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NEW JERSEY RESOURCES CORP

For the period ended Dec 31, 2024. Filed Feb 4, 2025.

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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.

Dec 31, 2024 · Filed Feb 4, 2025

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 December 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 January 31, 2025 was 100,289,422.

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. Revenue10
Note 4. Regulation14
Note 5. Derivative Instruments15
Note 6. Fair Value19
Note 7. Investments in Equity Investees21
Note 8. Earnings Per Share21
Note 9. Debt22
Note 10. Employee Benefit Plans23
Note 11. Income Taxes23
Note 12. Leases24
Note 13. Commitments and Contingent Liabilities26
Note 14. Reporting Segment and Other Operations Data28
Note 15. Related Party Transactions29
Note 16. Dispositions30
ITEM 2.Management's Discussion and Analysis of Financial Condition and Results of Operations31
Natural Gas Distribution Segment34
Clean Energy Ventures Segment42
Energy Services Segment44
Storage and Transportation Segment47
Home Services and Other Business Operations48
Liquidity and Capital Resources49
ITEM 3.Quantitative and Qualitative Disclosures About Market Risk55
ITEM 4.Controls and Procedures58
PART II. OTHER INFORMATION
ITEM 1.Legal Proceedings59
ITEM 1A.Risk Factors59
ITEM 2.Unregistered Sale of Equity Securities and Use of Proceeds59
ITEM 5.Other Information59
ITEM 6.Exhibits60
Signatures61
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.