New Jersey
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001-08359
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22-2376465
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(State or Other Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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1415 Wyckoff Road
Wall, New Jersey
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07719
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(Address of Principal Executive Offices)
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(Zip Code)
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on
which registered
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Common Stock - $2.50 par value |
NJR
|
New York Stock Exchange |
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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Item 7.01 |
Regulation FD Disclosure.
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Item 9.01. |
Financial Statements and Exhibits
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(d) |
Exhibits.
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Exhibit Number
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Exhibit
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FY 2023 Performance Share Units Agreement - TSR
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FY 2023 Performance Share Units Agreement (NFE)
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FY 2023 Restricted Stock Units Agreement
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FY 2023 Performance-based Restricted Stock Units Agreement
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Earnings Release dated November 17, 2022 (furnished, not filed)
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Presentation dated November 17, 2022 (furnished, not filed)
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104
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Cover page in Inline XBRL format
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NEW JERSEY RESOURCES CORPORATION
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|
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|
||
Date: November 17, 2022
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By:
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/s/ Roberto F. Bel
|
|
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Roberto F. Bel
|
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Senior Vice President and Chief Financial Officer
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NEW JERSEY RESOURCES CORPORATION
|
|||
By:
|
|||
[NAME]
|
|||
[Title]
|
|||
EMPLOYEE
|
|||
[NAME]
|
|||
[Title]
|
Relative Total Shareholder Return
|
|
Company Relative Total
Shareholder Return Performance
— Percentile Achieved
|
Performance Share Units Earned as
Percentage of
Target Performance Share Units
|
Less than 25th
|
0%
|
25th (threshold)
|
40%
|
55th (target)
|
100%
|
80th and above (maximum)
|
150%
|
|
1. |
ceases to be a domestically domiciled publicly traded company on a national stock exchange or market system, unless such cessation of such listing is due to a low stock price or low trading volume;
or
|
|
2. |
has gone private; or
|
|
3. |
has reincorporated in a foreign (e.g., non-U.S.) jurisdiction, regardless of whether it is a reporting company in that or another jurisdiction; or
|
|
4. |
has been acquired by another company (whether by a peer company or otherwise, but not including internal reorganizations), or has sold all or substantially all of its assets.
|
a. |
“Business of the Company” means the following areas of its business which are selected below, which Employee acknowledges are areas of the Company’s business in which Employee has responsibilities:
|
|
___ |
Natural Gas Distribution: Consists of New Jersey Natural Gas Company
(“NJNG”), a natural gas utility company that provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey and participates in the off-system sales and capacity release markets, and
also includes investments in renewable natural gas and green hydrogen technologies.
|
|
___ |
Energy Services: Maintains and transacts around a portfolio of physical
assets consisting of natural gas storage and transportation contracts and also provides wholesale energy management services to other energy companies and natural gas producers in market areas including states from the Gulf Coast and
Mid-continent regions to the Appalachian and Northeast regions, the West Coast and Canada.
|
|
___ |
Clean Energy Ventures: Investor, owner, and operator in the renewable
energy sector, including, but not limited to, investments in residential and commercial rooftop and ground mount solar systems.
|
|
___ |
Storage and Transportation: Includes investments in
natural gas transportation and storage assets and is comprised of the following: Steckman Ridge, which is a partnership that owns and operates a 17.7 Bcf natural gas storage facility, with up to 12 Bcf working capacity, in western
Pennsylvania that is 50 percent owned by a Company Subsidiary; Leaf River Energy Center, a natural gas storage facility located in southeastern Mississippi with a combined working natural gas storage capacity of 32.2 million dekatherms; and
Adelphia Gateway, an 84-mile pipeline in southeastern Pennsylvania..
|
|
___ |
Home Services: Consists of NJR Home Services Company, which provides
Heating, Ventilating, and Air Conditioning (“HVAC”) service, sales and installation of appliances, as well as installation of solar equipment.
|
b. |
“Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company, its customers and vendors, that
is not generally known or publicly available, and which would be useful to competitors of the Company or otherwise damaging to the Company if disclosed. Confidential Information may include, but is not necessarily limited to: (i) the
identity of the Company’s customers or potential customers, their purchasing histories, and the terms or proposed terms upon which the Company offers or may offer its products and services to such customers, (ii) the identity of the Company’s
vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) technology used by the Company to provide its services, (iv) the terms and conditions upon which
the Company employs its employees and independent contractors, (v) marketing and/or business plans and strategies, (vi) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, and (vii)
information provided to the Company by customers and other third parties under a duty to maintain the confidentiality of such information. Notwithstanding the foregoing, Confidential Information does not include information that: (i) has
been voluntarily disclosed to the public by Company or any Employer, except where such public disclosure has been made by Employee without authorization from Company or Employer; (ii) has been independently developed and disclosed by others,
or (iii) which has otherwise entered the public domain through lawful means. Confidential Information also does not include information related to any claim of sexual harassment or sexual assault and nothing herein restricts the disclosure of
such information. Nothing herein shall prohibit, prevent or restrict the Employee from reporting any allegations of unlawful conduct to federal, state or local officials or to an attorney retained by the Employee.
|
c. |
“Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, or the supervision of those who have such conduct, and which is done in furtherance of the business
interests of the company and within the last 36 months.
|
d. |
“Restricted Territory” consists of the following areas, to the extent such areas have been identified as applicable to the definition of the “Business of the company” above:
|
e. |
“Trade Secrets” means a trade secret of the Company as defined by applicable law
|
NEW JERSEY RESOURCES CORPORATION
|
|||
By:
|
|||
[NAME]
|
|||
[Title]
|
|||
Officer’s Name
|
|||
[NAME]
|
|||
[Title]
|
Cumulative NFEPS
|
Performance Share Units Earned as a
Percentage of Target
Performance Share Units
|
Less than $
|
0%
|
$
|
50%
|
$
|
100%
|
$ or Greater
|
150%
|
a. |
“Business of the Company” means the following areas of its business which are selected below, which Employee acknowledges are areas of the Company’s business in which Employee has responsibilities:
|
|
___ |
Natural Gas Distribution: Consists of New Jersey Natural Gas Company
(“NJNG”), a natural gas utility company that provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey and participates in the off-system sales and capacity release markets, and
also includes investments in renewable natural gas and green hydrogen technologies.
|
|
___ |
Energy Services: Maintains and transacts around a portfolio of physical
assets consisting of natural gas storage and transportation contracts and also provides wholesale energy management services to other energy companies and natural gas producers in market areas including states from the Gulf Coast and
Mid-continent regions to the Appalachian and Northeast regions, the West Coast and Canada.
|
|
___ |
Clean Energy Ventures: Investor, owner, and operator in the renewable
energy sector, including, but not limited to, investments in residential and commercial rooftop and ground mount solar systems.
|
|
___ |
Storage and Transportation: Includes investments in
natural gas transportation and storage assets and is comprised of the following: Steckman Ridge, which is a partnership that owns and operates a 17.7 Bcf natural gas storage facility, with up to 12 Bcf working capacity, in western
Pennsylvania that is 50 percent owned by a Company Subsidiary; Leaf River Energy Center, a natural gas storage facility located in southeastern Mississippi with a combined working natural gas storage capacity of 32.2 million dekatherms;;
and Adelphia Gateway, an 84-mile pipeline in southeastern Pennsylvania.
|
|
___ |
Home Services: Consists of NJR Home Services Company, which provides
Heating, Ventilating, and Air Conditioning (“HVAC”) service, sales and installation of appliances, as well as installation of solar equipment.
|
b. |
“Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company, its customers and vendors, that
is not generally known or publicly available, and which would be useful to competitors of the Company or otherwise damaging to the Company if disclosed. Confidential Information may include, but is not necessarily limited to: (i) the
identity of the Company’s customers or potential customers, their purchasing histories, and the terms or proposed terms upon which the Company offers or may offer its products and services to such customers, (ii) the identity of the Company’s
vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) technology used by the Company to provide its services, (iv) the terms and conditions upon which
the Company employs its employees and independent contractors, (v) marketing and/or business plans and strategies, (vi) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, and (vii)
information provided to the Company by customers and other third parties under a duty to maintain the confidentiality of such information. Notwithstanding the foregoing, Confidential Information does not include information that: (i) has
been voluntarily disclosed to the public by Company or any Employer, except where such public disclosure has been made by Employee without authorization from Company or Employer; (ii) has been independently developed and disclosed by others,
or (iii) which has otherwise entered the public domain through lawful means. Confidential Information also does not include information related to any claim of sexual harassment or sexual assault and nothing herein restricts the disclosure of
such information. Nothing herein shall prohibit, prevent or restrict the Employee from reporting any allegations of unlawful conduct to federal, state or local officials or to an attorney retained by the Employee.
|
c. |
“Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, or the supervision of those who have such conduct, and which is done in furtherance of the business
interests of the company and within the last 36 months.
|
d. |
“Restricted Territory” consists of the following areas, to the extent such areas have been identified as applicable to the definition of the “Business of the company” above:
|
e. |
“Trade Secrets” means a trade secret of the Company as defined by applicable law.
|
Stated Vesting Date
|
Number of Restricted Stock Units
that Vest at that Date
|
October 15, 2023
|
________
|
October 15, 2024
|
________
|
October 15, 2025
|
________
|
|
(a) |
Competitive Employment. In the event that Employee, prior to
full settlement of the Restricted Stock Units and within the Restricted Territory, directly or indirectly, whether on Employee’s own behalf or on behalf of any other person or entity, performs services of the type which are the same as or
similar to those conducted, authorized, offered or provided by Employee to the Company within the last 24 months, and which support business activities which compete with the Business of the Company.
|
|
(b) |
Recruitment of Company Employees and Contractors. In the
event that Employee, prior to full settlement of the Restricted Stock Units, directly or indirectly, whether on Employee’s own behalf or on behalf of any other person or entity, solicits or induces any employee or independent contractor of
the Company with whom Employee had Material Contact to terminate or lessen such employment or contract with the Company.
|
|
(c) |
Solicitation of Company Customers. In the event that
Employee, prior to full settlement of the Restricted Stock Units, directly or indirectly, whether on Employee’s own behalf or on behalf of any other person or entity, solicits any actual or prospective customers of the Company with whom
Employee had Material Contact for the purpose of selling any products or services which compete with the Business of the Company.
|
|
(d) |
Solicitation of Company Vendors. In the event that Employee,
prior to full settlement of the Restricted Stock Units, directly or indirectly, whether on Employee’s own behalf or on behalf of any other person or entity, solicits any actual or prospective vendor of the Company with whom Employee had
Material Contact for the purpose of purchasing products or services to support business activities which compete with the Business of the Company.
|
|
(e) |
Breach of Confidentiality. In the event that Employee, at
any time prior to full settlement of the Restricted Stock Units, directly or indirectly, divulges or makes use of any Confidential Information or Trade Secrets of the Company other than in the performance of Employee’s duties for the
Company. This provision does not limit the remedies available to the Company under common or statutory law as to trade secrets or other forms of confidential information, which may impose longer duties of non-disclosure and provide for
injunctive relief and damages. Notwithstanding anything herein to the contrary, nothing herein is intended to or will be used in any way to prevent Employee from providing truthful testimony under oath in a judicial or administrative
proceeding or to limit Employee’s right to communicate with a government agency, as provided for, protected under or warranted by applicable law. The Employee further understands nothing herein limits the Employee’s ability to file a
charge or complaint with the Equal Employment Opportunity Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Securities and Exchange Commission, or any other federal, state or local
government agency or commission (‘Government Agencies”). Nothing herein limits the Employee’s ability to communicate with any Government Agencies or otherwise participate in any investigation or proceeding that may be conducted by the
Government Agency, including providing documents or information without notice to the Company. This Agreement does not limit the Employee’s right to receive an award for information provided to any Government Agency. Notwithstanding
anything herein to the contrary, the Employee shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney and solely for the purpose of reporting or investigating a suspected violation of law or (ii) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. In addition, if the Employee files a lawsuit for retaliation for reporting a suspected violation of law, the Employee may disclose the Trade Secret to his or her attorney and use the Trade
Secret information in the court proceeding, as long as the Employee files any document containing the Trade Secret under seal and does not disclose the Trade Secret, except pursuant to court order.
|
|
(f) |
Return of Property and Information. In the event that prior
to full settlement of the Restricted Stock Units Employee fails to return all of the Company’s property and information (whether confidential or not) within Employee’s possession or control within seven (7) calendar days following the
termination or resignation of Employee from employment with the Company. Such property and information includes, but is not limited to, the original and any copy (regardless of the manner in which it is recorded) of all information
provided by the Company to Employee or which Employee has developed or collected in the scope of Employee’s employment with the Company, as well as all Company-issued equipment, supplies, accessories, vehicles, keys, instruments, tools,
devices, computers, cell phones, pagers, materials, documents, plans, records, notebooks, drawings, or papers. Upon request by the Company, Employee shall certify in writing that Employee has complied with this provision and has
permanently deleted all Company information from any computers or other electronic storage devices or media owned by Employee. Employee may only retain information relating to the Employee’s benefit plans and compensation to the extent
needed to prepare Employee’s tax returns.
|
|
(g) |
Disparagement. In the event that prior to full settlement of
the Restricted Stock Units Employee makes any statements, either verbally or in writing, that are disparaging with regard to the Company or any of its subsidiaries or their respective executives and Board members.
|
|
(h) |
Failure to Provide Information. In the event that prior to
full settlement of the Restricted Stock Units Employee fails to promptly and fully respond to requests for information from the Company regarding Employee’s compliance with any of the foregoing conditions.
|
EMPLOYEE
|
NEW JERSEY RESOURCES CORPORATION
|
|||
By:
|
||||
[Employee Name]
|
[Name]
|
|||
[Title]
|
a. |
“Business of the Company” means the following areas of its business which are selected below, which Employee acknowledges are areas of the Company’s business in which Employee has responsibilities:
|
|
___ |
Natural Gas Distribution: Consists of New Jersey Natural Gas Company
(“NJNG”), a natural gas utility company that provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey and participates in the off-system sales and capacity release markets, and
also includes investments in renewable natural gas and green hydrogen technologies.
|
|
___ |
Energy Services: Maintains and transacts around a portfolio of physical
assets consisting of natural gas storage and transportation contracts and also provides wholesale energy management services to other energy companies and natural gas producers in market areas including states from the Gulf Coast and
Mid-continent regions to the Appalachian and Northeast regions, the West Coast and Canada.
|
|
___ |
Clean Energy Ventures: Investor, owner, and operator in the renewable
energy sector, including, but not limited to, investments in residential and commercial rooftop and ground mount solar systems.
|
|
___ |
Storage and Transportation: Includes investments in
natural gas transportation and storage assets and is comprised of the following: Steckman Ridge, which is a partnership that owns and operates a 17.7 Bcf natural gas storage facility, with up to 12 Bcf working capacity, in western
Pennsylvania that is 50 percent owned by a Company Subsidiary; Leaf River Energy Center, a natural gas storage facility located in southeastern Mississippi with a combined working natural gas storage capacity of 32.2 million dekatherms; and
Adelphia Gateway, an 84-mile pipeline in southeastern Pennsylvania.
|
|
___ |
Home Services: Consists of NJR Home Services Company, which provides
Heating, Ventilating, and Air Conditioning (HVAC) service, sales and installation of appliances, as well as installation of solar equipment.
|
b. |
“Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company, its customers and vendors, that
is not generally known or publicly available, and which would be useful to competitors of the Company or otherwise damaging to the Company if disclosed. Confidential Information may include, but is not necessarily limited to: (i) the
identity of the Company’s customers or potential customers, their purchasing histories, and the terms or proposed terms upon which the Company offers or may offer its products and services to such customers, (ii) the identity of the Company’s
vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) technology used by the Company to provide its services, (iv) the terms and conditions upon which
the Company employs its employees and independent contractors, (v) marketing and/or business plans and strategies, (vi) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, and (vii)
information provided to the Company by customers and other third parties under a duty to maintain the confidentiality of such information. Notwithstanding the foregoing, Confidential Information does not include information that: (i) has
been voluntarily disclosed to the public by Company or any Employer, except where such public disclosure has been made by Employee without authorization from Company or Employer; (ii) has been independently developed and disclosed by others,
or (iii) which has otherwise entered the public domain through lawful means. Confidential Information also does not include information related to any claim of sexual harassment or sexual assault and nothing herein restricts the disclosure of
such information. Nothing herein shall prohibit, prevent or restrict the Employee from reporting any allegations of unlawful conduct to federal, state or local officials or to an attorney retained by the Employee.
|
c. |
“Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, or the supervision of those who have such conduct, and which is done in furtherance of the business
interests of the company and within the last 36 months.
|
d. |
“Restricted Territory” consists of the following areas, to the extent such areas have been identified as applicable to the definition of the “Business of the company” above:
|
e. |
“Trade Secrets” means a trade secret of the Company as defined by applicable law.
|
NEW JERSEY RESOURCES CORPORATION
|
|||
By:
|
|||
[NAME]
|
|||
[Title]
|
|||
[NAME]
|
|||
[Title]
|
a. |
“Business of the Company” means the following areas of its business which are selected below, which Employee acknowledges are areas of the Company’s business in which Employee has responsibilities:
|
|
___ |
Natural Gas Distribution: Consists of New Jersey Natural Gas Company
(“NJNG”), a natural gas utility company that provides regulated retail natural gas service to residential and commercial customers in central and northern New Jersey and participates in the off-system sales and capacity release markets, and
also includes investments in renewable natural gas and green hydrogen technologies.
|
|
___ |
Energy Services: Maintains and transacts around a portfolio of physical
assets consisting of natural gas storage and transportation contracts and also provides wholesale energy management services to other energy companies and natural gas producers in market areas including states from the Gulf Coast and
Mid-continent regions to the Appalachian and Northeast regions, the West Coast and Canada.
|
|
___ |
Clean Energy Ventures: Investor, owner, and operator in the renewable
energy sector, including, but not limited to, investments in residential and commercial rooftop and ground mount solar systems.
|
|
___ |
Storage and Transportation: Includes investments in
natural gas transportation and storage assets and is comprised of the following: Steckman Ridge, which is a partnership that owns and operates a 17.7 Bcf natural gas storage facility, with up to 12 Bcf working capacity, in western
Pennsylvania that is 50 percent owned by a Company Subsidiary; Leaf River Energy Center, a natural gas storage facility located in southeastern Mississippi with a combined working natural gas storage capacity of 32.2 million dekatherms; and
Adelphia Gateway, an 84-mile pipeline in southeastern Pennsylvania.
|
|
___ |
Home Services: Consists of NJR Home Services Company, which provides
Heating, Ventilating, and Air Conditioning (“HVAC”) service, sales and installation of appliances, as well as installation of solar equipment.
|
b. |
“Confidential Information” means all valuable and/or proprietary information (in oral, written, electronic or other forms) belonging to or pertaining to the Company, its customers and vendors, that
is not generally known or publicly available, and which would be useful to competitors of the Company or otherwise damaging to the Company if disclosed. Confidential Information may include, but is not necessarily limited to: (i) the
identity of the Company’s customers or potential customers, their purchasing histories, and the terms or proposed terms upon which the Company offers or may offer its products and services to such customers, (ii) the identity of the Company’s
vendors or potential vendors, and the terms or proposed terms upon which the Company may purchase products and services from such vendors, (iii) technology used by the Company to provide its services, (iv) the terms and conditions upon which
the Company employs its employees and independent contractors, (v) marketing and/or business plans and strategies, (vi) financial reports and analyses regarding the revenues, expenses, profitability and operations of the Company, and (vii)
information provided to the Company by customers and other third parties under a duty to maintain the confidentiality of such information. Notwithstanding the foregoing, Confidential Information does not include information that: (i) has
been voluntarily disclosed to the public by Company or any Employer, except where such public disclosure has been made by Employee without authorization from Company or Employer; (ii) has been independently developed and disclosed by others,
or (iii) which has otherwise entered the public domain through lawful means. Confidential Information also does not include information related to any claim of sexual harassment or sexual assault and nothing herein restricts the disclosure of
such information. Nothing herein shall prohibit, prevent or restrict the Employee from reporting any allegations of unlawful conduct to federal, state or local officials or to an attorney retained by the Employee.
|
c. |
“Material Contact” means contact in person, by telephone, or by paper or electronic correspondence, or the supervision of those who have such conduct, and which is done in furtherance of the business
interests of the company and within the last 36 months.
|
d. |
“Restricted Territory” consists of the following areas, to the extent such areas have been identified as applicable to the definition of the “Business of the company” above:
|
e. |
“Trade Secrets” means a trade secret of the Company as defined by applicable law.
|
• |
Consolidated net income of $274.9 million for fiscal
2022, compared with net income of $117.9 million in fiscal 2021
|
• |
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $240.3 million for fiscal 2022, or $2.50 per share, compared to NFE of $207.7 million, or $2.16 per share, in fiscal 2021
|
• |
Achieves highest end of previously provided $2.40 to $2.50 guidance range, which was raised twice during fiscal 2022 due to strong performance across its portfolio of energy infrastructure businesses, including New Jersey Natural Gas Company (NJNG)
|
• |
Increased fiscal 2023 annual dividend by 7.6 percent to $1.56 per share
|
• |
Completed construction and placed Adelphia Gateway pipeline into service
|
• |
Introduces fiscal 2023 net financial earnings per share (NFEPS) guidance range of $2.42 to $2.52
|
• |
Maintains long-term projected NFEPS growth rate of 7 to 9 percent(1)
|
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
($ in Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net income (loss)
|
$
|
54,522
|
$
|
(1,133
|
)
|
$
|
274,922
|
$
|
117,890
|
|||||||
Basic EPS
|
$
|
0.57
|
$
|
(0.01
|
)
|
$
|
2.86
|
$
|
1.23
|
|||||||
Net financial earnings
|
$
|
47,896
|
$
|
6,599
|
$
|
240,321
|
$
|
207,712
|
||||||||
Basic net financial (loss) earnings per share
|
$
|
0.50
|
$
|
0.07
|
$
|
2.50
|
$
|
2.16
|
(1)
|
NFEPS long-term annual growth projections are based on the midpoint of the $2.20 - $2.30 initial guidance range for fiscal 2022, provided on February 1, 2021
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 2 of 13
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
Net income
|
$
|
54,522
|
$
|
(1,133
|
)
|
$
|
274,922
|
$
|
117,890
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(1,846
|
)
|
40,576
|
(59,906
|
)
|
54,203
|
||||||||||
Tax effect
|
439
|
(9,647
|
)
|
14,248
|
(12,887
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
(5,221
|
)
|
(30,150
|
)
|
19,939
|
(42,405
|
)
|
|||||||||
Tax effect
|
1,241
|
7,166
|
(4,738
|
)
|
10,078
|
|||||||||||
(Gain on) impairment of equity method investment
|
(1,500
|
)
|
—
|
(5,521
|
)
|
92,000
|
||||||||||
Tax effect
|
374
|
767
|
1,377
|
(11,167
|
)
|
|||||||||||
NFE tax adjustment
|
(113
|
)
|
(980
|
)
|
—
|
—
|
||||||||||
Net financial earnings
|
$
|
47,896
|
$
|
6,599
|
$
|
240,321
|
$
|
207,712
|
||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,235
|
96,198
|
96,100
|
96,227
|
||||||||||||
Diluted
|
96,630
|
96,198
|
96,488
|
96,560
|
||||||||||||
Basic earnings (loss) per share
|
$
|
0.57
|
$
|
(0.01
|
)
|
$
|
2.86
|
$
|
1.23
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(0.02
|
)
|
0.42
|
(0.62
|
)
|
0.56
|
||||||||||
Tax effect
|
0.01
|
(0.10
|
)
|
0.15
|
(0.13
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
(0.05
|
)
|
(0.31
|
)
|
0.21
|
(0.44
|
)
|
|||||||||
Tax effect
|
0.01
|
0.07
|
(0.05
|
)
|
0.10
|
|||||||||||
(Gain on) impairment of equity method investment
|
(0.02
|
)
|
—
|
(0.06
|
)
|
0.96
|
||||||||||
Tax effect
|
—
|
0.01
|
0.01
|
(0.12
|
)
|
|||||||||||
NFE tax adjustment
|
—
|
(0.01
|
)
|
—
|
—
|
|||||||||||
Basic NFE per share
|
$
|
0.50
|
$
|
0.07
|
$
|
2.50
|
$
|
2.16
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 3 of 13
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
New Jersey Natural Gas
|
$
|
(16,387
|
)
|
$
|
(24,214
|
)
|
$
|
140,124
|
$
|
107,375
|
||||||
Clean Energy Ventures (CEV)
|
57,813
|
40,861
|
39,403
|
16,789
|
||||||||||||
Storage and Transportation
|
11,341
|
2,440
|
22,454
|
13,046
|
||||||||||||
Energy Services
|
(3,383
|
)
|
(14,384
|
)
|
39,121
|
71,117
|
||||||||||
Home Services and Other
|
(1,894
|
)
|
(1,127
|
)
|
(781
|
)
|
(826
|
)
|
||||||||
Subtotal
|
47,490
|
3,576
|
240,321
|
207,501
|
||||||||||||
Eliminations
|
406
|
3,023
|
—
|
211
|
||||||||||||
Total
|
$
|
47,896
|
$
|
6,599
|
$
|
240,321
|
$
|
207,712
|
Company
|
Expected Fiscal 2023
Net Financial Earnings
Contribution
|
New Jersey Natural Gas
|
55 to 60 percent
|
Clean Energy Ventures
|
20 to 25 percent
|
Storage and Transportation
|
4 to 8 percent
|
Energy Services
|
15 to 20 percent
|
Home Services and Other
|
0 to 1 percent
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 4 of 13
|
• |
NJNG added 7,808 new customers during fiscal 2022,
compared with 7,854 new customers added in fiscal 2021. NJNG expects these new customers
to contribute approximately $6.5 million of incremental utility gross margin on an annualized basis.
|
• |
NJNG's Infrastructure Investment Program (IIP) is a five-year, $150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's
natural gas distribution system. During fiscal 2022 NJNG spent $32.3 million under the program on various distribution system reinforcement projects. On
March 31, 2022, the Company filed its first rate recovery request with the BPU. On July 13, 2022, NJNG updated the filing with actual information through June 30, 2022, seeking recovery for $28.9 million of investments, including AFUDC, from November 30, 2020 through June 30, 2022. On September 7, 2022, the BPU issued an Order approving a stipulation of settlement effective October 1, 2022.
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 5 of 13
|
• |
Adelphia Gateway Fully Placed into Service - Adelphia Gateway is an 84-mile pipeline running from Marcus Hook to Martins Creek, Pennsylvania, originally built as an oil pipeline, which has now been repurposed to deliver natural gas to the
Philadelphia and New Jersey markets.
|
• |
During fiscal 2022, capital expenditures were $569.2 million, including accruals, of which $282.2 million were related to NJNG, compared with $682.9 million, of which $468.3
million were related to NJNG, during fiscal 2021. The decrease in capital expenditures was primarily due to the completion of the Southern Reliability Link (SRL) project, which was placed into service in August 2021.
|
• |
During fiscal 2022, cash flows from operations were $323.5 million, compared with cash flows from
operations of $391.0 million during fiscal 2021. The decrease in
operating cash flows was due to higher working capital requirements as a result of rising energy prices and outsized performance at Energy Services during February 2021 that did not reoccur at similar
levels during fiscal 2022.
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 6 of 13
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 7 of 13
|
• |
New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,300 customers in New Jersey’s Monmouth, Ocean and parts of
Morris, Middlesex, Sussex and Burlington counties.
|
• |
Clean Energy Ventures invests in, owns and operates solar
projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.
|
• |
Energy Services manages a diversified portfolio of natural
gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
|
• |
Storage and Transportation serves customers from local
distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50%
equity ownership in the Steckman Ridge natural gas storage facility.
|
• |
Home Services provides service contracts as well as heating,
central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 8 of 13
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
OPERATING REVENUES
|
||||||||||||||||
Utility
|
$
|
190,151
|
$
|
97,937
|
$
|
1,127,417
|
$
|
731,459
|
||||||||
Nonutility
|
575,335
|
434,591
|
1,778,562
|
1,425,154
|
||||||||||||
Total operating revenues
|
765,486
|
532,528
|
2,905,979
|
2,156,613
|
||||||||||||
OPERATING EXPENSES
|
||||||||||||||||
Gas purchases
|
||||||||||||||||
Utility
|
112,463
|
36,569
|
547,901
|
247,734
|
||||||||||||
Nonutility
|
413,521
|
356,721
|
1,393,656
|
1,096,920
|
||||||||||||
Related parties
|
1,828
|
1,850
|
7,395
|
7,013
|
||||||||||||
Operation and maintenance
|
118,723
|
101,126
|
361,866
|
366,905
|
||||||||||||
Regulatory rider expenses
|
3,496
|
3,734
|
59,437
|
38,304
|
||||||||||||
Depreciation and amortization
|
34,549
|
29,410
|
129,249
|
111,387
|
||||||||||||
Total operating expenses
|
684,580
|
529,410
|
2,499,504
|
1,868,263
|
||||||||||||
OPERATING INCOME
|
80,906
|
3,118
|
406,475
|
288,350
|
||||||||||||
Other income, net
|
9,744
|
10,656
|
22,295
|
24,597
|
||||||||||||
Interest expense, net of capitalized interest
|
26,016
|
19,876
|
85,830
|
78,559
|
||||||||||||
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
|
64,634
|
(6,102
|
)
|
342,940
|
234,388
|
|||||||||||
Income tax provision (benefit)
|
12,144
|
(4,427
|
)
|
76,195
|
33,286
|
|||||||||||
Equity in earnings (loss) of affiliates
|
2,032
|
542
|
8,177
|
(83,212
|
)
|
|||||||||||
NET INCOME (LOSS)
|
$
|
54,522
|
$
|
(1,133
|
)
|
$
|
274,922
|
$
|
117,890
|
|||||||
EARNINGS (LOSS) PER COMMON SHARE
|
||||||||||||||||
Basic
|
$
|
0.57
|
$
|
(0.01
|
)
|
$
|
2.86
|
$
|
1.23
|
|||||||
Diluted
|
$
|
0.56
|
$
|
(0.01
|
)
|
$
|
2.85
|
$
|
1.22
|
|||||||
WEIGHTED AVERAGE SHARES OUTSTANDING
|
||||||||||||||||
Basic
|
96,235
|
96,198
|
96,100
|
96,227
|
||||||||||||
Diluted
|
96,630
|
96,198
|
96,488
|
96,560
|
||||||||||||
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 9 of 13
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
|
||||||||||||||||
Net income (loss)
|
$
|
54,522
|
$
|
(1,133
|
)
|
$
|
274,922
|
$
|
117,890
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
(1,846
|
)
|
40,576
|
(59,906
|
)
|
54,203
|
||||||||||
Tax effect
|
439
|
(9,647
|
)
|
14,248
|
(12,887
|
)
|
||||||||||
Effects of economic hedging related to natural gas inventory
|
(5,221
|
)
|
(30,150
|
)
|
19,939
|
(42,405
|
)
|
|||||||||
Tax effect
|
1,241
|
7,166
|
(4,738
|
)
|
10,078
|
|||||||||||
(Gain on) impairment of equity method investment
|
(1,500
|
)
|
—
|
(5,521
|
)
|
92,000
|
||||||||||
Tax effect
|
374
|
767
|
1,377
|
(11,167
|
)
|
|||||||||||
NFE tax adjustment
|
(113
|
)
|
(980
|
)
|
—
|
—
|
||||||||||
Net financial earnings
|
$
|
47,896
|
$
|
6,599
|
$
|
240,321
|
$
|
207,712
|
||||||||
Weighted Average Shares Outstanding
|
||||||||||||||||
Basic
|
96,235
|
96,198
|
96,100
|
96,227
|
||||||||||||
Diluted
|
96,630
|
96,198
|
96,488
|
96,560
|
||||||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:
|
||||||||||||||||
Basic earnings (loss) per share
|
$
|
0.57
|
$
|
(0.01
|
)
|
$
|
2.86
|
$
|
1.23
|
|||||||
Add:
|
||||||||||||||||
Unrealized (gain) loss on derivative instruments and related transactions
|
$
|
(0.02
|
)
|
$
|
0.42
|
$
|
(0.62
|
)
|
$
|
0.56
|
||||||
Tax effect
|
$
|
0.01
|
$
|
(0.10
|
)
|
$
|
0.15
|
$
|
(0.13
|
)
|
||||||
Effects of economic hedging related to natural gas inventory
|
$
|
(0.05
|
)
|
$
|
(0.31
|
)
|
$
|
0.21
|
$
|
(0.44
|
)
|
|||||
Tax effect
|
$
|
0.01
|
$
|
0.07
|
$
|
(0.05
|
)
|
$
|
0.10
|
|||||||
(Gain on) impairment of equity method investment
|
$
|
(0.02
|
)
|
$
|
—
|
$
|
(0.06
|
)
|
$
|
0.96
|
||||||
Tax effect
|
$
|
—
|
$
|
0.01
|
$
|
0.01
|
$
|
(0.12
|
)
|
|||||||
NFE tax adjustment
|
$
|
—
|
$
|
(0.01
|
)
|
$
|
—
|
$
|
—
|
|||||||
Basic NFE per share
|
$
|
0.50
|
$
|
0.07
|
$
|
2.50
|
$
|
2.16
|
||||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
|
||||||||||||||||
Operating revenues
|
$
|
190,488
|
$
|
98,274
|
$
|
1,128,767
|
$
|
731,796
|
||||||||
Less:
|
||||||||||||||||
Natural gas purchases
|
114,791
|
38,842
|
557,232
|
260,714
|
||||||||||||
Operating and maintenance (1)
|
30,805
|
26,156
|
93,164
|
110,364
|
||||||||||||
Regulatory rider expense
|
3,496
|
3,734
|
59,437
|
38,304
|
||||||||||||
Depreciation and amortization
|
24,391
|
21,507
|
94,579
|
80,045
|
||||||||||||
Gross margin
|
17,005
|
8,035
|
324,355
|
242,369
|
||||||||||||
Add:
|
||||||||||||||||
Operating and maintenance (1)
|
30,805
|
26,156
|
93,164
|
110,364
|
||||||||||||
Depreciation and amortization
|
24,391
|
21,507
|
94,579
|
80,045
|
||||||||||||
Utility gross margin
|
$
|
72,201
|
$
|
55,698
|
$
|
512,098
|
$
|
432,778
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 10 of 13
|
(Unaudited)
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
(Thousands)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:
|
||||||||||||||||
Operating revenues
|
$
|
439,568
|
$
|
334,780
|
$
|
1,529,272
|
$
|
1,228,420
|
||||||||
Less:
|
||||||||||||||||
Natural Gas purchases
|
413,805
|
357,133
|
1,394,405
|
1,098,261
|
||||||||||||
Operation and maintenance (1)
|
10,281
|
4,588
|
23,709
|
33,263
|
||||||||||||
Depreciation and amortization
|
54
|
28
|
148
|
111
|
||||||||||||
Gross margin
|
15,428
|
(26,969
|
)
|
111,010
|
96,785
|
|||||||||||
Add:
|
||||||||||||||||
Operation and maintenance (1)
|
10,281
|
4,588
|
23,709
|
33,263
|
||||||||||||
Depreciation and amortization
|
54
|
28
|
148
|
111
|
||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
1,671
|
45,011
|
(60,000
|
)
|
58,362
|
|||||||||||
Effects of economic hedging related to natural gas inventory
|
(5,221
|
)
|
(30,150
|
)
|
19,939
|
(42,405
|
)
|
|||||||||
Financial margin
|
$
|
22,213
|
$
|
(7,492
|
)
|
$
|
94,806
|
$
|
146,116
|
|||||||
(1) Excludes selling, general and
administrative expenses of $14.3 million and $5.2 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $15.4 million and $17.6 million for the fiscal
year ended September 30, 2022 and 2021, respectively.
|
||||||||||||||||
A reconciliation of net income (loss) to net financial (loss) earnings is as follows:
|
||||||||||||||||
Net income (loss)
|
$
|
(564
|
)
|
$
|
(24,731
|
)
|
$
|
69,650
|
$
|
58,957
|
||||||
Add:
|
||||||||||||||||
Unrealized loss (gain) on derivative instruments and related transactions
|
1,671
|
45,011
|
(60,000
|
)
|
58,362
|
|||||||||||
Tax effect
|
(397
|
)
|
(10,700
|
)
|
14,270
|
(13,875
|
)
|
|||||||||
Effects of economic hedging related to natural gas
|
(5,221
|
)
|
(30,150
|
)
|
19,939
|
(42,405
|
)
|
|||||||||
Tax effect
|
1,241
|
7,166
|
(4,738
|
)
|
10,078
|
|||||||||||
NFE tax adjustment
|
(113
|
)
|
(980
|
)
|
—
|
—
|
||||||||||
Net financial (loss) earnings
|
$
|
(3,383
|
)
|
$
|
(14,384
|
)
|
$
|
39,121
|
$
|
71,117
|
||||||
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 11 of 13
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
|||||||||||||||
(Thousands, except per share data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NEW JERSEY RESOURCES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
Natural Gas Distribution
|
$
|
190,488
|
$
|
98,274
|
$
|
1,128,767
|
$
|
731,796
|
||||||||
Clean Energy Ventures
|
92,475
|
69,048
|
128,280
|
95,275
|
||||||||||||
Energy Services
|
439,568
|
334,780
|
1,529,272
|
1,228,420
|
||||||||||||
Storage and Transportation
|
25,860
|
12,341
|
67,735
|
51,020
|
||||||||||||
Home Services and Other
|
14,789
|
13,567
|
56,182
|
52,229
|
||||||||||||
Sub-total
|
763,180
|
528,010
|
2,910,236
|
2,158,740
|
||||||||||||
Eliminations
|
2,306
|
4,518
|
(4,257
|
)
|
(2,127
|
)
|
||||||||||
Total
|
$
|
765,486
|
$
|
532,528
|
$
|
2,905,979
|
$
|
2,156,613
|
||||||||
Operating Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(9,721
|
)
|
$
|
(21,281
|
)
|
$
|
218,973
|
$
|
148,993
|
||||||
Clean Energy Ventures
|
74,055
|
54,014
|
66,178
|
37,993
|
||||||||||||
Energy Services
|
1,160
|
(32,186
|
)
|
95,639
|
79,163
|
|||||||||||
Storage and Transportation
|
12,867
|
595
|
22,163
|
10,659
|
||||||||||||
Home Services and Other
|
(1,562
|
)
|
(4,091
|
)
|
678
|
4,033
|
||||||||||
Sub-total
|
76,799
|
(2,949
|
)
|
403,631
|
280,841
|
|||||||||||
Eliminations
|
4,107
|
6,067
|
2,844
|
7,509
|
||||||||||||
Total
|
$
|
80,906
|
$
|
3,118
|
$
|
406,475
|
$
|
288,350
|
||||||||
Equity in Earnings (Loss) of Affiliates
|
||||||||||||||||
Storage and Transportation
|
$
|
2,279
|
$
|
964
|
$
|
9,865
|
$
|
(81,072
|
)
|
|||||||
Eliminations
|
(247
|
)
|
(422
|
)
|
(1,688
|
)
|
(2,140
|
)
|
||||||||
Total
|
$
|
2,032
|
$
|
542
|
$
|
8,177
|
$
|
(83,212
|
)
|
|||||||
Net Income (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(16,387
|
)
|
$
|
(24,214
|
)
|
$
|
140,124
|
$
|
107,375
|
||||||
Clean Energy Ventures
|
57,813
|
40,861
|
39,403
|
16,789
|
||||||||||||
Energy Services
|
(564
|
)
|
(24,731
|
)
|
69,650
|
58,957
|
||||||||||
Storage and Transportation
|
12,467
|
1,673
|
26,598
|
(67,787
|
)
|
|||||||||||
Home Services and Other
|
(1,894
|
)
|
(1,127
|
)
|
(781
|
)
|
(826
|
)
|
||||||||
Sub-total
|
51,435
|
(7,538
|
)
|
274,994
|
114,508
|
|||||||||||
Eliminations
|
3,087
|
6,405
|
(72
|
)
|
3,382
|
|||||||||||
Total
|
$
|
54,522
|
$
|
(1,133
|
)
|
$
|
274,922
|
$
|
117,890
|
|||||||
Net Financial Earnings (Loss)
|
||||||||||||||||
Natural Gas Distribution
|
$
|
(16,387
|
)
|
$
|
(24,214
|
)
|
$
|
140,124
|
$
|
107,375
|
||||||
Clean Energy Ventures
|
57,813
|
40,861
|
39,403
|
16,789
|
||||||||||||
Energy Services
|
(3,383
|
)
|
(14,384
|
)
|
39,121
|
71,117
|
||||||||||
Storage and Transportation
|
11,341
|
2,440
|
22,454
|
13,046
|
||||||||||||
Home Services and Other
|
(1,894
|
)
|
(1,127
|
)
|
(781
|
)
|
(826
|
)
|
||||||||
Sub-total
|
47,490
|
3,576
|
240,321
|
207,501
|
||||||||||||
Eliminations
|
406
|
3,023
|
—
|
211
|
||||||||||||
Total
|
$
|
47,896
|
$
|
6,599
|
$
|
240,321
|
$
|
207,712
|
||||||||
Throughput (Bcf)
|
||||||||||||||||
NJNG, Core Customers
|
21.0
|
17.8
|
99.6
|
91.4
|
||||||||||||
NJNG, Off System/Capacity Management
|
25.8
|
26.9
|
95.2
|
101.3
|
||||||||||||
Energy Services Fuel Mgmt. and Wholesale Sales
|
50.2
|
89.5
|
231.1
|
382.0
|
||||||||||||
Total
|
97.0
|
134.2
|
425.9
|
574.7
|
||||||||||||
Common Stock Data
|
||||||||||||||||
Yield at September 30,
|
4.0
|
%
|
4.2
|
%
|
4.0
|
%
|
4.2
|
%
|
||||||||
Market Price at September 30,
|
$
|
38.70
|
$
|
34.81
|
$
|
38.70
|
$
|
34.81
|
||||||||
Shares Out. at September 30,
|
96,250
|
95,710
|
96,250
|
95,710
|
||||||||||||
Market Cap. at September 30,
|
$
|
3,724,870
|
$
|
3,331,653
|
$
|
3,724,870
|
$
|
3,331,653
|
||||||||
|
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 12 of 13
|
(Unaudited)
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
(Thousands, except customer and weather data)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
NATURAL GAS DISTRIBUTION
|
||||||||||||||||
Utility Gross Margin
|
||||||||||||||||
Operating revenues
|
$
|
190,488
|
$
|
98,274
|
$
|
1,128,767
|
$
|
731,796
|
||||||||
Less:
|
||||||||||||||||
Natural gas purchases
|
114,791
|
38,842
|
557,232
|
260,714
|
||||||||||||
Operating and maintenance (1)
|
30,805
|
26,156
|
93,164
|
110,364
|
||||||||||||
Regulatory rider expense
|
3,496
|
3,734
|
59,437
|
38,304
|
||||||||||||
Depreciation and amortization
|
24,391
|
21,507
|
94,579
|
80,045
|
||||||||||||
Gross margin
|
17,005
|
8,035
|
324,355
|
242,369
|
||||||||||||
Add:
|
||||||||||||||||
Operating and maintenance (1)
|
30,805
|
26,156
|
93,164
|
110,364
|
||||||||||||
Depreciation and amortization
|
24,391
|
21,507
|
94,579
|
80,045
|
||||||||||||
Total Utility Gross Margin
|
$
|
72,201
|
$
|
55,698
|
$
|
512,098
|
$
|
432,778
|
||||||||
(1) Excludes selling, general and
administrative expenses of $26.7 million and $29.3 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $102.8 million and $97.0 million for the fiscal
year ended September 30, 2022 and 2021, respectively
|
||||||||||||||||
Utility Gross Margin, Operating Income and Net Income
|
||||||||||||||||
Residential
|
$
|
37,451
|
$
|
29,947
|
$
|
341,167
|
$
|
288,723
|
||||||||
Commercial, Industrial & Other
|
13,020
|
10,578
|
77,629
|
64,950
|
||||||||||||
Firm Transportation
|
12,832
|
10,518
|
69,933
|
61,870
|
||||||||||||
Total Firm Margin
|
63,303
|
51,043
|
488,729
|
415,543
|
||||||||||||
Interruptible
|
1,362
|
1,192
|
3,782
|
3,820
|
||||||||||||
Total System Margin
|
64,665
|
52,235
|
492,511
|
419,363
|
||||||||||||
Off System/Capacity Management/FRM/Storage Incentive
|
7,536
|
3,463
|
19,587
|
13,415
|
||||||||||||
Total Utility Gross Margin
|
72,201
|
55,698
|
512,098
|
432,778
|
||||||||||||
Operation and maintenance expense
|
57,531
|
55,472
|
198,546
|
203,740
|
||||||||||||
Depreciation and amortization
|
24,391
|
21,507
|
94,579
|
80,045
|
||||||||||||
Operating (Loss) Income
|
$
|
(9,721
|
)
|
$
|
(21,281
|
)
|
$
|
218,973
|
$
|
148,993
|
||||||
Net (Loss) Income
|
$
|
(16,387
|
)
|
$
|
(24,214
|
)
|
$
|
140,124
|
$
|
107,375
|
||||||
Net Financial (Loss) Earnings
|
$
|
(16,387
|
)
|
$
|
(24,214
|
)
|
$
|
140,124
|
$
|
107,375
|
||||||
Throughput (Bcf)
|
||||||||||||||||
Residential
|
3.2
|
3.3
|
45.5
|
46.2
|
||||||||||||
Commercial, Industrial & Other
|
0.8
|
0.7
|
8.7
|
8.6
|
||||||||||||
Firm Transportation
|
1.5
|
1.6
|
13.0
|
13.7
|
||||||||||||
Total Firm Throughput
|
5.5
|
5.6
|
67.2
|
68.5
|
||||||||||||
Interruptible
|
15.5
|
12.2
|
32.4
|
22.9
|
||||||||||||
Total System Throughput
|
21.0
|
17.8
|
99.6
|
91.4
|
||||||||||||
Off System/Capacity Management
|
25.8
|
26.9
|
95.2
|
101.3
|
||||||||||||
Total Throughput
|
46.8
|
44.7
|
194.8
|
192.7
|
||||||||||||
Customers
|
||||||||||||||||
Residential
|
512,264
|
502,546
|
512,264
|
502,546
|
||||||||||||
Commercial, Industrial & Other
|
31,227
|
30,615
|
31,227
|
30,615
|
||||||||||||
Firm Transportation
|
25,713
|
30,697
|
25,713
|
30,697
|
||||||||||||
Total Firm Customers
|
569,204
|
563,858
|
569,204
|
563,858
|
||||||||||||
Interruptible
|
88
|
27
|
88
|
27
|
||||||||||||
Total System Customers
|
569,292
|
563,885
|
569,292
|
563,885
|
||||||||||||
Off System/Capacity Management*
|
8
|
20
|
8
|
20
|
||||||||||||
Total Customers
|
569,300
|
563,905
|
569,300
|
563,905
|
||||||||||||
*The number of customers represents those active during the last month of the period.
|
||||||||||||||||
Degree Days
|
||||||||||||||||
Actual
|
33
|
8
|
4,130
|
4,247
|
||||||||||||
Normal
|
27
|
29
|
4,504
|
4,541
|
||||||||||||
Percent of Normal
|
122.2
|
%
|
27.6
|
%
|
91.7
|
%
|
93.5
|
%
|
||||||||
NJR Reports Fiscal 2022 Fourth Quarter and Year End Results
|
Page 13 of 13
|
(Unaudited)
|
Three Months Ended
September 30,
|
Twelve Months Ended
September 30,
|
||||||||||||||
(Thousands, except customer, SREC, TREC and megawatt)
|
2022
|
2021
|
2022
|
2021
|
||||||||||||
CLEAN ENERGY VENTURES
|
||||||||||||||||
Operating Revenues
|
||||||||||||||||
SREC sales
|
$
|
76,637
|
$
|
58,898
|
$
|
84,476
|
$
|
65,434
|
||||||||
TREC sales
|
1,913
|
1,496
|
5,487
|
4,571
|
||||||||||||
Solar electricity sales and other
|
10,967
|
5,878
|
26,806
|
14,491
|
||||||||||||
Sunlight Advantage
|
2,958
|
2,776
|
11,511
|
10,779
|
||||||||||||
Total Operating Revenues
|
$
|
92,475
|
$
|
69,048
|
$
|
128,280
|
$
|
95,275
|
||||||||
Depreciation and Amortization
|
$
|
5,494
|
$
|
5,249
|
$
|
21,396
|
$
|
20,567
|
||||||||
Operating Income
|
$
|
74,055
|
$
|
54,014
|
$
|
66,178
|
$
|
37,993
|
||||||||
Income Tax Provision
|
$
|
16,885
|
$
|
12,296
|
$
|
11,361
|
$
|
5,048
|
||||||||
Net Income
|
$
|
57,813
|
$
|
40,861
|
$
|
39,403
|
$
|
16,789
|
||||||||
Net Financial Earnings
|
$
|
57,813
|
$
|
40,861
|
$
|
39,403
|
$
|
16,789
|
||||||||
Solar Renewable Energy Certificates Generated
|
146,772
|
130,847
|
425,453
|
406,118
|
||||||||||||
Solar Renewable Energy Certificates Sold
|
378,532
|
300,530
|
417,305
|
333,025
|
||||||||||||
Transition Renewable Energy Certificates Generated
|
13,443
|
10,561
|
38,914
|
31,767
|
||||||||||||
Solar Megawatts Under Construction
|
63.1
|
59.3
|
63.1
|
59.3
|
||||||||||||
ENERGY SERVICES
|
||||||||||||||||
Operating Income
|
||||||||||||||||
Operating revenues
|
$
|
439,568
|
$
|
334,780
|
$
|
1,529,272
|
$
|
1,228,420
|
||||||||
Less:
|
||||||||||||||||
Gas purchases
|
413,805
|
357,133
|
1,394,405
|
1,098,261
|
||||||||||||
Operation and maintenance expense
|
24,549
|
9,805
|
39,080
|
50,885
|
||||||||||||
Depreciation and amortization
|
54
|
28
|
148
|
111
|
||||||||||||
Total Operating Income (Loss)
|
$
|
1,160
|
$
|
(32,186
|
)
|
$
|
95,639
|
$
|
79,163
|
|||||||
Net Income (Loss)
|
$
|
(564
|
)
|
$
|
(24,731
|
)
|
$
|
69,650
|
$
|
58,957
|
||||||
Financial Margin
|
$
|
22,213
|
$
|
(7,492
|
)
|
$
|
94,806
|
$
|
146,116
|
|||||||
Net Financial (Loss) Earnings
|
$
|
(3,383
|
)
|
$
|
(14,384
|
)
|
$
|
39,121
|
$
|
71,117
|
||||||
Gas Sold and Managed (Bcf)
|
50.2
|
89.5
|
231.1
|
382.0
|
||||||||||||
STORAGE AND TRANSPORTATION
|
||||||||||||||||
Operating Revenues
|
$
|
25,860
|
$
|
12,341
|
$
|
67,735
|
$
|
51,020
|
||||||||
Equity in Earnings (Loss) of Affiliates
|
$
|
2,279
|
$
|
964
|
$
|
9,865
|
$
|
(81,072
|
)
|
|||||||
Operation and Maintenance Expense
|
$
|
8,044
|
$
|
8,765
|
$
|
30,568
|
$
|
29,135
|
||||||||
Other Income, Net
|
$
|
1,405
|
$
|
1,796
|
$
|
8,546
|
$
|
5,931
|
||||||||
Interest Expense
|
$
|
4,937
|
$
|
2,851
|
$
|
12,097
|
$
|
13,348
|
||||||||
Income Tax Provision (Benefit)
|
$
|
(853
|
)
|
$
|
(1,169
|
)
|
$
|
1,879
|
$
|
(10,043
|
)
|
|||||
Net Income (Loss)
|
$
|
12,467
|
$
|
1,673
|
$
|
26,598
|
$
|
(67,787
|
)
|
|||||||
Net Financial Earnings
|
$
|
11,341
|
$
|
2,440
|
$
|
22,454
|
$
|
13,046
|
||||||||
HOME SERVICES AND OTHER
|
||||||||||||||||
Operating Revenues
|
$
|
14,789
|
$
|
13,567
|
$
|
56,182
|
$
|
52,229
|
||||||||
Operating (Loss) Income
|
$
|
(1,562
|
)
|
$
|
(4,091
|
)
|
$
|
678
|
$
|
4,033
|
||||||
Net (Loss)
|
$
|
(1,894
|
)
|
$
|
(1,127
|
)
|
$
|
(781
|
)
|
$
|
(826
|
)
|
||||
Net Financial (Loss)
|
$
|
(1,894
|
)
|
$
|
(1,127
|
)
|
$
|
(781
|
)
|
$
|
(826
|
)
|
||||
Total Service Contract Customers at Sept 30
|
103,123
|
105,720
|
103,123
|
105,720
|
||||||||||||