• Think of it as the **natural gas utility for central and northern New Jersey**, similar to how **Consolidated Edison (ConEd)** provides power and gas for New York City.
• Like a smaller version of **NextEra Energy**, combining a core regulated natural gas utility business with significant investments in solar power generation.

• Natural Gas Distribution: Delivers natural gas to residential and commercial customers within its regulated utility service territory in New Jersey.
• Clean Energy Ventures: Develops, owns, and operates solar energy projects that generate and sell renewable electricity.
• Energy Storage and Midstream: Provides natural gas storage and transportation services through its infrastructure assets.
• Wholesale Energy Services: Offers wholesale natural gas marketing, risk management, and asset management services.

New Jersey Resources (NJR) is a diversified energy services company. Based on its latest financial reports (fiscal year 2023 10-K), the company primarily sells to other companies, particularly through its NJR Energy Services segment, which generates the largest portion of its operating revenues from wholesale energy transactions.

However, due to the diversified nature of its wholesale energy operations and a lack of significant customer concentration, NJR does not disclose the names of specific major customer companies. According to its 2023 10-K filing, no single customer accounted for more than 10% of NJR's consolidated operating revenues in fiscal years 2023, 2022, or 2021. Therefore, specific names of major customer companies with their symbols are not publicly available.

Instead, NJR serves a broad range of companies across its wholesale energy services, midstream, and clean energy segments. The categories of companies that constitute its major customers include:

• Natural Gas Distribution Companies (Local Distribution Companies or LDCs)
• Electric Power Generators
• Industrial End-Users (large industrial and commercial facilities purchasing directly from the wholesale market)
• Natural Gas Marketers
• Natural Gas Producers
• Other Utilities (for renewable energy offtake agreements)

These customers operate across various regions, primarily in the northeastern and mid-Atlantic United States, as well as other energy markets.

The following are major suppliers identified for New Jersey Resources (NJR), primarily providing natural gas transportation services critical to its distribution operations:

• Enbridge Inc. (Symbol: ENB)
• The Williams Companies, Inc. (Symbol: WMB)
• Kinder Morgan, Inc. (Symbol: KMI)
• TC Energy Corporation (Symbol: TRP)

Stephen D. Westhoven President and Chief Executive Officer

Mr. Westhoven joined New Jersey Natural Gas (NJNG) in November 1990. He began his career as an engineer at NJNG before becoming a Director, and then Senior Vice President, of NJR Energy Services (NJRES). He was later named Senior Vice President and Chief Operating Officer of NJR's unregulated businesses, including NJRES, NJR Clean Energy Ventures, and NJR Home Services, before being named President and Chief Operating Officer. Mr. Westhoven is an alumnus of Harvard Business School's Advanced Management Program.

Roberto Bel Senior Vice President and Chief Financial Officer

Mr. Bel joined New Jersey Resources (NJR) in 2019 as Vice President-Treasurer and Investor Relations. He brings more than 20 years of experience in finance. Prior to joining NJR, he served as Assistant Treasurer for Thomson Reuters. He also held the position of Chief Financial Officer for Thomson Reuters' Latin American operations, and was Vice President and Chief Financial Officer for General Motors Colmotores and General Motors Venezolana.

Patrick J. Migliaccio Senior Vice President and Chief Operating Officer, New Jersey Natural Gas

Mr. Migliaccio joined New Jersey Resources (NJR) in 2009. During his tenure, he has held several leadership roles, including Controller, Treasurer, Vice President-Finance and Accounting, and Senior Vice President and Chief Financial Officer from 2016 to 2022. Before his time at NJR, he worked for Public Service Enterprise Group and NRG Energy, as well as other energy companies in New Jersey. He is an alumnus of Harvard Business School's Advanced Management Program.

Jacqueline K. Shea Senior Vice President; Chief Information Officer

Ms. Shea has served as Senior Vice President and Chief Information Officer since 2023, and previously as Vice President and Chief Information Officer from 2016 to 2022. Before joining New Jersey Resources, she was the Chief Information Officer for Godiva Chocolatier from March 2011 to May 2016.

Amanda E. Mullan Senior Vice President & Chief Human Resources Officer

Ms. Mullan joined New Jersey Resources (NJR) in April 2015. Prior to her role at NJR, she served as Director and Senior Vice President of Human Resources in North America for Willis Group Holdings, a global risk advisor, insurance, and reinsurance broker.

New Jersey Resources (NJR) faces several key business risks, primarily stemming from its regulated utility operations, exposure to commodity markets, and financial leverage.

1. Regulatory and Environmental Risks: As a diversified energy services holding company, NJR's operations are heavily influenced by regulatory decisions and evolving environmental policies. The company's primary regulated utility, New Jersey Natural Gas (NJNG), relies on approvals for rate adjustments and project developments from regulatory bodies like the Federal Energy Regulatory Commission (FERC), which can introduce uncertainty and delays, potentially impacting earnings. Furthermore, NJR's Clean Energy Ventures (CEV) segment, a significant contributor to earnings, is susceptible to changes in federal tax credits and state-level incentives, such as the market value of Solar Renewable Energy Certificates (SRECs). The broader regulatory landscape, particularly with increasing focus on climate change and decarbonization goals, poses transition risks, including higher compliance costs, potential restrictions on natural gas activities, and impacts on demand for natural gas. While NJR has set its own ambitious emissions reduction targets, the technological, legislative, and regulatory developments required to achieve these goals carry uncertain costs and impacts.

2. Commodity Price Volatility: NJR's non-utility operations, particularly its Energy Services segment, are exposed to the inherent volatility of natural gas and other commodity prices. Fluctuations in these prices can directly affect customer usage, trading margins, and the valuation of the company's hedging instruments, thereby threatening its financial stability and performance. Unexpected price movements, driven by supply-demand imbalances or geopolitical events, can lead to financial losses for the company.

3. Debt and Financial Leverage: New Jersey Resources carries a significant amount of debt on its balance sheet, with reported debt of approximately $3.40 billion as of December 2024. The company's net debt relative to its earnings before interest, taxes, depreciation, and amortization (EBITDA) has raised some concerns among analysts. Additionally, NJR has experienced substantial negative free cash flow over the past three years. This level of debt, particularly in conjunction with capital-intensive projects, suggests that the company's use of leverage is creating financial risks that warrant attention from investors and could impact short-term liquidity and profitability.

The accelerated transition towards decarbonization and electrification, driven by government policies (such as New Jersey's Energy Master Plan) and advancements in electric technologies (like heat pumps), poses a clear emerging threat. This trend aims to reduce reliance on natural gas for heating and other applications, directly challenging the long-term demand and growth prospects for New Jersey Resources' core natural gas utility business (New Jersey Natural Gas), its midstream assets, and home services, by displacing their primary product and service offerings.

Natural Gas Distribution

Clean Energy Ventures (Solar)

• As of January 2024, New Jersey had over 4,700 MW of installed solar power capacity, providing more than 7% of the state's electricity consumption.
• More recent data indicates over 5.2 gigawatts (GW) from over 220,000 individual solar PV installations as of the second quarter of 2025, ranking New Jersey 13th in the United States for total cumulative installed solar PV capacity.
• New Jersey has set ambitious solar targets, aiming for 17 GW by 2035 and 32 GW by 2050.
• Total solar investment in New Jersey stands at $16.6 billion.

Energy Services and Storage & Transportation

NJR Home Services

Here are the expected drivers of future revenue growth for New Jersey Resources (NJR) over the next 2-3 years:

1. Regulated Rate Base Growth and Infrastructure Investments: New Jersey Natural Gas (NJNG), NJR's primary utility segment, is expected to see continued revenue growth through approved base rate increases and ongoing capital investments in its infrastructure. A recent settlement approved a $157.0 million annual increase to base rates, effective November 2024, contributing to a 29% increase in the rate base compared to the last settlement. The company also has an Infrastructure Investment Program (IIP), a five-year, $150 million accelerated recovery program that began in fiscal 2021.
2. Expansion of Clean Energy Ventures (CEV) Portfolio: NJR is actively expanding its Clean Energy Ventures segment, particularly through investments in commercial solar projects. The company added 31 megawatts of solar capacity in Q2 2025 and plans to place approximately 63 megawatts into service in fiscal 2025. This expansion is supported by a project pipeline of over one gigawatt, enhancing future growth potential in solar-friendly jurisdictions. The successful monetization of its residential solar portfolio has also provided capital for future growth opportunities.
3. Consistent Customer Growth in Natural Gas Distribution: The New Jersey Natural Gas segment continues to experience steady customer growth, serving approximately 588,300 customers across six counties in New Jersey, up from 548,000 in 2019. This consistent increase in its customer base contributes directly to the utility's recurring revenues.
4. Growth from Energy Efficiency Programs: NJR's energy efficiency initiatives, such as the SAVEGREEN program, are expected to drive revenue growth. The company launched a $386 million energy efficiency program, the largest in New Jersey natural gas history, which will run through June 2027. Fiscal 2025 SAVEGREEN capital expenditures are projected to grow over 30% to $90-95 million, driven by strong customer demand and operational efficiencies.
5. Improved Performance in Storage and Transportation: The Storage and Transportation segment has demonstrated improved performance, primarily driven by higher revenues at Leaf River. This diversification across business segments contributes to the company's overall financial resilience and growth.

Share Repurchases

No significant share repurchase programs or dollar amounts of share repurchases were identified during the last 3-5 years. The company's basic shares outstanding have consistently increased over this period, indicating net issuance rather than repurchases.

Share Issuance

• New Jersey Resources (NJR) issued shares under its 2017 Stock Award and Incentive Plan, including performance share units, restricted stock units, and deferred retention stock units. As of September 30, 2024, 2,620,389 shares remained available for future issuance under this plan.
• The company granted 67,522, 64,080, and 54,826 shares of restricted stock during fiscal years 2024, 2023, and 2022, respectively.
• The number of common shares outstanding increased from approximately 96.4 million as of November 14, 2022, to approximately 99.8 million as of November 22, 2024.

Inbound Investments

No information was found regarding large inbound investments made in New Jersey Resources by third parties, such as strategic partners or private equity firms, during the specified period.

Outbound Investments

• In November 2024, NJR Clean Energy Ventures (CEV) announced the sale of its 91-megawatt (MW) residential solar portfolio for a total of $132.5 million. The proceeds are intended to pay down corporate debt and for general working capital purposes.

Capital Expenditures

• Capital expenditures were $575.1 million in fiscal 2024, an increase from $537.3 million in fiscal 2023, primarily driven by higher expenditures at New Jersey Natural Gas (NJNG).
• New Jersey Natural Gas (NJNG) received approval for a new $385.6 million SAVEGREEN® energy efficiency program, effective from January 1, 2025, through June 30, 2027.
• For fiscal year 2025, NJR increased its capital expenditure projections, driven by utility investments, as reported in August 2025.