Newjersey Resources Corporation · NYSE:NJR
Newjersey Resources — Q3 FY2014 Earnings Presentation
20 slides from Newjersey Resources's earnings presentation, Jul 31, 2014
Slide 1: Third Quarter Update, Fiscal 2014
Exhibit 99.2 Fiscal31, July 2014 2014 Third Quarter Update
Slide 2: Regarding Forward-Looking Statements
1Regarding Certain “projects,” management’s that presentation segments utility estimate The effect Company’s access in contracts; approvals associated construction, future rate are facilities and accounting failure costs. available operations SEC, the incurred pricing and future factors NJR The fina
Slide 3: Disclaimer: Regarding Non-GAAP Financial Measures
Disclaimer This considered Net current instruments utility Management other. these 2GAAPfinancial presentation non-GAAP gross financial period. alternatives Regarding related and margin earnings uses Inphysical measures, measures includes order NFE, to represents natural Non-GAAP (losses) to, to fin
Slide 4: NJR Financial Results
Net basic ($MM) June Company New Total Per Steady Jersey Strong 3NJRFinancial Energy Midstreamdst Home Clean 30, Jersey $4.5 Natural results growth Three June share 2014 $9.7 Energy Services/Other Natural Services Earnings 30, Months from Gas and $.11 $196.3 2013 Ventures higher 1.9 (NJNG) NJR Gas $
Slide 5: NJR Affirms Fiscal 2014 Guidance
FiscalAffirms 40-50% 5-15% 2-5% New 4NJR expects Jersey 3-10% 2014 35-45% Natural NJRES Fiscal 2014 Gas to contribute NJR NFEEnergy Per 35-45 Share Services percent Guidance NJR of $4.00 Fiscal Cleanto2014 Energy $4.20 Earnings Ventures NJR Midstream NJR Home Services
Slide 6: NJR Expects Most Earnings Growth from Regulated Businesses; Fiscal 2015 Guidance
Mostexpects Fiscal Guidance 40-50% 60-70% 5-10% 5-15% New 2-5% NJR 565-80Jersey Recent 3-10% percent 2015-2017 2014 35-45% Fiscal Natural through regulated Fiscal of 2017 10-20% total Earnings 2015 GasNFE businesses NJRGuidance Cleanto Energy contribute Ventures NJR Energy Services NJR Midstream NJR
Slide 7: New Jersey Natural Gas: Customer Growth and Infrastructure Investment
Customer New History Sharing 21 Infrastructure 6Rate consecutive case Jersey construction of ofto growth constructive customer Natural beinvestments years filed rate market Gas by and with ofregulatory mid-November –investor 1.5 continues fewest Our to percent strengthen Core customer benefits relat
Slide 8: Over $1.4 Billion of Capital Investment at NJNG
$1.4RISE NJNG 2013 2009- ($MM) Customer Maintenance/Other AIP/SAFE Superstorm NGV NJ Liquefaction Southern SAVEGREEN Total 7Over Billion 50 Immediate $593.4 Fueling Capital Actual percent —— Reliability Growth 182.0 Sandy of $204.8 Project Stations Investment 7.5 2014E 60.5 Capital of38.0 $103.9 13.
Slide 9: Current NJNG Investment Update
Current SAFE replacement NGV Update:Various 8SAVEGREEN Fueling (Safety NJNG pipe Stations—Total Acceleration –Infrastructure stages Promotes of development. customer and Investments investment Facility investment All Enhancement ofthree about in CNG $10 high-efficiency Program)—$130 stations million
Slide 10: Planned NJNG Infrastructure Projects
Planned NJ NJNG Liquefaction Liquefy Southern 9Adding RISEstorm high-pressure natural NJNG (Reinvestment Reliability response Project—$35.7 Infrastructure gas for Link natural plan company in(SRL)—$130-$160 System filed million Capital gaswith peak-day pipeline Enhancement)—$102.5 Projects BPUtouse;
Slide 11: NJRES: Serves Firm Transportation and Storage Customers
NJRES: Serves 10 Firm Services Transporting Selling Fee-based MM $100 $120 $140 $160 $180 $200 $assets 2009 $0 $20 $40 Margin *14 Marcellus 60 On $80 storage an 2010 wholesale storage NFE annual Generating include: service; 2011 (46.6 natural gas Net 2012 customers located Bcf during Financial Profi
Slide 12: NJR Clean Energy Ventures: Unique Energy Investment Opportunity
NJRmillion Unique 11 Energy Strong Legislation Growing Improving Rising Goal Solar Gradual $64 Long-term Clean to Investment residential fundamentals policy opportunity diversify decline Renewable Solar goal Energy supports of drives committed to in Renewable from Tax solar maintain solar Ventures c
Slide 13: NJRCEV: Solar Capacity and SREC Prices
NJRCEV: Capacity 12 6S 85 Karbone New Solar SREC NJRCEV approximately RECJersey construction Prices prices Bid Additions forecasts Improving increased Prices increased By65,000 Month activity SREC BySREC solar inMonth 31 ($/SREC) fiscal production percent has RPS Fundamentals (MW) moderated 2013 eff
Slide 14: NJRCEV: Wind Investment
NJRCEV:Wind Wind 13 29 provide 9.7 Investment 20 states farm MW, Value annuity-like MW, and $22 Status Drivers the million project Strategy District – Two Carroll returns utility $42Dot of million Area Columbia scale wind located have farm utility RPS project in and Carroll located wind scale remain
Slide 15: NJNG Financial Results
NJNG ($MM) 14 June 2014 Gross Operating Net Total Added 52 $24.7 Basic percent Financial 30, 2013 Customers Gas million Margin Results 5,151 Three June Income Supply converted 2014 new spent Earnings 30, Months $55.3 2013 503,761 customers Service $13.0 on $49.4 from Ended The $4.9 $10.3 497,395 (BG
Slide 16: NJNG: New Customer Growth Continues
NJNG: 5,151 15 2,463 8,000 7,000 0F 1,000 2,000 3,000 4,000 5,000 6,000 5,841 New 437 Over Y08 existing Construction next new 7,175 6,189 FY09 Strong two customers construction 6,783 FY10 customer fiscal Customer 6,704 Conversions FY11 years, added heat customers 7,456 FY12 Growth NJNG conversions t
Slide 17: Diversified Growing Utility Gross Margin
Diversified $40.0 $38.0 16 $35.0 $30.0 millions $$25.0 $15.0 FY13A $0.0 $5.0 Customer NJNG 10.0 $26.1 $34.4 $30.1 expects FY14E $20.0 Growth and$15.6 incremental FY15E Growing SAVEGREEN FY16E Utility utility FY17E Gross NGV grossMargin BGSS marginIncentives to more than double by fiscal 2017
Slide 18: NJRES Financial Results
NJRES ($MM) 17 June 2014 Financial Net Gas Firm Extreme Validated Producer Financial Sold 30, Transportation Storage 2013 Three Results June weather Services and Margin long-option 2014 (Bcf) Managed Earnings 30, Months 2013 created ($provides 46.6 8.1) (Bcf/d) strategy Ended ($ (Bcf) 35.3 $dramatic
Slide 19: NJRCEV Financial Results
($MM) 18 NJRCEV June 2014 Operating ITC Net SRECs SREC Solar Forecast Financial Impact 30, 2013 Megawatts Inventory Generated Sold Three June isRevenues 2014 to$13,364 place 1.3 Earnings 30, Months 2013 27,309 Installed Under $0.3 23,845 $70 13,861 $ Ended 3.2 $17.8 $to Construction 19,288 3.9 19,07
Slide 20: Invest, Diversify, Commit: Delivering Investor Expectations
Invest 19 Diversify Commit NJRES 1Deliver 45.0% 50.0% 20.0% 18.7% 25.0% 24.6% 30.0% 35.0% 40.0% NJR 0.0% 5.0% 10.0% *15.0% Group Assumes Year Will Peer significantly Total 42.6% 15.6% poised consistent capital Continue and Dow dividends Return* grow to S&P tobenefit clean net to in NJNG’s 500 reinve
New Jersey Resources — Q3 FY2014 Earnings Presentation on 6ix