New Jersey Resources Reports Fiscal 2024 Third-Quarter Results
-
Consolidated net loss of
$(11.6) million , compared with net income of$1.5 million in the third quarter of fiscal 2023 -
Consolidated net financial loss, a non-GAAP financial measure, of
$(8.9) million , or$(0.09) per share, compared to net financial earnings (NFE), a non-GAAP financial measure, of$9.7 million , or$0.10 per share, in the third quarter of fiscal 2023 -
Re-affirmed fiscal 2024 net financial earnings per share (NFEPS) guidance range of
$2.85 to$3.00 , which was increased by$0.15 inFebruary 2024 as a result of strong performance from Energy Services - Maintained long-term projected NFEPS growth rate of 7 to 9 percent(1)
-
On
January 31, 2024 ,New Jersey Natural Gas (NJNG) filed a rate case with theNew Jersey Board of Public Utilities (BPU), and inMay 2024 , updated the filing seeking a$219.6 million (originally$222.6 million ) increase in base rates
Third-quarter fiscal 2024 net loss totaled
Third-quarter fiscal 2024 net financial loss totaled
Management Commentary
Key Performance Metrics
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
($ in Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net income |
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Basic EPS |
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Net financial (loss) earnings |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
Basic net financial (loss) earnings per share |
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
(1) NFEPS long-term annual growth projections are based on the midpoint of the |
A reconciliation of net income to NFE for the three and nine months ended
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net (loss) income |
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
3,803 |
|
|
|
(12,970 |
) |
|
|
23,860 |
|
|
|
(30,502 |
) |
Tax effect |
|
(903 |
) |
|
|
3,083 |
|
|
|
(5,670 |
) |
|
|
7,250 |
|
Effects of economic hedging related to natural gas inventory |
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
Gain on equity method investment |
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
74 |
|
NFE tax adjustment |
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
0.04 |
|
|
|
(0.14 |
) |
|
|
0.24 |
|
|
|
(0.31 |
) |
Tax effect |
|
(0.01 |
) |
|
|
0.03 |
|
|
|
(0.06 |
) |
|
|
0.07 |
|
Effects of economic hedging related to natural gas inventory |
|
— |
|
|
|
0.25 |
|
|
|
(0.20 |
) |
|
|
0.38 |
|
Tax effect |
|
— |
|
|
|
(0.06 |
) |
|
|
0.05 |
|
|
|
(0.09 |
) |
Basic net financial (loss) earnings per share |
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
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, Solar Renewable Energy Certificates (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.
A table detailing NFE for the three and nine months ended
Net financial (loss) earnings by business unit
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
||||||||||||
(Thousands) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
|
|
4,140 |
|
|
|
2,358 |
|
|
|
9,761 |
|
|
|
11,051 |
|
Energy Services |
|
(2,244 |
) |
|
|
(1,604 |
) |
|
|
43,231 |
|
|
|
72,054 |
|
Home Services and Other |
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Subtotal |
|
(10,076 |
) |
|
|
9,435 |
|
|
|
204,249 |
|
|
|
234,970 |
|
Eliminations |
|
1,177 |
|
|
|
235 |
|
|
|
(2,128 |
) |
|
|
(2,706 |
) |
Total |
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
Fiscal 2024 NFE Guidance:
NJR re-affirmed its fiscal 2024 NFEPS guidance range of
In fiscal 2024, NJR expects Energy Services will represent a higher percentage of NFEPS than in prior years due to contributions from the Asset Management Agreements signed in 2020*. The following chart represents NJR’s current expected contributions from its business segments for fiscal 2024:
Company |
Expected Fiscal 2024
|
|
43 to 46 percent |
Clean Energy Ventures |
11 to 14 percent |
|
3 to 5 percent |
Energy Services |
40 to 43 percent* |
Home Services and Other |
0 to 1 percent |
* NJR expects to recognize the majority of the fiscal 2024 AMA revenues in the fiscal 2024 fourth quarter |
In providing fiscal 2024 NFE guidance, management is aware there could be differences between reported GAAP earnings 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.
NJNG reported a third-quarter fiscal 2024 net financial loss of
Customer Growth:
-
NJNG added 5,939 new customers during the first nine months of fiscal 2024, compared with 5,892 during the same period of fiscal 2023. NJNG expects these new customers to contribute approximately
$5.1 million of incremental utility gross margin on an annualized basis.
Base Rate Filing:
-
On
January 31, 2024 , NJNG filed a base rate case with the BPU, seeking a$222.6 million increase to its base rates based on an overall return of 7.57 percent with a return on equity of 10.42 percent. OnMay 15, 2024 , the Company filed an update to its financial schedules in the base rate case filing, which reflects a proposed increase of$219.6 million .
Infrastructure Update:
-
NJNG's Infrastructure Investment Program (IIP) is a five-year,
$150 million accelerated recovery program that began in fiscal 2021. IIP consists of a series of infrastructure projects designed to enhance the safety and reliability of NJNG's natural gas distribution system. During the first nine months of fiscal 2024, NJNG spent$22.6 million under the program on various distribution system reinforcement projects.
OnMarch 28, 2024 , NJNG submitted its annual IIP filing to the BPU requesting a rate increase for capital expenditures with actual information throughFebruary 29, 2024 , and forecasted information throughJune 30, 2024 . OnJuly 26, 2024 , the Company filed an update with actual information throughJune 30, 2024 requesting a rate increase for capital expenditures of$43.5 million , which will result in a$5.3 million revenue increase, with a proposed effective date ofOctober 1, 2024 .
Basic Gas Supply Service (BGSS) Incentive Programs:
BGSS incentive programs contributed
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN™ invested
Clean Energy Ventures (CEV)
CEV reported a third-quarter fiscal 2024 net financial loss of
Fiscal 2024 year-to-date net financial loss was
Solar Investment Update:
-
As of
June 30, 2024 , CEV had approximately 477MW of solar capacity in service inNew Jersey ,New York ,Connecticut ,Rhode Island ,Indiana , andMichigan .
Energy Services
Energy Services reported third-quarter fiscal 2024 net financial loss of
Home Services and Other Operations
Home Services and Other Operations reported third-quarter fiscal 2024 NFE of
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile:
-
During the first nine months of fiscal 2024, capital expenditures were
$396.5 million , including accruals, compared with$370.0 million during the same period of fiscal 2023. The increase in capital expenditures was primarily due to higher expenditures at NJNG. -
During the first nine months of fiscal 2024, cash flows from operations were
$362.9 million , compared to cash flows from operations of$387.9 million during the same period of fiscal 2023. The decrease was largely due to changes in working capital.
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 estimates of 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, certain statements regarding NJR’s NFEPS guidance for fiscal 2024, projected NFEPS growth rates and our guidance range, forecasted contribution of business segments to NJR’s NFE for fiscal 2024, customer growth at NJNG and their expected contributions, expected contributions from Asset Management Agreements, infrastructure programs and investments, future decarbonization opportunities including IIP, Energy Efficiency programs, including BGSS, the outcome or timing of our Base Rate Case with the BPU, the outcome or timing of our IIP filing to the BPU, and other legal and regulatory expectations.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the
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 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
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. 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 Report on Form 10-K, Item 7.
About
-
New Jersey Natural Gas , NJR’s principal subsidiary,operates and maintains natural gas transportation and distribution infrastructure to serve approximately 582,000 customers in New Jersey’sMonmouth ,Ocean ,Morris ,Middlesex ,Sussex andBurlington counties. - Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 477 megawatts, providing residential and commercial customers with low-carbon solutions.
-
Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across
North America . -
Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership ofLeaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in theSteckman Ridge natural gas storage facility. -
Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout
New Jersey .
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 The SAVEGREEN Project® and The Sunlight Advantage®.
For more information about NJR:
www.njresources.com.
Follow us on X.com (Twitter) @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
$ |
157,773 |
|
|
$ |
144,971 |
|
|
$ |
913,729 |
|
|
$ |
902,880 |
|
Nonutility |
|
|
117,863 |
|
|
|
119,104 |
|
|
|
487,030 |
|
|
|
728,789 |
|
Total operating revenues |
|
|
275,636 |
|
|
|
264,075 |
|
|
|
1,400,759 |
|
|
|
1,631,669 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
|
53,372 |
|
|
|
42,344 |
|
|
|
373,839 |
|
|
|
381,160 |
|
Nonutility |
|
|
60,971 |
|
|
|
75,917 |
|
|
|
225,466 |
|
|
|
468,351 |
|
Related parties |
|
|
1,729 |
|
|
|
1,870 |
|
|
|
5,407 |
|
|
|
5,467 |
|
Operation and maintenance |
|
|
104,378 |
|
|
|
94,213 |
|
|
|
306,040 |
|
|
|
272,809 |
|
Regulatory rider expenses |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
40,907 |
|
|
|
38,877 |
|
|
|
121,269 |
|
|
|
113,650 |
|
Total operating expenses |
|
|
269,700 |
|
|
|
259,341 |
|
|
|
1,088,782 |
|
|
|
1,288,962 |
|
OPERATING INCOME |
|
|
5,936 |
|
|
|
4,734 |
|
|
|
311,977 |
|
|
|
342,707 |
|
Other income, net |
|
|
9,555 |
|
|
|
5,711 |
|
|
|
31,316 |
|
|
|
15,145 |
|
Interest expense, net of capitalized interest |
|
|
31,169 |
|
|
|
30,119 |
|
|
|
94,263 |
|
|
|
89,871 |
|
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
(15,678 |
) |
|
|
(19,674 |
) |
|
|
249,030 |
|
|
|
267,981 |
|
Income tax (benefit) provision |
|
|
(2,764 |
) |
|
|
(20,505 |
) |
|
|
54,119 |
|
|
|
43,059 |
|
Equity in earnings of affiliates |
|
|
1,340 |
|
|
|
701 |
|
|
|
3,738 |
|
|
|
2,778 |
|
NET (LOSS) INCOME |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
(LOSS) EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Diluted |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.00 |
|
|
$ |
2.33 |
|
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(Thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
||||||||||||
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,803 |
|
|
|
(12,970 |
) |
|
|
23,860 |
|
|
|
(30,502 |
) |
Tax effect |
|
|
(903 |
) |
|
|
3,083 |
|
|
|
(5,670 |
) |
|
|
7,250 |
|
Effects of economic hedging related to natural gas inventory |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
Gain on equity method investment |
|
|
— |
|
|
|
(100 |
) |
|
|
— |
|
|
|
(300 |
) |
Tax effect |
|
|
— |
|
|
|
24 |
|
|
|
— |
|
|
|
74 |
|
NFE tax adjustment |
|
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
|
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
98,983 |
|
|
|
97,168 |
|
|
|
98,409 |
|
|
|
96,849 |
|
Diluted |
|
|
98,983 |
|
|
|
97,886 |
|
|
|
99,213 |
|
|
|
97,538 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic (loss) earnings per share |
|
$ |
(0.12 |
) |
|
$ |
0.02 |
|
|
$ |
2.02 |
|
|
$ |
2.35 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
$ |
0.04 |
|
|
$ |
(0.14 |
) |
|
$ |
0.24 |
|
|
$ |
(0.31 |
) |
Tax effect |
|
$ |
(0.01 |
) |
|
$ |
0.03 |
|
|
$ |
(0.06 |
) |
|
$ |
0.07 |
|
Effects of economic hedging related to natural gas inventory |
|
$ |
— |
|
|
$ |
0.25 |
|
|
$ |
(0.20 |
) |
|
$ |
0.38 |
|
Tax effect |
|
$ |
— |
|
|
$ |
(0.06 |
) |
|
$ |
0.05 |
|
|
$ |
(0.09 |
) |
Basic net financial (loss) earnings per share |
|
$ |
(0.09 |
) |
|
$ |
0.10 |
|
|
$ |
2.05 |
|
|
$ |
2.40 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
55,699 |
|
|
|
44,669 |
|
|
|
380,818 |
|
|
|
388,134 |
|
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Regulatory rider expense |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Gross margin |
|
|
29,868 |
|
|
|
37,258 |
|
|
|
303,240 |
|
|
|
303,758 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Utility gross margin |
|
$ |
94,068 |
|
|
$ |
94,519 |
|
|
$ |
477,162 |
|
|
$ |
468,233 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES (continued) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(Thousands) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
62,441 |
|
|
$ |
70,172 |
|
|
$ |
306,971 |
|
|
$ |
588,684 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural Gas purchases |
|
|
61,041 |
|
|
|
76,599 |
|
|
|
226,841 |
|
|
|
471,000 |
|
Operation and maintenance (1) |
|
|
3,814 |
|
|
|
3,244 |
|
|
|
21,605 |
|
|
|
14,366 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Gross margin |
|
|
(2,459 |
) |
|
|
(9,722 |
) |
|
|
58,367 |
|
|
|
103,148 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance (1) |
|
|
3,814 |
|
|
|
3,244 |
|
|
|
21,605 |
|
|
|
14,366 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,804 |
|
|
|
(13,601 |
) |
|
|
28,736 |
|
|
|
(39,692 |
) |
Effects of economic hedging related to natural gas inventory |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Financial margin |
|
$ |
4,819 |
|
|
$ |
4,088 |
|
|
$ |
89,408 |
|
|
$ |
114,877 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(4,919 |
) |
|
$ |
(9,336 |
) |
|
$ |
36,042 |
|
|
$ |
74,271 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
3,804 |
|
|
|
(13,601 |
) |
|
|
28,736 |
|
|
|
(39,692 |
) |
Tax effect |
|
|
(904 |
) |
|
|
3,232 |
|
|
|
(6,829 |
) |
|
|
9,433 |
|
Effects of economic hedging related to natural gas |
|
|
(385 |
) |
|
|
24,116 |
|
|
|
(19,458 |
) |
|
|
36,885 |
|
Tax effect |
|
|
91 |
|
|
|
(5,731 |
) |
|
|
4,624 |
|
|
|
(8,766 |
) |
NFE tax adjustment |
|
|
69 |
|
|
|
(284 |
) |
|
|
116 |
|
|
|
(77 |
) |
Net financial (loss) earnings |
|
$ |
(2,244 |
) |
|
$ |
(1,604 |
) |
|
$ |
43,231 |
|
|
$ |
72,054 |
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
|
|
||||||||||||
(Thousands, except per share data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Clean Energy Ventures |
|
|
14,648 |
|
|
|
13,178 |
|
|
|
59,268 |
|
|
|
40,376 |
|
Energy Services |
|
|
62,441 |
|
|
|
70,172 |
|
|
|
306,971 |
|
|
|
588,684 |
|
|
|
|
24,475 |
|
|
|
22,201 |
|
|
|
71,379 |
|
|
|
69,926 |
|
Home Services and Other |
|
|
16,356 |
|
|
|
14,955 |
|
|
|
46,095 |
|
|
|
42,669 |
|
Sub-total |
|
|
276,030 |
|
|
|
265,814 |
|
|
|
1,398,454 |
|
|
|
1,645,547 |
|
Eliminations |
|
|
(394 |
) |
|
|
(1,739 |
) |
|
|
2,305 |
|
|
|
(13,878 |
) |
Total |
|
$ |
275,636 |
|
|
$ |
264,075 |
|
|
$ |
1,400,759 |
|
|
$ |
1,631,669 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
1,063 |
|
|
$ |
10,391 |
|
|
$ |
215,517 |
|
|
$ |
225,700 |
|
Clean Energy Ventures |
|
|
(3,629 |
) |
|
|
(3,344 |
) |
|
|
7,015 |
|
|
|
(8,667 |
) |
Energy Services |
|
|
(2,832 |
) |
|
|
(10,177 |
) |
|
|
57,038 |
|
|
|
104,370 |
|
|
|
|
7,937 |
|
|
|
7,207 |
|
|
|
21,171 |
|
|
|
26,524 |
|
Home Services and Other |
|
|
1,388 |
|
|
|
712 |
|
|
|
1,958 |
|
|
|
1,900 |
|
Sub-total |
|
|
3,927 |
|
|
|
4,789 |
|
|
|
302,699 |
|
|
|
349,827 |
|
Eliminations |
|
|
2,009 |
|
|
|
(55 |
) |
|
|
9,278 |
|
|
|
(7,120 |
) |
Total |
|
$ |
5,936 |
|
|
$ |
4,734 |
|
|
$ |
311,977 |
|
|
$ |
342,707 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
782 |
|
|
$ |
377 |
|
|
$ |
1,860 |
|
|
$ |
2,263 |
|
Eliminations |
|
|
558 |
|
|
|
324 |
|
|
|
1,878 |
|
|
|
515 |
|
Total |
|
$ |
1,340 |
|
|
$ |
701 |
|
|
$ |
3,738 |
|
|
$ |
2,778 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
Energy Services |
|
|
(4,919 |
) |
|
|
(9,336 |
) |
|
|
36,042 |
|
|
|
74,271 |
|
|
|
|
4,140 |
|
|
|
2,434 |
|
|
|
9,761 |
|
|
|
11,277 |
|
Home Services and Other |
|
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Sub-total |
|
|
(12,751 |
) |
|
|
1,779 |
|
|
|
197,060 |
|
|
|
237,413 |
|
Eliminations |
|
|
1,177 |
|
|
|
(247 |
) |
|
|
1,589 |
|
|
|
(9,713 |
) |
Total |
|
$ |
(11,574 |
) |
|
$ |
1,532 |
|
|
$ |
198,649 |
|
|
$ |
227,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
Clean Energy Ventures |
|
|
(6,714 |
) |
|
|
7,267 |
|
|
|
(1,808 |
) |
|
|
(5,694 |
) |
Energy Services |
|
|
(2,244 |
) |
|
|
(1,604 |
) |
|
|
43,231 |
|
|
|
72,054 |
|
|
|
|
4,140 |
|
|
|
2,358 |
|
|
|
9,761 |
|
|
|
11,051 |
|
Home Services and Other |
|
|
881 |
|
|
|
523 |
|
|
|
665 |
|
|
|
1,307 |
|
Sub-total |
|
|
(10,076 |
) |
|
|
9,435 |
|
|
|
204,249 |
|
|
|
234,970 |
|
Eliminations |
|
|
1,177 |
|
|
|
235 |
|
|
|
(2,128 |
) |
|
|
(2,706 |
) |
Total |
|
$ |
(8,899 |
) |
|
$ |
9,670 |
|
|
$ |
202,121 |
|
|
$ |
232,264 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
NJNG, Core Customers |
|
|
19.1 |
|
|
|
19.5 |
|
|
|
75.4 |
|
|
|
75.3 |
|
NJNG, Off System/Capacity Management |
|
|
12.3 |
|
|
|
13.8 |
|
|
|
76.6 |
|
|
|
52.4 |
|
Energy Services Fuel Mgmt. and Wholesale Sales |
|
|
23.6 |
|
|
|
24.0 |
|
|
|
92.0 |
|
|
|
109.0 |
|
Total |
|
|
55.0 |
|
|
|
57.3 |
|
|
|
244.0 |
|
|
|
236.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
|
|
|
|
||||||||
Yield at |
|
|
3.9 |
% |
|
|
3.3 |
% |
|
|
3.9 |
% |
|
|
3.3 |
% |
Market Price at |
|
$ |
42.74 |
|
|
$ |
47.20 |
|
|
$ |
42.74 |
|
|
$ |
47.20 |
|
Shares Out. at |
|
|
99,092 |
|
|
|
97,496 |
|
|
|
99,092 |
|
|
|
97,496 |
|
Market Cap. at |
|
$ |
4,235,174 |
|
|
$ |
4,601,825 |
|
|
$ |
4,235,174 |
|
|
$ |
4,601,825 |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(Unaudited) |
|
|
|
|
||||||||||||
(Thousands, except customer and weather data) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
NATURAL GAS DISTRIBUTION |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
158,110 |
|
|
$ |
145,308 |
|
|
$ |
914,741 |
|
|
$ |
903,892 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
55,699 |
|
|
|
44,669 |
|
|
|
380,818 |
|
|
|
388,134 |
|
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Regulatory rider expense |
|
|
8,343 |
|
|
|
6,120 |
|
|
|
56,761 |
|
|
|
47,525 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Gross margin |
|
|
29,868 |
|
|
|
37,258 |
|
|
|
303,240 |
|
|
|
303,758 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
35,709 |
|
|
|
31,436 |
|
|
|
91,050 |
|
|
|
88,441 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Total Utility Gross Margin |
|
$ |
94,068 |
|
|
$ |
94,519 |
|
|
$ |
477,162 |
|
|
$ |
468,233 |
|
(1) Excludes selling, general and administrative expenses of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
$ |
59,036 |
|
|
$ |
59,723 |
|
|
$ |
330,568 |
|
|
$ |
321,017 |
|
Commercial, Industrial & Other |
|
|
15,468 |
|
|
|
14,897 |
|
|
|
64,975 |
|
|
|
65,742 |
|
Firm Transportation |
|
|
15,499 |
|
|
|
15,815 |
|
|
|
62,753 |
|
|
|
61,503 |
|
Total Firm Margin |
|
|
90,003 |
|
|
|
90,435 |
|
|
|
458,296 |
|
|
|
448,262 |
|
Interruptible |
|
|
1,146 |
|
|
|
1,149 |
|
|
|
2,680 |
|
|
|
2,572 |
|
Total System Margin |
|
|
91,149 |
|
|
|
91,584 |
|
|
|
460,976 |
|
|
|
450,834 |
|
Basic Gas Supply Service Incentive |
|
|
2,919 |
|
|
|
2,935 |
|
|
|
16,186 |
|
|
|
17,399 |
|
Total Utility Gross Margin |
|
|
94,068 |
|
|
|
94,519 |
|
|
|
477,162 |
|
|
|
468,233 |
|
Operation and maintenance expense |
|
|
64,514 |
|
|
|
58,303 |
|
|
|
178,773 |
|
|
|
166,499 |
|
Depreciation and amortization |
|
|
28,491 |
|
|
|
25,825 |
|
|
|
82,872 |
|
|
|
76,034 |
|
Operating Income |
|
$ |
1,063 |
|
|
$ |
10,391 |
|
|
$ |
215,517 |
|
|
$ |
225,700 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(6,139 |
) |
|
$ |
891 |
|
|
$ |
152,400 |
|
|
$ |
156,252 |
|
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
6.2 |
|
|
|
5.7 |
|
|
|
41.1 |
|
|
|
39.9 |
|
Commercial, Industrial & Other |
|
|
1.2 |
|
|
|
1.2 |
|
|
|
7.7 |
|
|
|
7.7 |
|
Firm Transportation |
|
|
2.0 |
|
|
|
2.2 |
|
|
|
10.3 |
|
|
|
10.7 |
|
Total Firm Throughput |
|
|
9.4 |
|
|
|
9.1 |
|
|
|
59.1 |
|
|
|
58.3 |
|
Interruptible |
|
|
9.7 |
|
|
|
10.4 |
|
|
|
16.3 |
|
|
|
17.0 |
|
Total System Throughput |
|
|
19.1 |
|
|
|
19.5 |
|
|
|
75.4 |
|
|
|
75.3 |
|
Off System/Capacity Management |
|
|
12.3 |
|
|
|
13.8 |
|
|
|
76.6 |
|
|
|
52.4 |
|
Total Throughput |
|
|
31.4 |
|
|
|
33.3 |
|
|
|
152.0 |
|
|
|
127.7 |
|
|
|
|
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
|
527,110 |
|
|
|
518,359 |
|
|
|
527,110 |
|
|
|
518,359 |
|
Commercial, Industrial & Other |
|
|
32,318 |
|
|
|
32,084 |
|
|
|
32,318 |
|
|
|
32,084 |
|
Firm Transportation |
|
|
22,569 |
|
|
|
24,360 |
|
|
|
22,569 |
|
|
|
24,360 |
|
Total Firm Customers |
|
|
581,997 |
|
|
|
574,803 |
|
|
|
581,997 |
|
|
|
574,803 |
|
Interruptible |
|
|
83 |
|
|
|
83 |
|
|
|
83 |
|
|
|
83 |
|
Total System Customers |
|
|
582,080 |
|
|
|
574,886 |
|
|
|
582,080 |
|
|
|
574,886 |
|
Off System/Capacity Management* |
|
|
20 |
|
|
|
14 |
|
|
|
20 |
|
|
|
14 |
|
Total Customers |
|
|
582,100 |
|
|
|
574,900 |
|
|
|
582,100 |
|
|
|
574,900 |
|
*The number of customers represents those active during the last month of the period. |
|
|
|
|
||||||||||||
Degree Days |
|
|
|
|
|
|
|
|
||||||||
Actual |
|
|
409 |
|
|
|
389 |
|
|
|
3,952 |
|
|
|
3,869 |
|
Normal |
|
|
468 |
|
|
|
470 |
|
|
|
4,438 |
|
|
|
4,474 |
|
Percent of Normal |
|
|
87.4 |
% |
|
|
82.8 |
% |
|
|
89.0 |
% |
|
|
86.5 |
% |
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(Unaudited) |
|
|
|
|
||||||||||||
(Thousands, except customer, RECs and megawatt) |
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
CLEAN ENERGY VENTURES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
SREC sales |
|
$ |
201 |
|
|
$ |
184 |
|
|
$ |
26,232 |
|
|
$ |
10,307 |
|
TREC sales |
|
|
4,440 |
|
|
|
4,720 |
|
|
|
9,100 |
|
|
|
8,007 |
|
SREC II sales (1) |
|
|
432 |
|
|
|
271 |
|
|
|
1,094 |
|
|
|
553 |
|
Solar electricity sales |
|
|
6,572 |
|
|
|
4,972 |
|
|
|
13,922 |
|
|
|
12,621 |
|
Sunlight Advantage |
|
|
3,003 |
|
|
|
3,031 |
|
|
|
8,920 |
|
|
|
8,888 |
|
Total Operating Revenues |
|
$ |
14,648 |
|
|
$ |
13,178 |
|
|
$ |
59,268 |
|
|
$ |
40,376 |
|
Depreciation and Amortization |
|
$ |
6,981 |
|
|
$ |
6,672 |
|
|
$ |
20,834 |
|
|
$ |
18,713 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating (Loss) Income |
|
$ |
(3,629 |
) |
|
$ |
(3,344 |
) |
|
$ |
7,015 |
|
|
$ |
(8,667 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Benefit |
|
$ |
(2,008 |
) |
|
$ |
(18,237 |
) |
|
$ |
(471 |
) |
|
$ |
(23,079 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(6,714 |
) |
|
$ |
7,267 |
|
|
$ |
(1,808 |
) |
|
$ |
(5,694 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(6,714 |
) |
|
$ |
7,267 |
|
|
$ |
(1,808 |
) |
|
$ |
(5,694 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Generated |
|
|
115,950 |
|
|
|
130,978 |
|
|
|
267,155 |
|
|
|
292,753 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Sold |
|
|
1,170 |
|
|
|
1,314 |
|
|
|
124,323 |
|
|
|
48,871 |
|
|
|
|
|
|
|
|
|
|
||||||||
Transition Renewable Energy Certificates Generated |
|
|
31,246 |
|
|
|
31,144 |
|
|
|
63,799 |
|
|
|
52,013 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates II Generated |
|
|
4,794 |
|
|
|
2,973 |
|
|
|
12,259 |
|
|
|
5,803 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
34.2 |
|
|
|
13.8 |
|
|
|
34.2 |
|
|
|
13.8 |
|
(1) Prior year SREC II revenue was previously included in Solar electricity sales and other |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
62,441 |
|
|
$ |
70,172 |
|
|
$ |
306,971 |
|
|
$ |
588,684 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
|
61,041 |
|
|
|
76,599 |
|
|
|
226,841 |
|
|
|
471,000 |
|
Operation and maintenance expense |
|
|
4,187 |
|
|
|
3,699 |
|
|
|
22,934 |
|
|
|
13,144 |
|
Depreciation and amortization |
|
|
45 |
|
|
|
51 |
|
|
|
158 |
|
|
|
170 |
|
Operating (Loss) Income |
|
$ |
(2,832 |
) |
|
$ |
(10,177 |
) |
|
$ |
57,038 |
|
|
$ |
104,370 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(4,919 |
) |
|
$ |
(9,336 |
) |
|
$ |
36,042 |
|
|
$ |
74,271 |
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Margin |
|
$ |
4,819 |
|
|
$ |
4,088 |
|
|
$ |
89,408 |
|
|
$ |
114,877 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(2,244 |
) |
|
$ |
(1,604 |
) |
|
$ |
43,231 |
|
|
$ |
72,054 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gas Sold and Managed (Bcf) |
|
|
23.6 |
|
|
|
24.0 |
|
|
|
92.0 |
|
|
|
109.0 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
$ |
24,475 |
|
|
$ |
22,201 |
|
|
$ |
71,379 |
|
|
$ |
69,926 |
|
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
$ |
782 |
|
|
$ |
377 |
|
|
$ |
1,860 |
|
|
$ |
2,263 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operation and Maintenance Expense |
|
$ |
10,079 |
|
|
$ |
8,687 |
|
|
$ |
30,742 |
|
|
$ |
23,951 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income, Net |
|
$ |
2,539 |
|
|
$ |
1,815 |
|
|
$ |
7,300 |
|
|
$ |
4,829 |
|
|
|
|
|
|
|
|
|
|
||||||||
Interest Expense |
|
$ |
5,773 |
|
|
$ |
6,430 |
|
|
$ |
17,574 |
|
|
$ |
19,265 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax Provision |
|
$ |
1,345 |
|
|
$ |
535 |
|
|
$ |
2,996 |
|
|
$ |
3,074 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
4,140 |
|
|
$ |
2,434 |
|
|
$ |
9,761 |
|
|
$ |
11,277 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial Earnings |
|
$ |
4,140 |
|
|
$ |
2,358 |
|
|
$ |
9,761 |
|
|
$ |
11,051 |
|
|
|
|
|
|
|
|
|
|
||||||||
HOME SERVICES AND OTHER |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
$ |
16,356 |
|
|
$ |
14,955 |
|
|
$ |
46,095 |
|
|
$ |
42,669 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
$ |
1,388 |
|
|
$ |
712 |
|
|
$ |
1,958 |
|
|
$ |
1,900 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
881 |
|
|
$ |
523 |
|
|
$ |
665 |
|
|
$ |
1,307 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial Earnings |
|
$ |
881 |
|
|
$ |
523 |
|
|
$ |
665 |
|
|
$ |
1,307 |
|
|
|
|
|
|
|
|
|
|
||||||||
Total Service Contract Customers at |
|
|
99,999 |
|
|
|
101,748 |
|
|
|
99,999 |
|
|
|
101,748 |
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240805489390/en/
Media:
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