NEW JERSEY RESOURCES REPORTS ANOTHER YEAR OF IMPROVED FINANCIAL PERFORMANCE; REAFFIRMS FISCAL 2014 EARNINGS GUIDANCE

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Catherine Garrett
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1 Page 12 of 16 RECONCILIATION OF NON-GAAP PERFORMANCE MEASURES NEW JERSEY RESOURCES A reconciliation of Net income at NJR to Net financial earnings, is as follows: NJR ENERGY SERVICES The following table is a computation of Financial margin at Energy Services: Net (loss) income $ (20,021) $ (8,693) $ 114,809 $ 92,879 Unrealized loss (gain) on derivative instruments and related transactions, net of taxes 9,019 11,505 (5,956) 22,631 Effects of economic hedging related to natural gas inventory, net of taxes 10,788 (13,959) 4,828 (3,093) Net financial (loss) earnings $ (214) $ (11,147) $ 113,681 $ 112,417 Weighted Average Shares Outstanding Basic 41,541 41,604 41,658 41,527 Diluted 41,697 41,709 41,814 41,632 Basic net financial (loss) earnings per share $ (0.01) $ (0.27) $ 2.73 $ 2.71 Operating revenues $ 615,497 $ 451,360 $ 2,356,578 $ 1,580,611 Less: Gas purchases 645, ,362 2,307,072 1,574,246 Unrealized loss (gain) on derivative instruments and related transactions 14,440 18,250 (9,872) 35,566 Effects of economic hedging related to natural gas inventory 17,060 (22,075) 7,635 (4,891) Financial margin $ 1,287 $ (3,827) $ 47,269 $ 37,040 A reconciliation of Operating income at Energy Services, the closest GAAP financial measurement, to Financial margin is as follows: Operating (loss) income $ (34,767) $ (7,328) $ 33,774 $ (12,496) Operation and maintenance expense 4,200 7,105 14,390 17,759 Depreciation and amortization Other taxes ,298 1,043 Subtotal Gross margin (30,213) (2) 49,506 6,365 Unrealized loss (gain) on derivative instruments and related transactions 14,440 18,250 (9,872) 35,566 Effects of economic hedging related to natural gas inventory 17,060 (22,075) 7,635 (4,891) Financial margin $ 1,287 $ (3,827) $ 47,269 $ 37,040 A reconciliation of Energy Services Net income to Net financial earnings, is as follows: Net (loss) income $ (22,087) $ (4,851) $ 20,725 $ (8,605) Unrealized loss (gain) on derivative instruments and related transactions, net of taxes 9,131 11,540 (6,242) 22,489 Effects of economic hedging related to natural gas, net of taxes 10,788 (13,959) 4,828 (3,093) Net financial (loss) earnings $ (2,168) $ (7,270) $ 19,311 $ 10,791

2 Page 13 of 16 NEW JERSEY RESOURCES CONSOLIDATED STATEMENTS OF OPERATIONS (Thousands, except per share data) OPERATING REVENUES Utility $ 98,366 $ 103,552 $ 787,987 $ 627,713 Nonutility 635, ,918 2,410,081 1,621,210 Total operating revenues 733, ,470 3,198,068 2,248,923 OPERATING EXPENSES Gas purchases Utility 50,116 58, , ,459 Nonutility 645, ,075 2,306,038 1,572,949 Operation and maintenance 46,706 52, , ,045 Regulatory rider expenses 4,403 3,529 48,417 40,350 Depreciation and amortization 12,344 10,917 47,310 41,643 Energy and other taxes 6,545 6,585 57,414 45,787 Total operating expenses 765, ,776 3,038,837 2,140,233 OPERATING (LOSS) INCOME (31,929) (14,306) 159, ,690 Other income ,783 2,128 Interest expense, net 6,400 5,578 23,979 20,844 (LOSS) INCOME BEFORE INCOME TAXES AND EQUITY IN EARNINGS OF AFFILIATES (37,830) (19,183) 140,035 89,974 Income tax (benefit) provision (15,767) (8,172) 35,575 7,729 Equity in earnings of affiliates 2,042 2,318 10,349 10,634 NET (LOSS) INCOME $ (20,021) $ (8,693) $ 114,809 $ 92,879 (LOSS) EARNINGS PER COMMON SHARE BASIC $ (0.48) $ (0.21) $ 2.76 $ 2.24 DILUTED $ (0.48) $ (0.21) $ 2.75 $ 2.23 DIVIDENDS PER COMMON SHARE $ 0.42 $ 0.40 $ 1.62 $ 1.54 AVERAGE SHARES OUTSTANDING BASIC 41,541 41,604 41,658 41,527 DILUTED 41,697 41,709 41,814 41,632

3 Page 14 of 16 NEW JERSEY RESOURCES (Thousands, except per share data) Operating Revenues Natural Gas Distribution $ 98,366 $ 103,552 $ 787,987 $ 627,713 Clean Energy Ventures 4, ,988 2,257 Energy Services 615, ,360 2,356,578 1,580,611 Midstream Retail and Other 15,112 12,895 47,954 42,195 Sub-total 733, ,787 3,204,507 2,252,776 Eliminations (86) (317) (6,439) (3,853) Total $ 733,695 $ 568,470 $ 3,198,068 $ 2,248,923 Operating (Loss) Income Natural Gas Distribution $ (3,045) $ (7,645) $ 121,393 $ 124,608 Clean Energy Ventures (135) (3,523) (5,473) (12,201) Energy Services (34,767) (7,328) 33,774 (12,496) Midstream 13 (323) (598) (1,014) Retail and Other 4,815 3,459 6,217 5,548 Sub-total (33,119) (15,360) 155, ,445 Eliminations 1,190 1,054 3,918 4,245 Total $ (31,929) $ (14,306) $ 159,231 $ 108,690 Equity in Earnings of Affiliates Midstream $ 2,856 $ 3,179 $ 13,868 $ 14,308 Eliminations (814) (861) (3,519) (3,674) Total $ 2,042 $ 2,318 $ 10,349 $ 10,634 Net Income (Loss) Natural Gas Distribution $ (3,091) $ (5,217) $ 73,846 $ 73,238 Clean Energy Ventures 982 (1,350) 10,060 19,452 Energy Services (22,087) (4,851) 20,725 (8,605) Midstream 1,599 1,311 7,199 6,749 Retail and Other 2,479 1,506 3,292 2,366 Sub-total (20,118) (8,601) 115,122 93,200 Eliminations 97 (92) (313) (321) Total $ (20,021) $ (8,693) $ 114,809 $ 92,879 Net Financial Earnings (Loss) Natural Gas Distribution $ (3,091) $ (5,217) $ 73,846 $ 73,238 Clean Energy Ventures 982 (1,350) 10,060 19,452 Energy Services (2,168) (7,270) 19,311 10,791 Midstream 1,599 1,311 7,199 6,749 Retail and Other 2,479 1,506 3,292 2,366 Sub-total (199) (11,020) 113, ,596 Eliminations (15) (127) (27) (179) Total $ (214) $ (11,147) $ 113,681 $ 112,417 Throughput (Bcf) NJNG, Core Customers NJNG, Off System/Capacity Management NJRES Fuel Mgmt. and Wholesale Sales Total Common Stock Data Yield at September % 3.5% 3.7% 3.5% Market Price High $ $ $ $ Low $ $ $ $ Close at September 30 $ $ $ $ Shares Out. at September 30 41,962 41,620 41,962 41,620 Market Cap. at September 30 $ 1,848,426 $ 1,902,850 $ 1,848,426 $ 1,902,850

4 Page 15 of 16 NATURAL GAS DISTRIBUTION (Unaudited) (Thousands, except customer & weather data) Utility Gross Margin Operating revenues $ 98,366 $ 103,552 $ 787,987 $ 627,713 Less: Gas purchases 50,948 59, , ,370 Energy and other taxes 4,418 4,750 48,037 37,241 Regulatory rider expense 4,403 3,529 48,417 40,350 Total Utility Gross Margin $ 38,597 $ 35,837 $ 276,939 $ 275,752 Utility Gross Margin, Operating Income and Net Income Residential $ 20,132 $ 19,973 $ 167,530 $ 173,451 Commercial, Industrial & Other 6,784 6,799 44,896 45,673 Firm Transportation 8,719 7,432 55,169 46,773 Total Firm Margin 35,635 34, , ,897 Interruptible Total System Margin 35,834 34, , ,367 Off System/Capacity Management/FRM/Storage Incentive 2,763 1,487 8,777 9,385 Total Utility Gross Margin 38,597 35, , ,752 Operation and maintenance expense 30,864 33, , ,998 Depreciation and amortization 9,786 9,006 37,999 35,247 Other taxes not reflected in gross margin ,373 3,899 Operating (Loss) Income $ (3,045) $ (7,645) $ 121,393 $ 124,608 Net (Loss) Income $ (3,091) $ (5,217) $ 73,846 $ 73,238 Throughput (Bcf) Residential Commercial, Industrial & Other Firm Transportation Total Firm Throughput Interruptible Total System Throughput Off System/Capacity Management Total Throughput Customers Residential 408, , , ,871 Commercial, Industrial & Other 24,302 24,985 24,302 24,985 Firm Transportation 64,652 51,214 64,652 51,214 Total Firm Customers 497, , , ,070 Interruptible Total System Customers 497, , , ,111 Off System/Capacity Management* Total Customers 497, , , ,143 *The number of customers represents those active during the last month of the period. Degree Days Actual ,664 3,698 Normal ,667 4,747 Percent of Normal 208.8% 88.9% 99.9% 77.9%

5 Page 16 of 16 CLEAN ENERGY VENTURES (Unaudited) (Thousands, except customer and megawatt) Operating Revenues $ 4,806 $ 980 $ 11,988 $ 2,257 Depreciation and Amortization $ 2,346 $ 1,727 $ 8,477 $ 5,680 Operating (Loss) $ (135) $ (3,523) $ (5,473) $ (12,201) Income Tax Benefit $ 2,008 $ 2,497 $ 17,711 $ 32,507 Net Income (Loss) $ 982 $ (1,350) $ 10,060 $ 19,452 Solar Renewable Energy Certificates Generated 20,078 14,961 57,231 35,126 Solar Renewable Energy Certificates Sold 28,015 3,930 74,238 7,363 Megawatts Installed Megawatts Under Construction ENERGY SERVICES Operating Income Operating Revenues $ 615,497 $ 451,360 $ 2,356,578 $ 1,580,611 Gas Purchases 645, ,362 2,307,072 1,574,246 Gross Margin (30,213) (2) 49,506 6,365 Operation and maintenance expense 4,200 7,105 14,390 17,759 Depreciation and amortization Energy and other taxes ,298 1,043 Operating (Loss) Income $ (34,767) $ (7,328) $ 33,774 $ (12,496) Net (Loss) Income $ (22,087) $ (4,851) $ 20,725 $ (8,605) Financial Margin $ 1,287 $ (3,827) $ 47,269 $ 37,040 Net Financial (Loss) Earnings $ (2,168) $ (7,270) $ 19,311 $ 10,791 Gas Sold and Managed (Bcf) MIDSTREAM Equity in Earnings of Affiliates $ 2,856 $ 3,179 $ 13,868 $ 14,308 Operation and Maintenance $ (14) $ 335 $ 547 $ 1,008 Interest Expense $ 429 $ 615 $ 1,962 $ 2,665 Net Income $ 1,599 $ 1,311 $ 7,199 $ 6,749 RETAIL AND OTHER Operating Revenues $ 15,112 $ 12,895 $ 47,954 $ 42,195 Operating Income $ 4,815 $ 3,459 $ 6,217 $ 5,548 Net Income $ 2,479 $ 1,506 $ 3,292 $ 2,366 Total Service Contract Customers at September , , , ,758

6 Page 16 of 16 CLEAN ENERGY VENTURES (Unaudited)

NEW JERSEY RESOURCES REPORTS FIRST-QUARTER FISCAL 2019 RESULTS

NEW JERSEY RESOURCES REPORTS FIRST-QUARTER FISCAL 2019 RESULTS Date: February 6, 2019 Media Contact: Michael Kinney 732-938-1031 mkinney@njresources.com Investor Contact: Dennis Puma 732-938-1229 dpuma@njresources.com WALL, N.J. Today, New Jersey Resources (NYSE: