Today, New Jersey Resources (NYSE: NJR) reported results for fiscal 2019. Highlights for the fiscal year included:
Fiscal 2019 net income totaled $169.5 million, or $1.90 per share, compared with $233.4 million, or $2.66 per share, in fiscal 2018. Fiscal 2019 NFE totaled $175.0 million, or $1.96 per share, in-line with the previously announced guidance range, compared with $240.5 million, or $2.74 per share, in fiscal 2018. The results during fiscal 2018 included an income tax benefit of $59.6 million, or $0.68 per share, due to the revaluation of deferred taxes resulting from tax reform and the reduction in the federal corporate tax rate. In addition, fiscal 2018 results included better than expected performance at Energy Services, driven by sustained cold weather and pricing volatility, which did not reoccur in fiscal 2019.
Fourth-quarter fiscal 2019 net income totaled $18.1 million, or $0.20 per share, compared with a net loss of $16.3 million, or $0.18 per share, during the same period in fiscal 2018. Fourth-quarter NFE was $26.0 million, or $0.29 per share, compared with a net financial loss of $28.9 million, or $0.33 per share, during the same period last year. The increase in our fourth quarter fiscal 2019 results were primarily due to contributions at CEV, which recorded increased Solar Renewable Energy Credits (SRECs) sales and recognized increased income tax credits (ITCs) on projects placed into service, compared to the fourth quarter of fiscal 2018.
"New Jersey Resources delivered solid results for fiscal 2019 and our continued investments in energy infrastructure positions us to deliver consistent results for our shareowners," said Steve Westhoven, President and CEO of New Jersey Resources. "We are committed to meeting our customers needs' and rewarding the confidence of our shareowners, as illustrated by our 6.8 percent dividend increase."
Key Performance Metrics
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
September 30, |
|
September 30, |
||||||||||||||
($ in Thousands) |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
Net (loss) income |
$ |
18,086 |
|
|
$ |
(16,255 |
) |
|
$ |
169,505 |
|
|
$ |
233,436 |
|
||
Basic EPS |
$ |
0.20 |
|
|
$ |
(0.18 |
) |
|
$ |
1.90 |
|
|
$ |
2.66 |
|
||
NFE |
$ |
25,956 |
|
|
$ |
(28,906 |
) |
|
$ |
174,960 |
|
|
$ |
240,486 |
|
||
Basic NFE per share |
$ |
0.29 |
$ |
(0.33 |
) |
$ |
1.96 |
$ |
2.74 |
|
A reconciliation of net income to NFE for the three and twelve months ended September 30, 2019, and 2018, is provided below.
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
September 30, |
|
September 30, |
||||||||||||||
(Thousands) |
2019 |
|
|
2018 |
|
2019 |
|
2018 |
|||||||||
Net income (loss)* |
$ |
18,086 |
|
|
$ |
(16,255 |
) |
|
$ |
169,505 |
|
|
$ |
233,436 |
|
||
Add: |
|
|
|
|
|
|
|
|
|||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
28,234 |
|
|
866 |
|
|
2,881 |
|
|
26,770 |
|
|||||
Tax effect |
|
(6,745 |
) |
|
(592 |
) |
|
(711 |
) |
|
(4,512 |
) |
|||||
Effects of economic hedging related to natural gas inventory |
|
(7,764 |
) |
|
(7,782 |
) |
|
4,309 |
|
|
(22,570 |
) |
|||||
Tax effect |
|
1,845 |
|
|
1,844 |
|
|
(1,024 |
) |
|
7,362 |
|
|||||
Net income to NFE tax adjustment |
|
(7,700 |
) |
|
(6,987 |
) |
|
? |
|
|
? |
|
|||||
Net financial earnings (loss) |
$ |
25,956 |
|
|
$ |
(28,906 |
) |
|
$ |
174,960 |
|
|
$ |
240,486 |
|
||
|
|
|
|
|
|
|
|
|
|||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
|||||||||
Basic |
|
89,983 |
|
|
88,279 |
|
|
89,242 |
|
|
87,689 |
|
|||||
Diluted |
|
90,366 |
|
|
88,279 |
|
|
89,616 |
|
|
88,315 |
|
|||||
|
|
|
|
|
|
|
|
|
|||||||||
Basic earnings (loss) per share |
$ |
0.20 |
|
|
$ |
(0.18 |
) |
|
$ |
1.90 |
|
|
$ |
2.66 |
|
||
Add: |
|
|
|
|
|
|
|
|
|||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
0.31 |
|
|
0.01 |
|
|
0.03 |
|
|
0.31 |
|
|||||
Tax effect |
|
(0.06 |
) |
|
(0.01 |
) |
|
(0.01 |
) |
|
(0.05 |
) |
|||||
Effects of economic hedging related to natural gas inventory |
|
(0.09 |
) |
|
(0.09 |
) |
|
0.05 |
|
|
(0.26 |
) |
|||||
Tax effect |
|
0.02 |
|
|
0.02 |
|
|
(0.01 |
) |
|
0.08 |
|
|||||
Net income to NFE tax adjustment |
|
(0.09 |
) |
|
(0.08 |
) |
|
? |
|
|
? |
|
|||||
Basic net financial earnings (loss) per share |
$ |
0.29 |
|
$ |
(0.33 |
) |
|
$ |
1.96 |
|
|
$ |
2.74 |
|
*Results during fiscal 2018 include an income-tax benefit of $59.6 million, or $0.68 per share, due to the revaluation of deferred income taxes resulting from tax reform and the reduction in the federal corporate tax rate that did not reoccur in fiscal 2019. |
NFE/net financial loss is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, SRECs and foreign currency contracts. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under "Non-GAAP Financial Information."
A table detailing NFE for the three and twelve months ended September 30, 2019, and 2018, is provided below.
Net Financial Earnings (Loss) by Business Unit
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||||
|
September 30, |
|
September 30, |
||||||||||||||
(Thousands) |
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||||
New Jersey Natural Gas |
$ |
(18,402 |
) |
|
$ |
(12,943 |
) |
|
$ |
78,062 |
|
|
$ |
84,048 |
|
||
Midstream |
3,488 |
|
|
2,052 |
|
|
14,689 |
|
|
24,367 |
|
||||||
Subtotal Regulated |
(14,914 |
) |
|
(10,891 |
) |
|
92,751 |
|
|
108,415 |
|
||||||
Clean Energy Ventures |
52,676 |
|
|
(4,623 |
) |
|
77,473 |
|
|
75,849 |
|
||||||
Energy Services |
(10,726 |
) |
|
(17,649 |
) |
|
2,918 |
|
|
60,378 |
|
||||||
Home Services and Other |
(1,021 |
) |
|
4,382 |
|
|
1,911 |
|
|
(3,829 |
) |
||||||
Subtotal Unregulated |
40,929 |
|
|
(17,890 |
) |
|
82,302 |
|
|
132,398 |
|
||||||
Subtotal |
26,015 |
|
|
(28,781 |
) |
|
175,053 |
|
|
240,813 |
|
||||||
Eliminations |
(59 |
) |
|
(125 |
) |
|
(93 |
) |
|
(327 |
) |
||||||
Total |
$ |
25,956 |
|
|
$ |
(28,906 |
) |
|
$ |
174,960 |
|
|
$ |
240,486 |
|
NJR Announces Fiscal 2020 NFE Guidance:
NJR announced fiscal 2020 NFE guidance of $2.05 to $2.15 per share, subject to the risks and uncertainties identified below under "Forward-Looking Statements." The following chart represents NJR's current expected contributions from its subsidiaries for fiscal 2020:
Company |
Expected Fiscal 2020
|
||
New Jersey Natural Gas |
55 to 60 percent |
||
Midstream |
10 to 15 percent |
||
Total Regulated |
65 to 75 percent |
||
Clean Energy Ventures |
20 to 25 percent |
||
Energy Services |
5 to 15 percent |
||
Home Services and Other |
1 to 2 percent |
||
Total Unregulated |
26 to 42 percent |
In providing fiscal 2020 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.
Regulated Business Update:
New Jersey Natural Gas (NJNG)
NJNG reported fiscal 2019 NFE of $78.1 million, compared with $84.0 million in fiscal 2018. The decrease in fiscal 2019 was due primarily to higher operating and maintenance (O&M) expenses mainly related to technology investments and lower Basic Gas Supply Service (BGSS) incentives, which were partially offset by new customer growth and an increase in margin related to SAFE II and NJ RISE infrastructure projects. Net financial losses for the fourth quarter of fiscal 2019 and 2018 were $18.4 million and $12.9 million, respectively. The increase in net financial losses were primarily due to increased O&M expenses.
Customer Growth:
Rate Case Filing:
Infrastructure Update:
BGSS Incentive Programs:
BGSS incentive programs contributed $8.4 million to utility gross margin in fiscal 2019, compared with $12.5 million during the same period in fiscal 2018. The lower results were due primarily to lower volumes in the capacity release program and lower margin from fewer opportunities for off-system sales and storage incentives.
Energy-Efficiency Programs:
The SAVEGREEN Project®, NJNG's energy-efficiency program, invested $20.7 million during fiscal 2019 to help customers with energy-efficiency upgrades for their homes and businesses.
Midstream
Midstream reported fiscal 2019 NFE of $14.7 million, compared with $24.4 million during fiscal 2018. The results during fiscal 2018 included an income tax benefit of $13.9 million due to the revaluation of deferred taxes resulting from the effects of tax reform. Fourth quarter NFE were $3.5 million, compared with $2.1 million during the same period in fiscal 2018. The increase in NFE during the fourth quarter was primarily due to a decrease in O&M expenses and a lower income tax provision.
Infrastructure Updates:
Unregulated Businesses Update:
Energy Services
Energy Services reported fiscal 2019 NFE of $2.9 million, compared with $60.4 million during fiscal 2018. The decrease in fiscal 2019 was due to the lack of colder weather and related pricing volatility when compared with fiscal 2018. The results from fiscal 2018 included an income tax provision of $6.1 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 net financial losses were $10.7 million, compared with net financial losses of $17.6 million during the same period last year. The quarterly decrease in net financial loss was due primarily to reduced demand fees and O&M expenses during the quarter compared with the same period last year.
Clean Energy Ventures
CEV reported fiscal 2019 NFE of $77.5 million, compared with $75.8 million in fiscal 2018. The increase in fiscal 2019 NFE was due to an increase in SREC sales and ITCs recognized on projects placed in service. The results from fiscal 2018 included an income tax benefit of $61.4 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 NFE were $52.7 million, compared with net financial losses of $4.6 million in the same period last year. The quarterly increase in NFE was due primarily to increased SREC sales and ITCs recognized on projects placed into service.
Fiscal 2019 Solar Investment Update:
Home Services and Other Operations
Home Services and Other Operations reported fiscal 2019 NFE of $1.9 million, compared with a net financial loss of $3.8 million in fiscal 2018. The results during fiscal 2018 included an income tax provision of $9.7 million due to the revaluation of deferred taxes resulting from tax reform. Fourth-quarter fiscal 2019 net financial losses were $1.0 million, compared with a net financial loss of $4.4 million in the same period last year. The decrease was due primarily to a change in the timing of contract revenue recognition.
Capital Expenditures and Cash Flows:
NJR is committed to maintaining a strong financial profile, while continuing to invest capital in regulated and unregulated projects.
Webcast Information:
NJR will host a live webcast to discuss its financial results today at 10 a.m. ET. A few minutes prior to the webcast, go to njresources.com and select "Investor Relations," then scroll down to the "Events & Presentations" section and click on the webcast link.
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. New Jersey Resources Corporation (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 NFE guidance for fiscal 2020, forecasted contribution of business segments to fiscal 2020 NFE, future NJNG customer and utility gross margin growth, future NJR capital expenditures, infrastructure programs and investments, Clean Energy Ventures' ITC-eligible projects and demand for residential solar, earnings growth, NJNG's base rate cases, permanent financing plans for Leaf River, as well as the ability to close the Adelphia Gateway transaction and successfully implement the Leaf River acquisitions, and construct the SRL and PennEast pipeline projects.
Additional information and factors that could cause actual results to differ materially from NJR's expectations are contained in NJR's filings with the U.S. Securities and Exchange Commission (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 losses, 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/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company'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, net of applicable tax adjustments as described below. 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 CEV, as such the adjustment is related to tax credits generated by CEV.
NJNG's utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR's operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are 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 2019 Form 10-K, Item 7.
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 more than 1,100 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.
Download our free NJR investor relations app for iPad, iPhone and Android.
NJR-E
NEW JERSEY RESOURCES |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except per share data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
OPERATING REVENUES |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
$ |
88,626 |
|
|
$ |
100,476 |
|
|
$ |
710,793 |
|
|
$ |
731,865 |
|
Nonutility |
|
390,455 |
|
|
546,850 |
|
|
1,881,252 |
|
|
2,183,244 |
|
||||
Total operating revenues |
|
479,081 |
|
|
647,326 |
|
|
2,592,045 |
|
|
2,915,109 |
|
||||
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
|
|
|
|
|
|
|
||||||||
Utility |
|
39,629 |
|
|
48,737 |
|
|
320,256 |
|
|
276,005 |
|
||||
Nonutility |
|
345,690 |
|
|
501,791 |
|
|
1,716,098 |
|
|
1,990,832 |
|
||||
Related parties |
|
1,493 |
|
|
2,113 |
|
|
7,948 |
|
|
8,505 |
|
||||
Operation and maintenance |
|
71,331 |
|
|
83,660 |
|
|
256,951 |
|
|
263,113 |
|
||||
Regulatory rider expenses |
|
1,778 |
|
|
2,054 |
|
|
33,937 |
|
|
38,969 |
|
||||
Depreciation and amortization |
|
24,438 |
|
|
21,067 |
|
|
91,730 |
|
|
85,701 |
|
||||
Energy and other taxes |
|
2,512 |
|
|
6,247 |
|
|
11,190 |
|
|
52,102 |
|
||||
Total operating expenses |
|
486,871 |
|
|
665,669 |
|
|
2,438,110 |
|
|
2,715,227 |
|
||||
OPERATING INCOME (LOSS) |
|
(7,790 |
) |
|
(18,343 |
) |
|
153,935 |
|
|
199,882 |
|
||||
Other (loss) income, net |
|
5,817 |
|
|
4,312 |
|
|
11,273 |
|
|
13,047 |
|
||||
Interest expense, net of capitalized interest |
|
9,439 |
|
|
11,546 |
|
|
47,082 |
|
|
46,286 |
|
||||
(LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES |
|
(11,412 |
) |
|
(25,577 |
) |
|
118,126 |
|
|
166,643 |
|
||||
Income tax benefit |
|
(25,897 |
) |
|
(5,984 |
) |
|
(37,751 |
) |
|
(53,785 |
) |
||||
Equity in earnings of affiliates |
|
3,601 |
|
|
3,338 |
|
|
13,628 |
|
|
13,008 |
|
||||
NET INCOME (LOSS) |
|
$ |
18,086 |
|
|
$ |
(16,255 |
) |
|
$ |
169,505 |
|
|
$ |
233,436 |
|
|
|
|
|
|
|
|
|
|
||||||||
EARNINGS (LOSS) PER COMMON SHARE |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
0.20 |
|
|
$ |
(0.18 |
) |
|
$ |
1.90 |
|
|
$ |
2.66 |
|
Diluted |
|
$ |
0.20 |
|
|
$ |
(0.18 |
) |
|
$ |
1.89 |
|
|
$ |
2.64 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
89,983 |
|
|
88,279 |
|
|
89,242 |
|
|
87,689 |
|
||||
Diluted |
|
90,366 |
|
|
88,279 |
|
|
89,616 |
|
|
88,315 |
|
||||
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
NEW JERSEY RESOURCES |
|
|
|
|
||||||||||||
|
||||||||||||||||
A reconciliation of net income, the closest GAAP financial measurement, to net financial earnings is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income (loss) |
|
$ |
18,086 |
|
|
$ |
(16,255 |
) |
|
$ |
169,505 |
|
|
$ |
233,436 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on derivative instruments and related transactions |
|
28,234 |
|
|
866 |
|
|
2,881 |
|
|
26,770 |
|
||||
Tax effect |
|
(6,745 |
) |
|
(592 |
) |
|
(711 |
) |
|
(4,512 |
) |
||||
Effects of economic hedging related to natural gas inventory |
|
(7,764 |
) |
|
(7,782 |
) |
|
4,309 |
|
|
(22,570 |
) |
||||
Tax effect |
|
1,845 |
|
|
1,844 |
|
|
(1,024 |
) |
|
7,362 |
|
||||
Net income to NFE tax adjustment |
|
(7,700 |
) |
|
(6,987 |
) |
|
? |
|
|
? |
|
||||
Net financial earnings (loss) |
|
$ |
25,956 |
|
|
$ |
(28,906 |
) |
|
$ |
174,960 |
|
|
$ |
240,486 |
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted Average Shares Outstanding |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
89,983 |
|
|
88,279 |
|
|
89,242 |
|
|
87,689 |
|
||||
Diluted |
|
90,366 |
|
|
88,279 |
|
|
89,616 |
|
|
88,315 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of basic earnings per share, the closest GAAP financial measurement, to basic net financial earnings per share is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings (loss) per share |
|
$ |
0.20 |
|
|
$ |
(0.18 |
) |
|
$ |
1.90 |
|
|
$ |
2.66 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on derivative instruments and related transactions |
|
$ |
0.31 |
|
|
$ |
0.01 |
|
|
$ |
0.03 |
|
|
$ |
0.31 |
|
Tax effect |
|
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
Effects of economic hedging related to natural gas inventory |
|
$ |
(0.09 |
) |
|
$ |
(0.09 |
) |
|
$ |
0.05 |
|
|
$ |
(0.26 |
) |
Tax effect |
|
$ |
0.02 |
|
|
$ |
0.02 |
|
|
$ |
(0.01 |
) |
|
$ |
0.08 |
|
Net income to NFE tax adjustment |
|
$ |
(0.09 |
) |
|
$ |
(0.08 |
) |
|
$ |
? |
|
|
$ |
? |
|
Basic NFE per share |
|
$ |
0.29 |
|
|
$ |
(0.33 |
) |
|
$ |
1.96 |
|
|
$ |
2.74 |
|
|
|
|
|
|
|
|
|
|
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of operating revenue, the closest GAAP financial measurement, to utility gross margin is as follows: |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
88,626 |
|
|
$ |
100,476 |
|
|
$ |
710,793 |
|
|
$ |
731,865 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
41,953 |
|
|
51,061 |
|
|
336,489 |
|
|
333,208 |
|
||||
Energy and other taxes |
|
? |
|
|
3,656 |
|
|
? |
|
|
39,426 |
|
||||
Regulatory rider expense |
|
1,778 |
|
|
2,054 |
|
|
33,937 |
|
|
38,969 |
|
||||
Utility gross margin |
|
$ |
44,895 |
|
|
$ |
43,705 |
|
|
$ |
340,367 |
|
|
$ |
320,262 |
|
|
|
|
|
|
|
|
|
|
||||||||
CLEAN ENERGY VENTURES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income to net financial earnings is as follows: |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income |
|
$ |
60,376 |
|
|
$ |
2,364 |
|
|
$ |
77,473 |
|
|
$ |
75,849 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Net income to NFE tax adjustment |
|
(7,700 |
) |
|
(6,987 |
) |
|
? |
|
|
? |
|
||||
Net financial earnings (loss) |
|
$ |
52,676 |
|
|
$ |
(4,623 |
) |
|
$ |
77,473 |
|
|
$ |
75,849 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
||||||||||||
(Thousands) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
The following table is a computation of financial margin: |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
317,678 |
|
|
$ |
500,105 |
|
|
$ |
1,742,791 |
|
|
$ |
2,112,804 |
|
Less: Gas purchases |
|
345,735 |
|
|
502,917 |
|
|
1,719,519 |
|
|
1,995,335 |
|
||||
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on derivative instruments and related transactions |
|
28,251 |
|
|
2,230 |
|
|
1,195 |
|
|
26,728 |
|
||||
Effects of economic hedging related to natural gas inventory |
|
(7,764 |
) |
|
(7,782 |
) |
|
4,309 |
|
|
(22,570 |
) |
||||
Financial margin |
|
$ |
(7,570 |
) |
|
$ |
(8,364 |
) |
|
$ |
28,776 |
|
|
$ |
121,627 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of operating income, the closest GAAP financial measurement, to financial margin is as follows: |
||||||||||||||||
|
|
|
|
|
||||||||||||
Operating (loss) income |
|
$ |
(34,074 |
) |
|
$ |
(20,061 |
) |
|
$ |
2,211 |
|
|
$ |
81,777 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Operation and maintenance expense |
|
5,721 |
|
|
17,044 |
|
|
19,555 |
|
|
32,884 |
|
||||
Depreciation and amortization |
|
43 |
|
|
26 |
|
|
118 |
|
|
76 |
|
||||
Other taxes |
|
253 |
|
|
179 |
|
|
1,388 |
|
|
2,732 |
|
||||
Subtotal |
|
(28,057 |
) |
|
(2,812 |
) |
|
23,272 |
|
|
117,469 |
|
||||
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on derivative instruments and related transactions |
|
28,251 |
|
|
2,230 |
|
|
1,195 |
|
|
26,728 |
|
||||
Effects of economic hedging related to natural gas inventory |
|
(7,764 |
) |
|
(7,782 |
) |
|
4,309 |
|
|
(22,570 |
) |
||||
Financial margin |
|
$ |
(7,570 |
) |
|
$ |
(8,364 |
) |
|
$ |
28,776 |
|
|
$ |
121,627 |
|
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income to net financial earnings is as follows: |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(26,309 |
) |
|
$ |
(13,024 |
) |
|
$ |
(1,268 |
) |
|
$ |
53,139 |
|
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss on derivative instruments and related transactions |
|
28,251 |
|
|
2,230 |
|
|
1,195 |
|
|
26,728 |
|
||||
Tax effect |
|
(6,749 |
) |
|
(917 |
) |
|
(294 |
) |
|
(4,281 |
) |
||||
Effects of economic hedging related to natural gas |
|
(7,764 |
) |
|
(7,782 |
) |
|
4,309 |
|
|
(22,570 |
) |
||||
Tax effect |
|
1,845 |
|
|
1,844 |
|
|
(1,024 |
) |
|
7,362 |
|
||||
Net financial (loss) earnings |
|
$ |
(10,726 |
) |
|
$ |
(17,649 |
) |
|
$ |
2,918 |
|
|
$ |
60,378 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Home Services and Other |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
A reconciliation of net income to net financial earnings is as follows: |
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (loss) income |
|
$ |
(1,035 |
) |
|
$ |
4,427 |
|
|
$ |
1,637 |
|
|
$ |
(3,555 |
) |
Add: |
|
|
|
|
|
|
|
|
||||||||
Unrealized loss (gain) on derivative instruments and related transactions |
|
20 |
|
|
(56 |
) |
|
381 |
|
|
(381 |
) |
||||
Tax effect |
|
(6 |
) |
|
11 |
|
|
(107 |
) |
|
107 |
|
||||
Net financial (loss) earnings |
|
$ |
(1,021 |
) |
|
$ |
4,382 |
|
|
$ |
1,911 |
|
|
$ |
(3,829 |
) |
|
|
|
|
|
|
|
|
|
FINANCIAL STATISTICS BY BUSINESS UNIT |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except per share data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
NEW JERSEY RESOURCES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
88,626 |
|
|
$ |
100,476 |
|
|
$ |
710,793 |
|
|
$ |
731,865 |
|
Clean Energy Ventures |
|
60,392 |
|
|
29,165 |
|
|
98,099 |
|
|
71,375 |
|
||||
Energy Services |
|
317,678 |
|
|
500,105 |
|
|
1,742,791 |
|
|
2,112,804 |
|
||||
Midstream |
|
? |
|
|
? |
|
|
? |
|
|
? |
|
||||
Home Services and Other |
|
12,997 |
|
|
17,080 |
|
|
50,902 |
|
|
50,057 |
|
||||
Sub-total |
|
479,693 |
|
|
646,826 |
|
|
2,602,585 |
|
|
2,966,101 |
|
||||
Eliminations |
|
(612 |
) |
|
500 |
|
|
(10,540 |
) |
|
(50,992 |
) |
||||
Total |
|
$ |
479,081 |
|
|
$ |
647,326 |
|
|
$ |
2,592,045 |
|
|
$ |
2,915,109 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(17,255 |
) |
|
$ |
(15,217 |
) |
|
$ |
111,189 |
|
|
$ |
102,853 |
|
Clean Energy Ventures |
|
44,513 |
|
|
12,864 |
|
|
36,488 |
|
|
12,440 |
|
||||
Energy Services |
|
(34,074 |
) |
|
(20,061 |
) |
|
2,211 |
|
|
81,777 |
|
||||
Midstream |
|
(1,390 |
) |
|
(2,972 |
) |
|
(4,049 |
) |
|
(4,454 |
) |
||||
Home Services and Other |
|
(408 |
) |
|
4,527 |
|
|
4,785 |
|
|
2,716 |
|
||||
Sub-total |
|
(8,614 |
) |
|
(20,859 |
) |
|
150,624 |
|
|
195,332 |
|
||||
Eliminations |
|
824 |
|
|
2,516 |
|
|
3,311 |
|
|
4,550 |
|
||||
Total |
|
$ |
(7,790 |
) |
|
$ |
(18,343 |
) |
|
$ |
153,935 |
|
|
$ |
199,882 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
|
|
|
|
|
|
|
||||||||
Midstream |
|
$ |
3,866 |
|
|
$ |
4,061 |
|
|
$ |
15,832 |
|
|
$ |
16,165 |
|
Eliminations |
|
(265 |
) |
|
(723 |
) |
|
(2,204 |
) |
|
(3,157 |
) |
||||
Total |
|
$ |
3,601 |
|
|
$ |
3,338 |
|
|
$ |
13,628 |
|
|
$ |
13,008 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(18,402 |
) |
|
$ |
(12,943 |
) |
|
$ |
78,062 |
|
|
$ |
84,048 |
|
Clean Energy Ventures |
|
60,376 |
|
|
2,364 |
|
|
77,473 |
|
|
75,849 |
|
||||
Energy Services |
|
(26,309 |
) |
|
(13,024 |
) |
|
(1,268 |
) |
|
53,139 |
|
||||
Midstream |
|
3,488 |
|
|
2,052 |
|
|
14,689 |
|
|
24,367 |
|
||||
Home Services and Other |
|
(1,035 |
) |
|
4,427 |
|
|
1,637 |
|
|
(3,555 |
) |
||||
Sub-total |
|
18,118 |
|
|
(17,124 |
) |
|
170,593 |
|
|
233,848 |
|
||||
Eliminations |
|
(32 |
) |
|
869 |
|
|
(1,088 |
) |
|
(412 |
) |
||||
Total |
|
$ |
18,086 |
|
|
$ |
(16,255 |
) |
|
$ |
169,505 |
|
|
$ |
233,436 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
|
|
|
|
|
|
|
||||||||
Natural Gas Distribution |
|
$ |
(18,402 |
) |
|
$ |
(12,943 |
) |
|
$ |
78,062 |
|
|
$ |
84,048 |
|
Clean Energy Ventures |
|
52,676 |
|
|
(4,623 |
) |
|
77,473 |
|
|
75,849 |
|
||||
Energy Services |
|
(10,726 |
) |
|
(17,649 |
) |
|
2,918 |
|
|
60,378 |
|
||||
Midstream |
|
3,488 |
|
|
2,052 |
|
|
14,689 |
|
|
24,367 |
|
||||
Home Services and Other |
|
(1,021 |
) |
|
4,382 |
|
|
1,911 |
|
|
(3,829 |
) |
||||
Sub-total |
|
26,015 |
|
|
(28,781 |
) |
|
175,053 |
|
|
240,813 |
|
||||
Eliminations |
|
(59 |
) |
|
(125 |
) |
|
(93 |
) |
|
(327 |
) |
||||
Total |
|
$ |
25,956 |
|
|
$ |
(28,906 |
) |
|
$ |
174,960 |
|
|
$ |
240,486 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
NJNG, Core Customers |
|
19.5 |
|
|
21.6 |
|
|
108.4 |
|
|
116.1 |
|
||||
NJNG, Off System/Capacity Management |
|
34.8 |
|
|
40.7 |
|
|
123.8 |
|
|
150.2 |
|
||||
Energy Services Fuel Mgmt. and Wholesale Sales |
|
148.4 |
|
|
177.3 |
|
|
584.9 |
|
|
662.4 |
|
||||
Total |
|
202.7 |
|
|
239.6 |
|
|
817.1 |
|
|
928.7 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Common Stock Data |
|
|
|
|
|
|
|
|
||||||||
Yield at September 30 |
|
2.8 |
% |
|
2.5 |
% |
|
2.8 |
% |
|
2.5 |
% |
||||
Market Price at September 30 |
|
$ |
45.22 |
|
|
$ |
46.10 |
|
|
$ |
45.22 |
|
|
$ |
46.10 |
|
Shares Out. at September 30 |
|
89,999 |
|
|
88,293 |
|
|
89,999 |
|
|
88,293 |
|
||||
Market Cap. at September 30 |
|
$ |
4,069,745 |
|
|
$ |
4,070,305 |
|
|
$ |
4,069,745 |
|
|
$ |
4,070,305 |
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except customer and weather data) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
NATURAL GAS DISTRIBUTION |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
88,626 |
|
|
$ |
100,476 |
|
|
$ |
710,793 |
|
|
$ |
731,865 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
41,953 |
|
|
51,061 |
|
|
336,489 |
|
|
333,208 |
|
||||
Energy and other taxes |
|
? |
|
|
3,656 |
|
|
? |
|
|
39,426 |
|
||||
Regulatory rider expense |
|
1,778 |
|
|
2,054 |
|
|
33,937 |
|
|
38,969 |
|
||||
Total Utility Gross Margin |
|
$ |
44,895 |
|
|
$ |
43,705 |
|
|
$ |
340,367 |
|
|
$ |
320,262 |
|
|
|
|
|
|
|
|
|
|
||||||||
Utility Gross Margin, Operating Income and Net Income |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
$ |
24,899 |
|
|
$ |
23,750 |
|
|
$ |
224,597 |
|
|
$ |
203,195 |
|
Commercial, Industrial & Other |
|
7,336 |
|
|
6,878 |
|
|
50,553 |
|
|
46,636 |
|
||||
Firm Transportation |
|
8,543 |
|
|
8,586 |
|
|
51,069 |
|
|
51,880 |
|
||||
Total Firm Margin |
|
40,778 |
|
|
39,214 |
|
|
326,219 |
|
|
301,711 |
|
||||
Interruptible |
|
1,620 |
|
|
1,778 |
|
|
5,750 |
|
|
6,069 |
|
||||
Total System Margin |
|
42,398 |
|
|
40,992 |
|
|
331,969 |
|
|
307,780 |
|
||||
Off System/Capacity Management/FRM/Storage Incentive |
|
2,497 |
|
|
2,713 |
|
|
8,398 |
|
|
12,482 |
|
||||
Total Utility Gross Margin |
|
44,895 |
|
|
43,705 |
|
|
340,367 |
|
|
320,262 |
|
||||
Operation and maintenance expense |
|
45,455 |
|
|
44,091 |
|
|
165,757 |
|
|
159,443 |
|
||||
Depreciation and amortization |
|
15,423 |
|
|
13,599 |
|
|
57,980 |
|
|
53,208 |
|
||||
Other taxes not reflected in gross margin |
|
1,272 |
|
|
1,232 |
|
|
5,441 |
|
|
4,758 |
|
||||
Operating (Loss) Income |
|
$ |
(17,255 |
) |
|
$ |
(15,217 |
) |
|
$ |
111,189 |
|
|
$ |
102,853 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(18,402 |
) |
|
$ |
(12,943 |
) |
|
$ |
78,062 |
|
|
$ |
84,048 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Financial Earnings |
|
$ |
(18,402 |
) |
|
$ |
(12,943 |
) |
|
$ |
78,062 |
|
|
$ |
84,048 |
|
|
|
|
|
|
|
|
|
|
||||||||
Throughput (Bcf) |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
3.0 |
|
|
2.8 |
|
|
46.0 |
|
|
45.5 |
|
||||
Commercial, Industrial & Other |
|
0.7 |
|
|
0.7 |
|
|
9.7 |
|
|
8.9 |
|
||||
Firm Transportation |
|
1.6 |
|
|
1.6 |
|
|
13.7 |
|
|
15.5 |
|
||||
Total Firm Throughput |
|
5.3 |
|
|
5.1 |
|
|
69.4 |
|
|
69.9 |
|
||||
Interruptible |
|
14.2 |
|
|
16.5 |
|
|
39.0 |
|
|
46.2 |
|
||||
Total System Throughput |
|
19.5 |
|
|
21.6 |
|
|
108.4 |
|
|
116.1 |
|
||||
Off System/Capacity Management |
|
34.8 |
|
|
40.7 |
|
|
123.8 |
|
|
150.2 |
|
||||
Total Throughput |
|
54.3 |
|
|
62.3 |
|
|
232.2 |
|
|
266.3 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Customers |
|
|
|
|
|
|
|
|
||||||||
Residential |
|
486,474 |
|
|
474,495 |
|
|
486,474 |
|
|
474,495 |
|
||||
Commercial, Industrial & Other |
|
28,992 |
|
|
28,037 |
|
|
28,992 |
|
|
28,037 |
|
||||
Firm Transportation |
|
32,107 |
|
|
36,126 |
|
|
32,107 |
|
|
36,126 |
|
||||
Total Firm Customers |
|
547,573 |
|
|
538,658 |
|
|
547,573 |
|
|
538,658 |
|
||||
Interruptible |
|
32 |
|
|
31 |
|
|
32 |
|
|
31 |
|
||||
Total System Customers |
|
547,605 |
|
|
538,689 |
|
|
547,605 |
|
|
538,689 |
|
||||
Off System/Capacity Management* |
|
21 |
|
|
28 |
|
|
21 |
|
|
28 |
|
||||
Total Customers |
|
547,626 |
|
|
538,717 |
|
|
547,626 |
|
|
538,717 |
|
||||
*The number of customers represents those active during the last month of the period. |
|
|
|
|
||||||||||||
Degree Days |
|
|
|
|
|
|
|
|
||||||||
Actual |
|
11 |
|
|
14 |
|
|
4,506 |
|
|
4,537 |
|
||||
Normal |
|
30 |
|
|
32 |
|
|
4,552 |
|
|
4,561 |
|
||||
Percent of Normal |
|
36.7 |
% |
|
43.7 |
% |
|
99.0 |
% |
|
99.5 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Unaudited) |
|
September 30, |
|
September 30, |
||||||||||||
(Thousands, except customer, SREC and megawatt) |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
||||||||
CLEAN ENERGY VENTURES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
|
|
|
|
|
|
|
||||||||
SREC sales |
|
$ |
55,215 |
|
|
$ |
21,498 |
|
|
$ |
75,101 |
|
|
$ |
41,548 |
|
Wind electricity sales and other |
|
? |
|
|
2,795 |
|
|
5,177 |
|
|
14,758 |
|
||||
Solar electricity sales and other |
|
2,800 |
|
|
2,807 |
|
|
8,818 |
|
|
7,284 |
|
||||
Sunlight Advantage |
|
2,377 |
|
|
2,065 |
|
|
9,003 |
|
|
7,785 |
|
||||
Total Operating Revenues |
|
$ |
60,392 |
|
|
$ |
29,165 |
|
|
$ |
98,099 |
|
|
$ |
71,375 |
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and Amortization |
|
$ |
8,744 |
|
|
$ |
7,312 |
|
|
$ |
32,997 |
|
|
$ |
31,877 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
$ |
44,513 |
|
|
$ |
12,864 |
|
|
$ |
36,488 |
|
|
$ |
12,440 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax (Benefit) Provision |
|
$ |
(9,888 |
) |
|
$ |
7,343 |
|
|
$ |
(48,921 |
) |
|
$ |
(79,932 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
60,376 |
|
|
$ |
2,364 |
|
|
$ |
77,473 |
|
|
$ |
75,849 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial Earnings (Loss) |
|
$ |
52,676 |
|
|
$ |
(4,623 |
) |
|
$ |
77,473 |
|
|
$ |
75,849 |
|
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Generated |
|
114,762 |
|
|
91,932 |
|
|
311,803 |
|
|
245,147 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Solar Renewable Energy Certificates Sold |
|
258,930 |
|
|
99,750 |
|
|
363,600 |
|
|
188,312 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Solar Megawatts Eligible for ITCs |
|
25.4 |
|
|
13.5 |
|
|
60.1 |
|
|
42.2 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Solar Megawatts Under Construction |
|
51.8 |
|
|
38.1 |
|
|
51.8 |
|
|
38.1 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
ENERGY SERVICES |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
|
|
|
|
|
|
|
||||||||
Operating revenues |
|
$ |
317,678 |
|
|
$ |
500,105 |
|
|
$ |
1,742,791 |
|
|
$ |
2,112,804 |
|
Less: |
|
|
|
|
|
|
|
|
||||||||
Gas purchases |
|
345,735 |
|
|
502,917 |
|
|
1,719,519 |
|
|
1,995,335 |
|
||||
Operation and maintenance expense |
|
5,721 |
|
|
17,044 |
|
|
19,555 |
|
|
32,884 |
|
||||
Depreciation and amortization |
|
43 |
|
|
26 |
|
|
118 |
|
|
76 |
|
||||
Energy and other taxes, net |
|
253 |
|
|
179 |
|
|
1,388 |
|
|
2,732 |
|
||||
Operating (Loss) Income |
|
$ |
(34,074 |
) |
|
$ |
(20,061 |
) |
|
$ |
2,211 |
|
|
$ |
81,777 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(26,309 |
) |
|
$ |
(13,024 |
) |
|
$ |
(1,268 |
) |
|
$ |
53,139 |
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Margin |
|
$ |
(7,570 |
) |
|
$ |
(8,364 |
) |
|
$ |
28,776 |
|
|
$ |
121,627 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(10,726 |
) |
|
$ |
(17,649 |
) |
|
$ |
2,918 |
|
|
$ |
60,378 |
|
|
|
|
|
|
|
|
|
|
||||||||
Gas Sold and Managed (Bcf) |
|
148.4 |
|
|
177.3 |
|
|
584.9 |
|
|
662.4 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
MIDSTREAM |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Equity in Earnings of Affiliates |
|
$ |
3,866 |
|
|
$ |
4,061 |
|
|
$ |
15,832 |
|
|
$ |
16,165 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other Income, Net |
|
$ |
911 |
|
|
$ |
1,640 |
|
|
$ |
7,345 |
|
|
$ |
5,775 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income Tax (Benefit) Provision |
|
$ |
(656 |
) |
|
$ |
175 |
|
|
$ |
2,254 |
|
|
$ |
(8,548 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Income |
|
$ |
3,488 |
|
|
$ |
2,052 |
|
|
$ |
14,689 |
|
|
$ |
24,367 |
|
|
|
|
|
|
|
|
|
|
||||||||
HOME SERVICES AND OTHER |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Operating Revenues |
|
$ |
12,997 |
|
|
$ |
17,080 |
|
|
$ |
50,902 |
|
|
$ |
50,057 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating Income |
|
$ |
(408 |
) |
|
$ |
4,527 |
|
|
$ |
4,785 |
|
|
$ |
2,716 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other (Expense) Income , Net |
|
$ |
(296 |
) |
|
$ |
330 |
|
|
$ |
(542 |
) |
|
$ |
5,680 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net (Loss) Income |
|
$ |
(1,035 |
) |
|
$ |
4,427 |
|
|
$ |
1,637 |
|
|
$ |
(3,555 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net Financial (Loss) Earnings |
|
$ |
(1,021 |
) |
|
$ |
4,382 |
|
|
$ |
1,911 |
|
|
$ |
(3,829 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Total Service Contract Customers at September 30 |
|
108,471 |
|
|
110,133 |
|
|
108,471 |
|
|
110,133 |
|
||||
|
|
|
|
|
|
|
|
|
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