New Jersey Resources Reports Fiscal 2025 Fourth-Quarter and Year-End Results

WALL, N.J.--( BUSINESS WIRE)--New Jersey Resources Corporation (NYSE: NJR) today reported financial and operating results for its fiscal 2025 fourth quarter and year-ended September 30, 2025.

Financial Highlights:

Annual

Quarterly

Operating Highlights

– Adelphia Gateway (Adelphia): Filed an offer of settlement with the Federal Energy Regulatory Commission (FERC) during the fourth quarter of fiscal 2025, and received the order approving settlement on November 4, 2025.

– Leaf River Energy Center (Leaf River): Submitted an application to FERC on October 31, 2025 to increase its certificated natural gas storage capacity by 17.6 BCF

Fiscal 2026 Outlook

* All MWs noted in DC

** 7% - 9% growth would imply a NFEPS range of $3.03 - $3.08

Management Commentary

Steve Westhoven, President and CEO of New Jersey Resources, stated, “Fiscal 2025 was another strong year for NJR. We delivered NFEPS at the high end of our guidance range, surpassing our initial annual NFEPS guidance for the fifth consecutive year. We believe our performance reflects the strength of our complementary businesses, including record investments at NJNG, the highest annual installed capacity additions by CEV in our history, and strategic milestones at Adelphia Gateway and Leaf River."

Mr. Westhoven continued, "Looking ahead, we remain focused on delivering long-term value for our shareowners. Our fiscal 2026 NFEPS guidance of $3.03 to $3.18 reflects our confidence in achieving our 7 to 9 percent long-term NFEPS growth target. We believe our capital plan through 2030—driven by investment in our natural gas utility, disciplined capital deployment at CEV, and expansion opportunities at S&T—demonstrates a long-term vision for sustaining performance and creating enduring value. We believe this balanced, forward-looking strategy positions NJR to deliver consistent results and strengthen shareholder value.”

Fiscal 2026 NFEPS Guidance

NJR is introducing its fiscal 2026 NFEPS guidance range of $3.03 to $3.18, subject to the risks and uncertainties identified below under "Forward-Looking Statements."

The following chart represents NJR’s current expected NFE contributions from its business segments for fiscal 2026:

Segment

Expected fiscal 2026

net financial earnings contribution

New Jersey Natural Gas

67 to 72 percent

Clean Energy Ventures

10 to 15 percent

Storage and Transportation

8 to 12 percent

Energy Services

5 to 10 percent

Home Services and Other

1 to 2 percent

In providing fiscal 2026 NFE guidance, management is aware that there could be differences between reported GAAP net income and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

Financial Metrics

Three Months Ended

Twelve Months Ended

September 30,

($ in Thousands, except per share data)

2025

2024

2025

2024

Net income

15,072

91,126

335,627

289,775

Basic EPS

0.15

0.92

3.35

2.94

Net financial earnings*

16,229

88,707

329,617

290,828

Basic net financial earnings per share*

0.16

0.89

3.29

2.95

*A reconciliation of net income to NFE for the three and twelve months ended September 30, 2025 and 2024, respectively is provided in the financial statements below.

Net Financial Earnings (Loss) by Business Segment

Three Months Ended

Twelve Months Ended

September 30,

(Thousands)

2025

2024

2025

2024

New Jersey Natural Gas

(7,977

)

(19,000

)

213,541

133,400

Clean Energy Ventures

23,841

35,470

61,156

33,662

Storage and Transportation

4,636

2,468

18,541

12,229

Energy Services

(4,532

)

68,284

34,868

111,515

Home Services and Other

(825

)

(639

)

(407

)

Subtotal

15,143

86,583

327,699

290,832

Eliminations

1,086

2,124

1,918

)

Total

16,229

88,707

329,617

290,828

New Jersey Natural Gas (NJNG)

NJNG reported fourth-quarter fiscal 2025 net financial loss of $(8.0) million, compared to net financial loss of $(19.0) million during the same period in fiscal 2024. Fiscal 2025 NFE totaled $213.5 million, compared with NFE of $133.4 million in fiscal 2024. The improvement in NFE for both the quarter and full year was primarily driven by higher utility gross margin resulting from NJNG's recent base rate case settlement, partially offset by higher depreciation expense.

Customers:

Infrastructure Update:

Basic Gas Supply Service (BGSS) Incentive Programs:

For more information on utility gross margin, please see "Non-GAAP Financial Information" below.

Energy-Efficiency Programs:

Clean Energy Ventures (CEV)

CEV reported fourth-quarter fiscal 2025 NFE of $23.8 million, compared with $35.5 million during the same period in fiscal 2024. The decrease was primarily due to lower Solar Renewable Energy Certificate (SREC) sales and the absence of contributions from the residential solar portfolio, which was sold in November 2024.

Fiscal 2025 NFE totaled $61.2 million, compared with NFE of $33.7 million in fiscal 2024. The year-over-year increase was largely driven by the gain on the sale of its residential solar portfolio.

Solar Investment Update:

Storage and Transportation (S&T)

S&T reported fourth-quarter fiscal 2025 NFE of $4.6 million, compared with NFE of $2.5 million during the same period in fiscal 2024. Fiscal 2025 NFE totaled $18.5 million, compared with NFE of $12.2 million in fiscal 2024. NFE increased during both periods mainly due to an increase in operating revenues at Leaf River.

Energy Services (ES)

ES reported fourth-quarter fiscal 2025 net financial loss of $(4.5) million, compared with NFE of $68.3 million for the same period in fiscal 2024. Fiscal 2025 NFE totaled $34.9 million, compared with NFE of $111.5 million in fiscal 2024. The decrease in NFE for both the fiscal 2025 fourth quarter and year was due to expected lower contribution from the AMAs signed in December 2020 compared to the prior year.

Home Services and Other Operations

Home Services and Other Operations reported fourth-quarter fiscal 2025 net financial loss of $(0.8) million, compared to a net financial loss of $(0.6) million for the same period in fiscal 2024. Fiscal 2025 net financial loss totaled $(0.4) million, compared with breakeven NFE in fiscal 2024.

Capital Expenditures and Cash Flows:

Conference Call to be Webcast on November 20, 2025

New Jersey Resources will host a live webcast of its fiscal 2025 fourth quarter and year-end financial results on Thursday, November 20, 2025, at 10 a.m. ET. A few minutes prior to the webcast, visit www.njresources.com and select “ Investor Relations.” Scroll down and click the webcast link under “ Latest Events” on the right side of the page.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as expectations regarding future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, statements regarding NJR’s NFEPS guidance for fiscal 2026, projected NFEPS growth rates and our guidance range, forecasted contributions of business segments to NJR’s NFE for fiscal 2026, our capital plan through 2030, including our capital expenditure projections through 2030, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs; and other legal and regulatory expectations, and statements that include other projections, predictions, expectations or beliefs about future events or results or otherwise are not statements of historical fact.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the U.S. Securities and Exchange Commission (SEC), including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s website, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of new information, future events or otherwise, except as required by law.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization [expenses] as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.

NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expenses. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.

Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Annual Report on Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve ® and initiatives such as SAVEGREEN ®.

For more information about NJR:

www.njresources.com/.

“Like” us on facebook.com/NewJerseyNaturalGas.

NEW JERSEY RESOURCES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

(Thousands, except per share data)

2025

2024

2025

2024

OPERATING REVENUES

Utility

144,938

104,753

1,301,496

1,018,482

Nonutility

191,140

291,027

734,916

778,057

Total operating revenues

336,078

395,780

2,036,412

1,796,539

OPERATING EXPENSES

Gas purchases

Utility

47,128

31,493

521,103

405,332

Nonutility

84,934

78,960

372,211

304,426

Related parties

1,300

1,740

5,952

7,147

Operation and maintenance

110,700

88,596

410,506

394,636

Regulatory rider expenses

5,243

3,566

87,199

60,327

Depreciation and amortization

48,478

45,298

188,774

166,567

Gain on sale of assets

(2,108

)

—

(58,200

)

—

Total operating expenses

295,675

249,653

1,527,545

1,338,435

OPERATING INCOME

40,403

146,127

508,867

458,104

Other income, net

6,581

10,237

46,244

41,553

Interest expense, net of capitalized interest

30,483

36,012

128,595

130,275

INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES

16,501

120,352

426,516

369,382

Income tax provision

3,121

30,787

96,956

84,906

Equity in earnings of affiliates

1,692

1,561

6,067

5,299

NET INCOME

15,072

91,126

335,627

289,775

EARNINGS PER COMMON SHARE

Basic

0.15

0.92

3.35

2.94

Diluted

0.15

0.91

3.33

2.92

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

100,458

99,308

100,244

98,634

Diluted

101,024

99,964

100,788

99,289

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

(Thousands)

2025

2024

2025

2024

NEW JERSEY RESOURCES

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net income

15,072

91,126

335,627

289,775

Add:

Unrealized (gain) loss on derivative instruments and related transactions

(2,054

)

(4,286

)

(12,126

)

19,574

Tax effect

488

1,018

2,882

(4,652

)

Effects of economic hedging related to natural gas inventory

3,495

1,266

4,242

(18,192

)

Tax effect

(830

)

(301

)

(1,008

)

4,323

NFE tax adjustment

(116

)

—

Net financial earnings

16,229

88,707

329,617

290,828

Weighted Average Shares Outstanding

Basic

100,458

99,308

100,244

98,634

Diluted

101,024

99,964

100,788

99,289

A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows:

Basic earnings per share

0.15

0.92

3.35

2.94

Add:

Unrealized (gain) loss on derivative instruments and related transactions

(0.02

)

(0.04

)

(0.12

)

0.20

Tax effect

0.01

—

0.03

(0.05

)

Effects of economic hedging related to natural gas inventory

0.03

0.01

0.04

(0.18

)

Tax effect

(0.01

)

—

(0.01

)

0.04

Basic net financial earnings per share

0.16

0.89

3.29

2.95

NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also excludes certain transactions associated with equity method investments, including impairment charges, which are non-cash charges, and return of capital in excess of the carrying value of our investment. These are not indicative of the Company's performance for its ongoing operations. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.

RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued)

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

(Thousands)

2025

2024

2025

2024

NATURAL GAS DISTRIBUTION

A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows:

Operating revenues

145,178

105,091

1,302,617

1,019,832

Less:

Natural gas purchases

48,748

33,817

528,992

414,635

Operating and maintenance (1)

29,938

22,935

120,175

113,984

Regulatory rider expense

5,243

3,566

87,199

60,327

Depreciation and amortization

36,584

29,620

140,368

112,492

Gross margin

24,665

15,153

425,883

318,394

Add:

Operating and maintenance (1)

29,938

22,935

120,175

113,984

Depreciation and amortization

36,584

29,620

140,368

112,492

Utility gross margin

91,187

67,708

686,426

544,870

(1) Excludes selling, general and administrative expenses of $25.7 million and $23.6 million for the three months ended September 30, 2025 and 2024, respectively, and $110.7 million and $111.3 million for the fiscal years ended September 30, 2025 and 2024, respectively.

ENERGY SERVICES

A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows:

Operating revenues

81,909

178,420

453,457

485,391

Less:

Natural Gas purchases

84,935

79,097

372,431

305,938

Operation and maintenance (1)

1,478

1,583

14,959

23,189

Depreciation and amortization

187

205

Gross margin

(4,552

)

97,693

65,880

156,059

Add:

Operation and maintenance (1)

1,478

1,583

14,959

23,189

Depreciation and amortization

187

205

Unrealized (gain) loss on derivative instruments and related transactions

(2,054

)

(4,287

)

(12,126

)

24,449

Effects of economic hedging related to natural gas inventory

3,495

1,266

4,242

(18,192

)

Financial margin

(1,585

)

96,302

73,142

185,710

(1) Excludes selling, general and administrative expenses of $0.3 million and $0.5 million for the three months ended September 30, 2025 and 2024, respectively, and $1.1 million and $1.8 million for the fiscal years ended September 30, 2025 and 2024, respectively.

A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows:

Net (loss) income

(5,689

)

70,703

40,878

106,745

Add:

Unrealized (gain) loss on derivative instruments and related transactions

(2,054

)

(4,287

)

(12,126

)

24,449

Tax effect

488

1,019

2,882

(5,810

)

Effects of economic hedging related to natural gas

3,495

1,266

4,242

(18,192

)

Tax effect

(830

)

(301

)

(1,008

)

4,323

NFE tax adjustment

(116

)

—

Net financial (loss) earnings

(4,532

)

68,284

34,868

111,515

FINANCIAL STATISTICS BY BUSINESS UNIT

(Unaudited)

Three Months Ended

Twelve Months Ended

September 30,

(Thousands, except per share data)

2025

2024

2025

2024

NEW JERSEY RESOURCES

Operating Revenues

Natural Gas Distribution

145,178

105,091

1,302,617

1,019,832

Clean Energy Ventures

66,098

71,295

112,501

130,563

Energy Services

81,909

178,420

453,457

485,391

Storage and Transportation

27,349

24,830

106,413

96,209

Home Services and Other

15,799

16,540

62,888

62,635

Sub-total

336,333

396,176

2,037,876

1,794,630

Eliminations

(255

)

(396

)

(1,464

)

1,909

Total

336,078

395,780

2,036,412

1,796,539

Operating (Loss) Income

Natural Gas Distribution

(1,073

)

(8,399

)

315,182

207,118

Clean Energy Ventures

36,048

51,637

88,416

58,652

Energy Services

(4,811

)

97,241

64,750

154,279

Storage and Transportation

9,354

6,027

35,467

27,198

Home Services and Other

(1,748

)

684

(81

)

2,642

Sub-total

37,770

147,190

503,734

449,889

Eliminations

2,633

(1,063

)

5,133

8,215

Total

40,403

146,127

508,867

458,104

Equity in Earnings of Affiliates

Storage and Transportation

783

956

3,813

2,816

Eliminations

909

605

2,254

2,483

Total

1,692

1,561

6,067

5,299

Net (Loss) Income

Natural Gas Distribution

(7,977

)

(19,000

)

213,541

133,400

Clean Energy Ventures

23,841

35,470

61,156

33,662

Energy Services

(5,689

)

70,703

40,878

106,745

Storage and Transportation

4,636

2,468

18,541

12,229

Home Services and Other

(825

)

(639

)

(407

)

Sub-total

13,986

89,002

333,709

286,062

Eliminations

1,086

2,124

1,918

3,713

Total

15,072

91,126

335,627

289,775

Net Financial (Loss) Earnings

Natural Gas Distribution

(7,977

)

(19,000

)

213,541

133,400

Clean Energy Ventures

23,841

35,470

61,156

33,662

Energy Services

(4,532

)

68,284

34,868

111,515

Storage and Transportation

4,636

2,468

18,541

12,229

Home Services and Other

(825

)

(639

)

(407

)

Sub-total

15,143

86,583

327,699

290,832

Eliminations

1,086

2,124

1,918

)

Total

16,229

88,707

329,617

290,828

Throughput (Bcf)

NJNG, Core Customers

17.5

15.1

99.6

90.5

NJNG, Off System/Capacity Management

14.8

8.4

66.4

85.0

Energy Services Fuel Mgmt. and Wholesale Sales

26.5

33.3

108.6

125.3

Total

58.8

56.8

274.6

300.8

Common Stock Data

Yield at September 30,

4.0

3.8

4.0

3.8

Market Price at September 30,

48.15

47.20

48.15

47.20

Shares Out. at September 30,

100,479

99,461

100,479

99,461

Market Cap. at September 30,

4,838,044

4,694,580

4,838,044

4,694,580

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30,

(Thousands, except customer and weather data)

2025

2024

2025

2024

NATURAL GAS DISTRIBUTION

Utility Gross Margin

Operating revenues

145,178

105,091

1,302,617

1,019,832

Less:

Natural gas purchases

48,748

33,817

528,992

414,635

Operating and maintenance (1)

29,938

22,935

120,175

113,984

Regulatory rider expense

5,243

3,566

87,199

60,327

Depreciation and amortization

36,584

29,620

140,368

112,492

Gross margin

24,665

15,153

425,883

318,394

Add:

Operating and maintenance (1)

29,938

22,935

120,175

113,984

Depreciation and amortization

36,584

29,620

140,368

112,492

Total Utility Gross Margin

91,187

67,708

686,426

544,870

Utility Gross Margin, Operating Income and Net Income

Residential

51,916

38,954

471,733

369,522

Commercial, Industrial & Other

17,079

13,058

97,980

78,033

Firm Transportation

16,793

12,888

93,543

75,641

Total Firm Margin

85,788

64,900

663,256

523,196

Interruptible

1,507

1,118

4,743

3,798

Total System Margin

87,295

66,018

667,999

526,994

Basic Gas Supply Service Incentive

3,892

1,690

18,427

17,876

Total Utility Gross Margin

91,187

67,708

686,426

544,870

Operation and maintenance expense

55,676

46,487

230,876

225,260

Depreciation and amortization

36,584

29,620

140,368

112,492

Operating (Loss) Income

(1,073

)

(8,399

)

315,182

207,118

Net (Loss) Income

(7,977

)

(19,000

)

213,541

133,400

Net Financial (Loss) Earnings

(7,977

)

(19,000

)

213,541

133,400

Throughput (Bcf)

Residential

3.5

3.4

47.8

44.5

Commercial, Industrial & Other

0.8

9.1

8.5

Firm Transportation

1.4

11.7

Total Firm Throughput

5.7

5.6

68.6

64.7

Interruptible

11.8

9.5

31.0

25.8

Total System Throughput

17.5

15.1

99.6

90.5

Off System/Capacity Management

14.8

8.4

66.4

85.0

Total Throughput

32.3

23.5

166.0

175.5

Customers

Residential

535,852

528,502

535,852

528,502

Commercial, Industrial & Other

32,051

31,927

32,051

31,927

Firm Transportation

20,967

22,442

20,967

22,442

Total Firm Customers

588,870

582,871

588,870

582,871

Interruptible

Total System Customers

588,955

582,902

588,955

582,902

Off System/Capacity Management*

Total Customers

588,975

582,916

588,975

582,916

*The number of customers represents those active during the last month of the period.

Degree Days

Actual

4,152

3,960

Normal

4,395

4,463

Percent of Normal

20.0

32.0

94.5

88.7

Three Months Ended

Twelve Months Ended

(Unaudited)

September 30,

(Thousands, except customer, RECs and megawatt)

2025

2024

2025

2024

CLEAN ENERGY VENTURES

Operating Revenues

SREC sales

49,689

56,307

67,686

82,539

TREC sales

6,095

4,296

15,676

13,396

SREC II sales

754

621

1,899

1,715

Merchant Power

5,080

3,548

12,789

9,024

PPA / Other

4,480

3,464

12,581

11,910

Residential solar portfolio

—

3,059

1,870

11,979

Total Operating Revenues

66,098

71,295

112,501

130,563

Depreciation and Amortization

6,404

7,035

24,105

27,869

Operating Income

36,048

51,637

88,416

58,652

Income Tax Provision

7,220

11,877

18,214

11,406

Net Income

23,841

35,470

61,156

33,662

Net Financial Earnings

23,841

35,470

61,156

33,662

Solar Renewable Energy Certificates Generated

125,100

134,901

356,977

402,056

Solar Renewable Energy Certificates Sold

241,119

294,943

328,776

419,266

Transition Renewable Energy Certificates Generated

41,077

30,114

106,334

93,913

Solar Renewable Energy Certificates II Generated

8,264

6,828

20,783

19,087

ENERGY SERVICES

Operating Income

Operating revenues

81,909

178,420

453,457

485,391

Less:

Gas purchases

84,935

79,097

372,431

305,938

Operation and maintenance expense

1,737

2,035

16,089

24,969

Depreciation and amortization

187

205

Operating (Loss) Income

(4,811

)

97,241

64,750

154,279

Net (Loss) Income

(5,689

)

70,703

40,878

106,745

Financial Margin

(1,585

)

96,302

73,142

185,710

Net Financial (Loss) Earnings

(4,532

)

68,284

34,868

111,515

Gas Sold and Managed (Bcf)

26.5

33.3

108.6

125.3

STORAGE AND TRANSPORTATION

Operating Revenues

27,349

24,830

106,413

96,209

Equity in Earnings of Affiliates

783

956

3,813

2,816

Operation and Maintenance Expense

12,527

12,341

46,930

43,083

Other Income, Net

2,032

2,907

8,416

10,207

Interest Expense

5,643

5,867

23,170

23,441

Income Tax Provision

1,890

1,555

5,985

4,551

Net Income

4,636

2,468

18,541

12,229

Net Financial Earnings

4,636

2,468

18,541

12,229

HOME SERVICES AND OTHER

Operating Revenues

15,799

16,540

62,888

62,635

Operating (Loss) Income

(1,748

)

684

(81

)

2,642

Net (Loss) Income

(825

)

(639

)

(407

)

Net Financial (Loss) Earnings

(825

)

(639

)

(407

)

Total Service Contract Customers at September 30

98,120

99,753

98,120

99,753