Investor Presentaiton
FY23 revenues and margins
(Millions)
Twelve months ended September 30,
Operating Revenues
Gas Utility
Gas Marketing
Midstream
As reported
2023
2022
Variances
$ 2,456.9 $ 1,946.1
$
510.8
Recovery of higher commodity costs and new rates
179.1
234.9
(55.8) Lower average commodity costs and business mix
66.1
53.1
13.0
(35.6)
(0.2)
467.8
Other and eliminations
(35.8)
$ 2,666.3 $ 2,198.5
Contribution Margin ¹
1
Gas Utility
$ 1,135.8 $ 1,047.7
$
88.1
Gas Marketing
71.1
63.3
7.8
Midstream
Other and eliminations
66.1
53.1
13.0
0.7
0.7
$ 1,273.7 $ 1,164.8
$
108.9
Growth in storage business, market conditions and acquisition of
Salt Plains
New rates in MO and AL plus MO ISRS
Change in non-cash MTM adjustments (-$22.8M) and higher margins
(+$30.6M) as favorable 1H market conditions allowed for optimization
of storage and transportation positions
Market driven optimization of storage operations and withdrawal
commitments and the Salt Plains acquisition
¹Contribution margin is operating revenues less natural gas costs and gross receipts taxes. See contribution margin (non-GAAP) reconciliation in Appendix.
21 Spire | Investor presentation December 2023
-View entire presentation