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February 08, 2016 7:40 AM 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: 58
Chief Operating Officer and Executive Vice President
Age: 62
Senior Vice President of Customer Services
Age: 69
Senior Vice President of Energy Delivery
Age: 65
Senior Vice President of Regulatory Affairs
Age: 57
Compensation as of Fiscal Year 2015.

New Jersey Natural Gas Company Key Developments

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.

New Jersey Natural Gas Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended March 31, 2015; Provides Financial Guidance for the Year 2015

New Jersey Natural Gas reported unaudited earnings results for the second quarter and six months ended March 31, 2015. For the quarter, the company reported operating revenues of USD 374.703 million compared to USD 394.528 million a year ago. Operating income was USD 75.949 million compared to USD 74.052 million a year ago. Net income was USD 48.594 million compared to USD 47.043 million a year ago. For the six months, the company reported operating revenues of USD 583.430 million compared to USD 627.997 million a year ago. Operating income was USD 121.513 million compared to USD 119.355 million a year ago. Net income was USD 76.780 million compared to USD 74.682 million a year ago. The company expected 2015 financial earnings in the range of 50% to 60%. Long-term NFE contributions beyond fiscal 2015 are expected in the range of 60% to 70%.

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