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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) held its 69th Annual Shareowners Meeting virtually due to COVID-19, re-electing Gregory E. Aliff, Robert B. Evans, and Thomas C. O’Connor to the board for three-year terms. The meeting also saw Dr. M. William Howard, Jr. retire after 16 years of service. Shareowners approved an advisory resolution on executive compensation and ratified Deloitte & Touche LLP as the independent accounting firm for the fiscal year ending September 30, 2022. NJR continues its commitment to clean energy through its subsidiaries, serving over half a million customers.
The board of directors of New Jersey Resources Corporation (NYSE: NJR) has declared a quarterly dividend of
New Jersey Resources (NYSE: NJR) will host a live webcast to discuss its fiscal Q1 2022 earnings on February 3, 2022, at 10 a.m. ET. CEO Steve Westhoven and CFO Roberto Bel will present key financial and operational results. NJR provides essential natural gas and clean energy services, operating through five primary subsidiaries, including New Jersey Natural Gas and NJR Clean Energy Ventures. The webcast can be accessed via the investor relations section of their website.
New Jersey Resources (NYSE: NJR) announces executive leadership promotions effective January 1, 2022, to bolster its growth and sustainability strategies. Key appointments include Patrick Migliaccio as Senior Vice President and Chief Operating Officer of NJ Natural Gas, and Roberto Bel as Senior Vice President and Chief Financial Officer. The leadership team aims to enhance operational efficiency, advance decarbonization efforts, and manage approximately $1.5 billion in infrastructure investments. These changes are designed to strengthen NJR's position as a leader in clean energy and secure its future growth.
New Jersey Natural Gas (NJR) has filed a request for a 5% increase in Basic Gas Supply Service (BGSS) rates, effective December 1, 2021, due to an 80% rise in wholesale natural gas prices since May 2021. This adjustment will raise the average residential bill by approximately $5.93 monthly, adding to a recent base rate increase of $13.23. NJR emphasizes that these costs are solely for recovering commodity prices, with no profit margin involved. They previously returned $20.6 million to customers through bill credits, demonstrating their commitment to managing supply and minimizing price volatility.
New Jersey Resources Corporation (NJR) reported a net income of $117.9 million for fiscal 2021, down from $163.0 million in 2020. However, net financial earnings reached $207.7 million, or $2.16 per share, compared to $165.3 million, or $1.74 per share, from the prior year.
The company affirmed its fiscal 2022 earnings guidance of $2.20 to $2.30 per share and narrowed its long-term growth rate to 7-9%. NJR increased its annual dividend by 9% to $1.45 per share and received regulatory approval for a $79 million rate increase.
New Jersey Natural Gas (NJR) has received approval from the New Jersey Board of Public Utilities for a $79.269 million increase to its base rates, aimed at recovering costs associated with operational efficiencies and infrastructure investments, including a green hydrogen project. The rate base is now $2.523 billion, with a 6.84% return rate. Customers will see an average monthly bill increase of $13.23, or 11.3%, despite bills being 23.4% lower than 2008 rates. New rates are effective December 1, 2021.
The board of New Jersey Resources Corporation (NYSE:NJR) has declared a quarterly dividend of $0.3625 per share, payable on January 3, 2022, to shareholders of record as of December 15, 2021. This marks a continuation of the company's commitment to providing shareholder value, having paid dividends since 1952. NJR operates multiple subsidiaries in natural gas and clean energy sectors, including New Jersey Natural Gas and NJR Clean Energy Ventures, managing significant infrastructure and renewable projects across the region.
New Jersey Resources (NYSE: NJR) is set to host a live webcast of its fiscal 2021 year-end earnings results on November 18, 2021, at 10 a.m. ET. The presentation will be led by President and CEO Steve Westhoven and CFO Pat Migliaccio, providing insights into the company's financial and operational performance for the year. NJR operates through several subsidiaries, including New Jersey Natural Gas and NJR Clean Energy Ventures, focusing on natural gas transportation, distribution, and clean energy solutions.
New Jersey Resources (NYSE: NJR) has promoted Richard Reich to Senior Vice President and General Counsel, effective immediately. Reich will lead the company's legal department while continuing to serve as Corporate Secretary until a replacement is found. He joined NJR in 2006 and has held various positions, including Interim General Counsel since May 2021. CEO Steve Westhoven praised Reich's leadership and expertise. NJR operates multiple businesses, providing natural gas and clean energy services across New Jersey, including over 7,500 miles of gas infrastructure and renewable energy projects.
FAQ
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