RGC RESOURCES INC (RGCO): restructuring charge — RGC Resources records $15.3M pre-tax impairment on Mountain Valley Pipeline investment

RGC RESOURCES INC

RGC Midstream subsidiary recorded $15.3M pre-tax ($11.3M after-tax) impairment on equity investment in Mountain Valley Pipeline LLC.
Carrying value of investment reduced from $29.0M to $13.8M as of September 30, 2022.
Impairment concluded on November 14, 2022, due to increased uncertainty about MVP completion.
Charge to be reflected in Q4 fiscal results and September 30, 2022 10-K.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

RGC RESOURCES INC announced a impairment with charges of approximately $15.3 million affecting Mountain Valley Pipeline, LLC.

Type: impairment
Charge: approximately $15.3 million
Affected area: Mountain Valley Pipeline, LLC

Exact text from the filing

On November 14, 2022, Midstream concluded an impairment charge is required. Midstream has recorded a pre-tax loss of approximately $15.3 million (or $11.3 million, after tax) that reduced the carrying value of its investment in the LLC from $29.0 million to $13.8 million.

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Source: SEC EDGAR

accession 0001437749-22-027331

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