New Jersey Resources Corporation reports developments across a diversified energy infrastructure and energy services business anchored by New Jersey Natural Gas. Its recurring updates cover utility operating results, customer growth, rate effects, Basic Gas Supply Service incentives, natural gas hedging, and net financial earnings guidance.
NJR news also follows Energy Services performance in physical natural gas and asset management, Storage and Transportation assets such as Leaf River, Adelphia Gateway Pipeline and Steckman Ridge, Clean Energy Ventures solar projects, Home Services offerings, quarterly dividends, board elections, leadership changes, and environmental or community initiatives tied to its New Jersey service territory.
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.
The board of directors of New Jersey Resources (NYSE: NJR) has approved a 9% increase in the quarterly dividend rate to $.3625 per share, up from $.3325. This change will be effective October 1, 2021 for shareholders on record September 20, 2021. With this increase, NJR maintains an annual dividend rate of $1.45 per share, marking the 28th dividend increase in the last 26 years, reflecting strong company performance and confidence in future outlook.
New Jersey Resources (NJR) reported a consolidated net loss of $(111.8) million for Q3 fiscal 2021, reflecting a $72.7 million impairment from the PennEast Project. In contrast, net financial earnings (NFE) fell to $(14.1) million, or $(0.15) per share, down from $2.7 million, or $0.03 per share a year earlier. Despite losses, NJR adjusted its fiscal 2021 NFE per share guidance to $2.10 - $2.20, driven by strong performance in Energy Services. Year-to-date net income was $119.0 million, compared to $130.3 million last year.
The board of directors of New Jersey Resources (NYSE: NJR) has declared a quarterly dividend of $.3325 per share. This dividend will be paid on October 1, 2021 to shareholders on record as of September 20, 2021. NJR emphasizes its commitment to delivering value through consistent dividends, having done so since 1952. NJR operates across multiple sectors including natural gas distribution, clean energy, and home services, serving over half a million customers in New Jersey.
New Jersey Resources (NYSE: NJR) will host a live webcast to discuss its fiscal 2021 third-quarter earnings on August 5, 2021, at 10 a.m. ET. CEO Steve Westhoven and CFO Pat Migliaccio will provide insights into the company’s financial and operational performance. NJR offers natural gas and clean energy services through various subsidiaries, serving over half a million customers in New Jersey. Key businesses include New Jersey Natural Gas, NJR Clean Energy Ventures, and NJR Home Services, focusing on energy efficiency and conservation programs.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NJR), announced John Wyckoff as the new Vice President-Energy Delivery following Craig Lynch's retirement. Wyckoff, a longtime NJNG employee, will oversee nearly 700 employees and the safe operation of the gas delivery system, serving over 560,000 customers in New Jersey. Kraig Sanders was promoted to Vice President-Operations, overseeing distribution operations and customer service. The leadership transition emphasizes NJNG's commitment to operational excellence in natural gas delivery.
New Jersey Natural Gas (NJNG), a subsidiary of New Jersey Resources (NYSE: NJR), filed an annual Basic Gas Supply Service (BGSS) and Conservation Incentive Program (CIP) with the New Jersey Board of Public Utilities. Due to rising market prices, NJNG proposes a 2.1% rate increase for typical residential heating customers, totaling $24.20 annually. The BGSS is set to rise by 0.5%, while a slight decrease in the CIP is proposed. Bill credits amounting to $20.6 million were issued earlier this year, reducing average residential bills by 3.6%. Rates would take effect on October 1, 2021, pending approval.
On May 26, 2021, Adelphia Gateway, LLC received a Notice to Proceed from the Federal Energy Regulatory Commission to initiate Phase 2 construction of its project. This phase involves the installation of crucial pipeline components in Delaware County, Pennsylvania, enhancing natural gas supply to the Philadelphia region. The project converts a 50-mile section of the pipeline from oil to natural gas, supporting demand in constrained markets. Adelphia Gateway anticipates placing several facilities into service this year to better serve customers in the Greater Philadelphia area.
New Jersey Resources (NYSE: NJR) reported a significant increase in second-quarter fiscal 2021 results, with consolidated net income of $149.8 million compared to $73.8 million in Q2 2020. The company's net financial earnings (NFE) rose to $170.6 million, or $1.77 per share, up from $84.3 million or $0.88 per share year-over-year. NJR increased its NFE per share guidance to $2.05 to $2.15 for fiscal 2021, driven by strong market demand and improved performance in its Energy Services sector. Additionally, NJNG filed for a $165.7 million rate increase with the BPU.
The board of directors of New Jersey Resources (NYSE: NJR) declared a quarterly dividend of $.3325 per share, payable on July 1, 2021, to shareholders on record as of June 16, 2021. The company emphasizes its commitment to delivering value to shareholders with a competitive return, having paid dividends consistently since 1952. NJR, a Fortune 1000 company, offers natural gas and clean energy services across its five business segments, aiming to promote energy conservation and efficiency through its various initiatives.