August 27, 2016 5:47 PM ET

Gas Utilities

Company Overview of New Jersey Natural Gas Company

Company Overview

New Jersey Natural Gas Company, a natural gas distribution company, provides regulated retail natural gas services to residential and commercial customers in central and northern New Jersey. The company also participates in the off-system sales and capacity release markets. It owns approximately 7,080 miles of distribution mains; 7,275 miles of service mains; 226 miles of transmission mains; and approximately 534,000 meters. In addition, the company owns and operates 2 LNG storage plants in Stafford Township in Ocean County and Howell Township in Monmouth County with an aggregate estimated capacity of approximately 170,000 dths per day. New Jersey Natural Gas Company serves approximately 512...

1415 Wyckoff Road

Wall, NJ 07719

United States

Key Executives for New Jersey Natural Gas Company

Chairman, Chief Executive Officer and President
Age: 59
Chief Operating Officer and Executive Vice President
Age: 63
Senior Vice President of Customer Services
Age: 70
Senior Vice President of Energy Delivery
Age: 66
Senior Vice President of Regulatory Affairs
Age: 58
Compensation as of Fiscal Year 2016.

New Jersey Natural Gas Company Key Developments

New Jersey Natural Gas Company Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended June 30, 2016

New Jersey Natural Gas Company reported unaudited earnings results for the third quarter and nine months ended June 30, 2016. For the quarter, the company reported net financial earnings of $3.607 million against $7.172 million a year ago. Operating revenues were $119.206 million against $116.307 million a year ago. Operating income was $9.384 million against $14.567 million a year ago. Net income was $3.607 million against $7.172 million a year ago. For the nine months, the company reported net financial earnings of $83.494 million against $83.952 million a year ago. Lower quarterly results were primarily due to the timing of Basic Gas Supply Service (BGSS) incentives and operation and maintenance (O&M) expenses. Steady results for the fiscal year were driven by utility gross margin from customer additions, BGSS incentive programs and regulatory initiatives, such as The SAVEGREEN Project® (SAVEGREEN) and the Safety Acceleration and Facility Enhancement (SAFE) program. Operating revenues were $513.348 million against $699.737 million a year ago. Operating income was $132.170 million against $136.080 million a year ago. Net income was $83.494 million against $83.952 million a year ago.

New Jersey Natural Gas Announces Unaudited Earnings and Operating Results for the Fourth Quarter and Full Year Ended September 30, 2015; Provides Capital Expenditures Guidance for the Fiscal Year 2016, 2017 and 2018

New Jersey Natural Gas announced unaudited earnings and operating results for the fourth quarter and full year ended September 30, 2015. For the quarter, the company reported operating revenues of $82,233,000 against $80,035,000 a year ago. Operating loss was $6,033,000 against $4,971,000 a year ago. Net loss was $7,665,000 against $5,360,000 a year ago. The increased loss in the quarter was primarily due to an increase in the overall state tax rate at NJNG. For the year, the company reported operating revenues of $781,970,000 against $819,415,000 a year ago. Operating income was $130,047,000 against $127,429,000 a year ago. Net income was $76,287,000 against $74,204,000 a year ago. Results were driven primarily by higher utility gross margin from customer additions, Basic Gas Supply Service (BGSS) incentive programs and regulatory initiatives, such as The SAVEGREEN Project®. Capital expenditure was $167,800,000. For the quarter, the company’s total firm throughput was 5.0 Bcf against 4.9 Bcf a year ago. Total system throughput was 23.7 Bcf against 9.4 Bcf a year ago. Total throughput was 81.3 Bcf against 66.2 Bcf a year ago. For the year, the company’s total firm throughput was 71.5 Bcf against 69.0 Bcf a year ago. Total system throughput was 118.6 Bcf against 79.5 Bcf a year ago. Total throughput was 341.0 Bcf against 260.3 Bcf a year ago. For the fiscal year 2016, the company expects capital expenditures of $291.1 million. For the fiscal year 2017, the company expects capital expenditures of $230.5 million. For the fiscal year 2018, the company expects capital expenditures of $184.0 million.

New Jersey Natural Gas Opens First Public-Access Compressed Natural Gas Fueling Station in Ocean County

New Jersey Natural Gas (NJNG) announced the opening of Ocean County, New Jersey’s first public-access compressed natural gas (CNG) fueling station at the Waste Management Inc. facility in Toms River. The construction of the CNG fueling station in Toms River is part of NJNG’s unique pilot program, the NGV Advantage. With approval from the New Jersey Board of Public Utilities, NJNG invested a total of $10 million to build, own and maintain the infrastructure for three public CNG fueling stations in its service territory. The station at Waste Management’s Toms River facility is the first to become operational.

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Recent Private Companies Transactions

Type
Date
Target
Private Placement
June 21, 2016
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