New Jersey Resources Board of Directors Raises Quarterly Dividend by 7.6 Percent to $0.39 Per Share

Rhea-AI Summary

The Board of New Jersey Resources Corporation (NYSE: NJR) has approved a 7.6% increase in its quarterly dividend, now set at $0.39 per share, up from $0.3625. This change is effective for the dividend payable on October 3, 2022, to shareholders of record on September 26, 2022. The new annual dividend rate will be $1.56 per share, marking the 29th dividend increase in 27 years. CEO Steve Westhoven emphasized that this increase reflects the Board’s confidence in the company’s long-term strategy and financial position.

Positive

• 7.6% quarterly dividend increase reflects strong financial health.
• New quarterly dividend rate of $0.39 per share increases annual dividend to $1.56.
• 29th dividend increase in 27 years demonstrates consistent long-term returns for shareholders.

Negative

• None.

WALL, N.J.--(BUSINESS WIRE)-- The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously approved a 7.6 percent increase in the quarterly dividend rate to $0.39 per share from $0.3625 per share. The new quarterly rate will be effective with the dividend payable October 3, 2022 to shareowners of record on September 26, 2022. This dividend replaces the previously announced dividend of $0.3625 per share approved on July 14, 2022 for shareowners of record on September 26, 2022.

The new annual dividend rate will be $1.56 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and this marks the 29^th dividend increase over the last 27 years.

Steve Westhoven, President and CEO of NJR, stated, “This quarterly dividend increase reflects the Board’s confidence in our long-term business strategy and financial position. A growing dividend is an important component of our commitment to provide strong long-term returns to shareholders.”

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 7,600 miles of natural gas transportation and distribution infrastructure to serve over 560,000 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 over 380 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 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220913006311/en/

Media:

Mike Kinney

732-938-1031

mkinney@njresources.com

Investors:

Adam Prior

732-938-1145

aprior@njresources.com

Source: New Jersey Resources

FAQ

What is the new dividend amount for NJR shareholders?

The new quarterly dividend amount for New Jersey Resources Corporation (NJR) is $0.39 per share.

When is the dividend payable for NJR?

The dividend for NJR will be payable on October 3, 2022, to shareholders of record on September 26, 2022.

How many times has NJR increased its dividend?

New Jersey Resources Corporation has increased its dividend 29 times over the last 27 years.

What is NJR's annual dividend rate after the increase?

After the increase, NJR's annual dividend rate is $1.56 per share.