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Overview of New Jersey Resources
New Jersey Resources (NJR) is a diversified energy services holding company that integrates regulated utility operations with nonregulated investments in renewable and midstream energy sectors. With a robust focus on natural gas distribution and energy services, NJR has established itself as a reliable provider in the highly competitive energy industry. Incorporating industry-specific keywords such as natural gas, energy services, and utility regulation, the company excels in maintaining extensive infrastructure designed to support both present operations and long-term stability.
Regulated Utility Services
The cornerstone of NJR's operations lies in its regulated utility division, which delivers clean and efficient natural gas services to a substantial customer base. This segment benefits from a long-standing regulatory framework and stringent safety standards, ensuring that customers receive consistent service and reliability. The company’s operational methodology is characterized by rigorous asset management, proactive maintenance strategies, and an ongoing commitment to operational excellence.
Nonregulated Business Segments
NJR further extends its influence through nonregulated ventures, including substantial investments in solar energy and midstream natural gas projects. These initiatives underscore the company's strategy of diversification across energy services. By investing in renewable energy solutions and midstream assets, NJR not only supports sustainable energy practices but also leverages market opportunities in adjacent sectors. This balanced approach helps position the company distinctively in a dynamic industry environment.
Infrastructure and Asset Management
A key strength of New Jersey Resources is its extensive infrastructure network. The company manages thousands of miles of natural gas transportation and distribution pipelines, complemented by significant storage and transportation capacity. This physical network supports NJR's ability to deliver energy efficiently, maintain asset integrity, and ensure operational safety across diverse regions including the Gulf Coast, New England, the Mid-Continent, the West Coast, and parts of Canada. Detailed asset management practices enable the company to sustain high service standards and manage operational risks systematically.
Portfolio Diversification and Investments
Beyond its core operations, NJR's strategic investments in adjacent energy segments such as solar and midstream contribute to its diversified revenue streams. The company maintains equity partnerships in strategically significant midstream assets, ensuring a balanced mix of steady utility revenues and growth potential from nonregulated investments. This dual approach enhances the company’s resilience and reinforces its market position within the energy services sector.
Market Position and Competitive Landscape
Positioned at the crossroads of traditional energy services and emerging renewable energy, New Jersey Resources competes by leveraging its extensive operational footprint, robust regulatory compliance, and well-structured asset management practices. Despite operating in a competitive market, the company differentiates itself through its versatile business model, deep industry expertise, and strategic investments that span multiple energy segments. NJR’s multifaceted approach ensures that it remains relevant and operationally sound within a constantly evolving energy market.
Commitment to Safety and Operational Excellence
Safety, reliability, and efficiency are the hallmarks of NJR’s operational philosophy. The company adheres to stringent industry standards and regulatory requirements, ensuring comprehensive oversight of its vast infrastructure. This commitment to operational excellence not only safeguards customer interests but also reinforces stakeholder confidence in the company’s long-term operational framework.
Summary
In summary, New Jersey Resources exemplifies a well-rounded energy services company that successfully integrates regulated utility operations with forward-looking nonregulated investments. Its comprehensive infrastructure, diversified portfolio, and rigorous asset management practices collectively anchor its position within a competitive and dynamic energy landscape. The company’s detailed operational strategy and commitment to safety and excellence underscore its role as a significant player in energy services.
New Jersey Resources (NYSE: NJR) will host a live webcast for its fiscal 2021 Q2 earnings results on May 6, 2021, at 10 a.m. ET. CEO Steve Westhoven and CFO Pat Migliaccio will review the company's financial and operational performance. NJR operates five core businesses, including New Jersey Natural Gas and NJR Clean Energy Ventures, which collectively provide gas and clean energy services to over half a million customers. For further details, visit njresources.com.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NJR), has petitioned the New Jersey Board of Public Utilities for a base rate increase of approximately $165.7 million. Since its last filing in 2019, NJNG has invested nearly $850 million in enhancing safety and reliability. The increase will cover costs associated with infrastructure improvements, including the Southern Reliability Link project to enhance natural gas supply resilience. NJNG emphasizes its commitment to delivering exceptional service while ensuring fair rates for customers.
New Jersey Resources (NJR) has raised its fiscal 2021 net financial earnings (NFE) guidance to $1.85 - $1.95 per share, up from $1.55 - $1.65. This improvement is largely attributed to strong performance in NJR Energy Services amid high natural gas demand due to widespread cold in the U.S. during Q2. The Leaf River storage facility also contributed positively. The updated NFE guidance accounts for reserves for bad debt exposure, reflecting robust operational performance.
New Jersey Resources (NJR) announced the approval of a $259 million expansion of its energy-efficiency program, The SAVEGREEN Project®, by the New Jersey Board of Public Utilities. This initiative aims to enhance sustainability and emissions reduction for residential, multi-family, and commercial customers. Expected benefits include a reduction in natural gas usage by over 125 million therms and the elimination of 663,102 metric tons of carbon dioxide emissions. The program will begin on July 1, 2021, and is designed to make energy efficiency accessible to low- and moderate-income households.
New Jersey Resources (NJR) announced strong first-quarter results for fiscal 2021, reporting consolidated net income of $81.0 million, up from $75.8 million year-over-year. The company achieved net financial earnings (NFE) of $44.7 million, translating to $0.46 per share, compared to $34.9 million or $0.38 per share last year. NJR reaffirmed its NFE per share guidance for fiscal 2021 at $1.55 to $1.65 and increased the guidance for fiscal 2022 by $0.15 to $2.20 to $2.30. Additionally, NJR is set to receive around $500 million from asset management agreements.
New Jersey Resources (NYSE: NJR) will host a live webcast on February 4, 2021, at 10 a.m. ET to discuss its fiscal 2021 first-quarter earnings results. CEO Steve Westhoven and CFO Pat Migliaccio will present an overview of the company's financial and operational performance. NJR operates major subsidiaries providing natural gas and clean energy services across New Jersey, managing over 7,500 miles of infrastructure and investing in solar projects with more than 357 MW capacity. For more details, visit njresources.com.
New Jersey Resources (NYSE: NJR) held its 68th Annual Shareowners Meeting virtually due to COVID-19, where shareowners elected M. William Howard for a one-year term and re-elected Donald L. Correll, James H. DeGraffenreidt Jr., M. Susan Hardwick, and George R. Zoffinger for three-year terms. CEO Steve Westhoven emphasized the board's expertise and NJR's commitment to a clean energy future. Shareowners also approved an advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the accounting firm for FY 2021.
The board of directors of New Jersey Resources (NYSE:NJR) has declared a quarterly dividend of $0.3325 per share, payable on April 1, 2021, to shareholders on record as of March 17, 2021. The company has maintained a commitment to delivering value to its shareholders, having paid quarterly dividends since its inception in 1952. NJR operates through several subsidiaries, providing natural gas and clean energy services, including New Jersey Natural Gas, NJR Clean Energy Ventures, and more, serving over half a million customers across New Jersey.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), announced a $12.5 million bill credit for January, on top of a $10 million credit for December. This totals $22.5 million in savings for customers over two months. The average residential heating customer will save $24.03 in January, resulting in a cumulative savings of $43.34. The additional credit is made possible due to lower natural gas prices and does not impact NJNG's profitability.
NJNG continues to assist customers facing economic challenges by providing access to energy assistance programs.
FAQ
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