New Jersey Resources Board of Directors Increases Dividend by 7.7% to $0.42 Per Share

September 7, 2023

The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously approved a 7.7 percent increase in the quarterly dividend rate to $0.42 per share from $0.39 per share. The new quarterly rate will be effective with the dividend payable October 2, 2023 to shareowners of record on September 20, 2023. This dividend replaces the previously announced dividend of $0.39 per share approved on July 12, 2023 for shareowners of record on September 20, 2023.

The new annual dividend rate will be $1.68 per share. NJR has paid quarterly dividends continuously since its inception in 1952, and has raised the dividend every year for the last 28 years.

Steve Westhoven, President and CEO of NJR, stated, “Our long-term business strategy and financial position give the Board confidence to increase the quarterly dividend. We are committed to providing strong long-term returns to shareholders, and a growing dividend is a key component of increasing shareholder value.”

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

  • New Jersey Natural Gas, NJR’s principal subsidiary,operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve over 574,900 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
  • Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of approximately 462 megawatts, providing residential and commercial customers with low-carbon solutions.
  • Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
  • Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
  • Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

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Mike Kinney

Adam Prior

Source: New Jersey Resources Corporation