,748) | (14,350,139) | | **Net Cash Provided by (Used in) Financing Activities** | 585,498 | (888,144) | | **Net Increase in Cash and Cash Equivalents** | 506,752 | 1,727,059 | [Notes to Condensed Consolidated Financial Statements](index=14&type=section&id=NOTES%20TO%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) Key notes detail accounting policies, a February 2024 rate application, significant equity earnings from the near-complete MVP project, and debt refinancing from LIBOR to SOFR - The company's subsidiary, Midstream, refinanced nearly **$34 million** of long-term debt maturing in fiscal 2024, resolving previously disclosed uncertainties[25](index=25&type=chunk) - The company has transitioned all but one LIBOR-based variable rate note to a new reference rate (SOFR) as of March 31, 2024. The final note was refinanced in April 2024[29](index=29&type=chunk) - On February 2, 2024, Roanoke Gas filed a general rate application seeking to increase non-gas base rates by **$4.33 million** and raise its permitted rate of return from **9.44% to 10.35%**[52](index=52&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Net income increased by **$1.87 million** for the six months ended March 31, 2024, driven by MVP AFUDC and new rates, with gross utility margin up **8%** to **$31.6 million** [Results of Operations](index=46&type=section&id=Results%20of%20Operations) Gross utility margin increased by **$2.5 million (8%)** to **$31.6 million** for the six months ended March 31, 2024, despite a **20%** decline in operating revenues Gross Utility Margin (Six Months Ended March 31) | Component | 2024 (USD) | 2023 (USD) | Change (USD) | | :--- | :--- | :--- | :--- | | Gas utility revenues | 57,024,185 | 71,253,744 | (14,229,559) | | Cost of gas - utility | 25,396,406 | 42,089,210 | (16,692,804) | | **Gross utility margin** | **31,627,779** | **29,164,534** | **2,463,245** | - For the six months ended March 31, 2024, net income increased by **$1,865,091** compared to the prior year, primarily due to AFUDC on the MVP project and new non-gas base rates, partially offset by inflation and higher interest rates[135](index=135&type=chunk) - For the three months ended March 31, 2024, net income increased by **$101,504**, also driven by MVP's AFUDC and RNG revenues, offset by increased operating expenses and interest rates[126](index=126&type=chunk) [Equity Investment in Mountain Valley Pipeline](index=54&type=section&id=Equity%20Investment%20in%20Mountain%20Valley%20Pipeline) The company's less than **1%** equity interest in MVP saw earnings surge to **$2.7 million** in fiscal H1 2024, with the project expected in service Q2 2024 - The LLC filed an in-service request for the MVP with FERC on April 22, 2024, expecting gas to flow during the second calendar quarter of 2024[149](index=149&type=chunk) - The company recorded **$2,697,219** in earnings from its MVP investment in the first half of fiscal 2024, primarily from AFUDC, compared to just **$4,099** in the same period last year[149](index=149&type=chunk) [Regulatory Matters](index=54&type=section&id=Regulatory) Roanoke Gas filed for a **$4.33 million** non-gas base rate increase and a higher rate of return in February 2024, with a new five-year SAVE Plan also approved - A general rate application was filed on February 2, 2024, seeking a **$4.33 million** increase in non-gas base rates and an increased rate of return to **10.35%** from **9.44%**. A hearing is set for November 7, 2024[151](index=151&type=chunk) - A new SAVE Plan was approved by the SCC, effective October 1, 2023, allowing recovery for an estimated **$8.5 million** in eligible investments in fiscal 2024 and **$49.5 million** over five years[154](index=154&type=chunk) [Capital Resources and Liquidity](index=56&type=section&id=Capital%20Resources%20and%20Liquidity) Liquidity remains strong, with cash from operations at **$11.2 million** for the six months ended March 31, 2024, and a long-term capitalization ratio of **45% equity** and **55% debt** Cash Flow Summary (Six Months Ended March 31) | Cash Flow Summary | 2024 (USD) | 2023 (USD) | | :--- | :--- | :--- | | Net cash provided by operating activities | 11,202,002 | 16,965,342 | | Net cash used in investing activities | (11,280,748) | (14,350,139) | | Net cash provided by (used in) financing activities | 585,498 | (888,144) | - Subsequent to the quarter end, on May 2, 2024, Midstream established a new **$9 million** line of credit facility maturing May 2, 2026, providing the ability to refinance a maturing note[166](index=166&type=chunk) - As of March 31, 2024, the company's long-term capitalization ratio was **45% equity** and **55% debt**[167](index=167&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=59&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) Quantitative and qualitative disclosures regarding market risk are not applicable for this reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[168](index=168&type=chunk) [Controls and Procedures](index=59&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that disclosure controls and procedures were effective as of March 31, 2024, with no material changes to internal control over financial reporting - Based on an evaluation as of March 31, 2024, the CEO and CFO concluded that the company's disclosure controls and procedures were effective at the reasonable assurance level[170](index=170&type=chunk) - No changes occurred during the fiscal quarter ended March 31, 2024, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[171](index=171&type=chunk) [PART II. OTHER INFORMATION](index=61&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=61&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) No material legal proceedings were reported during the current reporting period - There are no material legal proceedings to report[174](index=174&type=chunk) [Risk Factors](index=61&type=section&id=ITEM%201A.%20RISK%20FACTORS) No material changes to the risk factors previously disclosed in the Annual Report on Form 10-K have occurred - No material changes to risk factors have occurred since the last Annual Report on Form 10-K[175](index=175&type=chunk) [Other Information](index=61&type=section&id=ITEM%205.%20OTHER%20INFORMATION) RGC Midstream, LLC entered a new **$9 million** credit agreement with Bank of America on May 2, 2024, maturing May 2, 2026, at Daily SOFR plus **2.215%** - On May 2, 2024, Midstream entered into a new **$9 million** credit agreement with Bank of America, maturing on May 2, 2026[179](index=179&type=chunk) [Exhibits](index=62&type=section&id=ITEM%206.%20EXHIBITS) This section lists exhibits filed with the Form 10-Q, including credit agreements and officer certifications - Exhibits filed include amendments to credit agreements, a new credit agreement for RGC Midstream, and certifications by the Principal Executive and Financial Officers[181](index=181&type=chunk)

Exhibit 99.1 NEWS RELEASE The statements in this release that are not historical facts constitute "forward-looking statements" made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from any expectations expressed in the Company's forward-looking statemen ...

RGC Resources, Inc. (NASDAQ:RGCO) Q1 2024 Earnings Conference Call February 7, 2024 9:00 AM ET Company Participants Tommy Oliver - SVP of Regulatory and External Affairs Tim Mulvaney - Treasurer and CFO Paul Nester - President and CEO Conference Call Participants Michael Gaugler - Janney Montgomery Scott Tommy Oliver Good morning, and thank you for joining us as we discuss RGC Resources Inc.'s 2024 First Quarter Results. I am Tommy Oliver, Senior Vice President, Regulatory and External Affairs for RGC Resou ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Quarterly Period Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For Transition Period From to Commission File Number 000-26591 RGC Resources, Inc. (Exact name of Registrant as Specified in its Charter) Virginia 54-1909697 (State or Othe ...