Financial Data and Key Metrics Changes - The company reported GAAP earnings of $0.90 to $0.97 per share, including a significant gain of $66 million from the sale of energy projects [6][36] - Net income grew by 38.8% and earnings per share increased by 34.7% compared to the previous year [36] Business Line Data and Key Metrics Changes - The gas segment, serving 750,000 customers in Pennsylvania and Kentucky, has focused on safety and reliability, reducing outstanding leaks by 83% over the past five years [25][28] - The water segment saw revenue contributions from acquisitions and organic growth, with a slight decline in operating revenues due to lower natural gas commodity prices [35][37] Market Data and Key Metrics Changes - The company invested approximately $253 million through March 31, 2024, with expectations to invest between $1.3 billion and $1.4 billion for the year, marking a record capital spend [10][51] - The gas segment filed a rate case in Pennsylvania, doubling the rate base from $2.1 billion to $4.2 billion, primarily for replacing aging infrastructure [29] Company Strategy and Development Direction - The company is focused on infrastructure investments to enhance reliability and service, with a planned investment of about $7.2 billion in regulated infrastructure through 2028 [51] - The company aims to maintain a 60% reduction in Scope 1 and Scope 2 greenhouse gas emissions by 2035, having already achieved over 25% reduction as of last year [53] Management's Comments on Operating Environment and Future Outlook - Management noted that warmer-than-normal weather impacted natural gas sales, resulting in a revenue shortfall of about $20 million for the quarter [39][50] - The company is optimistic about its ability to navigate regulatory challenges and expects continued growth from acquisitions and organic customer growth [49][52] Other Important Information - The company has seen strong shareholder support, with over 90% approval for all agenda items at the Annual Meeting of Shareholders [12] - The EPA's new PFAS limits align with the company's expectations, and it has been proactive in addressing PFAS issues, estimating $450 million in mitigation costs [21][23] Q&A Session Summary Question: Update on the gas rate case in Pennsylvania - Management feels confident about the case presented and is in discussions for potential settlements, maintaining good relationships with advocates and the commission [55] Question: Any lawsuits related to PFAS in service territories? - Management reported no lawsuits against the company, attributing this to proactive measures taken over the years regarding PFAS [56][57] Question: Insights on pending municipal transactions and PFAS guidance - The $450 million estimate for PFAS mitigation does not include pending acquisitions, and discussions about PFAS are expected to ramp up as new regulations are enforced [59][62] Question: Impact of weather normalization on financials - Management indicated that weather normalization could have mitigated some revenue shortfalls, estimating a $5 million impact from the weather normalization clause [64] Question: Supply chain constraints for PFAS mitigation - Management acknowledged potential constraints in raw materials and equipment but emphasized proactive procurement strategies to manage costs [67][69] Question: Clarification on guidance excluding the gain on sale - Management indicated that achieving full-year EPS within the guidance range may be challenging due to the weather impact experienced in Q1 [75][76] Question: Prospects for settlement in the Peoples Gas case - Discussions are constructive, but management cannot predict the outcome, emphasizing the importance of healthy exchanges between parties [81] Question: Legislative changes regarding fair market value framework - Management believes that any changes will likely come from the commission rather than legislative actions, with ongoing discussions in the House of Representatives [86][88]

Exhibit 99.1 Essential Utilities Reports Financial Results for Q1 2024 Earnings per share of $0.97 for Q1 2024 vs. $0.72 for Q1 2023 Closes sale of non-core energy projects BRYN MAWR, PA (May 2, 2024) – Essential Utilities Inc. (NYSE: WTRG) today reported results for the first quarter ended March 31, 2024. Essential's net income of $265.8 million or $0.97 per share for the first quarter of 2024 compared favorably to $191.4 million or $0.72 per share reported for the first quarter of 2023. "Although our gas ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 or 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File number 1-6659 ESSENTIAL UTILITIES, INC. (Exact name of registrant as specified in its charter) Pennsylvania 23-1702594 (St ...

Financial Data and Key Metrics Changes - The company reported earnings per share (EPS) of $1.86, which aligns with the guidance of 5% to 7% growth [7][32] - Total revenue for the year was $2.05 billion, down from $2.29 billion in the previous year, reflecting a decrease of 10.2% [31][34] - Net income increased by 7.1% year-over-year, from $465.2 million to $498.2 million [32][34] Business Line Data and Key Metrics Changes - The Regulated Water segment generated $1.15 billion in revenue, while the Regulated Natural Gas segment contributed nearly $864 million [31] - Operations and maintenance expenses decreased by 6.2% to $575.5 million, primarily due to lower outside services costs and reduced contributions to the foundation [32][39] Market Data and Key Metrics Changes - The company experienced a $43 million net revenue shortfall due to adverse weather conditions, particularly warmer temperatures affecting gas usage [7][33] - Purchase gas costs decreased by $249.7 million or 41.5% compared to the prior year, significantly impacting revenue [31][35] Company Strategy and Development Direction - The company plans to invest approximately $7.2 billion annually on regulated infrastructure through 2028, with a focus on PFAS and lead mitigation [69][70] - The strategy includes continued consolidation in the water and wastewater industry, with a strong pipeline of acquisition opportunities [57][60] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of affordability and regulatory compliance, particularly regarding PFAS regulations, which may require significant capital investment [22][62] - The company is optimistic about its ability to meet compliance deadlines and manage costs associated with new regulations [25][94] Other Important Information - The company has been recognized on Newsweek's 2024 list of America's most responsible companies for the third consecutive year [12] - The company completed rate cases or surcharge filings in all 9 states, resulting in total annualized revenue increases of $47.2 million for Water and $21.3 million for Natural Gas [47] Q&A Session Summary Question: Impact of Pennsylvania rate increases on tactical thinking - Management indicated that the cadence of capital expenditures may be influenced by regulatory timelines for PFAS compliance, which could allow for a more spread-out investment approach [76] Question: Effect of recent PUC decisions on acquisition pipeline - Management noted that recent decisions provide clearer guidance on expected purchase prices, which may affect seller sentiment but still allow for attractive premiums for troubled systems [78][80] Question: Long-term growth rate expectations - Management refrained from providing long-term EPS guidance due to pending rate cases, emphasizing the importance of regulatory outcomes [102][103] Question: Discussion on PFAS investment needs - Management confirmed that the estimated costs for PFAS compliance could increase depending on regulatory timelines and the ability to secure low-interest loans [93][94] Question: Weather normalization clause in rate case - Management confirmed that a request for a weather normalization clause has been included in the current rate case, which could benefit the company [98][100]

Earnings per share of $1.86 for 2023, compared to 2022 earnings of $1.77 Record infrastructure investments of $1.19 billion Acquired seven systems, adding over $44 million in rate base and 11,000 customers Initiating 2024 annual earnings per share guidance range of $1.96 to $2.00 Initiating capital investment guidance of $7.2 billion from 2024 through 2028 Exhibit 99.1 Essential Utilities Reports Financial Results for Full-Year 2023 and Announces Guidance BRYN MAWR, PA (February 22, 2024) – Essential Utilit ...

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities today announced that its Essential Foundation made a $20,000 donation to the Chester County Food Bank as a part of the company's Fall for Food Banks initiative. Essential Utilities Chairman and CEO Chris Franklin presented the donation during a recent visit to the food bank, where he and other company leaders toured the facility and learned about the organization's innovative programs for alleviating food insecurity in Chester County. Essential's annual F ...

Commission File Number 1-6659 ESSENTIAL UTILITIES, INC. (Exact name of registrant as specified in its charter) Pennsylvania 23-1702594 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON DC 20549 FORM 10-Q (Mark One) S QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended September 30, 2023 £ TRANSITION REPORT PURSUAN ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON DC 20549 FORM 10-Q (Mark One) S QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended June 30, 2023 £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from_______________ to _______________ Commission File Number 1-6659 ESSENTIAL UTILITIES, INC. (Exact name of registrant as specified in its charter) ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON DC 20549 FORM 10-Q (Mark One) S QUARTERLY REPORT PURSUANT TO SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the quarterly period ended March 31, 2023 £ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. For the transition period from_______________ to _______________ Commission File Number 1-6659 ESSENTIAL UTILITIES, INC. (Exact name of registrant as specified in its charter ...

PART I [Item 1. Business](index=4&type=section&id=Item%201.%20Business) Essential Utilities, Inc. is a holding company for regulated water, wastewater, and natural gas utilities, serving approximately five million people across ten states with a focus on acquisitions and market-based activities - Essential Utilities, Inc. operates as a holding company for regulated water, wastewater, and natural gas services under the Aqua and Peoples brands, serving an estimated **five million people** across ten states[15](index=15&type=chunk) - The company's business strategy expanded to include natural gas distribution with the Peoples Gas Acquisition in March 2020, continuing to pursue acquisitions in the U.S. regulated sector and growth ventures in market-based activities[17](index=17&type=chunk) Operating Revenues by Principal State (2022) | State | Operating Revenues (000's) | Operating Revenues (%) | | :----------------- | :------------------------- | :--------------------- | | Pennsylvania | $610,964 | 26.7% | | Ohio | $118,245 | 5.2% | | Texas | $86,802 | 3.8% | | Illinois | $92,545 | 4.0% | | North Carolina | $71,713 | 3.1% | | Other states (Water) | $102,703 | 4.5% | | **Regulated Water segment total** | **$1,082,972** | **47.3%** | | Pennsylvania (Gas) | $1,071,119 | 46.8% | | Other states (Gas) | $72,243 | 3.2% | | **Regulated Natural Gas segment total** | **$1,143,362** | **50.0%** | | Other and eliminations | $61,698 | 2.7% | | **Consolidated** | **$2,288,032** | **100.0%** | Operating Revenues by Utility Customer Class (2022) | Customer Class | Operating Revenues (000's) | Operating Revenues (%) | | :--------------- | :------------------------- | :--------------------- | | Residential water | $607,473 | 26.6% | | Commercial water | $168,460 | 7.4% | | Fire protection | $38,970 | 1.7% | | Industrial water | $32,581 | 1.4% | | Other water | $55,389 | 2.4% | | **Total water** | **$902,873** | **39.5%** | | Wastewater | $165,383 | 7.2% | | Customer rate credits | $- | 0.0% | | Other utility | $14,716 | 0.6% | | **Regulated Water segment total** | **$1,082,972** | **47.3%** | | Residential gas | $720,490 | 31.5% | | Commercial gas | $149,653 | 6.6% | | Industrial gas | $5,636 | 0.2% | | Gas transportation | $205,825 | 9.0% | | Customer rate credits | $- | 0.0% | | Other utility | $61,758 | 2.7% | | **Regulated Natural Gas segment total** | **$1,143,362** | **50.0%** | | Other and eliminations | $61,698 | 2.7% | | **Consolidated** | **$2,288,032** | **100.0%** | Utility Customer Growth Rate (2018-2022) | Year | Utility Customer Growth Rate | | :--- | :--------------------------- | | 2022 | 1.7% | | 2021 | 1.2% | | 2020 | 42.9% | | 2019 | 2.1% | | 2018 | 2.3% | - The company's revenue growth over the past five years is primarily attributed to the **2020 Peoples Gas Acquisition**, increases in water and wastewater rates, rising natural gas costs in 2021 and 2022, and customer growth[25](index=25&type=chunk) - The company completed **28 water/wastewater utility acquisitions** and the Peoples Gas Acquisition (adding approximately **750,000 gas customers**) during 2018-2022, expanding its utility operations[29](index=29&type=chunk) - Utility operations are subject to economic regulation by state utility commissions, significantly influencing profitability through timely and adequate rate allowances[42](index=42&type=chunk) Infrastructure Rehabilitation Surcharge Revenues (2020-2022) | Year | Surcharge Revenues | | :--- | :----------------- | | 2022 | $26,902,294 | | 2021 | $33,771,486 | | 2020 | $13,038,555 | - The company is committed to environmental protection and safety, aiming to reduce Scope 1 and 2 GHG emissions by **60% from its 2019 baseline by 2035**, consistent with the Paris Agreement[93](index=93&type=chunk)[94](index=94&type=chunk) - As of December 31, 2022, Essential Utilities employed **3,187 full-time employees**, with **1,619 covered by 20 labor agreements**, focusing on health, safety, development, and diversity initiatives[98](index=98&type=chunk)[104](index=104&type=chunk) [Item 1A. Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from acquisitions, health and safety concerns, and operational challenges that could materially impact its financial condition - Acquisition risks include intense competition, integration difficulties, potential dilutive equity issuances, debt incurrence, unanticipated capital expenditures, and the risk of not realizing full value from goodwill and other intangible assets[118](index=118&type=chunk)[119](index=119&type=chunk)[121](index=121&type=chunk)[123](index=123&type=chunk) - Health, safety, and environmental risks encompass increased weather volatility due to climate change, potential water supply contamination (e.g., PFAS, lead), operational hazards in natural gas transportation, and substantial costs of complying with evolving environmental regulations[126](index=126&type=chunk)[127](index=127&type=chunk)[130](index=130&type=chunk)[134](index=134&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) - Operational and regulatory risks include the impact of general economic conditions (inflation, interest rates, customer payment ability), regulatory lag in rate adjustments, potential impairment of natural gas supply, infrastructure failures, cybersecurity threats, and workforce-related challenges[139](index=139&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[146](index=146&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[152](index=152&type=chunk)[155](index=155&type=chunk)[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk)[161](index=161&type=chunk)[165](index=165&type=chunk)[167](index=167&type=chunk)[169](index=169&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk)[176](index=176&type=chunk)[177](index=177&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk)[184](index=184&type=chunk) - Financial risks include substantial indebtedness from acquisitions, potential difficulties in debt repayment or refinancing, limitations on capital access for significant capital expenditures, and volatility in common stock price[188](index=188&type=chunk)[189](index=189&type=chunk)[191](index=191&type=chunk)[193](index=193&type=chunk)[194](index=194&type=chunk) [Item 1B. Unresolved Staff Comments](index=39&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reported no unresolved staff comments from the SEC - There are no unresolved staff comments[195](index=195&type=chunk) [Item 2. Properties](index=40&type=section&id=Item%202.%20Properties) Essential Utilities' properties include extensive water, wastewater, and natural gas infrastructure, with the majority of assets owned by subsidiaries and concentrated in Pennsylvania - The Regulated Water segment owns and operates approximately **14,350 miles of transmission and distribution mains**, **23 surface water treatment plants**, many well treatment stations, and **203 wastewater treatment plants**[196](index=196&type=chunk) - The Regulated Natural Gas segment properties include approximately **15,400 miles of natural gas distribution mains**, **1,700 miles of gathering pipeline**, and **300 miles of intrastate transmission/storage pipeline**[197](index=197&type=chunk) Net Property, Plant and Equipment by Principal State (2022) | State | Net Property, Plant and Equipment (thousands of dollars) | Percentage | | :------------ | :--------------------------------------- | :--------- | | Pennsylvania | $7,991,598 | 71.8% | | Ohio | $629,446 | 5.7% | | Illinois | $612,888 | 5.5% | | North Carolina | $507,503 | 4.6% | | Texas | $575,454 | 5.2% | | Other | $814,057 | 7.2% | | **Consolidated** | **$11,130,946** | **100.0%** | [Item 3. Legal Proceedings](index=40&type=section&id=Item%203.%20Legal%20Proceedings) Essential Utilities is involved in routine legal proceedings, none of which are considered material or expected to significantly harm the company's business or financial condition - The company is routinely involved in legal proceedings, but none are currently believed to be material or expected to materially harm its business, operating results, reputation, or financial condition[200](index=200&type=chunk) [Item 4. Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to Essential Utilities, Inc - Mine Safety Disclosures are not applicable to the company[201](index=201&type=chunk) PART II [Item 5. Market for the Registrant's Common Stock, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=41&type=section&id=Item%205.%20Market%20for%20the%20Registrant's%20Common%20Stock%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Essential Utilities' common stock trades on the NYSE under WTRG, with a long history of increasing dividends, representing **62.0% of net income** in 2022, and the company repurchases shares for tax withholding purposes - Essential Utilities' common stock is traded on the New York Stock Exchange under the ticker symbol **WTRG**[203](index=203&type=chunk) Cash Dividends Per Share (2021-2022) | Year | Dividend Paid per Common Share | Dividend Declared per Common Share | | :--- | :----------------------------- | :--------------------------------- | | 2022 | $1.1104 | $1.3974 | | 2021 | $1.0378 | $1.0378 | - The company has paid dividends consecutively for **78 years** and increased its dividend in excess of **five percent for the 24th consecutive year**; in 2022, dividends paid represented **62.0% of net income**[203](index=203&type=chunk) Issuer Purchases of Equity Securities (Q4 2022) | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--------------- | :------------------------------- | :--------------------------- | | October 1-31, 2022 | 118 | $42.70 | | November 1-30, 2022 | - | $- | | December 1-31, 2022 | 2,720 | $48.35 | | **Total** | **2,838** | **$48.12** | [Item 6. Reserved](index=42&type=section&id=Item%206.%20Reserved) This item is reserved and contains no information [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=43&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section analyzes Essential Utilities' financial condition and operational performance, detailing the impact of inflation, interest rates, and supply chain pressures in 2022, alongside its regulated utility business model, growth strategy, and key financial metrics - In 2022, the company experienced inflationary cost increases in materials, labor, and other operating costs, higher interest rates, and supply chain pressures, primarily due to the COVID-19 pandemic and global uncertainties, with natural gas prices substantially increasing and impacting the Regulated Natural Gas business[211](index=211&type=chunk) - The Inflation Reduction Act of 2022 (IRA) introduces a **15% minimum tax on book income** for certain large corporations and a **1% excise tax on net stock repurchases**, potentially affecting the company's gathering facility assets with an annual waste emissions charge starting in 2024[212](index=212&type=chunk) - The company signed an agreement in December 2022 to sell its regulated natural gas utility assets in West Virginia, serving approximately **13,000 customers**, to focus on growth in states with greater scale[213](index=213&type=chunk) - The company's rate base is estimated at **$9.3 billion** as of December 31, 2022, with **$8.1 billion filed** with regulatory commissions and **$1.2 billion not yet filed**, including **$6.4 billion** in the Regulated Water segment and **$2.9 billion** in the Regulated Natural Gas segment[216](index=216&type=chunk)[217](index=217&type=chunk) - The company's growth-through-acquisition strategy aims to expand utility operations and achieve economies of scale, with **eight signed purchase agreements** for water and wastewater systems totaling approximately **$380 million** as of December 31, 2022, expected to add **218,600 equivalent retail customers**[226](index=226&type=chunk)[230](index=230&type=chunk) - The company targets an annual customer increase of **2% to 3%** through acquisitions and organic growth[231](index=231&type=chunk) [Consolidated Results of Operations Comparison for 2022 and 2021](index=49&type=section&id=Consolidated%20Results%20of%20Operations%20Comparison%20for%202022%20and%202021) Consolidated operating revenues increased by **21.8%** in 2022, driven by growth in both Regulated Water and Natural Gas segments, while operations and maintenance expenses rose by **11.5%**, and purchased gas expense surged by **76.9%** Consolidated Financial and Operational Highlights (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Operating revenues | $2,288,032 | $1,878,144 | $1,462,698 | $409,888 | $415,446 | | Operations and maintenance expense | $613,649 | $550,580 | $528,611 | $63,069 | $21,969 | | Net income | $465,237 | $431,612 | $284,849 | $33,625 | $146,763 | | Capital expenditures | $1,062,763 | $1,020,519 | $835,642 | $42,244 | $184,877 | | Operations and maintenance (% of revenues) | 26.8% | 29.3% | 36.1% | -2.5% | -6.8% | | Net income (% of revenues) | 20.3% | 23.0% | 19.5% | -2.7% | 3.5% | | Return on Essential Utilities stockholders' equity | 8.7% | 8.3% | 6.1% | 0.4% | 2.2% | | Effective tax rate | (3.2%) | (2.3%) | (7.5%) | (0.9%) | 5.2% | - Consolidated operating revenues increased by **$409,888 (21.8%)** in 2022 compared to 2021, with Regulated Water segment revenues up by **$102,769** and Regulated Natural Gas segment revenues up by **$283,460**[244](index=244&type=chunk) - Operations and maintenance expenses increased by **$63,069 (11.5%)** in 2022, primarily due to a **$17,129 increase in employee-related costs**, **$6,339 in water/wastewater production costs**, **$6,872 in acquired utility operating costs**, and **$12,778 in customer assistance surcharge costs for natural gas**[245](index=245&type=chunk)[249](index=249&type=chunk) - Purchased gas expense increased by **$261,733 (76.9%)** in 2022, driven by higher natural gas prices, with a corresponding offset in revenue[246](index=246&type=chunk) - Net income increased by **$33,625** in 2022, reaching **$465,237**, and diluted net income per share rose to **$1.77** from **$1.67** in 2021[243](index=243&type=chunk)[256](index=256&type=chunk) [Segment Results of Operations Comparison for 2022 and 2021](index=51&type=section&id=Segment%20Results%20of%20Operations%20Comparison%20for%202022%20and%202021) The Regulated Water segment saw a **10.5% increase** in operating revenues and **7.0% in net income**, while the Regulated Natural Gas segment experienced a **33.0% increase** in operating revenues and **25.0% in net income** Regulated Water Segment Operating Results (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Total operating revenues | $1,082,972 | $980,203 | $938,540 | $102,769 | $41,663 | | Operations and maintenance expense | $370,850 | $332,598 | $309,608 | $38,252 | $22,990 | | Segment net income | $314,352 | $293,703 | $283,793 | $20,649 | $9,910 | | Total water and wastewater utility customers | 1,095,245 | 1,066,805 | 1,047,301 | 28,440 | 19,504 | - Regulated Water segment revenues increased by **$102,769 (10.5%)** in 2022, driven by **$63,367 from rate increases** (including surcharges) and **$16,145 from acquisitions**, with customer count growing by **28,440** in 2022[260](index=260&type=chunk) - Regulated Water operations and maintenance expense increased by **$38,252 (11.5%)** in 2022, mainly due to higher employee costs (**$7,279**), production costs (**$6,339**), and outside services/maintenance (**$17,196**)[263](index=263&type=chunk)[265](index=265&type=chunk) Regulated Natural Gas Segment Operating Results (2020-2022) | Years ended December 31, | 2022 | 2021 | 2020 | 2022 vs. 2021 Change | 2021 vs. 2020 Change | | :----------------------- | :---------- | :---------- | :---------- | :------------------- | :------------------- | | Total operating revenues | $1,143,362 | $859,902 | $506,564 | $283,460 | $353,338 | | Operations and maintenance expense | $239,506 | $226,194 | $198,383 | $13,312 | $27,811 | | Purchased gas | $551,009 | $313,390 | $154,103 | $237,619 | $159,287 | | Segment net income | $185,276 | $148,193 | $56,451 | $37,083 | $91,742 | | Total gas utility customers | 756,341 | 753,244 | 751,502 | 3,097 | 1,742 | | Heating Degree Days | 5,648 | 5,139 | 3,013 | 509 | 2,126 | - Regulated Natural Gas segment operating revenues increased by **$283,460 (33.0%)** in 2022, primarily due to a **$237,619 impact from higher gas costs** and **$27,237 from increased gas usage**, with purchased gas expense rising by **$237,619 (75.8%)** due to a **78.2% increase in average gas commodity prices**[267](index=267&type=chunk)[268](index=268&type=chunk)[269](index=269&type=chunk) - Regulated Natural Gas segment net income increased by **$37,083 (25.0%)** in 2022, reaching **$185,276**[266](index=266&type=chunk) [Liquidity and Capital Resources](index=55&type=section&id=Liquidity%20and%20Capital%20Resources) Essential Utilities' liquidity is supported by operating cash flows, credit facilities, and capital market issuances, with planned significant capital expenditures for infrastructure improvements and acquisitions financed through internal funds, credit facilities, and debt/equity issuances Consolidated Cash Flow and Capital Expenditures (2020-2022) | Year | Net Operating Cash Flows | Dividends | Capital Expenditures | Acquisitions | | :--- | :----------------------- | :-------- | :------------------- | :----------- | | 2020 | $508,024 | $232,571 | $835,642 | $3,501,835 | | 2021 | $644,679 | $258,650 | $1,020,519 | $36,326 | | 2022 | $600,306 | $288,632 | $1,062,763 | $116,891 | - Net cash flows from operating activities decreased from **$644,679 thousand** in 2021 to **$600,306 thousand** in 2022, mainly due to increases in accounts receivable, unbilled revenues, and gas stored inventory[274](index=274&type=chunk) - The planned 2023 capital program is estimated at approximately **$1.123 billion** for infrastructure improvements, with about **$747 million** allocated to infrastructure rehabilitation surcharge qualified projects[276](index=276&type=chunk) - Future utility construction for 2024-2025 is estimated to require aggregate expenditures of approximately **$2.115 billion**, with about half requiring external financing[277](index=277&type=chunk) - As of December 31, 2022, the company had a **$1 billion unsecured long-term revolving credit facility** (expiring December 2027) with **$490 million outstanding**, and **$435.5 million in short-term lines of credit**[286](index=286&type=chunk) - In October 2022, the company initiated an at-the-market (ATM) sales agreement to sell up to **$500 million in common stock**, issuing **1,321,994 shares for $63,040 thousand (net)** by December 31, 2022[288](index=288&type=chunk) Contractual Cash Obligations (as of December 31, 2022) | Obligation Type | Total | Less than 1 year | 1 – 3 years | 3 – 5 years | More than 5 years | | :------------------------------ | :----------- | :--------------- | :----------- | :----------- | :---------------- | | Long-term debt | $6,617,395 | $199,356 | $221,345 | $751,512 | $5,445,182 | | Interest on fixed-rate, long-term debt | $250,143 | $8,149 | $9,953 | $39,570 | $192,471 | | Operating leases | $60,348 | $8,923 | $17,233 | $13,429 | $20,763 | | Unconditional purchase obligations | $18,216 | $4,716 | $9,142 | $3,238 | $1,120 | | Gas purchase obligations | $2,813,168 | $234,950 | $485,784 | $485,507 | $1,606,927 | | Other purchase obligations | $84,632 | $84,632 | $- | $- | $- | | Pension plan obligations | $20,343 | $20,343 | $- | $- | $- | | Other obligations | $11,825 | $3,719 | $2,737 | $3,293 | $2,076 | | **Total** | **$9,876,070** | **$564,788** | **$746,194** | **$1,296,549** | **$7,268,539** | Capitalization (as of December 31) | December 31, | 2022 | 2021 | | :--------------------- | :---- | :---- | | Long-term debt | 55.2% | 53.4% | | Essential Utilities stockholders' equity | 44.8% | 46.6% | | **Total** | **100.0%** | **100.0%** | [Item 7A. Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Essential Utilities is exposed to market risks from interest rate fluctuations, natural gas commodity price volatility, and equity price changes, which are managed through a mix of fixed and floating rate debt, purchased-gas cost adjustment mechanisms, and derivative instruments - The company is subject to market risks from changes in interest rates, gas commodity prices, and equity prices, with volatile equity markets potentially impacting pension and post-retirement plan asset values and increasing cash contributions[326](index=326&type=chunk) Long-term Debt Maturities and Weighted Average Interest Rate (as of December 31, 2022) | Category | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | Total | Fair Value | | :------------ | :-------- | :------- | :------- | :------- | :-------- | :---------- | :---------- | :---------- | | Fixed rate | $199,356 | $71,785 | $149,560 | $21,605 | $239,907 | $5,445,182 | $6,127,395 | $5,038,131 | | Variable rate | $- | $- | $- | $- | $490,000 | $- | $490,000 | $490,000 | | **Total** | **$199,356** | **$71,785** | **$149,560** | **$21,605** | **$729,907** | **$5,445,182** | **$6,617,395** | **$5,528,131** | | Weighted average interest rate | 4.08% | 4.23% | 4.98% | 7.37% | 5.29% | 3.55% | 3.94% | | - Natural gas commodity price risk is mitigated by purchased-gas cost adjustment mechanisms and derivative instruments (requirements contracts, spot purchase contracts, and storage) to hedge anticipated purchases and offset market price volatility for customers[327](index=327&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=66&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2020-2022, including the Independent Registered Public Accounting Firm's Report, Balance Sheets, Statements of Operations, Capitalization, Equity, Cash Flows, and comprehensive Notes detailing accounting policies and financial matters - PricewaterhouseCoopers LLP issued an unqualified opinion on the consolidated financial statements and the effectiveness of internal control over financial reporting as of December 31, 2022[334](index=334&type=chunk)[335](index=335&type=chunk) Consolidated Balance Sheets (as of December 31) | (In thousands of dollars) | 2022 | 2021 | | :------------------------ | :----------- | :----------- | | **Assets** | | | | Net property, plant and equipment | $11,130,946 | $10,251,866 | | Total current assets | $658,159 | $437,795 | | Regulatory assets | $1,342,753 | $1,429,840 | | Goodwill | $2,340,792 | $2,340,815 | | Total assets | **$15,719,107** | **$14,658,278** | | **Liabilities and Equity** | | | | Total stockholders' equity | $5,377,386 | $5,184,450 | | Long-term debt, excluding current portion, net of debt issuance costs | $6,371,057 | $5,779,504 | | Total current liabilities | $1,021,869 | $675,063 | | Total deferred credits and other liabilities | $2,338,541 | $2,423,151 | | Contributions in aid of construction | $610,254 | $596,110 | | Total liabilities and equity | **$15,719,107** | **$14,658,278** | Consolidated Statements of Operations and Comprehensive Income (Years ended December 31) | (In thousands, except per share amounts) | 2022 | 2021 | 2020 | | :--------------------------------------- | :---------- | :---------- | :---------- | | Operating revenues | $2,288,032 | $1,878,144 | $1,462,698 | | Total operating expenses | $1,626,845 | $1,275,435 | $1,028,012 | | Operating income | $661,187 | $602,709 | $434,686 | | Income before income taxes | $450,908 | $422,000 | $264,971 | | Income tax benefit | $(14,329) | $(9,612) | $(19,878) | | Net income | $465,237 | $431,612 | $284,849 | | Diluted net income per share | $1.77 | $1.67 | $1.12 | Consolidated Statements of Cash Flows (Years ended December 31) | (In thousands of dollars) | 2022 | 2021 | 2020 | | :------------------------ | :------------ | :------------ | :------------ | | Net cash flows from operating activities | $600,306 | $644,679 | $508,024 | | Net cash flows used in investing activities | $(1,178,302) | $(1,056,058) | $(4,333,666) | | Net cash flows from financing activities | $578,827 | $417,119 | $1,961,547 | | Net increase (decrease) in cash and cash equivalents | $831 | $5,740 | $(1,864,095) | | Cash and cash equivalents at end of year | $11,398 | $10,567 | $4,827 | - The company's critical accounting policies include regulatory assets and liabilities, revenue recognition, valuation of long-lived assets, post-retirement benefits, and income taxes, all requiring significant management judgment and estimates[306](index=306&type=chunk) - Goodwill, primarily from the Peoples Gas Acquisition, amounted to **$2,340,792 thousand (15% of total assets)** as of December 31, 2022, with the Regulated Natural Gas reporting unit having a **15% headroom** as of October 1, 2022, following annual impairment tests[184](index=184&type=chunk)[399](index=399&type=chunk)[316](index=316&type=chunk) - Regulatory assets totaled **$1.36 billion** and regulatory liabilities **$814 million** as of December 31, 2022, reflecting costs and credits recognized in the rate-making process, with a significant portion related to income taxes and post-retirement benefits[342](index=342&type=chunk)[444](index=444&type=chunk) - The effective income tax rate was **(3.2%)** in 2022, a benefit primarily due to tax deductions for qualifying infrastructure investments, with Pennsylvania's corporate income tax rate scheduled to decrease from **9.99% to 4.99% by 2031**[255](index=255&type=chunk)[457](index=457&type=chunk)[470](index=470&type=chunk) - The company's pension plan was **102.6% funded** (**$333,176 thousand assets vs $324,690 thousand obligations**) and other post-retirement benefits plan was **102.9% funded** (**$85,994 thousand assets vs $83,501 thousand obligations**) as of December 31, 2022[546](index=546&type=chunk) [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=119&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reported no changes in or disagreements with its accountants on accounting and financial disclosure matters - There were no changes in or disagreements with accountants on accounting and financial disclosure[578](index=578&type=chunk) [Item 9A. Controls and Procedures](index=119&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of December 31, 2022, maintaining effective internal control over financial reporting, with a new ERP system implementation for the Regulated Water business leading to necessary control changes - Management concluded that disclosure controls and procedures were effective as of December 31, 2022, providing reasonable assurance for timely and accurate financial reporting[579](index=579&type=chunk) - The company maintained effective internal control over financial reporting as of December 31, 2022, based on criteria established by COSO[582](index=582&type=chunk) - A new enterprise resource planning (ERP) system was implemented in 2022 for the Regulated Water business segment, resulting in changes to internal controls over financial reporting to accommodate modified business processes and accounting procedures[584](index=584&type=chunk)[585](index=585&type=chunk) [Item 9B. Other Information](index=123&type=section&id=Item%209B.%20Other%20Information) No other information is reported under this item - No other information is reported under this item[586](index=586&type=chunk) [Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=123&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to Essential Utilities, Inc - Disclosure regarding foreign jurisdictions that prevent inspections is not applicable to the company[586](index=586&type=chunk) PART III [Item 10. Directors, Executive Officers and Corporate Governance](index=123&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) This section incorporates by reference information from the 2023 proxy statement regarding directors, executive officers, corporate governance, and Section 16(a) compliance, with corporate governance guidelines and committee charters available on the investor relations website - Information on directors, executive officers, corporate governance, and Section 16(a) beneficial ownership reporting compliance is incorporated by reference from the definitive Proxy Statement for the 2023 annual meeting of shareholders[588](index=588&type=chunk) - The company's Corporate Governance Guidelines, Board Committee Charters, and Code of Ethical Business Conduct are available on its investor relations website[589](index=589&type=chunk) Executive Officers of Essential Utilities (as of March 1, 2023) | Name | Age | Position with Essential Utilities | | :------------------- | :-- | 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