– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Energy Services’ Long Option Strategy Contributes to Guidance Increase
WALL, N.J.--(BUSINESS WIRE)--Today, New Jersey Resources Corporation (NYSE: NJR) reported results for the second-quarter of fiscal 2022. Highlights include:
Second-quarter fiscal 2022 net income totaled $96.0 million, or $1.00 per share, compared with $149.8 million, or $1.56 per share, during the same period in fiscal 2021. Fiscal 2022 year-to-date net income totaled $207.3 million, or $2.16 per share, compared with $230.9 million, or $2.40 per share, for the same period in fiscal 2021.
Second-quarter fiscal 2022 NFE totaled $130.2 million, or $1.36 per share, compared to NFE of $170.6 million, or $1.77 per share, during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE totaled $196.0 million, or $2.04 per share, compared with $215.3 million, or $2.24 per share, for the same period in fiscal 2021.
Steve Westhoven, President and CEO, stated, "NJR reported strong operating results for the second quarter of fiscal 2022, led by our utility, New Jersey Natural Gas, and Energy Services. Better than expected performance from Energy Services is enabling us to raise our fiscal 2022 NFEPS guidance to a range of $2.30 to $2.40."
Key Performance Metrics
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
March 31, |
|
March 31, |
||||||||
($ in Thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Net income |
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
Basic EPS |
$ |
1.00 |
|
$ |
1.56 |
|
$ |
2.16 |
|
$ |
2.40 |
Net financial earnings |
$ |
130,206 |
|
$ |
170,604 |
|
$ |
195,976 |
|
$ |
215,261 |
Basic net financial earnings per share |
$ |
1.36 |
|
$ |
1.77 |
|
$ |
2.04 |
|
$ |
2.24 |
A reconciliation of net income to NFE for the three and six months ended March 31, 2022 and 2021, is provided below.
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income |
$ |
96,035 |
|
|
$ |
149,809 |
|
|
$ |
207,347 |
|
|
$ |
230,854 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
42,022 |
|
|
|
29,255 |
|
|
|
(40,169 |
) |
|
|
(8,235 |
) |
Tax effect |
|
(9,980 |
) |
|
|
(6,954 |
) |
|
|
9,556 |
|
|
|
1,958 |
|
Effects of economic hedging related to natural gas inventory |
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
96,068 |
|
|
|
96,248 |
|
|
|
96,006 |
|
|
|
96,181 |
|
Diluted |
|
96,516 |
|
|
|
96,618 |
|
|
|
96,480 |
|
|
|
96,598 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.00 |
|
|
$ |
1.56 |
|
|
$ |
2.16 |
|
|
$ |
2.40 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
0.44 |
|
|
|
0.30 |
|
|
|
(0.42 |
) |
|
|
(0.09 |
) |
Tax effect |
|
(0.10 |
) |
|
|
(0.08 |
) |
|
|
0.10 |
|
|
|
0.02 |
|
Effects of economic hedging related to natural gas inventory |
|
0.01 |
|
|
|
(0.07 |
) |
|
|
0.26 |
|
|
|
(0.15 |
) |
Tax effect |
|
— |
|
|
|
0.02 |
|
|
|
(0.06 |
) |
|
|
0.04 |
|
Net income to NFE tax adjustment |
|
0.01 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.02 |
|
Basic net financial earnings per share |
$ |
1.36 |
|
|
$ |
1.77 |
|
|
$ |
2.04 |
|
|
$ |
2.24 |
|
NFE is a measure of earnings based on the elimination of timing differences to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. Consequently, to reconcile net income and NFE, current-period unrealized gains and losses on the derivatives are excluded from NFE as a reconciling item. Realized derivative gains and losses are also included in current-period net income. However, NFE includes only realized gains and losses related to natural gas sold out of inventory, effectively matching the full earnings effects of the derivatives with realized margins on physical natural gas flows. NFE also may exclude impairment charges associated with equity method investments, which are non-cash charges considered unusual in nature that occur infrequently and are not indicative of the Company's performance for its ongoing operations. For the six months ended March 31, 2022 and 2021, there were no impairments of equity method investments recorded to earnings. Included in the tax effects are current and deferred income tax expense corresponding with the components of NFE.
A table detailing NFE for the three and six months ended March 31, 2022 and 2021, is provided below.
Net Financial Earnings (Loss) by Business Unit
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
New Jersey Natural Gas |
$ |
102,783 |
|
|
$ |
80,541 |
|
|
$ |
153,863 |
|
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
|
(8,872 |
) |
|
|
(13,312 |
) |
|
|
(19,146 |
) |
Storage and Transportation |
|
4,625 |
|
|
|
4,711 |
|
|
|
7,587 |
|
|
|
8,219 |
|
Energy Services |
|
29,940 |
|
|
|
96,528 |
|
|
|
47,507 |
|
|
|
98,028 |
|
Home Services and Other |
|
451 |
|
|
|
747 |
|
|
|
898 |
|
|
|
685 |
|
Subtotal |
|
131,308 |
|
|
|
173,655 |
|
|
|
196,543 |
|
|
|
217,794 |
|
Eliminations |
|
(1,102 |
) |
|
|
(3,051 |
) |
|
|
(567 |
) |
|
|
(2,533 |
) |
Total |
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
Fiscal 2022 NFE Guidance:
NJR increased fiscal 2022 NFE guidance to $2.30 to $2.40 per share, subject to the risk and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2022:
Company |
Expected Fiscal 2022 Net Financial Earnings Contribution |
||||||
New Jersey Natural Gas |
60 to 62 percent |
||||||
Clean Energy Ventures |
17 to 20 percent |
||||||
Storage and Transportation |
5 to 8 percent |
||||||
Energy Services |
13 to 15 percent |
||||||
Home Services and Other |
0 to 1 percent |
In providing fiscal 2022 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.
New Jersey Natural Gas
New Jersey Natural Gas Company (NJNG) reported second-quarter fiscal 2022 NFE of $102.8 million, compared to NFE of $80.5 million during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE were $153.9 million, compared to NFE of $130.0 million during the same period in fiscal 2021. The increase for both periods was due primarily to higher base rates, which became effective on December 1, 2021.
Customer Growth:
Infrastructure Update:
BGSS Incentive Programs:
BGSS incentive programs contributed $6.3 million to utility gross margin in the second-quarter of fiscal 2022, compared with $2.1 million during the same period in fiscal 2021.
Fiscal 2022 year-to-date, these programs contributed $10.1 million to utility gross margin, compared with $6.7 million during the same period in fiscal 2021.
The increase in both periods was due primarily to increased margins from off-system sales, partially offset by the timing differences for storage incentives and lower capacity release volumes.
For more information on utility gross margin, please see "Non-GAAP Financial Information" below.
Energy-Efficiency Programs:
SAVEGREEN invested $24.2 million during the first six months of fiscal 2022 in energy-efficiency upgrades for their customers' homes and businesses. NJNG recovered $12.5 million of its outstanding investments during the first six months of fiscal 2022. On January 26, 2022, the BPU approved the annual SAVEGREEN filing, which will increase annual recoveries by $2.2 million, effective February 1, 2022.
Clean Energy Ventures (CEV)
CEV reported second-quarter fiscal 2022 net financial loss of $6.5 million, compared with net financial loss of $8.9 million during the same period in fiscal 2021. Fiscal 2022 year-to-date net financial loss was $13.3 million, compared with a net financial loss of $19.1 million during the same period in fiscal 2021. The improvement for both periods was due primarily to increased revenue from the sale of SRECs and higher electricity prices.
CEV now has over 680 megawatts (MW) of potential capital deployment through fiscal 2027 in projects under construction, under exclusivity or under contract. However, current policy transitions, interconnect delays, land-use constraints and supply chain issues are temporarily slowing CEV’s ability to deploy capital in the short-term and will delay our previously expected in-service timeline for fiscal year 2022.
Storage and Transportation
Storage and Transportation reported second-quarter fiscal 2022 NFE of $4.6 million, compared with NFE of $4.7 million during the same period in fiscal 2021. Fiscal 2022 year-to-date NFE were $7.6 million, compared with NFE of $8.2 million during the same period in fiscal 2021. The decrease in NFE was due primarily to lower equity in earnings of affiliates, partially offset by higher AFUDC equity at Adelphia Gateway.
Infrastructure Update:
Energy Services
Energy Services reported second-quarter fiscal 2022 NFE of $29.9 million, compared with NFE of $96.5 million for the same period last fiscal year. Fiscal 2022 year-to-date NFE were $47.5 million, compared with NFE of $98.0 million during the same period in fiscal 2021. The lower NFE for the second quarter of fiscal 2022 was due primarily to higher natural gas price volatility in February 2021, as a result of cold weather in regions where Energy Services had contracted rights to storage assets, offset by the recognition of revenues from the Asset Management Agreements entered into during fiscal 2021 that became effective during the first quarter of fiscal 2022.
Home Services and Other Operations
Home Services and Other Operations reported second-quarter fiscal 2022 NFE of $0.5 million compared to NFE of $0.7 million for the same period in fiscal 2021. The decrease was due to due primarily to increased O&M for the three months. Fiscal 2022 year-to-date NFE were $0.9 million, compared with NFE of $0.7 million during the same period in fiscal 2021. The increase was due primarily to higher operating income related to an increase in installation revenue.
Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile.
Forward-Looking Statements:
This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. NJR cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2022, projected NFEPS growth rate, results of future rate cases, forecasted contribution of business segments to NJR’s NFE for fiscal 2022, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as IIP and energy efficiency programs, the ability to complete the Adelphia Gateway Pipeline project, and other legal and regulatory expectations.
Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.
Non-GAAP Financial Information:
This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.
NFE and financial margin exclude unrealized gains or losses on derivative instruments related to NJR’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services and the impairment on NJR's investments in the PennEast Project, net of applicable tax adjustments as described below. Financial margin also differs from gross margin as defined on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization as well as the effects of derivatives as discussed above. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJR Energy Services Company.
NJNG’s utility gross margin is defined as operating revenues less natural gas purchases, sales tax, and regulatory rider expense. This measure differs from gross margin as presented on a GAAP basis as it excludes certain operations and maintenance expense and depreciation and amortization. Utility gross margin may also not be comparable to the definition of gross margin used by others in the natural gas distribution business and other industries. Management believes that utility gross margin provides a meaningful basis for evaluating utility operations since natural gas costs, sales tax and regulatory rider expenses are included in operating revenues and passed through to customers and, therefore, have no effect on utility gross margin.
Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s most recent Report on Form 10-K, Item 7 and NJR’s Form 10-Q filed on May 5, 2022.
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:
NJR and its over 1,200 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®.
For more information about NJR: www.njresources.com.
Follow us on Twitter @NJNaturalGas. “Like” us on facebook.com/NewJerseyNaturalGas.
NEW JERSEY RESOURCES |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
March 31, |
|
March 31, |
||||||||
(Thousands, except per share data) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||
Utility |
|
$ |
463,474 |
|
$ |
310,167 |
|
$ |
737,909 |
|
$ |
505,896 |
Nonutility |
|
|
448,842 |
|
|
492,020 |
|
|
850,249 |
|
|
750,596 |
Total operating revenues |
|
|
912,316 |
|
|
802,187 |
|
|
1,588,158 |
|
|
1,256,492 |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||
Gas purchases |
|
|
|
|
|
|
|
|
||||
Utility |
|
|
212,892 |
|
|
113,235 |
|
|
335,161 |
|
|
169,380 |
Nonutility |
|
|
410,535 |
|
|
330,488 |
|
|
689,329 |
|
|
503,735 |
Related parties |
|
|
1,883 |
|
|
1,730 |
|
|
3,729 |
|
|
3,464 |
Operation and maintenance |
|
|
85,786 |
|
|
110,265 |
|
|
154,770 |
|
|
183,901 |
Regulatory rider expenses |
|
|
30,910 |
|
|
18,413 |
|
|
47,581 |
|
|
29,114 |
Depreciation and amortization |
|
|
31,435 |
|
|
26,848 |
|
|
61,828 |
|
|
54,210 |
Total operating expenses |
|
|
773,441 |
|
|
600,979 |
|
|
1,292,398 |
|
|
943,804 |
OPERATING INCOME |
|
|
138,875 |
|
|
201,208 |
|
|
295,760 |
|
|
312,688 |
Other income, net |
|
|
4,127 |
|
|
5,007 |
|
|
8,263 |
|
|
9,124 |
Interest expense, net of capitalized interest |
|
|
18,926 |
|
|
20,153 |
|
|
38,403 |
|
|
39,939 |
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
124,076 |
|
|
186,062 |
|
|
265,620 |
|
|
281,873 |
Income tax provision |
|
|
28,810 |
|
|
39,057 |
|
|
59,617 |
|
|
56,498 |
Equity in earnings of affiliates |
|
|
769 |
|
|
2,804 |
|
|
1,344 |
|
|
5,479 |
NET INCOME |
|
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
|
|
|
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.00 |
|
$ |
1.56 |
|
$ |
2.16 |
|
$ |
2.40 |
Diluted |
|
$ |
1.00 |
|
$ |
1.55 |
|
$ |
2.15 |
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
96,068 |
|
|
96,248 |
|
|
96,006 |
|
|
96,181 |
Diluted |
|
|
96,516 |
|
|
96,618 |
|
|
96,480 |
|
|
96,598 |
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
NEW JERSEY RESOURCES |
|
|
|
|
||||||||||||
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
96,035 |
|
|
$ |
149,809 |
|
|
$ |
207,347 |
|
|
$ |
230,854 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
42,022 |
|
|
|
29,255 |
|
|
|
(40,169 |
) |
|
|
(8,235 |
) |
Tax effect |
|
|
(9,980 |
) |
|
|
(6,954 |
) |
|
|
9,556 |
|
|
|
1,958 |
|
Effects of economic hedging related to natural gas inventory |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
|
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
96,068 |
|
|
|
96,248 |
|
|
|
96,006 |
|
|
|
96,181 |
|
Diluted |
|
|
96,516 |
|
|
|
96,618 |
|
|
|
96,480 |
|
|
|
96,598 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
1.00 |
|
|
$ |
1.56 |
|
|
$ |
2.16 |
|
|
$ |
2.40 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
$ |
0.44 |
|
|
$ |
0.30 |
|
|
$ |
(0.42 |
) |
|
$ |
(0.09 |
) |
Tax effect |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.10 |
|
|
$ |
0.02 |
|
Effects of economic hedging related to natural gas inventory |
|
$ |
0.01 |
|
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
(0.15 |
) |
Tax effect |
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
0.04 |
|
Net income to NFE tax adjustment |
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.02 |
|
Basic NFE per share |
|
$ |
1.36 |
|
|
$ |
1.77 |
|
|
$ |
2.04 |
|
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
463,812 |
|
|
$ |
310,167 |
|
|
$ |
738,584 |
|
|
$ |
505,896 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
215,223 |
|
|
|
118,452 |
|
|
|
339,817 |
|
|
|
177,761 |
|
Operating and maintenance (1) |
|
|
26,748 |
|
|
|
26,281 |
|
|
|
39,889 |
|
|
|
51,106 |
|
Regulatory rider expense |
|
|
30,910 |
|
|
|
18,413 |
|
|
|
47,581 |
|
|
|
29,114 |
|
Depreciation and amortization |
|
|
23,344 |
|
|
|
19,475 |
|
|
|
46,237 |
|
|
|
38,644 |
|
Gross margin |
|
|
167,587 |
|
|
|
127,546 |
|
|
|
265,060 |
|
|
|
209,271 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
26,748 |
|
|
|
26,281 |
|
|
|
39,889 |
|
|
|
51,106 |
|
Depreciation and amortization |
|
|
23,344 |
|
|
|
19,475 |
|
|
|
46,237 |
|
|
|
38,644 |
|
Utility gross margin |
|
$ |
217,679 |
|
|
$ |
173,302 |
|
|
$ |
351,186 |
|
|
$ |
299,021 |
|
(1) Excludes selling, general and administrative expenses of $26.3 million and $26.7 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $49.6 million and $45.5 million for the six months ended March 31, 2022 and 2021, respectively |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Unaudited) |
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
412,645 |
|
|
$ |
462,569 |
|
|
$ |
781,889 |
|
|
$ |
692,046 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural Gas purchases |
|
|
411,146 |
|
|
|
330,280 |
|
|
|
689,833 |
|
|
|
504,117 |
|
Operation and maintenance (1) |
|
|
3,978 |
|
|
|
20,924 |
|
|
|
7,247 |
|
|
|
24,608 |
|
Depreciation and amortization |
|
|
32 |
|
|
|
13 |
|
|
|
60 |
|
|
|
55 |
|
Gross margin |
|
|
(2,511 |
) |
|
|
111,352 |
|
|
|
84,749 |
|
|
|
163,266 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance (1) |
|
|
3,978 |
|
|
|
20,924 |
|
|
|
7,247 |
|
|
|
24,608 |
|
Depreciation and amortization |
|
|
32 |
|
|
|
13 |
|
|
|
60 |
|
|
|
55 |
|
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
40,446 |
|
|
|
29,348 |
|
|
|
(45,201 |
) |
|
|
(9,433 |
) |
Effects of economic hedging related to natural gas inventory |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Financial margin |
|
$ |
43,100 |
|
|
$ |
154,428 |
|
|
$ |
71,587 |
|
|
$ |
163,755 |
|
(1) Excludes selling, general and administrative expenses of $0.6 million and $12.1 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $1.1 million and $12.4 million for the six months ended March 31, 2022 and 2021, respectively. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income to net financial earnings is as follows: |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(3,031 |
) |
|
$ |
75,662 |
|
|
$ |
62,713 |
|
|
$ |
114,534 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
40,446 |
|
|
|
29,348 |
|
|
|
(45,201 |
) |
|
|
(9,433 |
) |
Tax effect |
|
|
(9,604 |
) |
|
|
(6,976 |
) |
|
|
10,753 |
|
|
|
2,243 |
|
Effects of economic hedging related to natural gas |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
|
$ |
29,940 |
|
|
$ |
96,528 |
|
|
$ |
47,507 |
|
|
$ |
98,028 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
March 31, |
March 31, |
||||||||||
(Thousands, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
NEW JERSEY RESOURCES |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
463,812 |
|
$ |
310,167 |
|
$ |
738,584 |
|
$ |
505,896 |
|
Clean Energy Ventures |
|
11,827 |
|
|
6,476 |
|
|
22,010 |
|
|
12,846 |
|
Energy Services |
|
412,645 |
|
|
462,569 |
|
|
781,889 |
|
|
692,046 |
|
Storage and Transportation |
|
13,342 |
|
|
13,926 |
|
|
25,485 |
|
|
27,030 |
|
Home Services and Other |
|
13,222 |
|
|
12,773 |
|
|
27,173 |
|
|
25,350 |
|
Sub-total |
|
914,848 |
|
|
805,911 |
|
|
1,595,141 |
|
|
1,263,168 |
|
Eliminations |
|
(2,532 |
) |
|
(3,724 |
) |
|
(6,983 |
) |
|
(6,676 |
) |
Total |
$ |
912,316 |
|
$ |
802,187 |
|
$ |
1,588,158 |
|
$ |
1,256,492 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
141,311 |
|
$ |
100,876 |
|
$ |
215,494 |
|
$ |
163,788 |
|
Clean Energy Ventures |
|
(2,696 |
) |
|
(6,469 |
) |
|
(6,668 |
) |
|
(14,733 |
) |
Energy Services |
|
(3,132 |
) |
|
99,278 |
|
|
83,646 |
|
|
150,860 |
|
Storage and Transportation |
|
3,180 |
|
|
4,185 |
|
|
5,056 |
|
|
7,874 |
|
Home Services and Other |
|
901 |
|
|
3,292 |
|
|
1,763 |
|
|
5,288 |
|
Sub-total |
|
139,564 |
|
|
201,162 |
|
|
299,291 |
|
|
313,077 |
|
Eliminations |
|
(689 |
) |
|
46 |
|
|
(3,531 |
) |
|
(389 |
) |
Total |
$ |
138,875 |
|
$ |
201,208 |
|
$ |
295,760 |
|
$ |
312,688 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
||||||||
Storage and Transportation |
$ |
1,256 |
|
$ |
3,386 |
|
$ |
2,312 |
|
$ |
6,579 |
|
Eliminations |
|
(487 |
) |
|
(582 |
) |
|
(968 |
) |
|
(1,100 |
) |
Total |
$ |
769 |
|
$ |
2,804 |
|
$ |
1,344 |
|
$ |
5,479 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Income (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
(8,872 |
) |
|
(13,312 |
) |
|
(19,146 |
) |
Energy Services |
|
(3,031 |
) |
|
75,662 |
|
|
62,713 |
|
|
114,534 |
|
Storage and Transportation |
|
4,625 |
|
|
4,711 |
|
|
7,587 |
|
|
8,219 |
|
Home Services and Other |
|
451 |
|
|
747 |
|
|
898 |
|
|
685 |
|
Sub-total |
|
98,337 |
|
|
152,789 |
|
|
211,749 |
|
|
234,300 |
|
Eliminations |
|
(2,302 |
) |
|
(2,980 |
) |
|
(4,402 |
) |
|
(3,446 |
) |
Total |
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Financial Earnings (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
(8,872 |
) |
|
(13,312 |
) |
|
(19,146 |
) |
Energy Services |
|
29,940 |
|
|
96,528 |
|
|
47,507 |
|
|
98,028 |
|
Storage and Transportation |
|
4,625 |
|
|
4,711 |
|
|
7,587 |
|
|
8,219 |
|
Home Services and Other |
|
451 |
|
|
747 |
|
|
898 |
|
|
685 |
|
Sub-total |
|
131,308 |
|
|
173,655 |
|
|
196,543 |
|
|
217,794 |
|
Eliminations |
|
(1,102 |
) |
|
(3,051 |
) |
|
(567 |
) |
|
(2,533 |
) |
Total |
$ |
130,206 |
|
$ |
170,604 |
|
$ |
195,976 |
|
$ |
215,261 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
||||||||
NJNG, Core Customers |
|
34.0 |
|
|
33.5 |
|
|
58.6 |
|
|
57.9 |
|
NJNG, Off System/Capacity Management |
|
24.0 |
|
|
23.6 |
|
|
49.1 |
|
|
49.5 |
|
Energy Services Fuel Mgmt. and Wholesale Sales |
|
76.7 |
|
|
112.7 |
|
|
140.2 |
|
|
217.5 |
|
Total |
|
134.7 |
|
|
169.8 |
|
|
247.9 |
|
|
324.9 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
||||||||
Yield at March 31 |
|
3.1 |
% |
|
3.3 |
% |
|
3.1 |
% |
|
3.3 |
% |
Market Price at March 31 |
$ |
46.66 |
|
$ |
39.87 |
|
$ |
46.66 |
|
$ |
39.87 |
|
Shares Out. at March 31 |
|
96,082 |
|
|
96,262 |
|
|
96,082 |
|
|
96,262 |
|
Market Cap. at March 31 |
$ |
4,482,696 |
|
$ |
3,837,967 |
|
$ |
4,482,696 |
|
$ |
3,837,967 |
|
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
(Unaudited) |
March 31, |
March 31, |
||||||||||
(Thousands, except customer and weather data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
||||||||
Operating revenues |
$ |
463,812 |
|
$ |
310,167 |
|
$ |
738,584 |
|
$ |
505,896 |
|
Less: |
|
|
|
|
||||||||
Natural gas purchases |
|
215,223 |
|
|
118,452 |
|
|
339,817 |
|
|
177,761 |
|
Operating and maintenance (1) |
|
26,748 |
|
|
26,281 |
|
|
39,889 |
|
|
51,106 |
|
Regulatory rider expense |
|
30,910 |
|
|
18,413 |
|
|
47,581 |
|
|
29,114 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Gross margin |
|
167,587 |
|
|
127,546 |
|
|
265,060 |
|
|
209,271 |
|
Add: |
|
|
|
|
||||||||
Operating and maintenance (1) |
|
26,748 |
|
|
26,281 |
|
|
39,889 |
|
|
51,106 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Total Utility Gross Margin |
$ |
217,679 |
|
$ |
173,302 |
|
$ |
351,186 |
|
$ |
299,021 |
|
(1) Excludes selling, general and administrative expenses of $26.3 million and $26.7 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $49.6 million and $45.5 million for the six months ended March 31, 2022 and 2021, respectively |
||||||||||||
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
||||||||
Residential |
$ |
155,514 |
|
$ |
124,468 |
|
$ |
248,119 |
|
$ |
210,443 |
|
Commercial, Industrial & Other |
|
30,120 |
|
|
23,050 |
|
|
49,222 |
|
|
40,090 |
|
Firm Transportation |
|
25,090 |
|
|
22,878 |
|
|
42,372 |
|
|
40,166 |
|
Total Firm Margin |
|
210,724 |
|
|
170,396 |
|
|
339,713 |
|
|
290,699 |
|
Interruptible |
|
606 |
|
|
792 |
|
|
1,360 |
|
|
1,630 |
|
Total System Margin |
|
211,330 |
|
|
171,188 |
|
|
341,073 |
|
|
292,329 |
|
Off System/Capacity Management/FRM/Storage Incentive |
|
6,349 |
|
|
2,114 |
|
|
10,113 |
|
|
6,692 |
|
Total Utility Gross Margin |
|
217,679 |
|
|
173,302 |
|
|
351,186 |
|
|
299,021 |
|
Operation and maintenance expense |
|
53,024 |
|
|
52,951 |
|
|
89,455 |
|
|
96,589 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Operating Income |
$ |
141,311 |
|
$ |
100,876 |
|
$ |
215,494 |
|
$ |
163,788 |
|
|
|
|
|
|
||||||||
Net Income |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
||||||||
Residential |
|
23.0 |
|
|
22.7 |
|
|
35.6 |
|
|
36.3 |
|
Commercial, Industrial & Other |
|
4.3 |
|
|
4.3 |
|
|
6.6 |
|
|
6.7 |
|
Firm Transportation |
|
5.6 |
|
|
5.7 |
|
|
9.2 |
|
|
9.6 |
|
Total Firm Throughput |
|
32.9 |
|
|
32.7 |
|
|
51.4 |
|
|
52.6 |
|
Interruptible |
|
1.1 |
|
|
0.8 |
|
|
7.2 |
|
|
5.3 |
|
Total System Throughput |
|
34.0 |
|
|
33.5 |
|
|
58.6 |
|
|
57.9 |
|
Off System/Capacity Management |
|
24.0 |
|
|
23.6 |
|
|
49.1 |
|
|
49.5 |
|
Total Throughput |
|
58.0 |
|
|
57.1 |
|
|
107.7 |
|
|
107.4 |
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
||||||||
Residential |
|
508,729 |
|
|
498,583 |
|
|
508,729 |
|
|
498,583 |
|
Commercial, Industrial & Other |
|
32,116 |
|
|
31,313 |
|
|
32,116 |
|
|
31,313 |
|
Firm Transportation |
|
27,226 |
|
|
31,545 |
|
|
27,226 |
|
|
31,545 |
|
Total Firm Customers |
|
568,071 |
|
|
561,441 |
|
|
568,071 |
|
|
561,441 |
|
Interruptible |
|
31 |
|
|
28 |
|
|
31 |
|
|
28 |
|
Total System Customers |
|
568,102 |
|
|
561,469 |
|
|
568,102 |
|
|
561,469 |
|
Off System/Capacity Management* |
|
22 |
|
|
17 |
|
|
22 |
|
|
17 |
|
Total Customers |
|
568,124 |
|
|
561,486 |
|
|
568,124 |
|
|
561,486 |
|
*The number of customers represents those active during the last month of the period. |
|
|
||||||||||
Degree Days |
|
|
|
|
||||||||
Actual |
|
2,371 |
|
|
2,355 |
|
|
3,645 |
|
|
3,773 |
|
Normal |
|
2,444 |
|
|
2,456 |
|
|
3,994 |
|
|
4,031 |
|
Percent of Normal |
|
97.0 |
% |
|
95.9 |
% |
|
91.3 |
% |
|
93.6 |
% |
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
(Unaudited) |
March 31, |
March 31, |
||||||||||
(Thousands, except customer, SREC, TREC and megawatt) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
CLEAN ENERGY VENTURES |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
||||||||
SREC sales |
$ |
3,962 |
|
$ |
777 |
|
$ |
6,829 |
|
$ |
2,069 |
|
TREC sales |
|
1,019 |
|
|
817 |
|
|
1,865 |
|
|
1,507 |
|
Solar electricity sales and other |
|
4,057 |
|
|
2,268 |
|
|
7,711 |
|
|
3,988 |
|
Sunlight Advantage |
|
2,789 |
|
|
2,614 |
|
|
5,605 |
|
|
5,282 |
|
Total Operating Revenues |
$ |
11,827 |
|
$ |
6,476 |
|
$ |
22,010 |
|
$ |
12,846 |
|
|
|
|
|
|
||||||||
Depreciation and Amortization |
$ |
5,311 |
|
$ |
4,685 |
|
$ |
10,544 |
|
$ |
10,118 |
|
|
|
|
|
|
||||||||
Operating (Loss) |
$ |
(2,696 |
) |
$ |
(6,469 |
) |
$ |
(6,668 |
) |
$ |
(14,733 |
) |
|
|
|
|
|
||||||||
Income Tax (Benefit) |
$ |
(1,952 |
) |
$ |
(2,714 |
) |
$ |
(3,998 |
) |
$ |
(5,800 |
) |
|
|
|
|
|
||||||||
Net (Loss) |
$ |
(6,491 |
) |
$ |
(8,872 |
) |
$ |
(13,312 |
) |
$ |
(19,146 |
) |
|
|
|
|
|
||||||||
Net Financial (Loss) |
$ |
(6,491 |
) |
$ |
(8,872 |
) |
$ |
(13,312 |
) |
$ |
(19,146 |
) |
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Generated |
|
65,730 |
|
|
53,863 |
|
|
157,902 |
|
|
141,071 |
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Sold |
|
20,000 |
|
|
3,400 |
|
|
32,200 |
|
|
9,495 |
|
|
|
|
|
|
||||||||
Transition Renewable Energy Certificates Generated |
|
7,176 |
|
|
5,627 |
|
|
13,261 |
|
|
10,310 |
|
|
|
|
|
|
||||||||
Solar Megawatts Under Construction |
|
67.7 |
|
|
12.4 |
|
|
67.7 |
|
|
12.4 |
|
|
|
|
|
|
||||||||
ENERGY SERVICES |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Income |
|
|
|
|
||||||||
Operating revenues |
$ |
412,645 |
|
$ |
462,569 |
|
$ |
781,889 |
|
$ |
692,046 |
|
Less: |
|
|
|
|
||||||||
Gas purchases |
|
411,146 |
|
|
330,280 |
|
|
689,833 |
|
|
504,117 |
|
Operation and maintenance expense |
|
4,599 |
|
|
32,998 |
|
|
8,350 |
|
|
37,014 |
|
Depreciation and amortization |
|
32 |
|
|
13 |
|
|
60 |
|
|
55 |
|
Total Operating (Loss) Income |
$ |
(3,132 |
) |
$ |
99,278 |
|
$ |
83,646 |
|
$ |
150,860 |
|
|
|
|
|
|
||||||||
Net (Loss) Income |
$ |
(3,031 |
) |
$ |
75,662 |
|
$ |
62,713 |
|
$ |
114,534 |
|
|
|
|
|
|
||||||||
Financial Margin |
$ |
43,100 |
|
$ |
154,428 |
|
$ |
71,587 |
|
$ |
163,755 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
29,940 |
|
$ |
96,528 |
|
$ |
47,507 |
|
$ |
98,028 |
|
|
|
|
|
|
||||||||
Gas Sold and Managed (Bcf) |
|
76.7 |
|
|
112.7 |
|
|
140.2 |
|
|
217.5 |
|
|
|
|
|
|
||||||||
STORAGE AND TRANSPORTATION |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
$ |
13,342 |
|
$ |
13,926 |
|
$ |
25,485 |
|
$ |
27,030 |
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
$ |
1,256 |
|
$ |
3,386 |
|
$ |
2,312 |
|
$ |
6,579 |
|
|
|
|
|
|
||||||||
Operation and Maintenance Expense |
$ |
7,254 |
|
$ |
7,139 |
|
$ |
14,684 |
|
$ |
13,681 |
|
|
|
|
|
|
||||||||
Other Income, Net |
$ |
2,750 |
|
$ |
1,591 |
|
$ |
5,259 |
|
$ |
2,845 |
|
|
|
|
|
|
||||||||
Interest Expense |
$ |
1,847 |
|
$ |
3,578 |
|
$ |
3,983 |
|
$ |
7,560 |
|
|
|
|
|
|
||||||||
Income Tax Provision |
$ |
714 |
|
$ |
873 |
|
$ |
1,057 |
|
$ |
1,519 |
|
|
|
|
|
|
||||||||
Net Income |
$ |
4,625 |
|
$ |
4,711 |
|
$ |
7,587 |
|
$ |
8,219 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
4,625 |
|
$ |
4,711 |
|
$ |
7,587 |
|
$ |
8,219 |
|
|
|
|
|
|
||||||||
HOME SERVICES AND OTHER |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
$ |
13,222 |
|
$ |
12,773 |
|
$ |
27,173 |
|
$ |
25,350 |
|
|
|
|
|
|
||||||||
Operating Income |
$ |
901 |
|
$ |
3,292 |
|
$ |
1,763 |
|
$ |
5,288 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Income |
$ |
451 |
|
$ |
747 |
|
$ |
898 |
|
$ |
685 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
451 |
|
$ |
747 |
|
$ |
898 |
|
$ |
685 |
|
|
|
|
|
|
||||||||
Total Service Contract Customers at March 31 |
|
105,022 |
|
|
106,471 |
|
|
105,022 |
|
|
106,471 |
|
|
|
|
|
|
||||||||
Долгосрочная стратегия энергетических услуг способствует повышению ориентиров
УОЛЛ, Нью-Джерси - (BUSINESS WIRE) - Сегодня корпорация New Jersey Resources (NYSE: NJR) сообщила о результатах за второй квартал 2022 финансового года. Основные моменты включают в себя:
Чистая прибыль во втором квартале 2022 финансового года составила 96,0 млн долларов, или 1,00 доллара на акцию, по сравнению с 149,8 млн долларов, или 1,56 доллара на акцию, за аналогичный период 2021 финансового года. Чистая прибыль за 2022 финансовый год с начала года составила 207,3 млн долларов, или 2,16 доллара на акцию, по сравнению с 230,9 млн долларов, или 2,40 доллара на акцию, за аналогичный период 2021 финансового года.
NFE во втором квартале 2022 финансового года составил 130,2 млн долларов, или 1,36 доллара на акцию, по сравнению с NFE в размере 170,6 млн долларов, или 1,77 доллара на акцию, за аналогичный период 2021 финансового года. Чистая прибыль за 2022 финансовый год составила 196,0 млн долларов, или 2,04 доллара на акцию, по сравнению с 215,3 млн долларов, или 2,24 доллара на акцию, за аналогичный период 2021 финансового года.
Стив Вестховен, президент и главный исполнительный директор, заявил: "NJR сообщила о высоких операционных результатах за второй квартал 2022 финансового года, во главе с нашей компанией New Jersey Natural Gas и Energy Services. Более высокие, чем ожидалось, показатели энергетических услуг позволяют нам повысить наш прогноз по NFEPS на 2022 финансовый год до диапазона от 2,30 до 2,40 доллара США".
Ключевые показатели Эффективности
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
March 31, |
|
March 31, |
||||||||
($ in Thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
Net income |
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
Basic EPS |
$ |
1.00 |
|
$ |
1.56 |
|
$ |
2.16 |
|
$ |
2.40 |
Net financial earnings |
$ |
130,206 |
|
$ |
170,604 |
|
$ |
195,976 |
|
$ |
215,261 |
Basic net financial earnings per share |
$ |
1.36 |
|
$ |
1.77 |
|
$ |
2.04 |
|
$ |
2.24 |
Сверка чистой прибыли с NFE за три и шесть месяцев, закончившихся 31 марта 2022 и 2021 годов, представлена ниже.
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income |
$ |
96,035 |
|
|
$ |
149,809 |
|
|
$ |
207,347 |
|
|
$ |
230,854 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
42,022 |
|
|
|
29,255 |
|
|
|
(40,169 |
) |
|
|
(8,235 |
) |
Tax effect |
|
(9,980 |
) |
|
|
(6,954 |
) |
|
|
9,556 |
|
|
|
1,958 |
|
Effects of economic hedging related to natural gas inventory |
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
||||||||
Basic |
|
96,068 |
|
|
|
96,248 |
|
|
|
96,006 |
|
|
|
96,181 |
|
Diluted |
|
96,516 |
|
|
|
96,618 |
|
|
|
96,480 |
|
|
|
96,598 |
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.00 |
|
|
$ |
1.56 |
|
|
$ |
2.16 |
|
|
$ |
2.40 |
|
Add: |
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
0.44 |
|
|
|
0.30 |
|
|
|
(0.42 |
) |
|
|
(0.09 |
) |
Tax effect |
|
(0.10 |
) |
|
|
(0.08 |
) |
|
|
0.10 |
|
|
|
0.02 |
|
Effects of economic hedging related to natural gas inventory |
|
0.01 |
|
|
|
(0.07 |
) |
|
|
0.26 |
|
|
|
(0.15 |
) |
Tax effect |
|
— |
|
|
|
0.02 |
|
|
|
(0.06 |
) |
|
|
0.04 |
|
Net income to NFE tax adjustment |
|
0.01 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.02 |
|
Basic net financial earnings per share |
$ |
1.36 |
|
|
$ |
1.77 |
|
|
$ |
2.04 |
|
|
$ |
2.24 |
|
NFE - это показатель прибыли, основанный на устранении временных различий, чтобы эффективно сопоставить эффект экономического хеджирования с доходами от физической продажи природного газа, сертификатов на возобновляемую солнечную энергию (SRECS) и контрактов в иностранной валюте. Следовательно, для согласования чистой прибыли и NFE нереализованные прибыли и убытки текущего периода по производным финансовым инструментам исключаются из NFE в качестве выверяющей статьи. Реализованные прибыли и убытки от производных финансовых инструментов также включаются в чистую прибыль текущего периода. Однако NFE включает только реализованные прибыли и убытки, связанные с природным газом, проданным из запасов, эффективно сопоставляя полный эффект прибыли от производных финансовых инструментов с реализованной прибылью от физических потоков природного газа. NFE также может исключить расходы на обесценение, связанные с инвестициями по методу долевого участия, которые представляют собой неденежные расходы, считающиеся необычными по своей природе, которые происходят нечасто и не отражают результаты текущей деятельности Компании. За шесть месяцев, закончившихся 31 марта 2022 и 2021 годов, обесценения инвестиций по методу долевого участия, отраженных в составе прибыли, не было. В налоговые последствия включаются текущие и отложенные расходы по налогу на прибыль, соответствующие компонентам NFE.
Ниже представлена таблица с подробным описанием NFE за три и шесть месяцев, закончившихся 31 марта 2022 и 2021 годов.
Чистая финансовая прибыль (Убыток) в разбивке по подразделениям
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
New Jersey Natural Gas |
$ |
102,783 |
|
|
$ |
80,541 |
|
|
$ |
153,863 |
|
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
|
(8,872 |
) |
|
|
(13,312 |
) |
|
|
(19,146 |
) |
Storage and Transportation |
|
4,625 |
|
|
|
4,711 |
|
|
|
7,587 |
|
|
|
8,219 |
|
Energy Services |
|
29,940 |
|
|
|
96,528 |
|
|
|
47,507 |
|
|
|
98,028 |
|
Home Services and Other |
|
451 |
|
|
|
747 |
|
|
|
898 |
|
|
|
685 |
|
Subtotal |
|
131,308 |
|
|
|
173,655 |
|
|
|
196,543 |
|
|
|
217,794 |
|
Eliminations |
|
(1,102 |
) |
|
|
(3,051 |
) |
|
|
(567 |
) |
|
|
(2,533 |
) |
Total |
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
Руководство NFE на 2022 финансовый год:
NJR увеличил прогноз по NFE на 2022 финансовый год до 2,30-2,40 доллара США на акцию с учетом рисков и неопределенностей, указанных ниже в разделе "Прогнозные заявления". На следующей диаграмме представлены текущие ожидаемые взносы NJR от ее дочерних компаний на 2022 финансовый год:
Company |
Expected Fiscal 2022 Net Financial Earnings Contribution |
||||||
New Jersey Natural Gas |
60 to 62 percent |
||||||
Clean Energy Ventures |
17 to 20 percent |
||||||
Storage and Transportation |
5 to 8 percent |
||||||
Energy Services |
13 to 15 percent |
||||||
Home Services and Other |
0 to 1 percent |
Предоставляя руководство по NFE на 2022 финансовый год, руководство осознает, что могут быть различия между отчетной прибылью по GAAP и NFE из-за таких факторов, как, но не ограничиваясь ими, позиции наших производных финансовых инструментов, связанных с энергетикой. Руководство не в состоянии разумно оценить совокупное влияние или значимость этих статей на отчетную прибыль и, следовательно, не в состоянии обеспечить сверку с соответствующим эквивалентом GAAP для своего руководства по операционной прибыли без необоснованных усилий.
Природный газ Нью-Джерси
New Jersey Natural Gas Company (NJNG) сообщила о NFE за второй квартал 2022 финансового года в размере 102,8 млн долларов по сравнению с NFE в размере 80,5 млн долларов за тот же период 2021 финансового года. С начала 2022 финансового года NFE составил 153,9 млн долларов США по сравнению с NFE в размере 130,0 млн долларов США за тот же период в 2021 финансовом году. Увеличение за оба периода было обусловлено в первую очередь более высокими базовыми ставками, которые вступили в силу 1 декабря 2021 года.
Рост числа клиентов:
Обновление инфраструктуры:
Программы стимулирования BGSS:
Программы стимулирования BGSS внесли 6,3 миллиона долларов в валовую прибыль коммунальных предприятий во втором квартале 2022 финансового года по сравнению с 2,1 миллиона долларов за тот же период в 2021 финансовом году.
С начала 2022 финансового года эти программы внесли 10,1 миллиона долларов в валовую прибыль коммунальных предприятий по сравнению с 6,7 миллионами долларов за тот же период в 2021 финансовом году.
Увеличение в оба периода было обусловлено главным образом увеличением прибыли от внесистемных продаж, частично компенсируемым разницей во времени для стимулирования хранения и более низкими объемами высвобождения мощностей.
Для получения дополнительной информации о валовой прибыли коммунальных предприятий, пожалуйста, ознакомьтесь с "Финансовой информацией, не относящейся к GAAP" ниже.
Программы повышения энергоэффективности:
За первые шесть месяцев 2022 финансового года SAVEGREEN инвестировала 24,2 миллиона долларов в повышение энергоэффективности домов и предприятий своих клиентов. NJNG вернула 12,5 миллионов долларов своих непогашенных инвестиций в течение первых шести месяцев 2022 финансового года. 26 января 2022 года BPU одобрила ежегодную подачу заявки SAVEGREEN, которая увеличит ежегодное возмещение на 2,2 миллиона долларов, начиная с 1 февраля 2022 года.
Предприятия чистой энергетики (CEV)
CEV сообщила о чистом финансовом убытке за второй квартал 2022 финансового года в размере 6,5 миллионов долларов по сравнению с чистым финансовым убытком в размере 8,9 миллионов долларов за тот же период в 2021 финансовом году. Чистый финансовый убыток за 2022 финансовый год составил 13,3 миллиона долларов по сравнению с чистым финансовым убытком в размере 19,1 миллиона долларов за тот же период в 2021 финансовом году. Улучшение за оба периода было обусловлено главным образом увеличением выручки от продажи SRECs и более высокими ценами на электроэнергию.
В настоящее время CEV располагает более чем 680 мегаваттами (МВт) потенциального капиталовложения до 2027 финансового года в строящиеся проекты, на условиях эксклюзивности или по контракту. Однако текущие изменения в политике, задержки с подключением, ограничения в землепользовании и проблемы с цепочками поставок временно снижают способность CEV привлекать капитал в краткосрочной перспективе и задержат наши ранее ожидаемые сроки ввода в эксплуатацию на 2022 финансовый год.
Хранение и транспортировка
Компания Storage and Transportation сообщила о NFE за второй квартал 2022 финансового года в размере 4,6 млн долларов США по сравнению с NFE в размере 4,7 млн долларов США за аналогичный период 2021 финансового года. С начала 2022 финансового года NFE составил 7,6 млн долларов США по сравнению с NFE в размере 8,2 млн долларов США за тот же период в 2021 финансовом году. Снижение NFE было вызвано главным образом снижением собственного капитала в доходах аффилированных лиц, что частично компенсировалось увеличением собственного капитала AFUDC в Adelphia Gateway.
Обновление инфраструктуры:
Энергетические услуги
Energy Services сообщила о NFE за второй квартал 2022 финансового года в размере 29,9 млн долларов США по сравнению с NFE в размере 96,5 млн долларов США за аналогичный период прошлого финансового года. NFE за 2022 финансовый год с начала года составил 47,5 млн долларов США по сравнению с NFE в размере 98,0 млн долларов США за тот же период в 2021 финансовом году. Снижение NFE во втором квартале 2022 финансового года было вызвано главным образом более высокой волатильностью цен на природный газ в феврале 2021 года в результате холодной погоды в регионах, где Энергетические службы заключили контракты на права на активы хранения, что компенсировалось признанием доходов от Соглашений об управлении активами, заключенных в течение 2021 финансового года, которые вступили в силу в течение первого квартала 2022 финансового года.
Бытовые услуги и Другие Операции
Домашние службы и другие операции сообщили о NFE за второй квартал 2022 финансового года в размере 0,5 млн долларов США по сравнению с NFE в размере 0,7 млн долларов США за тот же период в 2021 финансовом году. Снижение было вызвано, в первую очередь, увеличением объемов производства и продаж за три месяца. С начала 2022 финансового года NFE составил 0,9 млн долларов США по сравнению с NFE в размере 0,7 млн долларов США за тот же период в 2021 финансовом году. Увеличение было обусловлено главным образом увеличением операционных доходов, связанных с увеличением доходов от установки.
Расходы и денежные потоки:
NJR стремится поддерживать высокий финансовый профиль.
Прогнозные заявления:
Настоящий отчет о прибылях и убытках содержит прогнозные заявления по смыслу Раздела 27A Закона о ценных бумагах 1933 года с поправками, Раздела 21E Закона о биржах ценных бумаг 1934 года с поправками и Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. NJR предупреждает читателей, что допущения, лежащие в основе прогнозных заявлений, включают в себя множество факторов, которые NJR не в состоянии контролировать или точно оценивать, таких как оценки будущих рыночных условий и поведения других участников рынка. Такие слова, как “ожидает”, “оценивает”, “ожидает”, “проекты”, “может”, “будет”, “намеревается”, “планирует”, “полагает”, “должен” и подобные выражения могут идентифицировать прогнозные заявления, и такие прогнозные заявления сделаны на основе на основе текущих ожиданий, предположений и убеждений руководства на эту дату относительно будущих событий и их потенциального влияния на NJR. Не может быть никакой гарантии, что будущие события будут соответствовать ожиданиям, предположениям и убеждениям руководства или что влияние будущих событий на NJR будет таким, какое ожидает руководство. Прогнозные заявления в этом отчете о доходах включают, но не ограничиваются ими, определенные заявления относительно руководства NFEPS NJR на 2022 финансовый год, прогнозируемых темпов роста NFEPS, результатов будущих прогнозов ставок, прогнозируемого вклада бизнес-сегментов в NFE NJR на 2022 финансовый год, роста клиентов в NJNG, будущего NJR и NJNG капитальные затраты, инфраструктурные программы и инвестиции, такие как программы IIP и энергоэффективности, возможность завершения проекта трубопровода Adelphia Gateway и другие юридические и нормативные ожидания.
Дополнительная информация и факторы, которые могут привести к существенному отличию фактических результатов от ожиданий NJR, содержатся в заявках NJR в SEC, включая Годовые отчеты NJR по форме 10-K и последующие квартальные отчеты по форме 10-Q, последние Текущие отчеты по форме 8-K и другие заявки SEC, которые доступны на веб-сайте SEC, http://www.sec.gov . Информация, включенная в этот отчет о доходах, является репрезентативной только на сегодняшний день, и, хотя NJR периодически пересматривает существенные тенденции и неопределенности, влияющие на результаты деятельности и финансовое состояние NJR, в связи с подготовкой обсуждения и анализа руководством результатов деятельности и финансового состояния, содержащихся в его квартальных и годовых отчетах, поданных в SEC, NJR, включая это заявление, не берет на себя никаких обязательств по пересмотру или пересмотру какого-либо конкретного прогнозного заявления, упомянутого здесь, в свете будущих событий.
Финансовая информация, не относящаяся к ОПБУ:
Этот отчет о прибылях включает финансовые показатели, не относящиеся к GAAP, NFE/ чистый финансовый убыток, NFE на базовую акцию, финансовую маржу и валовую прибыль от коммунальных услуг. Сверку этих финансовых показателей, не относящихся к ОПБУ, с наиболее непосредственно сопоставимыми финансовыми показателями, рассчитанными и представленными в соответствии с ОПБУ, можно найти ниже. В качестве показателя операционной деятельности NJR эти показатели не следует рассматривать как альтернативу или более значимые, чем чистая прибыль или операционные доходы, определенные в соответствии с GAAP. Эта информация была предоставлена в соответствии с требованиями Регламента SEC G.
NFE и финансовая маржа исключают нереализованные прибыли или убытки по производным инструментам, связанным с нерегулируемыми дочерними компаниями NJR, и определенные реализованные прибыли и убытки по производным инструментам, связанным с природным газом, который был помещен на хранение в Energy Services, и обесценение инвестиций NJR в проект PennEast, за вычетом применимых налоговых корректировок, как описано ниже. Финансовая маржа также отличается от валовой прибыли, определенной на основе GAAP, поскольку она исключает определенные операционные и эксплуатационные расходы, а также износ и амортизацию, а также влияние производных финансовых инструментов, как обсуждалось выше. Волатильность, связанная с изменением стоимости этих финансовых инструментов и физических товаров, отраженных в отчете о прибылях и убытках за текущий период. Чтобы управлять своим бизнесом, NJR рассматривает свои результаты без учета влияния нереализованных прибылей и убытков, а также определенных реализованных прибылей и убытков, вызванных изменениями стоимости этих финансовых инструментов и контрактов на физические товары до завершения запланированной сделки, поскольку он показывает изменения в стоимости в настоящее время, а не когда сделка была завершена. запланированная транзакция в конечном счете урегулирована. Годовая расчетная эффективная налоговая ставка рассчитывается для целей NFE, и любая необходимая ежеквартальная налоговая корректировка применяется к NJR Energy Services Company.
Валовая прибыль NJNG от коммунальных услуг определяется как операционная выручка за вычетом закупок природного газа, налога с продаж и расходов на оплату услуг регулирующих органов. Этот показатель отличается от валовой прибыли, представленной на основе GAAP, поскольку он исключает определенные операционные и эксплуатационные расходы, а также износ и амортизацию. Валовая прибыль коммунальных предприятий также может быть несопоставима с определением валовой прибыли, используемым другими компаниями в сфере распределения природного газа и других отраслях. Руководство считает, что валовая прибыль коммунальных предприятий обеспечивает значимую основу для оценки деятельности коммунальных предприятий, поскольку затраты на природный газ, налог с продаж и расходы на регулирующие органы включаются в операционные доходы и передаются потребителям и, следовательно, не влияют на валовую прибыль коммунальных предприятий.
Руководство использует эти финансовые показатели, не относящиеся к GAAP, в качестве дополнительных показателей к другим результатам GAAP, чтобы обеспечить более полное понимание результатов деятельности NJR. Руководство считает, что эти финансовые показатели, не относящиеся к GAAP, в большей степени отражают бизнес-модель NJR, обеспечивают прозрачность для инвесторов и позволяют сопоставлять финансовые показатели от периода к периоду. Сверку всех финансовых показателей, не относящихся к GAAP, с наиболее непосредственно сопоставимыми финансовыми показателями, рассчитанными и представленными в соответствии с GAAP, можно найти ниже. Для полного обсуждения финансовых показателей NJR, не относящихся к GAAP, пожалуйста, ознакомьтесь с последним отчетом NJR по форме 10-K, пункт 7, и Формой 10-Q NJR, поданной 5 мая 2022 года.
Об New Jersey Resources
New Jersey Resources (NYSE: NJR) - компания из списка Fortune 1000, которая через свои дочерние компании предоставляет безопасные и надежные услуги по добыче природного газа и экологически чистой энергии, включая транспортировку, распределение, управление активами и бытовые услуги. NJR состоит из пяти основных предприятий:
NJR и ее более 1200 сотрудников стремятся помогать клиентам экономить энергию и деньги, продвигая энергосбережение и повышая эффективность с помощью Conserve to Preserve® и таких инициатив, как SAVEGREEN Project® и Sunlight Advantage®.
Для получения дополнительной информации о NJR: www.njresources.com .
Следите за нами в Твиттере @NJNaturalGas. “Нравится” нам на facebook.com/NewJerseyNaturalGas .
New Jersey Resources |
||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||
|
|
March 31, |
|
March 31, |
||||||||
(Thousands, except per share data) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||
Utility |
|
$ |
463,474 |
|
$ |
310,167 |
|
$ |
737,909 |
|
$ |
505,896 |
Nonutility |
|
|
448,842 |
|
|
492,020 |
|
|
850,249 |
|
|
750,596 |
Total operating revenues |
|
|
912,316 |
|
|
802,187 |
|
|
1,588,158 |
|
|
1,256,492 |
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||
Gas purchases |
|
|
|
|
|
|
|
|
||||
Utility |
|
|
212,892 |
|
|
113,235 |
|
|
335,161 |
|
|
169,380 |
Nonutility |
|
|
410,535 |
|
|
330,488 |
|
|
689,329 |
|
|
503,735 |
Related parties |
|
|
1,883 |
|
|
1,730 |
|
|
3,729 |
|
|
3,464 |
Operation and maintenance |
|
|
85,786 |
|
|
110,265 |
|
|
154,770 |
|
|
183,901 |
Regulatory rider expenses |
|
|
30,910 |
|
|
18,413 |
|
|
47,581 |
|
|
29,114 |
Depreciation and amortization |
|
|
31,435 |
|
|
26,848 |
|
|
61,828 |
|
|
54,210 |
Total operating expenses |
|
|
773,441 |
|
|
600,979 |
|
|
1,292,398 |
|
|
943,804 |
OPERATING INCOME |
|
|
138,875 |
|
|
201,208 |
|
|
295,760 |
|
|
312,688 |
Other income, net |
|
|
4,127 |
|
|
5,007 |
|
|
8,263 |
|
|
9,124 |
Interest expense, net of capitalized interest |
|
|
18,926 |
|
|
20,153 |
|
|
38,403 |
|
|
39,939 |
INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
|
124,076 |
|
|
186,062 |
|
|
265,620 |
|
|
281,873 |
Income tax provision |
|
|
28,810 |
|
|
39,057 |
|
|
59,617 |
|
|
56,498 |
Equity in earnings of affiliates |
|
|
769 |
|
|
2,804 |
|
|
1,344 |
|
|
5,479 |
NET INCOME |
|
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
|
|
|
|
|
|
|
|
|
||||
EARNINGS PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
1.00 |
|
$ |
1.56 |
|
$ |
2.16 |
|
$ |
2.40 |
Diluted |
|
$ |
1.00 |
|
$ |
1.55 |
|
$ |
2.15 |
|
$ |
2.39 |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||
Basic |
|
|
96,068 |
|
|
96,248 |
|
|
96,006 |
|
|
96,181 |
Diluted |
|
|
96,516 |
|
|
96,618 |
|
|
96,480 |
|
|
96,598 |
|
|
|
|
|
|
|
|
|
||||
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
New Jersey Resources |
|
|
|
|
||||||||||||
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measure, to net financial earnings is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
96,035 |
|
|
$ |
149,809 |
|
|
$ |
207,347 |
|
|
$ |
230,854 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
42,022 |
|
|
|
29,255 |
|
|
|
(40,169 |
) |
|
|
(8,235 |
) |
Tax effect |
|
|
(9,980 |
) |
|
|
(6,954 |
) |
|
|
9,556 |
|
|
|
1,958 |
|
Effects of economic hedging related to natural gas inventory |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
|
$ |
130,206 |
|
|
$ |
170,604 |
|
|
$ |
195,976 |
|
|
$ |
215,261 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
96,068 |
|
|
|
96,248 |
|
|
|
96,006 |
|
|
|
96,181 |
|
Diluted |
|
|
96,516 |
|
|
|
96,618 |
|
|
|
96,480 |
|
|
|
96,598 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measure, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
|
$ |
1.00 |
|
|
$ |
1.56 |
|
|
$ |
2.16 |
|
|
$ |
2.40 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
$ |
0.44 |
|
|
$ |
0.30 |
|
|
$ |
(0.42 |
) |
|
$ |
(0.09 |
) |
Tax effect |
|
$ |
(0.10 |
) |
|
$ |
(0.08 |
) |
|
$ |
0.10 |
|
|
$ |
0.02 |
|
Effects of economic hedging related to natural gas inventory |
|
$ |
0.01 |
|
|
$ |
(0.07 |
) |
|
$ |
0.26 |
|
|
$ |
(0.15 |
) |
Tax effect |
|
$ |
— |
|
|
$ |
0.02 |
|
|
$ |
(0.06 |
) |
|
$ |
0.04 |
|
Net income to NFE tax adjustment |
|
$ |
0.01 |
|
|
$ |
0.04 |
|
|
$ |
— |
|
|
$ |
0.02 |
|
Basic NFE per share |
|
$ |
1.36 |
|
|
$ |
1.77 |
|
|
$ |
2.04 |
|
|
$ |
2.24 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
463,812 |
|
|
$ |
310,167 |
|
|
$ |
738,584 |
|
|
$ |
505,896 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural gas purchases |
|
|
215,223 |
|
|
|
118,452 |
|
|
|
339,817 |
|
|
|
177,761 |
|
Operating and maintenance (1) |
|
|
26,748 |
|
|
|
26,281 |
|
|
|
39,889 |
|
|
|
51,106 |
|
Regulatory rider expense |
|
|
30,910 |
|
|
|
18,413 |
|
|
|
47,581 |
|
|
|
29,114 |
|
Depreciation and amortization |
|
|
23,344 |
|
|
|
19,475 |
|
|
|
46,237 |
|
|
|
38,644 |
|
Gross margin |
|
|
167,587 |
|
|
|
127,546 |
|
|
|
265,060 |
|
|
|
209,271 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operating and maintenance (1) |
|
|
26,748 |
|
|
|
26,281 |
|
|
|
39,889 |
|
|
|
51,106 |
|
Depreciation and amortization |
|
|
23,344 |
|
|
|
19,475 |
|
|
|
46,237 |
|
|
|
38,644 |
|
Utility gross margin |
|
$ |
217,679 |
|
|
$ |
173,302 |
|
|
$ |
351,186 |
|
|
$ |
299,021 |
|
(1) Excludes selling, general and administrative expenses of $26.3 million and $26.7 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $49.6 million and $45.5 million for the six months ended March 31, 2022 and 2021, respectively |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
(Unaudited) |
|
March 31, |
|
March 31, |
||||||||||||
(Thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of gross margin, the closest GAAP financial measure, to Energy Services' financial margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
412,645 |
|
|
$ |
462,569 |
|
|
$ |
781,889 |
|
|
$ |
692,046 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Natural Gas purchases |
|
|
411,146 |
|
|
|
330,280 |
|
|
|
689,833 |
|
|
|
504,117 |
|
Operation and maintenance (1) |
|
|
3,978 |
|
|
|
20,924 |
|
|
|
7,247 |
|
|
|
24,608 |
|
Depreciation and amortization |
|
|
32 |
|
|
|
13 |
|
|
|
60 |
|
|
|
55 |
|
Gross margin |
|
|
(2,511 |
) |
|
|
111,352 |
|
|
|
84,749 |
|
|
|
163,266 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance (1) |
|
|
3,978 |
|
|
|
20,924 |
|
|
|
7,247 |
|
|
|
24,608 |
|
Depreciation and amortization |
|
|
32 |
|
|
|
13 |
|
|
|
60 |
|
|
|
55 |
|
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
40,446 |
|
|
|
29,348 |
|
|
|
(45,201 |
) |
|
|
(9,433 |
) |
Effects of economic hedging related to natural gas inventory |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Financial margin |
|
$ |
43,100 |
|
|
$ |
154,428 |
|
|
$ |
71,587 |
|
|
$ |
163,755 |
|
(1) Excludes selling, general and administrative expenses of $0.6 million and $12.1 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $1.1 million and $12.4 million for the six months ended March 31, 2022 and 2021, respectively. |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income to net financial earnings is as follows: |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(3,031 |
) |
|
$ |
75,662 |
|
|
$ |
62,713 |
|
|
$ |
114,534 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
|
40,446 |
|
|
|
29,348 |
|
|
|
(45,201 |
) |
|
|
(9,433 |
) |
Tax effect |
|
|
(9,604 |
) |
|
|
(6,976 |
) |
|
|
10,753 |
|
|
|
2,243 |
|
Effects of economic hedging related to natural gas |
|
|
1,155 |
|
|
|
(7,209 |
) |
|
|
24,732 |
|
|
|
(14,741 |
) |
Tax effect |
|
|
(274 |
) |
|
|
1,713 |
|
|
|
(5,877 |
) |
|
|
3,503 |
|
Net income to NFE tax adjustment |
|
|
1,248 |
|
|
|
3,990 |
|
|
|
387 |
|
|
|
1,922 |
|
Net financial earnings |
|
$ |
29,940 |
|
|
$ |
96,528 |
|
|
$ |
47,507 |
|
|
$ |
98,028 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||
(Unaudited) |
||||||||||||
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
|
March 31, |
March 31, |
||||||||||
(Thousands, except per share data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
New Jersey Resources |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
463,812 |
|
$ |
310,167 |
|
$ |
738,584 |
|
$ |
505,896 |
|
Clean Energy Ventures |
|
11,827 |
|
|
6,476 |
|
|
22,010 |
|
|
12,846 |
|
Energy Services |
|
412,645 |
|
|
462,569 |
|
|
781,889 |
|
|
692,046 |
|
Storage and Transportation |
|
13,342 |
|
|
13,926 |
|
|
25,485 |
|
|
27,030 |
|
Home Services and Other |
|
13,222 |
|
|
12,773 |
|
|
27,173 |
|
|
25,350 |
|
Sub-total |
|
914,848 |
|
|
805,911 |
|
|
1,595,141 |
|
|
1,263,168 |
|
Eliminations |
|
(2,532 |
) |
|
(3,724 |
) |
|
(6,983 |
) |
|
(6,676 |
) |
Total |
$ |
912,316 |
|
$ |
802,187 |
|
$ |
1,588,158 |
|
$ |
1,256,492 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Income (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
141,311 |
|
$ |
100,876 |
|
$ |
215,494 |
|
$ |
163,788 |
|
Clean Energy Ventures |
|
(2,696 |
) |
|
(6,469 |
) |
|
(6,668 |
) |
|
(14,733 |
) |
Energy Services |
|
(3,132 |
) |
|
99,278 |
|
|
83,646 |
|
|
150,860 |
|
Storage and Transportation |
|
3,180 |
|
|
4,185 |
|
|
5,056 |
|
|
7,874 |
|
Home Services and Other |
|
901 |
|
|
3,292 |
|
|
1,763 |
|
|
5,288 |
|
Sub-total |
|
139,564 |
|
|
201,162 |
|
|
299,291 |
|
|
313,077 |
|
Eliminations |
|
(689 |
) |
|
46 |
|
|
(3,531 |
) |
|
(389 |
) |
Total |
$ |
138,875 |
|
$ |
201,208 |
|
$ |
295,760 |
|
$ |
312,688 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
||||||||
Storage and Transportation |
$ |
1,256 |
|
$ |
3,386 |
|
$ |
2,312 |
|
$ |
6,579 |
|
Eliminations |
|
(487 |
) |
|
(582 |
) |
|
(968 |
) |
|
(1,100 |
) |
Total |
$ |
769 |
|
$ |
2,804 |
|
$ |
1,344 |
|
$ |
5,479 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Income (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
(8,872 |
) |
|
(13,312 |
) |
|
(19,146 |
) |
Energy Services |
|
(3,031 |
) |
|
75,662 |
|
|
62,713 |
|
|
114,534 |
|
Storage and Transportation |
|
4,625 |
|
|
4,711 |
|
|
7,587 |
|
|
8,219 |
|
Home Services and Other |
|
451 |
|
|
747 |
|
|
898 |
|
|
685 |
|
Sub-total |
|
98,337 |
|
|
152,789 |
|
|
211,749 |
|
|
234,300 |
|
Eliminations |
|
(2,302 |
) |
|
(2,980 |
) |
|
(4,402 |
) |
|
(3,446 |
) |
Total |
$ |
96,035 |
|
$ |
149,809 |
|
$ |
207,347 |
|
$ |
230,854 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Financial Earnings (Loss) |
|
|
|
|
||||||||
Natural Gas Distribution |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
Clean Energy Ventures |
|
(6,491 |
) |
|
(8,872 |
) |
|
(13,312 |
) |
|
(19,146 |
) |
Energy Services |
|
29,940 |
|
|
96,528 |
|
|
47,507 |
|
|
98,028 |
|
Storage and Transportation |
|
4,625 |
|
|
4,711 |
|
|
7,587 |
|
|
8,219 |
|
Home Services and Other |
|
451 |
|
|
747 |
|
|
898 |
|
|
685 |
|
Sub-total |
|
131,308 |
|
|
173,655 |
|
|
196,543 |
|
|
217,794 |
|
Eliminations |
|
(1,102 |
) |
|
(3,051 |
) |
|
(567 |
) |
|
(2,533 |
) |
Total |
$ |
130,206 |
|
$ |
170,604 |
|
$ |
195,976 |
|
$ |
215,261 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
||||||||
NJNG, Core Customers |
|
34.0 |
|
|
33.5 |
|
|
58.6 |
|
|
57.9 |
|
NJNG, Off System/Capacity Management |
|
24.0 |
|
|
23.6 |
|
|
49.1 |
|
|
49.5 |
|
Energy Services Fuel Mgmt. and Wholesale Sales |
|
76.7 |
|
|
112.7 |
|
|
140.2 |
|
|
217.5 |
|
Total |
|
134.7 |
|
|
169.8 |
|
|
247.9 |
|
|
324.9 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
||||||||
Yield at March 31 |
|
3.1 |
% |
|
3.3 |
% |
|
3.1 |
% |
|
3.3 |
% |
Market Price at March 31 |
$ |
46.66 |
|
$ |
39.87 |
|
$ |
46.66 |
|
$ |
39.87 |
|
Shares Out. at March 31 |
|
96,082 |
|
|
96,262 |
|
|
96,082 |
|
|
96,262 |
|
Market Cap. at March 31 |
$ |
4,482,696 |
|
$ |
3,837,967 |
|
$ |
4,482,696 |
|
$ |
3,837,967 |
|
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
(Unaudited) |
March 31, |
March 31, |
||||||||||
(Thousands, except customer and weather data) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
||||||||
Operating revenues |
$ |
463,812 |
|
$ |
310,167 |
|
$ |
738,584 |
|
$ |
505,896 |
|
Less: |
|
|
|
|
||||||||
Natural gas purchases |
|
215,223 |
|
|
118,452 |
|
|
339,817 |
|
|
177,761 |
|
Operating and maintenance (1) |
|
26,748 |
|
|
26,281 |
|
|
39,889 |
|
|
51,106 |
|
Regulatory rider expense |
|
30,910 |
|
|
18,413 |
|
|
47,581 |
|
|
29,114 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Gross margin |
|
167,587 |
|
|
127,546 |
|
|
265,060 |
|
|
209,271 |
|
Add: |
|
|
|
|
||||||||
Operating and maintenance (1) |
|
26,748 |
|
|
26,281 |
|
|
39,889 |
|
|
51,106 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Total Utility Gross Margin |
$ |
217,679 |
|
$ |
173,302 |
|
$ |
351,186 |
|
$ |
299,021 |
|
(1) Excludes selling, general and administrative expenses of $26.3 million and $26.7 million for the three months ended March 31, 2022 and 2021, respectively, and approximately $49.6 million and $45.5 million for the six months ended March 31, 2022 and 2021, respectively |
||||||||||||
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
||||||||
Residential |
$ |
155,514 |
|
$ |
124,468 |
|
$ |
248,119 |
|
$ |
210,443 |
|
Commercial, Industrial & Other |
|
30,120 |
|
|
23,050 |
|
|
49,222 |
|
|
40,090 |
|
Firm Transportation |
|
25,090 |
|
|
22,878 |
|
|
42,372 |
|
|
40,166 |
|
Total Firm Margin |
|
210,724 |
|
|
170,396 |
|
|
339,713 |
|
|
290,699 |
|
Interruptible |
|
606 |
|
|
792 |
|
|
1,360 |
|
|
1,630 |
|
Total System Margin |
|
211,330 |
|
|
171,188 |
|
|
341,073 |
|
|
292,329 |
|
Off System/Capacity Management/FRM/Storage Incentive |
|
6,349 |
|
|
2,114 |
|
|
10,113 |
|
|
6,692 |
|
Total Utility Gross Margin |
|
217,679 |
|
|
173,302 |
|
|
351,186 |
|
|
299,021 |
|
Operation and maintenance expense |
|
53,024 |
|
|
52,951 |
|
|
89,455 |
|
|
96,589 |
|
Depreciation and amortization |
|
23,344 |
|
|
19,475 |
|
|
46,237 |
|
|
38,644 |
|
Operating Income |
$ |
141,311 |
|
$ |
100,876 |
|
$ |
215,494 |
|
$ |
163,788 |
|
|
|
|
|
|
||||||||
Net Income |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
102,783 |
|
$ |
80,541 |
|
$ |
153,863 |
|
$ |
130,008 |
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
||||||||
Residential |
|
23.0 |
|
|
22.7 |
|
|
35.6 |
|
|
36.3 |
|
Commercial, Industrial & Other |
|
4.3 |
|
|
4.3 |
|
|
6.6 |
|
|
6.7 |
|
Firm Transportation |
|
5.6 |
|
|
5.7 |
|
|
9.2 |
|
|
9.6 |
|
Total Firm Throughput |
|
32.9 |
|
|
32.7 |
|
|
51.4 |
|
|
52.6 |
|
Interruptible |
|
1.1 |
|
|
0.8 |
|
|
7.2 |
|
|
5.3 |
|
Total System Throughput |
|
34.0 |
|
|
33.5 |
|
|
58.6 |
|
|
57.9 |
|
Off System/Capacity Management |
|
24.0 |
|
|
23.6 |
|
|
49.1 |
|
|
49.5 |
|
Total Throughput |
|
58.0 |
|
|
57.1 |
|
|
107.7 |
|
|
107.4 |
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
||||||||
Residential |
|
508,729 |
|
|
498,583 |
|
|
508,729 |
|
|
498,583 |
|
Commercial, Industrial & Other |
|
32,116 |
|
|
31,313 |
|
|
32,116 |
|
|
31,313 |
|
Firm Transportation |
|
27,226 |
|
|
31,545 |
|
|
27,226 |
|
|
31,545 |
|
Total Firm Customers |
|
568,071 |
|
|
561,441 |
|
|
568,071 |
|
|
561,441 |
|
Interruptible |
|
31 |
|
|
28 |
|
|
31 |
|
|
28 |
|
Total System Customers |
|
568,102 |
|
|
561,469 |
|
|
568,102 |
|
|
561,469 |
|
Off System/Capacity Management* |
|
22 |
|
|
17 |
|
|
22 |
|
|
17 |
|
Total Customers |
|
568,124 |
|
|
561,486 |
|
|
568,124 |
|
|
561,486 |
|
*The number of customers represents those active during the last month of the period. |
|
|
||||||||||
Degree Days |
|
|
|
|
||||||||
Actual |
|
2,371 |
|
|
2,355 |
|
|
3,645 |
|
|
3,773 |
|
Normal |
|
2,444 |
|
|
2,456 |
|
|
3,994 |
|
|
4,031 |
|
Percent of Normal |
|
97.0 |
% |
|
95.9 |
% |
|
91.3 |
% |
|
93.6 |
% |
|
|
|
|
|
||||||||
|
Three Months Ended |
Six Months Ended |
||||||||||
(Unaudited) |
March 31, |
March 31, |
||||||||||
(Thousands, except customer, SREC, TREC and megawatt) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
CLEAN ENERGY VENTURES |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
||||||||
SREC sales |
$ |
3,962 |
|
$ |
777 |
|
$ |
6,829 |
|
$ |
2,069 |
|
TREC sales |
|
1,019 |
|
|
817 |
|
|
1,865 |
|
|
1,507 |
|
Solar electricity sales and other |
|
4,057 |
|
|
2,268 |
|
|
7,711 |
|
|
3,988 |
|
Sunlight Advantage |
|
2,789 |
|
|
2,614 |
|
|
5,605 |
|
|
5,282 |
|
Total Operating Revenues |
$ |
11,827 |
|
$ |
6,476 |
|
$ |
22,010 |
|
$ |
12,846 |
|
|
|
|
|
|
||||||||
Depreciation and Amortization |
$ |
5,311 |
|
$ |
4,685 |
|
$ |
10,544 |
|
$ |
10,118 |
|
|
|
|
|
|
||||||||
Operating (Loss) |
$ |
(2,696 |
) |
$ |
(6,469 |
) |
$ |
(6,668 |
) |
$ |
(14,733 |
) |
|
|
|
|
|
||||||||
Income Tax (Benefit) |
$ |
(1,952 |
) |
$ |
(2,714 |
) |
$ |
(3,998 |
) |
$ |
(5,800 |
) |
|
|
|
|
|
||||||||
Net (Loss) |
$ |
(6,491 |
) |
$ |
(8,872 |
) |
$ |
(13,312 |
) |
$ |
(19,146 |
) |
|
|
|
|
|
||||||||
Net Financial (Loss) |
$ |
(6,491 |
) |
$ |
(8,872 |
) |
$ |
(13,312 |
) |
$ |
(19,146 |
) |
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Generated |
|
65,730 |
|
|
53,863 |
|
|
157,902 |
|
|
141,071 |
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Sold |
|
20,000 |
|
|
3,400 |
|
|
32,200 |
|
|
9,495 |
|
|
|
|
|
|
||||||||
Transition Renewable Energy Certificates Generated |
|
7,176 |
|
|
5,627 |
|
|
13,261 |
|
|
10,310 |
|
|
|
|
|
|
||||||||
Solar Megawatts Under Construction |
|
67.7 |
|
|
12.4 |
|
|
67.7 |
|
|
12.4 |
|
|
|
|
|
|
||||||||
ENERGY SERVICES |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Income |
|
|
|
|
||||||||
Operating revenues |
$ |
412,645 |
|
$ |
462,569 |
|
$ |
781,889 |
|
$ |
692,046 |
|
Less: |
|
|
|
|
||||||||
Gas purchases |
|
411,146 |
|
|
330,280 |
|
|
689,833 |
|
|
504,117 |
|
Operation and maintenance expense |
|
4,599 |
|
|
32,998 |
|
|
8,350 |
|
|
37,014 |
|
Depreciation and amortization |
|
32 |
|
|
13 |
|
|
60 |
|
|
55 |
|
Total Operating (Loss) Income |
$ |
(3,132 |
) |
$ |
99,278 |
|
$ |
83,646 |
|
$ |
150,860 |
|
|
|
|
|
|
||||||||
Net (Loss) Income |
$ |
(3,031 |
) |
$ |
75,662 |
|
$ |
62,713 |
|
$ |
114,534 |
|
|
|
|
|
|
||||||||
Financial Margin |
$ |
43,100 |
|
$ |
154,428 |
|
$ |
71,587 |
|
$ |
163,755 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
29,940 |
|
$ |
96,528 |
|
$ |
47,507 |
|
$ |
98,028 |
|
|
|
|
|
|
||||||||
Gas Sold and Managed (Bcf) |
|
76.7 |
|
|
112.7 |
|
|
140.2 |
|
|
217.5 |
|
|
|
|
|
|
||||||||
STORAGE AND TRANSPORTATION |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
$ |
13,342 |
|
$ |
13,926 |
|
$ |
25,485 |
|
$ |
27,030 |
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
$ |
1,256 |
|
$ |
3,386 |
|
$ |
2,312 |
|
$ |
6,579 |
|
|
|
|
|
|
||||||||
Operation and Maintenance Expense |
$ |
7,254 |
|
$ |
7,139 |
|
$ |
14,684 |
|
$ |
13,681 |
|
|
|
|
|
|
||||||||
Other Income, Net |
$ |
2,750 |
|
$ |
1,591 |
|
$ |
5,259 |
|
$ |
2,845 |
|
|
|
|
|
|
||||||||
Interest Expense |
$ |
1,847 |
|
$ |
3,578 |
|
$ |
3,983 |
|
$ |
7,560 |
|
|
|
|
|
|
||||||||
Income Tax Provision |
$ |
714 |
|
$ |
873 |
|
$ |
1,057 |
|
$ |
1,519 |
|
|
|
|
|
|
||||||||
Net Income |
$ |
4,625 |
|
$ |
4,711 |
|
$ |
7,587 |
|
$ |
8,219 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
4,625 |
|
$ |
4,711 |
|
$ |
7,587 |
|
$ |
8,219 |
|
|
|
|
|
|
||||||||
HOME SERVICES AND OTHER |
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Operating Revenues |
$ |
13,222 |
|
$ |
12,773 |
|
$ |
27,173 |
|
$ |
25,350 |
|
|
|
|
|
|
||||||||
Operating Income |
$ |
901 |
|
$ |
3,292 |
|
$ |
1,763 |
|
$ |
5,288 |
|
|
|
|
|
|
||||||||
|
|
|
|
|
||||||||
Net Income |
$ |
451 |
|
$ |
747 |
|
$ |
898 |
|
$ |
685 |
|
|
|
|
|
|
||||||||
Net Financial Earnings |
$ |
451 |
|
$ |
747 |
|
$ |
898 |
|
$ |
685 |
|
|
|
|
|
|
||||||||
Total Service Contract Customers at March 31 |
|
105,022 |
|
|
106,471 |
|
|
105,022 |
|
|
106,471 |
|
|
|
|
|
|
||||||||
