UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): May 4, 2023

NEW JERSEY RESOURCES CORPORATION
(Exact Name of registrant as specified in its charter)

New Jersey
001-08359
22-2376465
(State or Other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)

1415 Wyckoff Road
    
Wall, New Jersey
  
07719
(Address of Principal Executive Offices)
  
(Zip Code)

(732) 938-1480
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock - $2.50 par value
NJR
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02
Results of Operations and Financial Condition.

On May 4, 2023, New Jersey Resources Corporation (“NJR”) issued a press release reporting financial results for the second fiscal quarter ended March 31, 2023 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 7.01
Regulation FD Disclosure.

NJR will deliver a presentation via live public webcast on May 4, 2023, at 10 a.m. ET. The slides to be used for the presentation are furnished herewith as Exhibit 99.2 and are incorporated by reference into Item 7.01 of this Current Report on Form 8-K.

The information in Item 7.01 of this Current Report on Form 8-K is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section and shall not be deemed to be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01
Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number
  
Exhibit
 
Press Release dated May 4, 2023 (furnished, not filed)
 
Presentation dated May 4, 2023 (furnished, not filed)
104
  
Cover page in Inline XBRL format

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
NEW JERSEY RESOURCES CORPORATION
    
Date: May 4, 2023
By:
/s/ Roberto F. Bel
   
Roberto F. Bel
   
Senior Vice President and Chief Financial Officer


Exhibit 99.1
NEW JERSEY RESOURCES REPORTS FISCAL 2023 SECOND-QUARTER RESULTS

WALL, N.J., May 4, 2023 — Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the second quarter of fiscal 2023. Highlights include:

•
Consolidated net income of $110.2 million, compared with net income of $96.0 million in the second quarter of fiscal 2022
•
Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $112.3 million, or $1.16 per share, compared to NFE of $130.2 million, or $1.36 per share, in the second quarter of fiscal 2022
•
Re-affirmed fiscal 2023 net financial earnings per share (NFEPS) guidance range of $2.62 to $2.72, which was increased by $0.20 per share in the first quarter of fiscal 2023
•
Maintains long-term projected NFEPS growth rate of 7 to 9 percent(1)

Second-quarter fiscal 2023 net income totaled $110.2 million, or $1.14 per share, compared with net income of $96.0 million, or $1.00 per share, during the same period in fiscal 2022. Fiscal 2023 year-to-date net income totaled $226.2 million, or $2.34 per share, compared with $207.3 million, or $2.16 per share, for the same period in fiscal 2022.

Second-quarter fiscal 2023 NFE totaled $112.3 million, or $1.16 per share, compared to NFE of $130.2 million, or $1.36 per share, during the same period in fiscal 2022. Fiscal 2023 year-to-date NFE totaled $222.6 million, or $2.30 per share, compared with $196.0 million, or $2.04 per share, for the same period in fiscal 2022.

Steve Westhoven, President and CEO, stated, “We continued to execute on our strategy to deliver steady, predictable growth and earnings throughout our diversified business model. We reported solid results in the second quarter, and are re-affirming the fiscal 2023 NFEPS guidance range of $2.62 to $2.72 per share.”

Key Performance Metrics
 
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
($ in Thousands)
  
2023
    
2022
    
2023
    
2022
  
Net income
  
$
110,247
    
$
96,035
    
$
226,168
    
$
207,347
  
Basic EPS
  
$
1.14
    
$
1.00
    
$
2.34
    
$
2.16
  
Net financial earnings
  
$
112,310
    
$
130,206
    
$
222,594
    
$
195,976
  
Basic net financial earnings per share
  
$
1.16
    
$
1.36
    
$
2.30
    
$
2.04
  
(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 Second Quarter Fiscal 2023 Results
Page 2 of 13
A reconciliation of net income to NFE for the three and six months ended March 31, 2023 and 2022, is provided below.
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands)
  
2023
    
2022
    
2023
    
2022
  
Net income
  
$
110,247
    
$
96,035
    
$
226,168
    
$
207,347
  
Add:
                                
Unrealized loss (gain) on derivative instruments and related transactions
    
13,971
      
42,022
      
(17,532
)
    
(40,169
)
Tax effect
    
(3,320
)
    
(9,980
)
    
4,167
      
9,556
  
Effects of economic hedging related to natural gas inventory
    
(11,203
)
    
1,155
      
12,769
      
24,732
  
Tax effect
    
2,662
      
(274
)
    
(3,035
)
    
(5,877
)
Gain on equity method investment
    
(200
)
    
—
      
(200
)
    
—
  
Tax effect
    
50
      
—
      
50
      
—
  
NFE tax adjustment
    
103
      
1,248
      
207
      
387
  
Net financial earnings
  
$
112,310
    
$
130,206
    
$
222,594
    
$
195,976
  
                                 
Weighted Average Shares Outstanding
                                
Basic
    
96,893
      
96,068
      
96,689
      
96,006
  
Diluted
    
97,556
      
96,516
      
97,346
      
96,480
  
                                 
Basic earnings per share
  
$
1.14
    
$
1.00
    
$
2.34
    
$
2.16
  
Add:
                                
Unrealized loss (gain) on derivative instruments and related transactions
    
0.14
      
0.44
      
(0.18
)
    
(0.42
)
Tax effect
    
(0.03
)
    
(0.10
)
    
0.04
      
0.10
  
Effects of economic hedging related to natural gas inventory
    
(0.12
)
    
0.01
      
0.13
      
0.26
  
Tax effect
    
0.03
      
—
      
(0.03
)
    
(0.06
)
NFE tax adjustment
    
—
      
0.01
      
—
      
—
  
Basic NFE per share
  
$
1.16
    
$
1.36
    
$
2.30
    
$
2.04
  

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company’s performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

NJR Reports Second Quarter Fiscal 2023 Results
Page 3 of 13
A table detailing NFE for the three and six months ended March 31, 2023 and 2022, is provided below.

Net financial earnings (loss) by Business Unit
 
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands)
  
2023
    
2022
    
2023
    
2022
  
New Jersey Natural Gas
  
$
100,697
    
$
102,783
    
$
155,361
    
$
153,863
  
Clean Energy Ventures
    
(9,379
)
    
(6,491
)
    
(12,961
)
    
(13,312
)
Storage and Transportation
    
2,450
      
4,625
      
8,693
      
7,587
  
Energy Services
    
21,125
      
29,940
      
73,658
      
47,507
  
Home Services and Other
    
813
      
451
      
784
      
898
  
Subtotal
    
115,706
      
131,308
      
225,535
      
196,543
  
Eliminations
    
(3,396
)
    
(1,102
)
    
(2,941
)
    
(567
)
Total
  
$
112,310
    
$
130,206
    
$
222,594
    
$
195,976
  

Fiscal 2023 NFE Guidance:

NJR re-affirmed its fiscal 2023 NFE guidance range of $2.62 to $2.72, which was increased by $0.20 per share in the first quarter of fiscal 2023, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” The following chart represents NJR’s current expected contributions from its business segments for fiscal 2023:
 
Company
Expected Fiscal 2023
Net Financial Earnings
Contribution
New Jersey Natural Gas
48 to 53 percent
Clean Energy Ventures
18 to 20 percent
Storage and Transportation
4 to 8 percent
Energy Services
20 to 25 percent
Home Services and Other
0 to 1 percent

In providing fiscal 2023 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

New Jersey Natural Gas

NJNG reported second-quarter fiscal 2023 NFE of $100.7 million, compared to NFE of $102.8 million during the same period in fiscal 2022. Fiscal 2023 year-to-date NFE were $155.4 million, compared to NFE of $153.9 million during the same period in fiscal 2022. The slight decrease in NFE for the quarter was due primarily to higher
operating and interest expenses, partially offset by higher utility gross margin. The Fiscal 2023 year-to-date increase in NFE was due to higher utility gross margin as a result of higher base rates, which became effective on December 1, 2021.

NJR Reports Second Quarter Fiscal 2023 Results
Page 4 of 13
Customer Growth:

•
NJNG added 4,064 new customers during the first six months of fiscal 2023, compared with 3,579 during the same period in fiscal 2022. NJNG expects these new customers to contribute approximately $3.4 million of incremental utility gross margin on an annualized basis.

Infrastructure Update:

•
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 the first six months of fiscal 2023, NJNG has spent $18.3 million under the program on various distribution system reinforcement projects. On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $31.4 million through June 30, 2023, resulting in a $3.5 million revenue increase, with a proposed effective date of October 1, 2023.

Basic Gas Supply Service (BGSS) Incentive Programs:

BGSS incentive programs contributed $5.8 million to utility gross margin in the second quarter of fiscal 2023, compared with $6.3 million during the same period in fiscal 2022. Fiscal 2023 year-to-date, these programs contributed $14.5 million to utility gross margin, compared with $10.1 million during the same period in fiscal 2022. The decrease in NFE for the quarter was due primarily to lower margin for off-system sales, partially offset by an increase in storage incentive margin. The increase in NFE for fiscal 2023 year-to-date was due primarily to improved margins in off-system sales and storage incentives compared to the same period last year.

For more information on utility gross margin, please see “Non-GAAP Financial Information” below.

Energy-Efficiency Programs:

SAVEGREEN invested $23.6 million during the first six months of fiscal 2023 in energy-efficiency upgrades for  customers’ homes and businesses. NJNG recovered $8.5 million of its outstanding investments during the first six months of fiscal 2023 through its energy efficiency rate.

Clean Energy Ventures (CEV)

CEV reported second-quarter fiscal 2023 net financial loss of $(9.4) million, compared with net financial loss of $(6.5) million during the same period in fiscal 2022. Fiscal 2023 year-to-date net financial loss was $(13.0) million, compared with net financial loss of $(13.3) million during the same period in fiscal 2022. The decrease in NFE for the quarter was due primarily to higher operating expenses, offset by higher revenue. The increase in fiscal 2023 year-to-date NFE was due primarily to higher REC and electricity revenue.

Solar Investment Update:

 •
During the second-quarter of fiscal 2023, CEV placed 3 commercial projects into service, adding approximately 33 megawatts (MW) to total installed capacity.

•
During the first six months of fiscal 2023, CEV placed 6 commercial projects into service, adding approximately 51 MW to total installed capacity.

•
As of March 31, 2023, CEV had approximately 440MW of solar capacity (including residential) in service in New Jersey, Rhode Island, New York and Connecticut.

NJR Reports Second Quarter Fiscal 2023 Results
Page 5 of 13
Storage and Transportation

Storage and Transportation reported second-quarter fiscal 2023 NFE of $2.4 million, compared with NFE of $4.6 million during the same period in fiscal 2022. Fiscal 2023 year-to-date NFE were $8.7 million, compared with NFE of $7.6 million during the same period in fiscal 2022.  The lower NFE for the second quarter of fiscal 2023 were due primarily to increased depreciation and interest expenses, partially offset by increased revenue. The increase in fiscal 2023 year-to-date NFE was due primarily to increased operating revenue at Leaf River and Adelphia Gateway, partially offset by increased depreciation expenses.

Energy Services

Energy Services reported second-quarter fiscal 2023 NFE of $21.1 million compared with NFE of $29.9 million for the same period in fiscal 2022. Fiscal 2023 year-to-date NFE were $73.7 million, compared with NFE of $47.5 million during the same period in fiscal 2022. The decrease in NFE for the second quarter of fiscal 2023 compared to the prior year period was due to lower natural gas price volatility during a period of warmer weather conditions. The increase in fiscal 2023 year-to-date NFE were due to higher natural gas price volatility during periods of colder than expected weather in December, allowing Energy Services to capture additional margin.

Home Services and Other Operations

Home Services and Other Operations reported second-quarter fiscal 2023 NFE of $0.8 million compared with NFE of $0.5 million for the same period in fiscal 2022. The increase in NFE for the quarter was due primarily to increased operating income driven by increased installation and service contract revenue. Fiscal 2023 year-to-date NFE were $0.8 million, compared with NFE of $0.9 million during the same period in fiscal 2022.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile:

•
During the first six months of fiscal 2023, capital expenditures were $253.7 million, including accruals, of which $171.4 million were related to NJNG, compared with $285.7 million, of which $119.3 million were related to NJNG, during the same period in fiscal 2022. The decrease in capital expenditures was primarily due to the completion of the Adelphia Gateway Pipeline project, which was placed into service in September 2022.

•
During the first six months of fiscal 2023, cash flows from operations were $343.1 million, compared with cash flows from operations of $330.5 million during the same period of fiscal 2022. The increase in operating cash flows was due to increased earnings at Energy Services, partially offset by additional working capital requirements.

NJR Reports Second Quarter Fiscal 2023 Results
Page 6 of 13
Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2023, projected NFEPS growth rates, forecasted contribution of business segments to NJR’s NFE for fiscal 2023, customer growth at NJNG and their expected contributions, infrastructure programs and investments future decarbonization opportunities including IIP, the outcome or timing of future Base Rate Cases with the BPU, and other legal and regulatory expectations.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR’s results of operations and financial condition in connection with its preparation of management’s discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR’s investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7.

NJR Reports Second Quarter Fiscal 2023 Results
Page 7 of 13
About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

•
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 570,000 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 approximately 440 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, 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 and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:
www.njresources.com.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

NJR Reports Second Quarter Fiscal 2023 Results
Page 8 of 13
NEW JERSEY RESOURCES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands, except per share data)
  
2023
    
2022
    
2023
    
2022
  
OPERATING REVENUES
                        
Utility
  
$
400,500
    
$
463,474
    
$
757,909
    
$
737,909
  
Nonutility
    
243,527
      
448,842
      
609,685
      
850,249
  
Total operating revenues
    
644,027
      
912,316
      
1,367,594
      
1,588,158
  
OPERATING EXPENSES
                                
Gas purchases
                                
Utility
    
156,370
      
212,892
      
338,816
      
335,161
  
Nonutility
    
160,364
      
410,535
      
392,434
      
689,329
  
Related parties
    
1,770
      
1,883
      
3,597
      
3,729
  
Operation and maintenance
    
99,095
      
85,786
      
178,596
      
154,770
  
Regulatory rider expenses
    
23,154
      
30,910
      
41,405
      
47,581
  
Depreciation and amortization
    
38,090
      
31,435
      
74,773
      
61,828
  
Total operating expenses
    
478,843
      
773,441
      
1,029,621
      
1,292,398
  
OPERATING INCOME
    
165,184
      
138,875
      
337,973
      
295,760
  
Other income, net
    
4,779
      
4,127
      
9,434
      
8,263
  
Interest expense, net of capitalized interest
    
30,261
      
18,926
      
59,752
      
38,403
  
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES
    
139,702
      
124,076
      
287,655
      
265,620
  
Income tax provision
    
30,586
      
28,810
      
63,564
      
59,617
  
Equity in earnings of affiliates
    
1,131
      
769
      
2,077
      
1,344
  
NET INCOME
  
$
110,247
    
$
96,035
    
$
226,168
    
$
207,347
  
                                 
EARNINGS PER COMMON SHARE
                                
Basic
  
$
1.14
    
$
1.00
    
$
2.34
    
$
2.16
  
Diluted
  
$
1.13
    
$
1.00
    
$
2.32
    
$
2.15
  
                                 
WEIGHTED AVERAGE SHARES OUTSTANDING
                                
Basic
    
96,893
      
96,068
      
96,689
      
96,006
  
Diluted
    
97,556
      
96,516
      
97,346
      
96,480
  
                                 

NJR Reports Second Quarter Fiscal 2023 Results
Page 9 of 13
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES
(Unaudited)
 
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands)
  
2023
    
2022
    
2023
    
2022
  
NEW JERSEY RESOURCES
              
   
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
  
                         
Net income
  
$
110,247
    
$
96,035
    
$
226,168
    
$
207,347
  
Add:
                                
Unrealized loss (gain) on derivative instruments and related transactions
    
13,971
      
42,022
      
(17,532
)
    
(40,169
)
Tax effect
    
(3,320
)
    
(9,980
)
    
4,167
      
9,556
  
Effects of economic hedging related to natural gas inventory
    
(11,203
)
    
1,155
      
12,769
      
24,732
  
Tax effect
    
2,662
      
(274
)
    
(3,035
)
    
(5,877
)
Gain on equity method investment
    
(200
)
    
—
      
(200
)
    
—
  
Tax effect
    
50
      
—
      
50
      
—
  
NFE tax adjustment
    
103
      
1,248
      
207
      
387
  
Net financial earnings
  
$
112,310
    
$
130,206
    
$
222,594
    
$
195,976
  
                                 
Weighted Average Shares Outstanding
                                
Basic
    
96,893
      
96,068
      
96,689
      
96,006
  
Diluted
    
97,556
      
96,516
      
97,346
      
96,480
  
                                 
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:
  
                                 
Basic earnings per share
  
$
1.14
    
$
1.00
    
$
2.34
    
$
2.16
  
Add:
                                
Unrealized loss (gain) on derivative instruments and related transactions
  
$
0.14
    
$
0.44
    
$
(0.18
)
  
$
(0.42
)
Tax effect
  
$
(0.03
)
  
$
(0.10
)
  
$
0.04
    
$
0.10
  
Effects of economic hedging related to natural gas inventory
  
$
(0.12
)
  
$
0.01
    
$
0.13
    
$
0.26
  
Tax effect
  
$
0.03
    
$
—
    
$
(0.03
)
  
$
(0.06
)
NFE tax adjustment
  
$
—
    
$
0.01
    
$
—
    
$
—
  
Basic NFE per share
  
$
1.16
    
$
1.36
    
$
2.30
    
$
2.04
  
                                 
NATURAL GAS DISTRIBUTION
                  
                                 
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:
  
                                 
Operating revenues
  
$
400,838
    
$
463,812
    
$
758,584
    
$
738,584
  
Less:
                                
Natural gas purchases
    
158,694
      
215,223
      
343,465
      
339,817
  
Operating and maintenance (1)
    
30,711
      
26,748
      
57,005
      
39,889
  
Regulatory rider expense
    
23,154
      
30,910
      
41,405
      
47,581
  
Depreciation and amortization
    
25,319
      
23,344
      
50,209
      
46,237
  
Gross margin
    
162,960
      
167,587
      
266,500
      
265,060
  
Add:
                                
Operating and maintenance (1)
    
30,711
      
26,748
      
57,005
      
39,889
  
Depreciation and amortization
    
25,319
      
23,344
      
50,209
      
46,237
  
Utility gross margin
  
$
218,990
    
$
217,679
    
$
373,714
    
$
351,186
  
(1)  Excludes selling, general and administrative expenses of $27.8 million  and $26.3 million for the three months ended March 31, 2023 and 2022, respectively, and $51.2 million and $49.6 million for the six months ended March 31, 2023 and 2022, respectively.
 
NJR Reports Second Quarter Fiscal 2023 Results
Page 10 of 13
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)
(Unaudited)
 
   
Three Months Ended
    
Six Months Ended
  
(Unaudited)
  
March 31,
    
March 31,
  
(Thousands)
  
2023
    
2022
    
2023
    
2022
  
ENERGY SERVICES
                        
                         
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services’ financial margin is as follows:
  
                         
Operating revenues
  
$
196,730
    
$
412,645
    
$
518,512
    
$
781,889
  
Less:
                                
Natural Gas purchases
    
161,114
      
411,146
      
394,401
      
689,833
  
Operation and maintenance (1)
    
7,668
      
3,978
      
11,123
      
7,247
  
Depreciation and amortization
    
62
      
32
      
119
      
60
  
Gross margin
    
27,886
      
(2,511
)
    
112,869
      
84,749
  
Add:
                                
Operation and maintenance (1)
    
7,668
      
3,978
      
11,123
      
7,247
  
Depreciation and amortization
    
62
      
32
      
119
      
60
  
Unrealized loss (gain) on derivative instruments and related transactions
    
13,795
      
40,446
      
(26,091
)
    
(45,201
)
Effects of economic hedging related to natural gas inventory
    
(11,203
)
    
1,155
      
12,769
      
24,732
  
Financial margin
  
$
38,208
    
$
43,100
    
$
110,789
    
$
71,587
  
(1) Excludes selling, general and administrative expenses of $0.7 million and $0.6 million for the three months ended March 31, 2023 and 2022, respectively, and $(1.7) million and $1.1 million for the six months ended March 31, 2023 and 2022, respectively.

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:
          
                                 
Net income (loss)
  
$
19,046
    
$
(3,031
)
  
$
83,607
    
$
62,713
  
Add:
                                
Unrealized loss (gain) on derivative instruments and related transactions
    
13,795
      
40,446
      
(26,091
)
    
(45,201
)
Tax effect
    
(3,278
)
    
(9,604
)
    
6,201
      
10,753
  
Effects of economic hedging related to natural gas
    
(11,203
)
    
1,155
      
12,769
      
24,732
  
Tax effect
    
2,662
      
(274
)
    
(3,035
)
    
(5,877
)
NFE tax adjustment
    
103
      
1,248
      
207
      
387
  
Net financial earnings
  
$
21,125
    
$
29,940
    
$
73,658
    
$
47,507
  
                                 

NJR Reports Second Quarter Fiscal 2023 Results
Page 11 of 13
FINANCIAL STATISTICS BY BUSINESS UNIT
(Unaudited)
 
   
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands, except per share data)
  
2023
    
2022
    
2023
    
2022
  
NEW JERSEY RESOURCES
                        
                         
Operating Revenues
                        
Natural Gas Distribution
  
$
400,838
    
$
463,812
    
$
758,584
    
$
738,584
  
Clean Energy Ventures
    
14,406
      
11,827
      
27,198
      
22,010
  
Energy Services
    
196,730
      
412,645
      
518,512
      
781,889
  
Storage and Transportation
    
20,887
      
13,342
      
47,725
      
25,485
  
Home Services and Other
    
13,448
      
13,222
      
27,714
      
27,173
  
Sub-total
    
646,309
      
914,848
      
1,379,733
      
1,595,141
  
Eliminations
    
(2,282
)
    
(2,532
)
    
(12,139
)
    
(6,983
)
Total
  
$
644,027
    
$
912,316
    
$
1,367,594
    
$
1,588,158
  
                                 
                                 
Operating Income (Loss)
                                
Natural Gas Distribution
  
$
135,196
    
$
141,311
    
$
215,309
    
$
215,494
  
Clean Energy Ventures
    
(5,002
)
    
(2,696
)
    
(5,323
)
    
(6,668
)
Energy Services
    
27,232
      
(3,132
)
    
114,547
      
83,646
  
Storage and Transportation
    
6,700
      
3,180
      
19,317
      
5,056
  
Home Services and Other
    
1,137
      
901
      
1,188
      
1,763
  
Sub-total
    
165,263
      
139,564
      
345,038
      
299,291
  
Eliminations
    
(79
)
    
(689
)
    
(7,065
)
    
(3,531
)
Total
  
$
165,184
    
$
138,875
    
$
337,973
    
$
295,760
  
                                 
                                 
Equity in Earnings of Affiliates
                                
Storage and Transportation
  
$
977
    
$
1,256
    
$
1,886
    
$
2,312
  
Eliminations
    
154
      
(487
)
    
191
      
(968
)
Total
  
$
1,131
    
$
769
    
$
2,077
    
$
1,344
  
                                 
                                 
Net Income (Loss)
                                
Natural Gas Distribution
  
$
100,697
    
$
102,783
    
$
155,361
    
$
153,863
  
Clean Energy Ventures
    
(9,379
)
    
(6,491
)
    
(12,961
)
    
(13,312
)
Energy Services
    
19,046
      
(3,031
)
    
83,607
      
62,713
  
Storage and Transportation
    
2,600
      
4,625
      
8,843
      
7,587
  
Home Services and Other
    
813
      
451
      
784
      
898
  
Sub-total
    
113,777
      
98,337
      
235,634
      
211,749
  
Eliminations
    
(3,530
)
    
(2,302
)
    
(9,466
)
    
(4,402
)
Total
  
$
110,247
    
$
96,035
    
$
226,168
    
$
207,347
  
 
                                
                                 
Net Financial Earnings (Loss)
                                
Natural Gas Distribution
  
$
100,697
    
$
102,783
    
$
155,361
    
$
153,863
  
Clean Energy Ventures
    
(9,379
)
    
(6,491
)
    
(12,961
)
    
(13,312
)
Energy Services
    
21,125
      
29,940
      
73,658
      
47,507
  
Storage and Transportation
    
2,450
      
4,625
      
8,693
      
7,587
  
Home Services and Other
    
813
      
451
      
784
      
898
  
Sub-total
    
115,706
      
131,308
      
225,535
      
196,543
  
Eliminations
    
(3,396
)
    
(1,102
)
    
(2,941
)
    
(567
)
Total
  
$
112,310
    
$
130,206
    
$
222,594
    
$
195,976
  
                                 
                                 
Throughput (Bcf)
                                
NJNG, Core Customers
    
30.8
      
34.0
      
55.8
      
58.6
  
NJNG, Off System/Capacity Management
    
20.7
      
24.0
      
38.6
      
49.1
  
Energy Services Fuel Mgmt. and Wholesale Sales
    
40.8
      
76.7
      
85.0
      
140.2
  
Total
    
92.3
      
134.7
      
179.4
      
247.9
  
                                 
                                 
Common Stock Data
                                
Yield at March 31,
    
2.9
%
    
3.1
%
    
2.9
%
    
3.1
%
Market Price at March 31,
  
$
53.20
    
$
46.66
    
$
53.20
    
$
46.66
  
Shares Out. at March 31,
    
96,901
      
96,082
      
96,901
      
96,082
  
Market Cap. at March 31,
  
$
5,155,153
    
$
4,482,696
    
$
5,155,153
    
$
4,482,696
  
                                 
NJR Reports Second Quarter Fiscal 2023 Results
Page 12 of 13

   
Three Months Ended
    
Six Months Ended
  
(Unaudited)
  
March 31,
    
March 31,
  
(Thousands, except customer and weather data)
  
2023
    
2022
    
2023
    
2022
  
NATURAL GAS DISTRIBUTION
                        
                         
Utility Gross Margin
                        
Operating revenues
  
$
400,838
    
$
463,812
    
$
758,584
    
$
738,584
  
Less:
                                
Natural gas purchases
    
158,694
      
215,223
      
343,465
      
339,817
  
Operating and maintenance (1)
    
30,711
      
26,748
      
57,005
      
39,889
  
Regulatory rider expense
    
23,154
      
30,910
      
41,405
      
47,581
  
Depreciation and amortization
    
25,319
      
23,344
      
50,209
      
46,237
  
Gross margin
    
162,960
      
167,587
      
266,500
      
265,060
  
Add:
                                
Operating and maintenance (1)
    
30,711
      
26,748
      
57,005
      
39,889
  
Depreciation and amortization
    
25,319
      
23,344
      
50,209
      
46,237
  
Total Utility Gross Margin
  
$
218,990
    
$
217,679
    
$
373,714
    
$
351,186
  
(1) Excludes selling, general and administrative expenses of $27.8 million and $26.3 million for the three months ended March 31, 2023 and 2022, respectively, and $51.2 million and $49.6 million for the six months ended March 31, 2023 and 2022, respectively.
  
                                 
Utility Gross Margin, Operating Income and Net Income
                                
Residential
  
$
157,276
    
$
155,514
    
$
261,294
    
$
248,119
  
Commercial, Industrial & Other
    
30,066
      
30,120
      
50,845
      
49,222
  
Firm Transportation
    
25,208
      
25,090
      
45,688
      
42,372
  
Total Firm Margin
    
212,550
      
210,724
      
357,827
      
339,713
  
Interruptible
    
662
      
606
      
1,423
      
1,360
  
Total System Margin
    
213,212
      
211,330
      
359,250
      
341,073
  
Off System/Capacity Management/FRM/Storage Incentive
    
5,778
      
6,349
      
14,464
      
10,113
  
Total Utility Gross Margin
    
218,990
      
217,679
      
373,714
      
351,186
  
Operation and maintenance expense
    
58,475
      
53,024
      
108,196
      
89,455
  
Depreciation and amortization
    
25,319
      
23,344
      
50,209
      
46,237
  
Operating Income
  
$
135,196
    
$
141,311
    
$
215,309
    
$
215,494
  
 
                                
Net Income
  
$
100,697
    
$
102,783
    
$
155,361
    
$
153,863
  
 
                                
Net Financial Earnings
  
$
100,697
    
$
102,783
    
$
155,361
    
$
153,863
  
                                 
Throughput (Bcf)
                                
Residential
    
19.5
      
23.0
      
34.2
      
35.6
  
Commercial, Industrial & Other
    
3.8
      
4.3
      
6.5
      
6.6
  
Firm Transportation
    
4.5
      
5.6
      
8.5
      
9.2
  
Total Firm Throughput
    
27.8
      
32.9
      
49.2
      
51.4
  
Interruptible
    
3.0
      
1.1
      
6.6
      
7.2
  
Total System Throughput
    
30.8
      
34.0
      
55.8
      
58.6
  
Off System/Capacity Management
    
20.7
      
24.0
      
38.6
      
49.1
  
Total Throughput
    
51.5
      
58.0
      
94.4
      
107.7
  
                                 
Customers
                                
Residential
    
516,453
      
508,729
      
516,453
      
508,729
  
Commercial, Industrial & Other
    
33,160
      
32,116
      
33,160
      
32,116
  
Firm Transportation
    
24,777
      
27,226
      
24,777
      
27,226
  
Total Firm Customers
    
574,390
      
568,071
      
574,390
      
568,071
  
Interruptible
    
87
      
31
      
87
      
31
  
Total System Customers
    
574,477
      
568,102
      
574,477
      
568,102
  
Off System/Capacity Management*
    
23
      
22
      
23
      
22
  
Total Customers
    
574,500
      
568,124
      
574,500
      
568,124
  
*The number of customers represents those active during the last month of the period.
                  
Degree Days
                                
Actual
    
1,937
      
2,371
      
3,480
      
3,645
  
Normal
    
2,457
      
2,444
      
4,004
      
3,994
  
Percent of Normal
    
78.8
%
    
97.0
%
    
86.9
%
    
91.3
%
                                 

NJR Reports Second Quarter Fiscal 2023 Results
Page 13 of 13
(Unaudited)
  
Three Months Ended
March 31,
    
Six Months Ended
March 31,
  
(Thousands, except customer, RECs and megawatt)
  
2023
    
2022
    
2023
    
2022
  
CLEAN ENERGY VENTURES
                        
                         
Operating Revenues
                        
SREC sales
  
$
6,237
    
$
3,962
    
$
10,123
    
$
6,829
  
TREC sales
    
2,085
      
1,019
      
3,287
      
1,865
  
Solar electricity sales and other
    
3,164
      
4,057
      
7,931
      
7,711
  
Sunlight Advantage
    
2,920
      
2,789
      
5,857
      
5,605
  
Total Operating Revenues
  
$
14,406
    
$
11,827
    
$
27,198
    
$
22,010
  
                                 
Depreciation and Amortization
  
$
6,465
    
$
5,311
    
$
12,041
    
$
10,544
  
                                 
Operating Loss
  
$
(5,002
)
  
$
(2,696
)
  
$
(5,323
)
  
$
(6,668
)
                                 
Income Tax Benefit
  
$
(3,005
)
  
$
(1,952
)
  
$
(4,842
)
  
$
(3,998
)
                                 
Net Loss
  
$
(9,379
)
  
$
(6,491
)
  
$
(12,961
)
  
$
(13,312
)
                                 
Net Financial Loss
  
$
(9,379
)
  
$
(6,491
)
  
$
(12,961
)
  
$
(13,312
)
                                 
Solar Renewable Energy Certificates Generated
    
63,313
      
65,730
      
161,775
      
157,902
  
                                 
Solar Renewable Energy Certificates Sold
    
30,745
      
20,000
      
47,557
      
32,200
  
                                 
Transition Renewable Energy Certificates Generated
    
12,524
      
7,176
      
20,869
      
13,261
  
                                 
Solar Renewable Energy Certificates II Generated
    
1,046
      
—
      
2,830
      
—
  
                                 
Solar Megawatts Under Construction
    
11.2
      
67.7
      
11.2
      
67.7
  
                                 
ENERGY SERVICES
                                
                                 
Operating Income
                                
Operating revenues
  
$
196,730
    
$
412,645
    
$
518,512
    
$
781,889
  
Less:
                                
Gas purchases
    
161,114
      
411,146
      
394,401
      
689,833
  
Operation and maintenance expense
    
8,322
      
4,599
      
9,445
      
8,350
  
Depreciation and amortization
    
62
      
32
      
119
      
60
  
Operating Income (Loss)
  
$
27,232
    
$
(3,132
)
  
$
114,547
    
$
83,646
  
                                 
Net Income (Loss)
  
$
19,046
    
$
(3,031
)
  
$
83,607
    
$
62,713
  
                                 
Financial Margin
  
$
38,208
    
$
43,100
    
$
110,789
    
$
71,587
  
                                 
Net Financial Earnings
  
$
21,125
    
$
29,940
    
$
73,658
    
$
47,507
  
                                 
Gas Sold and Managed (Bcf)
    
40.8
      
76.7
      
85.0
      
140.2
  
                                 
STORAGE AND TRANSPORTATION
                                
                                 
Operating Revenues
  
$
20,887
    
$
13,342
    
$
47,725
    
$
25,485
  
                                 
Equity in Earnings of Affiliates
  
$
977
    
$
1,256
    
$
1,886
    
$
2,312
  
                                 
Operation and Maintenance Expense
  
$
7,790
    
$
7,254
    
$
15,264
    
$
14,684
  
                                 
Other Income, Net
  
$
1,647
    
$
2,750
    
$
3,014
    
$
5,259
  
                                 
Interest Expense
  
$
6,128
    
$
1,847
    
$
12,835
    
$
3,983
  
                                 
Income Tax Provision
  
$
596
    
$
714
    
$
2,539
    
$
1,057
  
                                 
Net Income
  
$
2,600
    
$
4,625
    
$
8,843
    
$
7,587
  
                                 
Net Financial Earnings
  
$
2,450
    
$
4,625
    
$
8,693
    
$
7,587
  
                                 
HOME SERVICES AND OTHER
                                
                                 
Operating Revenues
  
$
13,448
    
$
13,222
    
$
27,714
    
$
27,173
  
                                 
Operating Income
  
$
1,137
    
$
901
    
$
1,188
    
$
1,763
  
                                 
                                 
Net Income
  
$
813
    
$
451
    
$
784
    
$
898
  
                                 
Net Financial Earnings
  
$
813
    
$
451
    
$
784
    
$
898
  
                                 
Total Service Contract Customers at Mar 31
    
102,057
      
105,022
      
102,057
      
105,022
  
                                 


Exhibit 99.2

 FY 2023 Second Quarter Financial Results  May 4, 2023  May 2023   Investor Presentation 
 
 Forward-Looking Statements and Non-GAAP Measures  Forward-Looking Statements  This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2023, including NFEPS guidance by Segment, fiscal 2024 long term growth range, long term annual growth projections and targets, projections of dividend and financing activities, forecasted contribution of business segments to NJR’s NFE for fiscal 2023, customer growth at NJNG, future NJR and NJNG capital expenditures, potential CEV capital projects, announced charitable endowment, project pipeline through Fiscal 2027, total expected shareholder return projections, CEV revenue and service projections, SREC Hedging strategies and Asset Management Agreements, the outcome and timing of future Base Rate Cases with the BPU, emissions reduction strategies and clean energy goals, environmental social and governance efforts, outcome of the Inflation Reduction Act, rising interest rates and ITCs, and other legal and regulatory expectations.  Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this presentation is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.  Non-GAAP Measures  Non-GAAP Measures  This presentation includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin, utility gross margin, adjusted funds from operations and adjusted debt. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.  NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and certain transactions related to NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.  NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.   Adjusted funds from operations is cash flows from operating activities, plus components of working capital, cash paid for interest (net of amounts capitalized), capitalized interest, the incremental change in SAVEGREEN loans, grants, rebates, and related investments, and operating lease expense.  Adjusted debt is total long-term and short-term debt, net of cash and cash equivalents, excluding solar asset financing obligations but including solar contractually committed payments for sale lease-backs, debt issuance costs, and other Fitch credit metric adjustments.  Management uses NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, as supplemental measures to other GAAP results to provide a more complete understanding of the Company’s performance. Management believes these non-GAAP measures are more reflective of the Company’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. In providing NFE guidance, management is aware that there could be differences between reported GAAP earnings and NFE/net financial loss due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts. In addition, in making forecasts relating to S&T’s Adjusted EBITDA and adjusted funds from operations and adjusted debt, management is aware that there could be differences between reported GAAP earnings, cash flows from operations and total long-term and short-term debt due to matters such as, but not limited to, the unpredictability and variability of future earnings, working capital and cash positions. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported GAAP measures and therefore is not able to provide a reconciliation to the corresponding GAAP equivalent for such forecasts without unreasonable efforts. NFE/net financial loss, utility gross margin and financial margin are discussed more fully in Item 7 of our Report on Form 10-K and, we have provided presentations of the most directly comparable GAAP financial measure and a reconciliation of our non-GAAP financial measures, NFE/net financial loss, utility gross margin, financial margin, adjusted funds from operations and adjusted debt, to the most directly comparable GAAP financial measures, in the appendix to this presentation. This information has been provided pursuant to the requirements of SEC Regulation G. 
 
 Contents  FY 2023 Second Quarter  3  Agenda  4  Fiscal 2023 Second Quarter and Year-to-Date Summary  5  Re-Affirming Fiscal 2023 NFEPS Guidance of $2.62 to $2.72  6  New Jersey Natural Gas  7  Clean Energy Ventures (CEV): Growing Capacity with a Robust Pipeline  8  Financial Review  9  NJR: Review of Fiscal 2023 Q2 and YTD NFE Changes  10  NJR: Capital Plan  11  NJR: Aligned with New Jersey’s Clean Energy Policy Landscape   12  Key Takeaways: Fiscal 2023 Year-to-Date  Appendix: Financial Statements and Additional Information - 13  14  Reconciliation of NFE and NFEPS to Net Income  15  Other Reconciliation of Non-GAAP Measures  16  Fiscal 2023 Second Quarter and YTD NFE by Business Unit  17  Clean Energy Ventures - SREC Hedging Strategy  18  Capital Plan Table  19  Projected Cash Flows  20  Debt Maturities  21  Total Expected Shareholder Return  22  NJR: Environmental, Social and Governance Efforts  23  Shareholder and Contact Information 
 
 3  1  Second Quarter FY 2023 HighlightsSteve Westhoven | President and CEO  2  Financial HighlightsRoberto Bel | SVP and CFO  3  Q&A Session  FY 2023 Second QuarterConference Call Agenda 
 
 Fiscal 2023 Second Quarter and Year-to-Date Summary  Consistent Performance throughout Winter Period   Continued Execution Throughout Unique Period   of Historically Warm Weather Conditions  A reconciliation from NFE to net income can be found in the Appendix.  Q2 FY 2021 included unusually high net financial earnings at Energy Services due to increased natural gas price volatility related to the extreme weather during February 2021.  Second Quarter NFEPS1,2  YTD NFEPS  NJNG  Higher utility gross margin  Announces bill credit and rate decrease for residential and small commercial customers following period of lower gas prices  CEV  Placed ~53MW into service since FYE 2022  Project pipeline of ~740MW (under construction, contract, or exclusivity) through Fiscal 2027  S&T  Stable NFEPS contribution from Leaf River Energy Center and Adelphia Gateway  Continuing to explore organic expansion opportunities  Energy  Services  Derived significant value for pipeline capacity during brief periods of strong demand  
 
 Re-Affirming Fiscal 2023 NFEPS Guidance of $2.62 to $2.72  Net Financial Earnings per Share  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   7-9% LONG-TERM ANNUAL GROWTH1  Fiscal 2023 NFEPS Guidance by Segment  Guidance Raised by $0.20 in Q1 FY2023; Represents 8.1% Increase from Midpoint of FY 2023 Initial Guidance Range   FY2024 EXPECTED TO BE AT OR ABOVE THE TOP END OF THE LONG-TERM ANNUAL GROWTH RANGE DUE TO IMPACT OF THE AMA  15.3% NFEPS CAGR THROUGH FY2023E  YTD 2023  NFEPS  $2.30 
 
 New Jersey Natural Gas  Strong Trend of Favorable Customer Growth  ~$195M  Total change in PP&E (cash spent, capex accrued and AFUDC). Includes SAVEGREEN investments, which for GAAP purposes are included as part of cash flows from operations  The sum of YTD Fiscal 2023 actual amounts may not equal to total due to rounding  Facilities included in “Other”   ~37% of capital expenditures earning a near real-time return  NJNG Customers (in thousands)  Added 4,064 new customers YTD in fiscal 2023 compared to 3,579 in YTD fiscal 2022  Timing of Next Rate Case  Filing Expected in Fiscal 2024  YTD Fiscal 2023 Capital Expenditures1,2  The SAVEGREEN Project®, received the 2023 ENERGY STAR Partner of the Year Award from the U.S. Environmental Protection Agency (EPA) and the U.S. Department of Energy (DOE).  On March 30, 2023, NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures of $31.4 million through June 30, 2023, resulting in a $3.5 million revenue increase, with a proposed effective date of October 1, 2023 
 
 Clean Energy Ventures (CEV): Growing Capacity with a Robust Pipeline  CEV owns and operates solar projects in New Jersey, Rhode Island, New York and Connecticut with approximately 440MW of capacity  Total  ~1.2 GW  MWs  Pipeline of ~740MW including projects under construction, contract, or exclusivity  ~440MW of projects in-service  ~56% of pipeline located in NJ  ~44% located outside of NJ  New In-Service since FYE 2022  ~53MW 
 
 Financial Review  Roberto Bel  SVP and Chief Financial Officer  8 
 
 Fiscal 2023 YTD  Fiscal 2023 Q2  NJR: Review of Fiscal 2023 Q2 and YTD NFE Changes  ($ in Millions)  A reconciliation of these non-GAAP measures can be found in the Appendix  The sum of 2Q23 and YTD 2023 actual amounts may not equal to total due to rounding  Fiscal 2Q22 – Consolidated NFE ($ in millions)  $ 130.2   NJNG  $ (2.1)  Utility Gross Margin1  $ 1.3   O&M  $ (5.5)  Depreciation & Amortization (D&A)  $ (2.0)  Interest expense, AFUDC, Income Tax  $ 4.1   Clean Energy Ventures  $ (2.9)  Revenue  $ 2.6   D&A and Interest Expense  $ (3.1)  Other  $ (2.4)  Storage & Transportation  $ (2.2)  Revenue  $ 7.5   D&A and Interest Expense  $ (7.7)  AFUDC & Other  $ (2.0)  Energy Services  $ (8.8)  Financial Margin1  $ (4.9)  Interest Expense, Income Tax and Other  $ (3.9)  Home Services and Other  $ (1.9)  Fiscal 2Q23 – Consolidated NFE ($ in millions)2  $ 112.3   Fiscal 2022 YTD – Consolidated NFE ($ in millions)  $ 196.0   NJNG  $ 1.5   Utility Gross Margin1  $ 22.5   O&M  $ (18.7)  Depreciation & Amortization (D&A)  $ (4.0)  Interest expense, AFUDC, Income Tax  $ 1.7   Clean Energy Ventures  $ 0.4   Revenue  $ 5.2   D&A and Interest Expense  $ (3.9)  Other  $ (0.9)  Storage & Transportation  $ 1.1   Revenue  $ 22.2   D&A and Interest Expense  $ (16.1)  AFUDC & Other  $ (5.0)  Energy Services  $ 26.2   Financial Margin*  $ 39.2   Interest Expense, Income Tax and Other  $ (13.0)  Home Services and Other  $ (2.5)  Fiscal 2023 YTD – Consolidated NFE ($ in millions)2  $ 222.6  
 
 NJR: Capital Plan1   Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations  $529  $712  $622  $520 - $658  $542 - $728  ($ in Millions)  Capital plan supports long-term NFEPS growth targets of 7 – 9% 
 
 NJR: Aligned with New Jersey’s Clean Energy Policy  NJR Environmental Initiatives  Maximize energy efficiency and conservation   SAVEGREEN  Accelerate the use of renewable energy and distributed power resources   CEV expansion  Decarbonize New Jersey’s energy system  Green Hydrogen & RNG  2019  The Energy Master Plan (EMP) established priorities for the use, management and development of energy in New Jersey  2023  EO 317 engages with stakeholders to develop plans that reduce emissions from the natural gas sector to levels that are consistent with achieving the State’s 50 percent reduction in greenhouse gas emissions 
 
 Key Takeaways: Fiscal 2023 Year-to-Date  Implementing Strategic Plan to Drive Continued Organic Growth Across Portfolio  Highest Long-Term Growth Rate Across   LDC Peer Group  7 – 9%   Reiterates   FY 2023 NFE Guidance  $2.62 - $2.72  Raised by $0.20 in Q1 2023 due to exceptional performance from NJNG and Energy Services during Winter Storm Elliott   Decarbonization Strategy Aligned with   Public Policy  Working with state regulators toward New Jersey’s long-term clean energy goals  Solid Balance Sheet in Inflationary Environment  Staggered long-term debt maturity profile  No need for block equity 
 
 Appendix:  Financial Statements and Additional Information  13  14  Reconciliation of NFE and NFEPS to Net Income  15  Other Reconciliation of Non-GAAP Measures  16  Fiscal 2023 Second Quarter and YTD NFE by Business Unit  17  Clean Energy Ventures - SREC Hedging Strategy  18  Capital Plan Table  19  Projected Cash Flows  20  Debt Maturities  21  Total Expected Shareholder Return  22  NJR: Environmental, Social and Governance Efforts  23  Shareholder and Contact Information 
 
 Reconciliation of NFE and NFEPS to Net Income  ($ in 000s)  NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.  NFE eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period  (Unaudited)  Three Months Ended  March 31,  Six Months Ended  March 31,  2023  2022  2023  2022  NEW JERSEY RESOURCES  A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:  Net income  $ 110,247   $ 96,035   $ 226,168   $ 207,347   Add:  Unrealized loss (gain) on derivative instruments and related transactions   13,971    42,022    (17,532)   (40,169)  Tax effect   (3,320)   (9,980)   4,167    9,556   Effects of economic hedging related to natural gas inventory   (11,203)   1,155    12,769    24,732   Tax effect   2,662    (274)   (3,035)   (5,877)  Gain on equity method investment   (200)   —    (200)   —   Tax effect   50    —    50    —   NFE tax adjustment   103    1,248    207    387   Net financial earnings  $ 112,310   $ 130,206   $ 222,594   $ 195,976   Weighted Average Shares Outstanding  Basic   96,893    96,068    96,689    96,006   Diluted   97,556    96,516    97,346    96,480   A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:  Basic earnings per share  $ 1.14   $ 1.00   $ 2.34   $ 2.16   Add:  Unrealized loss (gain) on derivative instruments and related transactions  $ 0.14   $ 0.44   $ (0.18)  $ (0.42)  Tax effect  $ (0.03)  $ (0.10)  $ 0.04   $ 0.10   Effects of economic hedging related to natural gas inventory  $ (0.12)  $ 0.01   $ 0.13   $ 0.26   Tax effect  $ 0.03   $ —   $ (0.03)  $ (0.06)  NFE tax adjustment  $ —   $ 0.01   $ —   $ —   Basic NFE per share  $ 1.16   $ 1.36   $ 2.30   $ 2.04  
 
 Other Reconciliation of Non-GAAP Measures  ($ in 000s)  NJNG Utility Gross Margin  NJNG's utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization.  Energy Services Financial Margin  Financial margin removes the timing differences associated with certain derivative and hedging transactions. Financial margin differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization expenses as well as the effects of derivatives instruments on earnings.   (Unaudited)  Three Months Ended  Six Months Ended  March 31,  March 31,  2023  2022  2023  2022  A reconciliation of gross margin, the closest GAAP financial measurement, to utility gross margin is as follows:  Operating revenues  $ 400,838   $ 463,812   $ 758,584   $ 738,584   Less:  Natural gas purchases   158,694    215,223    343,465    339,817   Operating and maintenance (1)   30,711    26,748    57,005    39,889   Regulatory rider expense   23,154    30,910    41,405    47,581   Depreciation and amortization   25,319    23,344    50,209    46,237   Gross margin   162,960    167,587    266,500    265,060   Add:  Operating and maintenance (1)   30,711    26,748    57,005    39,889   Depreciation and amortization   25,319    23,344    50,209    46,237   Utility gross margin  $ 218,990   $ 217,679   $ 373,714   $ 351,186   A reconciliation of gross margin, the closest GAAP financial measurement, to financial margin is as follows:  Operating revenues  $ 196,730   $ 412,645   $ 518,512   $ 781,889   Less:  Natural Gas purchases   161,114    411,146    394,401    689,833   Operating and maintenance (1)   7,668    3,978    11,123    7,247   Depreciation and amortization   62    32    119    60   Gross margin   27,886    (2,511)   112,869    84,749   Add:  Operating and maintenance (1)   7,668    3,978    11,123    7,247   Depreciation and amortization   62    32    119    60   Unrealized loss (gain) on derivative instruments and related transactions   13,795    40,446    (26,091)   (45,201)  Effects of economic hedging related to natural gas inventory   (11,203)   1,155    12,769    24,732   Financial margin  $ 38,208   $ 43,100   $ 110,789   $ 71,587   (1) Excludes selling, general and administrative expenses 
 
 Fiscal 2023 Q2 and YTD NFE by Business Unit  ($ in 000s)   (Thousands)  Three Months Ended March 31,  Six Months Ended March 31,  2023  2022  Change  2023  2022  Change  New Jersey Natural Gas  $100,697  $102,783  $(2,086)  $155,361  $153,863  $1,498  Clean Energy Ventures  $(9,379)  $(6,491)  $(2,888)  $(12,961)  $(13,312)  $351  Storage and Transportation  $2,450  $4,625  $(2,175)  $8,693  $7,587  $1,106  Energy Services  $21,125  $29,940  $(8,815)  $73,658  $47,507  $26,151  Home Services and Other  $(2,583)  $(651)  $(1,932)  $(2,157)  $331  $(2,488)  Total  $112,310  $130,206  $(17,896)  $222,594  $195,976  $26,618  NFEPS  $1.16  $1.36  $(0.20)  $2.30  $2.04  $0.26 
 
 CEV: SREC Hedging Strategy Stabilizes Revenue  Based on Energy Year1, as of March 31, 2023  Percent Hedged  Average Price  Current Price (EY)  98%  $197  $215  89%  $190  $205  71%  $183  $192  Energy Years run from June 1 of the prior year to May 31 of the respective year; for example, Energy Year 2023 begins on June 1, 2022, and ends on May 31, 2023  17%  $154  $177  95%  $203  $228  Based on Fiscal Year, as of March 31, 2023  Percent Hedged  Average Price  Current Price (FY)  95%  $194  $212  75%  $190  $200  63%  $182  $187  18%  $154  $170  100%  $204  $224  Over 95% hedged through   Fiscal Year 2024  63% hedged through   Fiscal Year 2026  Over 95% hedged through   Energy Year 2024  71% hedged through   Energy Year 2026 
 
    1Q FY2023A  2Q FY2023A  YTD FY2023A  FY2022A  FY2023E  FY2024E  Near Real Time Return?  New Jersey Natural Gas  New Customer  $13  $18  $31  $54  $54   -  $58   $56   -  $60   Yes  Maintenance & Integrity  $27  $28  $55  $104  $109  -  $113   $161  -  $176   Cost of Removal / Other  $9  $10  $19  $42  $36   -  $40   $36   -  $40   Facilities  $9  $12  $21  $7  $31  -  $34  $2  -  $4  IT  $14  $14  $28  $42  $65   -  $69   $46   -  $50   IIP  $9  $9  $18  $32  $32   -  $36   $26   -  $30   Yes  RNG & P2G  -  -  -  $1  $25   -  $28   $25   -  $28   SAVEGREEN  $11  $13  $24  $53  $48   -  $52   $48   -  $52   Yes  $91  $104  $195  $335  $400   -  $430   $400   -  $440   Clean Energy Ventures  Sunlight Advantage  $2  $3  $5  $13  $9  -  $13  $10  -  $14  Commercial Solar  $42  $16  $58  $132  $91   -  $187   $130   -  $266   $44  $19  $63  $145  $100   -  $200   $140   -  $280   Storage and Transportation  Adelphia Gateway  $12  $3  $15  $124  $12   -  $16  $2   -  $6  Leaf River  $1  $3  $4  $18  $8   -  $12   $0   -  $2   $13  $6  $19  $142  $20   -  $28   $2   -  $8   Total  $148  $129  $277  $622  $520  -  $658  $542  -  $728  Capital Plan1,2  ($ in Millions)  Total change in PP&E (cash spent, capex accrued and AFUDC). For GAAP purposes, SAVEGREEN investments are included as part of cash flows from operations  The sum of actual amounts may not equal due to rounding 
 
 Projected Cash Flows  ($ in Millions)  Excludes accrual for AFUDC and SAVEGREEN investments (for GAAP purposes, SAVEGREEN investments are included in Cash Flow from Operations)  Dividend growth for fiscal 2023 and fiscal 2024 are based upon the midpoint of forecasted 7-9% growth rate  FY2022A  FY2023E  FY2024E  Cash Flow from Operations  $324  $320  -  $360  $450  -  $490  Uses of Funds  Capital Expenditures1  $590  $466  -  $600  $489  -  $671  Dividends2  $128  $132  -  $137  $143  -  $148  Total Uses of Funds  $718  $598  -  $737  $632  -  $819  Financing Activities  Common Stock Proceeds – DRIP  $15  $34  -  $36  $17  -  $19  Debt Proceeds/Other  $379  $244  -  $341  $165  -  $310  Total Financing Activities  $394  $278  -  $377  $182  -  $329 
 
 Well Positioned in a Rising Interest Rate Environment  ($ in Millions)  Term debt only(excludes short-term debt of $187.7 million, capital leases of $35 million and solar financing obligations of $185 million). Group by fiscal years.  Impact of high interest rate environment included in FY2023 and long-term NFEPS guidance  Interest rate impact mitigated by predominately fixed-rate debt   Manageable debt repayment schedule with no significant maturity towers in any particular year  Substantial liquidity at both NJNG and NJR - $900M of credit facilities available through FY2027  Term Debt1 Maturity Schedule   as of March 31, 2023 
 
 Expect 7% - 9%  NFEPS Growth   Annualized dividend yield   of 3.0%1  Dividend growth in line with long-term NFEPS growth expectations  Net Zero by 2050 goal for New Jersey operations  NJR: Total Expected Shareholder Return  The Clean Energy Future Starts at NJR  Solid Long Term Growth Outlook  NJR is a Premier Energy Infrastructure Company  Delivering Value to Shareholders Through Growth and Income   Growing Dividend  Based on dividend per share of $1.56 and closing share price of $51.32 on May 2, 2023  TOTAL EXPECTED SHAREHOLDER RETURN: ~10 - 12% 
 
 NJR: Environmental, Social and Governance Efforts  Focus on Definable Accomplishments   Social  Established $20 million endowment fund for NJR’s charities to support continued community giving long into the future  Robust structure and initiatives to promote DEI at NJR including Executive DEI Council to ensure accountability  Employee-led Business Resource Groups (BRGs) bring together employees with common background to promote engagement and inclusiveness – 21% of NJR workforce belongs to one or more BRGs  Achieved NJ operational emissions reductions over 55% since 2006 with goal of 60% by 2030 and net zero by 2050  One of the largest owner-operators of solar assets in New Jersey, we have invested over $1 billion over the last decade building clean, emissions-free power for homes and businesses  Plans to invest up to $2 million over the next five years through its Coastal Climate Initiative, which has expanded to a multi-faceted environmental stewardship program  First direct investment of these funds distributed to the Natural Resource Education Foundation in Waretown, NJ (New Jersey Resources Marks Earth Day 2023 with $50,000 Donation in Support of The Lighthouse Center)  Environmental  Continued progress on reporting and transparency as through publication of 14th consecutive sustainability report  Our board of directors (Board) has a broad range of skills and industry knowledge, as well as a diversity of perspectives that align with our company’s long-term strategy  The Board is responsible for oversight of NJR’s overall strategy, including all Environmental Social and Governance (ESG) issues  NJR includes sustainability considerations in the performance metrics of our Commitment to Stakeholders. Actual results of these goals and metrics directly impact the compensation of corporate officers year-to-year and ensure accountability  Governance  2022 Diversity, Equity   and Inclusion Report  NJR’s commitment to advancing diversity, equity and inclusion is essential to our progress in building a sustainable future 
 
 Shareholder and Contact Information  1415 Wyckoff Road  Wall, NJ 07719  (732) 938-1000  www.njresources.com  Corporate Headquarters  The Transfer Agent and Registrar for the company’s common stock is Broadridge Corporate Issuer Solutions, Inc. (Broadridge).  Shareowners with questions about account activity should contact Broadridge investor relations representatives between 9 a.m. and 6 p.m. ET, Monday through Friday, by calling toll-free 800-817-3955.  General written inquiries and address changes may be sent to:  Broadridge Corporate Issuer Solutions  P.O. Box 1342, Brentwood, NY 11717  or  For certified and overnight delivery:  Broadridge Corporate Issuer Solutions, ATTN: IWS   1155 Long Island Avenue, Edgewood, NY 11717  Shareowners can view their account information online at  shareholder.broadridge.com/NJR.   Stock Transfer Agent and Registrar  Contact Information  Adam Prior – Director, Investor Relations   732-938-1145  [email protected]  Last Four Dividends Paid (Quarterly Frequency)  Ex-Dividend Date  Record Date  Payable Date  Amount per share  3/14/2023  3/15/2023  4/3/2023  $0.39  12/13/2022  12/14/2022  1/3/2023  $0.39  9/23/2022  9/26/2022  10/3/2022  $0.391  6/14/2022  6/15/2022  7/1/2022  $0.3625  Online Information  Website: www.njresources.com  Investor Relations: LINK  Follow us:  7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share