RGC Resources is a small holding company whose primary business is Roanoke Gas, a regulated natural gas distribution utility serving the Roanoke, Virginia area, including Roanoke, Salem, Vinton, and surrounding localities. Roanoke Gas distributes and sells natural gas to roughly 62,500 customers, over 91% of whom are residential, with commercial and industrial customers making up the remainder. Residential customers generate over 62% of margin, commercial customers roughly 26%, and large industrial customers — who pay only for use of the distribution system — contribute only about 10% of margin despite accounting for around 40% of delivered volumes. The business is highly seasonal, with about 63% of annual gas volumes delivered in the November-March heating season. Roanoke Gas earns a regulated return on its rate base, approved by the Virginia State Corporation Commission. Gas costs are passed through to customers via a Purchased Gas Adjustment mechanism, insulating margins from gas price swings. The company grows its rate base through periodic rate cases and a SAVE rider, which allows recovery of pipeline renewal investments between rate cases. Customer growth runs at roughly 1% per year, driven by residential development in the Roanoke Valley. RGC Resources also holds a minority equity stake in Mountain Valley Pipeline through its RGC Midstream subsidiary, which now generates roughly $3.2M in annual cash distributions following the pipeline's mid-2024 startup. These distributions primarily service Midstream's debt, with the remainder contributing to consolidated earnings.