UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1415 Wyckoff Road (732) 938‑1480 Wall New Jersey 07719 (Registrant's telephone number, ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) (I.R.S. Employer Identification Number) 1415 Wyck ...

PART I. FINANCIAL INFORMATION [Unaudited Condensed Consolidated Financial Statements](index=7&type=section&id=ITEM%201.%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Net income for the nine months ended June 30, 2021, decreased to $119.0 million due to an equity investment impairment, while total assets and operating cash flow increased Condensed Consolidated Statements of Operations (Unaudited) | (Thousands, except per share data) | Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Total operating revenues** | $1,624,085 | $1,553,624 | | **Operating income** | $285,232 | $186,254 | | **Net income** | $119,023 | $130,300 | | **Diluted earnings per common share** | $1.23 | $1.38 | Condensed Consolidated Balance Sheets (Unaudited) | (Thousands) | June 30, 2021 | September 30, 2020 | | :--- | :--- | :--- | | **Total assets** | $5,408,618 | $5,316,477 | | Property, plant and equipment, net | $4,030,467 | $3,722,769 | | **Total liabilities** | $1,504,930 | $1,413,115 | | Long-term debt | $2,221,622 | $2,259,466 | | **Common stock equity** | $1,682,066 | $1,643,896 | Condensed Consolidated Statements of Cash Flows (Unaudited) | (Thousands) | Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Cash flows from operating activities** | $341,796 | $182,783 | | **Cash flows used in investing activities** | $(429,870) | $(890,966) | | **Cash flows (used in) from financing activities** | $(25,339) | $749,365 | [Note 1. Nature of the Business](index=15&type=section&id=Note%201.%20Nature%20of%20the%20Business) NJR operates through four primary segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation, serving diverse energy needs - NJNG, the Natural Gas Distribution segment, serves approximately **562,700 customers** in several New Jersey counties and is regulated by the BPU[32](index=32&type=chunk) - The Clean Energy Ventures segment consists of capital investments in commercial and residential solar projects[33](index=33&type=chunk) - The Storage and Transportation segment invests in energy ventures, including a **50% interest in Steckman Ridge**, a **20% interest in PennEast**, and wholly-owned assets Leaf River and Adelphia Gateway[34](index=34&type=chunk) [Note 2. Summary of Significant Accounting Policies](index=15&type=section&id=Note%202.%20Summary%20of%20Significant%20Accounting%20Policies) The company retrospectively adopted the deferral method for Investment Tax Credits (ITCs) and new guidance on credit losses, with no material impact on retained earnings - Effective October 1, 2020, the company changed its accounting method for ITCs at Clean Energy Ventures from the flow-through method to the deferral method, which is considered preferable under ASC 740. This change was applied retrospectively[71](index=71&type=chunk) Impact of ITC Accounting Change on 9-Months Ended June 30, 2020 | (Thousands, except per share data) | As Previously Reported | Effect of Change | As Adjusted | | :--- | :--- | :--- | :--- | | **Operating income** | $176,521 | $9,733 | $186,254 | | **Net income** | $150,647 | $(20,347) | $130,300 | | **Diluted EPS** | $1.59 | $(0.21) | $1.38 | - The company adopted ASU No. 2016-13 (Credit Losses) on October 1, 2020, using the modified retrospective method. The adoption did not result in a material cumulative effect adjustment to retained earnings[77](index=77&type=chunk)[78](index=78&type=chunk) - In February 2021, severe winter weather led Energy Services to evaluate counterparty credit risk, resulting in a **$5.2 million reserve** for expected credit losses recorded at March 31, 2021[55](index=55&type=chunk)[56](index=56&type=chunk) [Note 3. Revenue](index=24&type=section&id=Note%203.%20Revenue) Total operating revenues for the nine months ended June 30, 2021, increased to **$1.624 billion**, primarily driven by the Energy Services segment Disaggregated Revenues by Segment (Nine Months Ended June 30) | (Thousands) | 2021 | 2020 | | :--- | :--- | :--- | | Natural Gas Distribution | $633,522 | $645,375 | | Clean Energy Ventures | $26,227 | $25,603 | | Energy Services | $889,631 | $816,003 | | Storage and Transportation | $36,703 | $29,949 | | Home Services and Other | $38,002 | $36,694 | | **Total operating revenues** | **$1,624,085** | **$1,553,624** | [Note 4. Regulation](index=31&type=section&id=Note%204.%20Regulation) NJNG's operations are subject to BPU regulation, with **$570.0 million** in regulatory assets, and recent activities include a base rate case filing and approval of a new SAVEGREEN program - On March 30, 2021, NJNG filed a base rate case with the BPU requesting a revenue increase of **$165.7 million**, later updated to **$163.9 million**, primarily for rate recovery for the SRL and other infrastructure investments[109](index=109&type=chunk) - On March 3, 2021, the BPU approved a three-year SAVEGREEN program with approximately **$126.1 million** in direct investment and **$109.4 million** in financing options, effective July 1, 2021[109](index=109&type=chunk) Regulatory Assets and Liabilities Summary (June 30, 2021) | (Thousands) | Amount | | :--- | :--- | | **Total current regulatory assets** | $34,761 | | **Total noncurrent regulatory assets** | $535,274 | | **Total current regulatory liabilities** | $14,037 | | **Total noncurrent regulatory liabilities** | $192,999 | [Note 5. Derivative Instruments](index=35&type=section&id=Note%205.%20Derivative%20Instruments) The company uses derivatives to manage commodity price risk, with Energy Services recognizing fair value changes in earnings and NJNG deferring them as regulatory assets/liabilities Fair Value of Derivatives (June 30, 2021) | (Thousands) | Assets | Liabilities | | :--- | :--- | :--- | | **Derivatives not designated as hedging instruments** | | | | Natural Gas Distribution | $93 | $2,029 | | Energy Services | $20,481 | $56,673 | | **Total fair value of derivatives** | **$20,574** | **$58,702** | - Energy Services chooses not to designate its commodity derivatives as accounting hedges, so changes in fair value are recorded in operating revenues or natural gas purchases, creating earnings volatility[112](index=112&type=chunk) - For NJNG, changes in the fair value of its financial commodity derivatives are recorded as regulatory assets or liabilities, deferring the impact on earnings[116](index=116&type=chunk) - As of June 30, 2021, the company's gross credit exposure from wholesale operations was **$201.8 million**, with **$135.2 million** related to investment-grade counterparties[138](index=138&type=chunk)[139](index=139&type=chunk) [Note 7. Investments in Equity Investees](index=46&type=section&id=Note%207.%20Investments%20in%20Equity%20Investees) The company recognized a **$92.0 million** impairment charge on its PennEast pipeline equity investment due to ongoing regulatory and legal challenges, reducing its carrying value to **$5.5 million** - The company determined its equity investment in PennEast was other-than-temporarily impaired as of June 30, 2021, due to ongoing regulatory and legal challenges[165](index=165&type=chunk) - An other-than-temporary impairment charge of **$92.0 million** (**$72.7 million**, net of tax) was recognized, recorded in 'equity in (losses) earnings from affiliates' on the income statement[166](index=166&type=chunk) Investment in PennEast | (Thousands) | June 30, 2021 | September 30, 2020 | | :--- | :--- | :--- | | PennEast Investment Value | $5,479 | $95,997 | - On June 29, 2021, the Supreme Court ruled in favor of PennEast, reversing a Third Circuit decision regarding the use of eminent domain on state-owned lands[164](index=164&type=chunk) [Note 9. Debt](index=49&type=section&id=Note%209.%20Debt) NJR and NJNG utilize credit facilities and commercial paper, with NJR having **$124.8 million** outstanding and NJNG **$51.5 million**, while Clean Energy Ventures uses sale-leaseback financing Credit Facilities Summary (June 30, 2021) | (Thousands) | Facility Size | Outstanding | Available | | :--- | :--- | :--- | :--- | | **NJR** | $425,000 | $124,800 | $289,612 | | **NJNG** | $250,000 | $51,500 (CP) | $197,769 | - Clean Energy Ventures received proceeds of **$17.7 million** and **$42.9 million** for the nine months ended June 30, 2021 and 2020, respectively, from sale-leaseback financing of commercial solar projects[180](index=180&type=chunk) [Note 11. Income Taxes](index=50&type=section&id=Note%2011.%20Income%20Taxes) The effective tax rate for the nine months ended June 30, 2021, was **24.0%**, impacted by the PennEast impairment and the release of a **$4.9 million** tax reserve - The actual effective tax rate was **24.0%** for the nine months ended June 30, 2021, compared to **16.6%** in the prior year period[193](index=193&type=chunk) - Discrete tax items for the nine months ended June 30, 2021 totaled approximately **$11.8 million**, primarily related to the impairment of the PennEast investment[193](index=193&type=chunk) - A reserve for uncertain tax benefits of **$4.9 million** was released during fiscal 2021 after a federal tax audit was completed and the related positions were considered effectively settled[188](index=188&type=chunk)[189](index=189&type=chunk) - As of June 30, 2021, the company has a valuation allowance of **$25.0 million**, primarily related to state net operating losses and potential capital losses from the PennEast impairment[200](index=200&type=chunk) [Note 13. Commitments and Contingent Liabilities](index=55&type=section&id=Note%2013.%20Commitments%20and%20Contingent%20Liabilities) The company has significant future commitments for natural gas purchases and pipeline fees, with a Manufactured Gas Plant (MGP) remediation liability of approximately **$136.9 million** Commitments as of June 30, 2021 | (Thousands) | 2021 (Remainder) | 2022 | 2023 | 2024 | 2025 | Thereafter | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Energy Services** | $214,837 | $60,013 | $35,818 | $30,384 | $26,732 | $41,898 | | **NJNG** | $181,273 | $169,758 | $158,638 | $166,170 | $154,541 | $1,432,389 | - The estimated liability for Manufactured Gas Plant (MGP) remediation was **$136.9 million** as of June 30, 2021, down from **$150.6 million** at September 30, 2020[220](index=220&type=chunk) [Note 14. Common Stock Equity](index=58&type=section&id=Note%2014.%20Common%20Stock%20Equity) The company cash-settled its remaining forward sale agreements for approximately **$2.8 million** in payouts, in lieu of issuing **1,212,120** common shares - On March 3, 2021, the company cash settled a portion of its forward sale agreement for a payout of approximately **$388,000** instead of issuing **727,272 shares**[228](index=228&type=chunk) - On May 26, 2021, the company cash settled the remainder of the forward sale agreements for a payout of approximately **$2.4 million** instead of issuing **484,848 shares**[228](index=228&type=chunk) [Note 15. Reporting Segment and Other Operations Data](index=59&type=section&id=Note%2015.%20Reporting%20Segment%20and%20Other%20Operations%20Data) Natural Gas Distribution was the most profitable segment with **$131.6 million** net income, while Storage and Transportation recorded a **$69.5 million** net loss due to the PennEast impairment Net Income (Loss) by Segment (Nine Months Ended June 30, 2021) | (Thousands) | Net Income (Loss) | | :--- | :--- | | Natural Gas Distribution | $131,589 | | Clean Energy Ventures | $(24,072) | | Energy Services | $83,688 | | Storage and Transportation | $(69,460) | | Home Services and Other | $301 | Reconciliation of Net Income to Net Financial Earnings (NFE) (Nine Months Ended June 30) | (Thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Net income** | **$119,023** | **$130,300** | | Unrealized (gain) loss on derivatives, net of tax | $10,387 | $(16,638) | | Effects of economic hedging, net of tax | $(9,343) | $7,985 | | Impairment of equity method investment, net of tax | $80,066 | $— | | NFE tax adjustment | $980 | $257 | | **Net financial earnings** | **$201,113** | **$121,904** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=65&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) A **$92.0 million** PennEast impairment drove a consolidated net loss, partially offset by strong Energy Services performance, while Net Financial Earnings (NFE) increased to **$201.1 million** for the nine-month period - The net loss for the third quarter was primarily driven by the impairment of the equity method investment in PennEast[268](index=268&type=chunk) - The decrease in nine-month net income was also driven by the PennEast impairment, but was partially offset by increased earnings at Energy Services due to strong market demand from extreme cold weather in February 2021[268](index=268&type=chunk) Net Financial Earnings (NFE) Reconciliation (Nine Months Ended June 30) | (Thousands) | 2021 | 2020 | | :--- | :--- | :--- | | **Net income** | **$119,023** | **$130,300** | | Add: Unrealized loss on derivatives & hedging effects | $1,044 | $(11,353) | | Add: Impairment of equity method investment | $92,000 | $— | | Tax Effects & NFE Adjustment | $(10,956) | $2,957 | | **Net financial earnings** | **$201,113** | **$121,904** | [Natural Gas Distribution Segment Analysis](index=72&type=section&id=MD%26A%20-%20Natural%20Gas%20Distribution%20Segment) NJNG's net income decreased to **$131.6 million** for the nine-month period due to higher O&M expenses, despite increased utility gross margin and ongoing infrastructure investments - Net income decreased primarily due to higher O&M expenses, which rose by **$12.3 million** for the quarter and **$32.9 million** for the nine months ended June 30, 2021, driven by increased compensation, IT, and bad debt expenses[337](index=337&type=chunk)[344](index=344&type=chunk) - The Southern Reliability Link (SRL) project is estimated to cost between **$290 million** and **$310 million** and is expected to be placed in service in August 2021, with rate recovery being sought in the current base rate case[293](index=293&type=chunk) Utility Gross Margin (Non-GAAP) | (Thousands) | Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Operating revenues** | $633,522 | $645,375 | | Less: Natural gas purchases | $221,872 | $258,194 | | Less: Regulatory rider expense | $34,570 | $32,536 | | **Utility gross margin** | **$377,080** | **$354,645** | - NJNG added **5,448 new customers** in the first nine months of fiscal 2021 and expects to add **28,000 to 30,000 new customers** between fiscal 2021 and 2023[295](index=295&type=chunk)[296](index=296&type=chunk) [Clean Energy Ventures Segment Analysis](index=85&type=section&id=MD%26A%20-%20Clean%20Energy%20Ventures%20Segment) The Clean Energy Ventures segment's net loss increased to **$24.1 million** for the nine-month period due to higher O&M and interest expenses, despite placing **8.4 MW** of new solar projects in service - Net loss for the nine months ended June 30, 2021 increased by **$1.4 million** year-over-year, primarily due to a **$4.6 million** increase in O&M expense[363](index=363&type=chunk)[367](index=367&type=chunk) - Depreciation expense decreased by **$4.4 million** for the nine-month period due to a change in the estimated useful lives of commercial solar assets, effective July 1, 2020[364](index=364&type=chunk) - The **26%** federal Investment Tax Credit (ITC) was extended through the end of 2022, declining to **22%** in 2023 and **10%** thereafter[351](index=351&type=chunk) Solar Projects Placed in Service (Nine Months Ended June 30) | | 2021 | 2020 | | :--- | :--- | :--- | | **Projects** | 262 | 377 | | **MW** | 8.4 | 59.1 | | **Costs (Thousands)** | $17,005 | $118,289 | [Energy Services Segment Analysis](index=90&type=section&id=MD%26A%20-%20Energy%20Services%20Segment) The Energy Services segment achieved a significant net income of **$83.7 million** for the nine-month period, driven by natural gas price volatility during extreme weather in February 2021 - Net income for the nine months ended June 30, 2021, increased by **$84.9 million** year-over-year, primarily due to increased operating income from natural gas price volatility during February 2021[380](index=380&type=chunk)[381](index=381&type=chunk) Financial Margin (Non-GAAP) | (Thousands) | Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Operating revenues** | $893,640 | $817,659 | | Less: Natural gas purchases | $741,128 | $803,697 | | Add: Unrealized derivative (gains)/losses | $13,351 | $(21,306) | | Add: Hedging effects | $(12,255) | $10,474 | | **Financial margin** | **$153,608** | **$3,130** | - O&M expense for the nine-month period increased by **$27.8 million**, driven by higher compensation, charitable contributions, and bad debt expense[379](index=379&type=chunk) [Storage and Transportation Segment Analysis](index=94&type=section&id=MD%26A%20-%20Storage%20and%20Transportation%20Segment) The Storage and Transportation segment recorded a **$69.5 million** net loss for the nine-month period, primarily due to a **$92.0 million** impairment charge on the PennEast investment - The segment's results were dominated by a **$92.0 million** other-than-temporary impairment charge on the PennEast equity investment, recognized on June 30, 2021[404](index=404&type=chunk)[405](index=405&type=chunk) - Equity in earnings of affiliates decreased by **$92.2 million** for the quarter and **$93.2 million** for the nine months, reflecting the PennEast impairment[411](index=411&type=chunk) Net Financial Earnings (NFE) Reconciliation (Non-GAAP) | (Thousands) | Nine Months Ended June 30, 2021 | Nine Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Net (loss) income** | **$(69,460)** | **$10,877** | | Add: Impairment of equity method investment | $92,000 | $— | | Tax effect | $(11,934) | $— | | **Net financial earnings** | **$10,606** | **$10,877** | - Construction on the southern zone of the Adelphia Gateway pipeline has commenced following FERC's Notice to Proceed[395](index=395&type=chunk) [Liquidity and Capital Resources](index=100&type=section&id=MD%26A%20-%20Liquidity%20and%20Capital%20Resources) The company maintains a strong capital structure with **41%** common equity, **54%** long-term debt, and **$341.8 million** in operating cash flow for the nine-month period Consolidated Capital Structure | | June 30, 2021 | September 30, 2020 | | :--- | :--- | :--- | | Common stock equity | 41% | 43% | | Long-term debt | 54% | 53% | | Short-term debt | 5% | 4% | - Cash flows from operating activities increased to **$341.8 million** for the nine months ended June 30, 2021, from **$182.8 million** in the prior year, primarily due to increased earnings at Energy Services[475](index=475&type=chunk) - The company cash-settled its remaining forward sale agreements, making cash payouts totaling approximately **$2.8 million** in lieu of issuing **1,212,120 common shares**[431](index=431&type=chunk) - NJNG's credit ratings remain investment grade: **A1 (Stable)** from Moody's and **A+ (Stable)** from Fitch for its senior secured debt[482](index=482&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=76&type=section&id=ITEM%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company manages commodity market risk from natural gas price fluctuations using derivatives, with a **10%** price change impacting fair value by **$6.1 million**, and manages **$201.8 million** in wholesale credit exposure Derivative Fair Value Sensitivity to Natural Gas Price Changes | Percent Change in NYMEX Prices | Estimated Change in Derivative Fair Value (Thousands) | | :--- | :--- | | +10% | $(6,092) | | -10% | $6,092 | Wholesale Credit Exposure (June 30, 2021) | (Thousands) | Gross Credit Exposure | Net Credit Exposure | | :--- | :--- | :--- | | **Energy Services, CEV, S&T** | $190,807 | $152,124 | | **NJNG** | $10,994 | $4,493 | [Controls and Procedures](index=79&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no material changes to internal control over financial reporting - The principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective as of June 30, 2021[499](index=499&type=chunk) - No material changes to internal control over financial reporting occurred during the quarter ended June 30, 2021[500](index=500&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=80&type=section&id=ITEM%201.%20Legal%20Proceedings) No new reportable legal proceedings or material developments in previously reported proceedings occurred during the quarter ended June 30, 2021 - No new legal proceedings became reportable during the quarter ended June 30, 2021, and there were no material developments in previously disclosed legal proceedings[503](index=503&type=chunk) [Risk Factors](index=80&type=section&id=ITEM%201A.%20Risk%20Factors) There have been no material changes in the company's risk factors from those previously disclosed in its 2020 Annual Report on Form 10-K - There have been no material changes in risk factors from those disclosed in the 2020 Annual Report on Form 10-K[504](index=504&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=80&type=section&id=ITEM%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any common stock during the quarter, with approximately **2.4 million shares** remaining available under the repurchase plan Share Repurchase Activity (Quarter Ended June 30, 2021) | Period | Total Number of Shares Purchased | Average Price Paid per Share | Maximum Number of Shares That May Yet Be Purchased | | :--- | :--- | :--- | :--- | | 04/01/21 - 06/30/21 | — | $— | 2,431,053 | [Exhibits](index=81&type=section&id=ITEM%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including a separation agreement, CEO/CFO certifications, and the Interactive Data File (iXBRL) - Exhibits filed include CEO/CFO certifications (302 and 906), a separation agreement, and the iXBRL data file[508](index=508&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR Commission File Number: 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 1415 Wyckoff Road (732) 938‑1480 (Address of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorpora ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (I.R.S. Employer Identifica ...

Financial Performance - Total operating revenues for the three months ended June 30, 2020, were $298,974,000, a decrease of 31.2% compared to $434,942,000 in the same period of 2019[17] - Net loss for the three months ended June 30, 2020, was $(27,219,000), compared to a net loss of $(8,402,000) in the same period of 2019[18] - Operating expenses for the nine months ended June 30, 2020, totaled $1,377,103,000, down from $1,951,239,000 in the same period of 2019, reflecting a decrease of 29.5%[17] - The company reported a basic earnings per share of $(0.28) for the three months ended June 30, 2020, compared to $(0.09) for the same period in 2019[17] - The company reported a net income of $89,361 thousand for the period, a decrease from $88,505 thousand in the previous quarter[28] - For the three months ended June 30, 2020, the company reported a net income of $(27,219) thousand, compared to $(8,402) thousand for the same period in 2019, resulting in a basic earnings per share of $(0.28) compared to $(0.09) in 2019[162] - For the nine months ended June 30, 2020, the company reported a net income of $150,647 thousand, slightly down from $151,419 thousand in 2019, with a basic earnings per share of $1.60 compared to $1.70 in 2019[162] Cash Flow and Assets - Cash flows from operating activities for the nine months ended June 30, 2020, were $182,783,000, compared to $165,790,000 in the same period of 2019, an increase of 10.1%[21] - Total assets as of June 30, 2020, were $5,282,084,000, an increase from $4,372,985,000 as of September 30, 2019[24] - Cash and cash equivalents at the end of the period were $45,245,000, up from $26,688,000 at the end of the same period in 2019[22] - Customer accounts receivable increased to $143,059,000 as of June 30, 2020, from $139,263,000 as of October 1, 2019, representing a growth of approximately 2.6%[95] - Unbilled customer accounts receivable rose to $8,738,000 as of June 30, 2020, compared to $6,510,000 as of October 1, 2019, indicating an increase of about 34%[95] - Total current regulatory assets increased to $52,251,000 as of June 30, 2020, from $32,871,000 as of September 30, 2019, reflecting a growth of approximately 59%[100] Debt and Liabilities - Current liabilities totaled $902,259 thousand, significantly higher than $446,377 thousand in the prior year, representing an increase of approximately 102%[26] - Long-term debt stood at $1,664,517 thousand, compared to $1,537,177 thousand in the previous year, marking an increase of about 8.3%[26] - The total current maturities of long-term debt increased to $25,954 thousand from $21,419 thousand, an increase of about 21.5%[26] - Regulatory liabilities for the Tax Act impact were recorded at $196,705,000 as of June 30, 2020, slightly down from $200,417,000 as of September 30, 2019[100] Investments and Capital Expenditures - The company plans to continue investing in utility and solar equipment, with expenditures of $213,667,000 and $110,968,000 respectively for the nine months ended June 30, 2020[21] - The company issued common stock worth $212,900 thousand through a common stock offering during the reporting period[28] - The company holds a 20% investment in PennEast, which aims to construct a 120-mile natural gas pipeline, with a total investment of $92.9 million as of June 30, 2020[154] Revenue Recognition - Revenues from contracts with customers for the nine months ended June 30, 2020, totaled $712.554 million, compared to $678.077 million in 2019, indicating an increase of approximately 5.1%[94] - Revenue from natural gas utility sales is recognized in the period that gas is delivered and consumed, including estimates for unbilled revenue[83] - Clean Energy Ventures recognizes revenue as electricity is generated and transferred to the customer, with payment due monthly for the previous month's services[83] - The performance obligation for Energy Services includes providing transportation, storage, and asset management services, with revenue recognized based on actual deliveries[83] Regulatory and Tax Matters - NJNG's base rate increase approved by the BPU on November 13, 2019, amounted to $62.2 million, effective November 15, 2019, with an overall rate of return on rate base of 6.95%[101] - NJNG filed for a base rate increase of approximately $7.1 million based on $55.1 million of actual capital investments as of June 30, 2020, anticipated to be effective October 1, 2020[102] - The company recorded a tax benefit of approximately $10 million due to a favorable IRS ruling regarding the capitalization of costs associated with self-constructed property[185] - The Company had ITC carryforwards of approximately $184.7 million as of June 30, 2020, with an expected utilization beginning in fiscal 2034[193] Lease Obligations - As of June 30, 2020, total lease assets amount to $174.014 million, with operating lease assets at $101.657 million and finance lease assets at $72.357 million[211] - Total lease liabilities are $178.165 million, consisting of current operating lease liabilities of $4.458 million and noncurrent operating lease liabilities of $96.118 million[211] - The weighted average remaining lease term for operating leases is 27.3 years, while for finance leases it is 2.37 years[211] - Future minimum lease payments for operating leases total $153.677 million, with the largest portion due thereafter at $126.331 million[213]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (State or other jurisd ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-08359 NEW JERSEY RESOURCES CORPORATION (State or other jur ...

For the transition period from to UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-08359 NEW JERSEY RESOURCES CORPORATION (Exact name of registrant as specified in its charter) New Jersey 22-2376465 (State or other jurisdictio ...