Page 1

N New Jersey Resources News Release 1415 Wyckoff Road P. O. Box 1464 Wall , NJ 07719 Media Contact : Michael Kinney 732-938-1031 mkinney@njresources.com Investor Contact : Dennis Puma 732-938-1229 dpuma@njresources.com NEW JERSEY RESOURCES REPORTS FIRST - QUARTER FISCAL 2021 RESULTS WALL , N.J. , February 4 , 2021 — Today , New Jersey Resources ( NYSE : NJR ) reported results for the first - quarter of fiscal 2021. Highlights include : • Consolidated net income of $ 81.0 million , compared with $ 75.8 million in the first - quarter of fiscal 2020 Consolidated net financial earnings ( NFE ) , a non - GAAP financial measure , of $ 44.7 million , or $ 0.46 per share , compared with $ 34.9 million , or $ 0.38 per share , in the first quarter of fiscal 2020 Reaffirmed NFE per share ( NFEPS ) guidance of $ 1.55 to $ 1.65 for fiscal 2021 Increased NFEPS guidance for fiscal 2022 by $ 0.15 to a range of $ 2.20 to $ 2.30 Entered into Asset Management Agreements ( AMAs ) to release certain natural gas transportation contracts of NJR Energy Services for aggregate cash proceeds of approximately $ 500 million payable over 10 years New Jersey Natural Gas ( NJNG ) received approval from the New Jersey Board of Public Utilities ( BPU ) for the five - year , $ 150 million Infrastructure Investment Program ( IIP ) NJNG filed for SAVEGREEN 2020 , a three - year , $ 264 million energy efficiency program First - quarter fiscal 2021 net income totaled $ 81.0 million , or $ 0.84 per share , compared with $ 75.8 million , or $ 0.82 per share , during the same period in fiscal 2020. First - quarter fiscal 2021 NFE totaled $ 44.7 million , or $ 0.46 per share , compared with $ 34.9 million , or $ 0.38 per share , during the same period in fiscal 2020 . " Our strong results for the first - quarter were consistent with our expectations and put us on track to meet our guidance for the fiscal year , " said Steve Westhoven , President and CEO of New Jersey Resources . " By entering into the AMAs at Energy Services , we are delivering on our commitment to generate more stable fee - based revenue . Our outlook for the fiscal year is supported by our core utility business , New Jersey Natural Gas , and our growing portfolio of clean energy assets at Clean Energy Ventures . " Effective October 1 , 2020 , NJR changed its method of accounting for Investment Tax Credits ( ITCs ) from the flow through method to the deferred method . The change will be applied retrospectively to all periods presented in our first - quarter fiscal 2021 Form 10 - Q filed ( Form 10 - Q ) with the U.S. Securities and Exchange Commission ( SEC ) . Our historical financial reporting presented herein has been retrospectively revised to apply this change . For additional details , please refer to our Form 10 - Q . Key Performance Metrics ( $ in Thousands ) Net income Basic EPS Net financial earnings Three Months Ended December 31 , 2020 2019 $ 81,045 $ 75,752 0.82 $ 0.84 $ $ 44,657 $ 34,931 Basic net financial earnings per share $ 0.46 $ 0.38