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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                           

Commission File Number: 001-08359

NEW JERSEY RESOURCES CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey22-2376465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1415 Wyckoff Road(732)938‑1480
WallNew Jersey07719(Registrant's telephone number,
including area code)
      (Address of principal executive offices)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock - $2.50 Par ValueNJRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes:             No:

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes:             No:

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes:             No:

The number of shares outstanding of $2.50 par value Common Stock as of May 2, 2022 was 96,152,712.



New Jersey Resources Corporation
TABLE OF CONTENTS
Page
PART I. FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II. OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.



New Jersey Resources Corporation
GLOSSARY OF KEY TERMS                                                                                                                                                       
Adelphia GatewayAdelphia Gateway, LLC
AFUDCAllowance for Funds Used During Construction
AMAAsset Management Agreement
ASCAccounting Standards Codification
ASUAccounting Standards Update
BcfBillion Cubic Feet
BGSSBasic Gas Supply Service
BPUNew Jersey Board of Public Utilities
CIPConservation Incentive Program
Clean Energy Ventures
Clean Energy Ventures segment
CMEChicago Mercantile Exchange
COVID-19Novel coronavirus disease
CR&RCommercial Realty & Resources Corp.
DRPNJR Direct Stock Purchase and Dividend Reinvestment Plan
EEEnergy Efficiency
Energy ServicesEnergy Services segment
Exchange Act
Securities Exchange Act of 1934, as amended
FASBFinancial Accounting Standards Board
FCMFutures Commission Merchant
FERCFederal Energy Regulatory Commission
Financial margin
A non-GAAP financial measure, which represents revenues earned from the sale of natural gas less costs of natural gas sold including any transportation and storage costs, and excludes certain operations and maintenance expense and depreciation and amortization, as well as any accounting impact from the change in the fair value of certain derivative instruments
FitchFitch Ratings Company
FMBFirst Mortgage Bond
GAAPGenerally Accepted Accounting Principles of the United States
Home Services and OtherHome Services and Other Operations
ICEIntercontinental Exchange
IIPInfrastructure Investment Program
IRSInternal Revenue Service
ISDAThe International Swaps and Derivatives Association
ITCFederal Investment Tax Credit
Leaf RiverLeaf River Energy Center LLC
MGPManufactured Gas Plant
MMBtuMillion British Thermal Units
Moody'sMoody's Investors Service, Inc.
Mortgage IndentureThe Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement between NJNG and U.S. Bank National Association dated as of September 1, 2014
MWMegawatts
MWhMegawatt Hour
NAESBThe North American Energy Standards Board
Natural Gas Distribution
Natural Gas Distribution segment
NFENet Financial Earnings
NJ RISENew Jersey Reinvestment in System Enhancement
NJCEPNew Jersey's Clean Energy Program
NJDEPNew Jersey Department of Environmental Protection
1

New Jersey Resources Corporation
GLOSSARY OF KEY TERMS (cont.)                                                                                                                                         
NJNGNew Jersey Natural Gas Company
NJNG Credit FacilityThe $250 million unsecured committed credit facility expiring in September 2026
NJR Credit FacilityThe $500 million unsecured committed credit facility expiring in September 2026
NJR or The CompanyNew Jersey Resources Corporation
NJRHSNJR Home Services Company
Non-GAAPNot in accordance with Generally Accepted Accounting Principles of the United States
NPNSNormal Purchase/Normal Sale
NYMEXNew York Mercantile Exchange
OCIOther Comprehensive Income
O&MOperation and Maintenance
OPEBOther Postemployment Benefit Plans
PennEastPennEast Pipeline Company, LLC
PPAPower Purchase Agreement
RACRemediation Adjustment Clause
RECRenewable Energy Certificate
SAFE IISafety Acceleration and Facility Enhancement Program, Phase II
SAVEGREENThe SAVEGREEN Project®
SBCSocietal Benefits Charge
SOFRA rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate)
SRECSolar Renewable Energy Certificate
Steckman RidgeCollectively, Steckman Ridge GP, LLC and Steckman Ridge, LP
Storage and TransportationStorage and Transportation segment
TETCOTexas Eastern Transmission
TRECTransition Renewable Energy Certificate
TrusteeU.S. Bank National Association
U.S.The United States of America
USFUniversal Service Fund
Utility Gross Margin
A non-GAAP financial measure, which represents operating revenues less natural gas purchases, sales tax, and regulatory rider expense, and excludes certain operations and maintenance expense and depreciation and amortization
2

New Jersey Resources Corporation
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS                                                                           

Certain statements contained in this report, including, without limitation, statements as to management expectations, assumptions and beliefs presented in Part I, Item 2. “Management's Discussion and Analysis of Financial Condition and Results of Operations,” Part I, Item 3. “Quantitative and Qualitative Disclosures About Market Risk,” Part II, Item 1. “Legal Proceedings” and in the notes to the financial statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Exchange Act and the Private Securities Litigation Reform Act of 1995. Forward-looking statements can also be identified by the use of forward-looking terminology such as “anticipate,” “estimate,” “may,” “could,” “might,” “intend,” “expect,” “believe,” “will” “plan,” or “should,” or comparable terminology and are made based upon management's current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect on us. There can be no assurance that future developments will be in accordance with management's expectations, assumptions or beliefs, or that the effect of future developments on us will be those anticipated by management.

We caution readers that the expectations, assumptions and beliefs that form the basis for forward-looking statements regarding customer growth, customer usage, qualifications for ITCs, RECs, future rate case proceedings, financial condition, results of operations, cash flows, capital requirements, future capital expenditures, market risk, effective tax rate and other matters for fiscal 2022 and thereafter include many factors that are beyond our ability to control or estimate precisely, such as estimates of future market conditions, the behavior of other market participants and changes in the debt and equity capital markets. The factors that could cause actual results to differ materially from our expectations, assumptions and beliefs include, but are not limited to, those discussed in Item 1A. Risk Factors of our Annual Report on Form 10-K for the fiscal year ended September 30, 2021, as well as the following:

risks related to the impact of COVID-19, including the rise of COVID-19 mutations that have resulted in increased rates of reported cases, as well as impacts on business operations, supply chain, financial performance and condition and cash flows;
our ability to obtain governmental and regulatory approvals, land-use rights, electric grid connection (in the case of clean energy projects) and/or financing for the construction, development and operation of our unregulated energy investments, pipeline transportation systems and NJNG and Storage and Transportation infrastructure projects, including Adelphia Gateway, in a timely manner;
risks associated with our investments in clean energy projects, including the availability of regulatory incentives and federal tax credits, the availability of viable projects, our eligibility for ITCs, the future market for RECs and electricity prices, our ability to complete construction of the projects and operational risks related to projects in service;
risks associated with acquisitions and the related integration of acquired assets with our current operations, including the acquisition of Adelphia Gateway;
our ability to comply with current and future regulatory requirements;
volatility of natural gas and other commodity prices and their impact on NJNG customer usage, NJNG’s BGSS incentive programs, our Energy Services segment operations and our risk management efforts;
the performance of our subsidiaries;
access to adequate supplies of natural gas and dependence on third-party storage and transportation facilities for natural gas supply;
the level and rate at which NJNG’s costs and expenses are incurred and the extent to which they are approved for recovery from customers through the regulatory process, including through future base rate case filings;
the impact of a disallowance of recovery of environmental-related expenditures and other regulatory changes;
the regulatory and pricing policies of federal and state regulatory agencies;
operating risks incidental to handling, storing, transporting and providing customers with natural gas;
demographic changes in our service territory and their effect on our customer growth;
changes in rating agency requirements and/or credit ratings and their effect on availability and cost of capital to the Company;
the impact of volatility in the equity and credit markets on our access to capital, including the risks, political and economic disruption and uncertainty related to Russia's recent military invasion of Ukraine, and the international community’s responses;
our ability to comply with debt covenants;
the results of legal or administrative proceedings with respect to claims, rates, environmental issues, natural gas cost prudence reviews and other matters;
risks related to cyberattacks or failure of information technology systems;
the impact to the asset values and resulting higher costs and funding obligations of our pension and postemployment benefit plans as a result of potential downturns in the financial markets, lower discount rates, revised actuarial assumptions or impacts associated with the Patient Protection and Affordable Care Act;
commercial and wholesale credit risks, including the availability of creditworthy customers and counterparties, and liquidity in the wholesale energy trading market;
accounting effects and other risks associated with hedging activities and use of derivatives contracts;
our ability to optimize our physical assets;
weather and economic conditions, including those changes in weather and weather patterns that could be attributable to climate change;
the costs of compliance with present and future environmental laws, potential climate change-related legislation or any legislation resulting from the 2019 New Jersey Energy Master Plan;
uncertainties related to litigation, regulatory, administrative or environmental proceedings;
changes to tax laws and regulations;
impacts of inflation and increased natural gas costs;
any potential need to record a valuation allowance for our deferred tax assets;
the impact of natural disasters, terrorist activities and other extreme events on our operations and customers;
risks related to our employee workforce and succession planning;
risks associated with the management of our joint ventures and partnerships; and
risks associated with keeping pace with technological change.

While we periodically reassess material trends and uncertainties affecting our results of operations and financial condition in connection with the preparation of management's discussion and analysis of results of operations and financial condition contained in our Quarterly and Annual Reports on Form 10-Q and Form 10-K, respectively, we do not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
3

New Jersey Resources Corporation
Part I

ITEM 1. FINANCIAL STATEMENTS                                                                                                                                          

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands, except per share data)2022202120222021
OPERATING REVENUES
Utility$463,474 $310,167 $737,909 $505,896 
Nonutility448,842 492,020 850,249 750,596 
Total operating revenues912,316 802,187 1,588,158 1,256,492 
OPERATING EXPENSES
Natural gas purchases:
Utility212,892 113,235 335,161 169,380 
Nonutility410,535 330,488 689,329 503,735 
Related parties1,883 1,730 3,729 3,464 
Operation and maintenance85,786 110,265 154,770 183,901 
Regulatory rider expenses30,910 18,413 47,581 29,114 
Depreciation and amortization31,435 26,848 61,828 54,210 
Total operating expenses773,441 600,979 1,292,398 943,804 
OPERATING INCOME 138,875 201,208 295,760 312,688 
Other income, net4,127 5,007 8,263 9,124 
Interest expense, net of capitalized interest18,926 20,153 38,403 39,939 
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES124,076 186,062 265,620 281,873 
Income tax provision28,810 39,057 59,617 56,498 
Equity in earnings of affiliates769 2,804 1,344 5,479 
NET INCOME $96,035 $149,809 $207,347 $230,854 
EARNINGS PER COMMON SHARE
Basic$1.00$1.56$2.16$2.40
Diluted$1.00$1.55$2.15$2.39
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic96,068 96,248 96,006 96,181 
Diluted96,516 96,618 96,480 96,598 


CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited)
Three Months EndedSix Months Ended
March 31,March 31,
(Thousands)2022202120222021
Net income$96,035 $149,809 $207,347 $230,854 
Other comprehensive income, net of tax
Reclassifications of losses to net income on derivatives designated as hedging instruments, net of tax of $(80), $(79), $(159) and $(191), respectively
263 263 527 494 
Adjustment to postemployment benefit obligation, net of tax of $(232), $(244), $(465) and $(489), respectively
768 813 1,534 1,625 
Other comprehensive income$1,031 $1,076 $2,061 $2,119 
Comprehensive income$97,066 $150,885 $209,408 $232,973 

See Notes to Unaudited Condensed Consolidated Financial Statements
4

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Six Months Ended
March 31,
(Thousands)20222021
CASH FLOWS FROM OPERATING ACTIVITIES
Net income$207,347 $230,854 
Adjustments to reconcile net income to cash flows from operating activities
Unrealized (gain) on derivative instruments(40,169)(8,235)
Depreciation and amortization61,828 54,210 
Amortization of acquired wholesale energy contracts1,464 3,401 
Allowance for equity used during construction(6,133)(10,603)
Allowance for doubtful accounts1,139 10,607 
Non cash lease expense2,559 1,957 
Deferred income taxes16,912 20,909 
Equivalent value of ITCs recognized on equipment financing(727) 
Manufactured gas plant remediation costs(14,677)(6,284)
Equity in earnings, net of distributions received from equity investees968 (3,543)
Cost of removal - asset retirement obligations(565)(512)
Contributions to postemployment benefit plans(2,324)(2,018)
Taxes related to stock-based compensation(166)(145)
Changes in:
Components of working capital74,290 6,846 
Other noncurrent assets4,870 18,854 
Other noncurrent liabilities23,836 39,993 
Cash flows from operating activities330,452 356,291 
CASH FLOWS USED IN INVESTING ACTIVITIES
Expenditures for:
Utility plant(108,434)(152,496)
Solar equipment(66,556)(40,884)
Storage and Transportation and other(109,290)(28,518)
Cost of removal(17,030)(23,989)
Distribution from equity investees in excess of equity in earnings478 871 
Investments in equity investees, net of return of capital4,000 (482)
Cash flows used in investing activities(296,832)(245,498)
CASH FLOWS USED IN FINANCING ACTIVITIES
Proceeds from long-term debt100,000  
Payments of long-term debt(10,032)(11,001)
Proceeds from term loan150,000  
Payments of short-term debt, net(225,090)(116,850)
Proceeds from sale leaseback transactions - solar3,300 12,124 
Proceeds from sale leaseback transactions17,300  
Payments of common stock dividends(63,725)(60,894)
Cash settlement of equity forward agreement (388)
Proceeds from issuance of common stock - DRP7,521 7,540 
Tax withholding payments related to net settled stock compensation(3,737)(1,772)
Cash flows used in financing activities(24,463)(171,241)
Change in cash, cash equivalents and restricted cash9,157 (60,448)
Cash, cash equivalents and restricted cash at beginning of period6,043 119,423 
Cash, cash equivalents and restricted cash at end of period$15,200 $58,975 
CHANGES IN COMPONENTS OF WORKING CAPITAL
Receivables$(107,479)$(136,295)
Inventories125,012 94,233 
Recovery of natural gas costs8,465 (20,279)
Natural gas purchases payable(25,964)33,191 
Natural gas purchases payable - related parties(6)62 
Deferred revenue52,368 (970)
Accounts payable and other(88,866)(18,651)
Prepaid expenses(5,548)(8,170)
Prepaid and accrued taxes75,921 59,614 
Restricted broker margin accounts53,708 7,644 
Customers' credit balances and deposits(12,302)(5,171)
Other current assets(1,019)1,638 
Total$74,290 $6,846 
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Cash paid for:
Interest (net of amounts capitalized)$42,754 $40,465 
Income taxes$1,263 $3,733 
Accrued capital expenditures$53,245 $22,840 
See Notes to Unaudited Condensed Consolidated Financial Statements
5

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED BALANCE SHEETS

ASSETS
(Unaudited)
(Thousands)March 31, 2022September 30,
2021
PROPERTY, PLANT AND EQUIPMENT
Utility plant, at cost$3,451,038 $3,324,611 
Construction work in progress154,978 182,196 
Nonutility plant and equipment, at cost1,154,104 1,124,896 
Construction work in progress511,351 365,346 
Total property, plant and equipment5,271,471 4,997,049 
Accumulated depreciation and amortization, utility plant(637,491)(611,827)
Accumulated depreciation and amortization, nonutility plant and equipment(187,141)(171,709)
Property, plant and equipment, net4,446,839 4,213,513 
CURRENT ASSETS
Cash and cash equivalents13,906 4,749 
Customer accounts receivable
Billed273,313 212,838 
Unbilled revenues56,270 10,351 
Allowance for doubtful accounts(21,470)(24,652)
Regulatory assets33,717 30,118 
Natural gas in storage, at average cost66,300 193,606 
Materials and supplies, at average cost21,855 19,561 
Prepaid expenses13,714 8,166 
Prepaid and accrued taxes4,087 51,211 
Derivatives, at fair value21,586 35,251 
Restricted broker margin accounts49,901 72,840 
Other current assets22,857 20,235 
Total current assets556,036 634,274 
NONCURRENT ASSETS
Investments in equity method investees109,980 114,529 
Regulatory assets513,006 522,099 
Operating lease assets171,207 173,928 
Derivatives, at fair value4,140 3,403 
Intangible assets, net3,445 5,029 
Software costs5,714 5,582 
Other noncurrent assets59,637 49,921 
Total noncurrent assets867,129 874,491 
Total assets$5,870,004 $5,722,278 

See Notes to Unaudited Condensed Consolidated Financial Statements
6

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CAPITALIZATION AND LIABILITIES
(Unaudited)
(Thousands, except share data)March 31, 2022September 30,
2021
CAPITALIZATION
Common stock, $2.50 par value; authorized 150,000,000 shares; outstanding March 31, 2022 — 96,081,796; September 30, 2021 — 95,709,662
$241,593 $240,644 
Premium on common stock517,843 502,584 
Accumulated other comprehensive loss, net of tax(32,467)(34,528)
Treasury stock at cost and other; shares March 31, 2022 — 769,835;
September 30, 2021 — 762,313
(15,025)(12,448)
Retained earnings1,072,343 934,610 
Common stock equity1,784,287 1,630,862 
Long-term debt2,319,434 2,162,164 
Total capitalization4,103,721 3,793,026 
CURRENT LIABILITIES
Current maturities of long-term debt24,539 72,840 
Short-term debt302,210 377,300 
Natural gas purchases payable142,733 168,697 
Natural gas purchases payable to related parties855 861 
Deferred revenue54,113 1,745 
Accounts payable and other123,190 223,497 
Dividends payable34,830 34,768 
Accrued taxes32,153 3,356 
Regulatory liabilities88,064 28,007 
New Jersey Clean Energy Program6,608 16,308 
Derivatives, at fair value45,216 87,145 
Operating lease liabilities4,878 4,300 
Restricted broker margin accounts2,464  
Customers' credit balances and deposits20,284 32,586 
Total current liabilities882,137 1,051,410 
NONCURRENT LIABILITIES
Deferred income taxes181,875 163,530 
Deferred investment tax credits2,849 3,010 
Deferred revenue5,088 847 
Derivatives, at fair value19,632 13,497 
Manufactured gas plant remediation121,605 135,012 
Postemployment employee benefit liability166,887 169,267 
Regulatory liabilities191,450 193,051 
Operating lease liabilities140,036 141,363 
Asset retirement obligation46,753 46,306 
Other noncurrent liabilities7,971 11,959 
Total noncurrent liabilities884,146 877,842 
Commitments and contingent liabilities (Note 13)
Total capitalization and liabilities$5,870,004 $5,722,278 

See Notes to Unaudited Condensed Consolidated Financial Statements

7

New Jersey Resources Corporation
Part I
ITEM 1. FINANCIAL STATEMENTS (Continued)                                                                                                                    
CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK EQUITY (Unaudited)
(Thousands)Number of SharesCommon StockPremium on Common StockAccumulated Other Comprehensive (Loss) IncomeTreasury Stock and OtherRetained EarningsTotal
Balance at September 30, 202195,710 $240,644 $502,584 $(34,528)$(12,448)$934,610 $1,630,862 
Net income— — — — — 111,312 111,312 
Other comprehensive income— — — 1,030 — — 1,030 
Common stock issued:
Incentive compensation plan147