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NEW JERSEY RESOURCES CORP

For the period ended Mar 31, 2024. Filed May 7, 2024.

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About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed May 7, 2024

NJR$54.34-0.6%Stored close · as of Nov 6, 2026

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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, 2024

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 Jersey22-2376465
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
1415 Wyckoff Road(732)938‑1480
WallNew Jersey07719(Registrant's telephone number, including area code)
(Address of principal executive offices)
Securities registered pursuant to Section 12 (b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which registered
Common Stock - $2.50 Par ValueNJRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes:☒ No:☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes:☒ No:☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes:☐ No:☒

The number of shares outstanding of $2.50 par value Common Stock as of May 3, 2024 was 98,822,278.

TABLE OF CONTENTS

Page
Glossary of Key Terms1
Information Concerning Forward-Looking Statements3
PART I. FINANCIAL INFORMATION
ITEM 1.Unaudited Condensed Consolidated Financial Statements4
Notes to Unaudited Condensed Consolidated Financial Statements9
Note 1. Nature of the Business9
Note 2. Summary of Significant Accounting Policies9
Note 3. Revenue11
Note 4. Regulation16
Note 5. Derivative Instruments18
Note 6. Fair Value22
Note 7. Investments in Equity Investees24
Note 8. Earnings Per Share24
Note 9. Debt25
Note 10. Employee Benefit Plans26
Note 11. Income Taxes28
Note 12. Leases29
Note 13. Commitments and Contingent Liabilities31
Note 14. Reporting Segment and Other Operations Data32
Note 15. Related Party Transactions35
ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations37
Natural Gas Distribution Segment40
Clean Energy Ventures Segment48
Energy Services Segment50
Storage and Transportation Segment55
Home Services and Other Business Operations56
Liquidity and Capital Resources56
ITEM 3.Quantitative and Qualitative Disclosures About Market Risk63
ITEM 4.Controls and Procedures65
PART II. OTHER INFORMATION
ITEM 1.Legal Proceedings67
ITEM 1A.Risk Factors67
ITEM 2.Unregistered Sale of Equity Securities and Use of Proceeds67
ITEM 5.Other Information67
ITEM 6.Exhibits68
Signatures69
ContentsView on SEC.gov

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