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Previous: HOLLYWOOD PARK INC/NEW/, 8-K, 1998-02-26 |
Next: SECURITY FIRST LIFE SEPARATE ACCOUNT A, 24F-2NT, 1998-02-26 |
<PAGE> 1
FILE NO. 69-265
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
FORM U-3A-2
Statement by Holding Company Claiming Continued Exemption Under Rule U-3A-2 from
the Provisions of the Public Utility Holding Company Act of 1935
NEW JERSEY RESOURCES CORPORATION
For the Calendar Year Ending December 31, 1997
<PAGE> 2
New Jersey Resources Corporation (the "Company")
hereby files with the Securities and Exchange Commission, pursuant to
Rule 2, its statement claiming continued exemption as a holding company
from the provisions of the Public Utility Holding Company Act of 1935,
and submits the following information:
1. The Company and all of its affiliates named
herein, unless otherwise noted, are New Jersey corporations, located at
1415 Wyckoff Road, Wall, New Jersey. The Company holds 100% of the
Common Stock of New Jersey Natural Gas Company ("NJNG"), NJR Energy
Holdings Corporation ("Energy Holdings"), formerly known as NJR Energy
Services Corporation, and NJR Development Corporation ("NJR
Development"). The Company has no independent business operations but
operates as a holding company of these and any other subsidiaries that
may be formed in the future.
Energy Holdings, formed to better segregate the
Company's energy-related operations, holds the following wholly-owned
subsidiaries: New Jersey Natural Energy Company ("NJNE"), NJR Energy
Services Company ("Energy Services"), formerly known as NJR Power
Services Corporation, and NJR Energy Corporation ("NJR Energy").
NJNE provides unregulated retail marketing services.
In fiscal 1998, the Company's unregulated fuel and capacity management
and other wholesale marketing services were transferred to Energy
Services.
NJR Energy and its subsidiaries, NJNR Pipeline
Company ("Pipeline"), New Jersey Natural Resources Company ("Natural
Resources"), and NJR Storage Corp. ("Storage"), a Delaware corporation,
were involved in oil and natural gas development, production,
1
<PAGE> 3
transportation, storage and other energy-related ventures. Pursuant to
a plan to exit the oil and natural gas production business, the oil and
gas reserves were sold in 1996. Natural Resources is a participant in a
natural gas transportation pipeline joint venture that was constructed
to serve the Johnstown, Pennsylvania plant of Bethlehem Steel
Corporation. Bethlehem discontinued gas purchases from the joint
venture on June 1, 1993, and the pipeline is currently inactive. The
Company has accounted for these segments as discontinued operations. In
1997, Storage sold its interest in Market Hub Partners, L.P., an entity
that is expected to own and operate a system of five natural gas market
centers with high deliverability salt cavern storage facilities in
Texas, Louisiana, Mississippi, Michigan and Pennsylvania. Proceeds from
the sale were used to reduce debt. NJR Energy's continuing operations
consist primarily of Pipeline's 2.8% equity investment in the Iroquois
Gas Transmission System, L.P., a 375-mile pipeline that delivers
natural gas from the Canadian border to Long Island, New York.
Commercial Realty & Resources Corp. ("Commercial
Realty"), a wholly owned subsidiary of NJR Development, was formed to
develop and own commercial office and mixed-use commercial/industrial
real estate projects primarily in Monmouth and Atlantic counties, New
Jersey. Consistent with the Company's strategy to continue to realign
its asset base more closely with its core energy business, in 1997
Commercial Realty sold two of its remaining properties located in Wall,
New Jersey: 1345 Campus Parkway, a 76,000 square foot building; and
1333 Campus Parkway, a 280,000 square foot building. The Company used
the proceeds to reduce outstanding debt. Commercial Realty is currently
constructing a 20,000 square-foot, build-to-suit office building which
is supported by a ten-year lease.
2
<PAGE> 4
Commercial Realty's other assets include a 4,000 square foot building
in Wall, New Jersey, and about 183 acres of undeveloped land, of which
approximately 165 acres are subject to an option to purchase held by
Cali Realty Acquisition Corp.
Only NJNG is a public utility. NJNG is engaged in the
business of purchasing, distributing and selling natural gas
exclusively in the state of New Jersey, other than as described in
Section 3(c) of this document, to more than 374,000 residential,
commercial and industrial customers throughout most of Monmouth and
Ocean counties and parts of Morris and Middlesex counties.
The Company and NJNG expect, from time to time, to
render to each other certain services and to make available the use of
certain personnel, facilities and equipment. The company receiving such
services or using such facilities and equipment will reimburse the
other for the cost thereof, pursuant to certain service agreements
approved by the Board of Directors of each company and by the New
Jersey Board of Public Utilities.
2. As of December 31, 1997, NJNG owned approximately
3,715 miles of steel, wrought and cast iron distribution main, and
1,665 miles of plastic distribution main. Additionally, NJNG owned
approximately 325 miles of steel transmission main in various sizes,
approximately 313,959 services and approximately 380,900 meters.
NJNG owns and operates two liquefied natural gas
storage plants located in Stafford Township and Howell Township, New
Jersey. The two NJNG plants have an estimated maximum capacity of
20,000 and 150,000 Mcf per day, respectively. These facilities are used
for peaking supply and emergencies.
3
<PAGE> 5
NJNG owns two service centers, one in Atlantic
Highlands and the other in Wall, New Jersey, and owns combined service
center/customer service offices in Lakewood and Rockaway Township, New
Jersey. NJNG also owns a storage facility in Long Branch, New Jersey.
NJNG leases its headquarters facilities and a customer service office
in Wall, New Jersey, a customer service office located in Asbury Park,
New Jersey, and a service center in Manahawkin, New Jersey. Each
service center houses storerooms, garages, gas distribution and
appliance service operations, and small administrative offices. The
customer service offices support customer contact, marketing and other
functions.
NJNG owns and leases certain electronic data processing
equipment and owns and leases a fleet of trucks, service vehicles, and
automobiles.
Substantially all of NJNG's properties, not expressly
excepted or duly released, are subject to the lien of an Indenture of
Mortgage and Deed of Trust to Harris Trust and Savings Bank, Chicago,
Illinois, dated April 1, 1952, as amended by twenty-seven (27)
Supplemental Indentures, as security for NJNG's bonded debt which
totaled approximately $219,982,000 at December 31, 1997.
3. (a) NJNG distributed at retail approximately
62,317,155 Dry Dths of natural or manufactured natural gas for the
calendar year ended December 31, 1997.
(b) None
(c) NJNG sold at wholesale approximately 49,419,398
Dry Dths of natural gas outside the State of New Jersey to various
customers during calendar 1997 under a Blanket Sales for Resale
Certificate, issued by the Federal Energy Regulatory Commission.
4
<PAGE> 6
(d) For the calendar year ended December 31, 1997,
purchases of natural or manufactured gas by NJNG from sources outside
the State of New Jersey amounted to approximately 100,418,511 Dry Dths.
4. (a) None
(b) None
(c) None
(d) None
(e) None
5
<PAGE> 7
EXHIBIT A
Attached as Exhibit A are Consolidating Income and Surplus Statement
and Consolidating Balance Sheet of the Company and its subsidiary companies for
the fiscal year ended September 30, 1997.
6
<PAGE> 8
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING INCOME STATEMENT
TWELVE MONTHS ENDED SEPTEMBER 30, 1997
<TABLE>
<CAPTION>
NJR ENERGY NJR Comp.
NJRE NJNE SERV. CORP. Tech. CR&R PPI
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATING REVENUE 2,161 142,182 144,343 0 3,193 0
----------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 135,253 135,253 0 0
Operations & Maintenance 304 3,219 3,523 0 1,825 0
0
Depreciation & Amortization 130 62 192 410 0
Dry hole costs 0
Gross Receipts Tax, etc. 36 407 443 792 0
FIT 212 1,144 1,356 0 (386) 0
----------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 682 140,085 140,767 0 2,641 0
----------------------------------------------------------------------------
OPERATING INCOME 1,479 2,097 3,576 0 552 0
Other Income (Expense) 0 95 95 0 611 0
FIT-Other Income (Expense) 0 (33) (33) 0 (214) 0
----------------------------------------------------------------------------
OTHER INCOME - NET 0 62 62 0 397 0
----------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 1,479 2,159 3,638 0 949 0
----------------------------------------------------------------------------
INTEREST CHARGES 1,109 (22) 1,087 0 1,269 0
CAPITALIZED INTEREST 0 0 0 0 0 0
----------------------------------------------------------------------------
INTEREST CHARGES, NET 1,109 (22) 1,087 0 1,269 0
----------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 0 0 0
----------------------------------------------------------------------------
NET INCOME 370 2,181 2,551 0 (320) 0
PREFERRED STOCK DIVIDENDS 0 0 0 0 0 0
----------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 370 2,181 2,551 0 (320) 0
DISCONTINUED OPERATIONS
LOSS FROM OPER., LESS INC TAX CRED. 0 0 0 0 0 0
LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 0 0 0 0
----------------------------------------------------------------------------
NET INCOME 370 2,181 2,551 0 (320) 0
============================================================================
</TABLE>
<TABLE>
<CAPTION>
NJR Develop. CONSOLIDATING NJR DEVELOP.
Corp. DR (CR) CORP. NJR
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
OPERATING REVENUE 3,193 3,193 0
----------------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 0 0 0
Operations & Maintenance 1,825 1,825 5,352
0 0
Depreciation & Amortization 410 410 93
Dry hole costs 0 0
Gross Receipts Tax, etc. 792 792 102
FIT (386) (386) (82)
----------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 2,641 0 0 2,641 5,465
----------------------------------------------------------------------------
OPERATING INCOME 552 552 (5,465)
0
Other Income (Expense) 611 611 6,495
FIT-Other Income (Expense) (214) (214) (57)
----------------------------------------------------------------------------
OTHER INCOME - NET 397 0 0 397 6,438
----------------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 949 0 0 949 973
----------------------------------------------------------------------------
INTEREST CHARGES 1,269 1,269 814
CAPITALIZED INTEREST 0 0 0
----------------------------------------------------------------------------
INTEREST CHARGES, NET 1,269 0 0 1,269 814
----------------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 0
----------------------------------------------------------------------------
NET INCOME (320) 0 0 (320) 159
PREFERRED STOCK DIVIDENDS 0 0 0
----------------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS (320) (320) 159
DISCONTINUED OPERATIONS
LOSS FROM OPER., LESS INC TAX CRED. 0 0 0
LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 0
----------------------------------------------------------------------------
NET INCOME (320) (320) 159
============================================================================
</TABLE>
<TABLE>
<CAPTION>
NJR Develop. NJR Energy Consolidated
NJNG Corp. Serv. Corp. TOTAL
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
OPERATING REVENUE 561,590 3,193 144,343 709,126
--------------------------------------------------------------------
OPERATING EXPENSES
Gas Purchases 341,985 0 135,253 477,238
Operations & Maintenance 75,848 1,825 3,523 86,548
0 0 0
Depreciation & Amortization 25,102 410 192 25,797
Dry hole costs 0 0 0
Gross Receipts Tax, etc. 42,224 792 443 43,561
FIT 19,876 (386) 1,356 20,764
--------------------------------------------------------------------
TOTAL OPERATING EXPENSES 505,035 2,641 140,767 653,908
--------------------------------------------------------------------
OPERATING INCOME 56,555 552 3,576 55,218
Other Income (Expense) (142) 611 95 7,059
FIT-Other Income (Expense) 50 (214) (33) (254)
--------------------------------------------------------------------
OTHER INCOME - NET (92) 397 62 6,805
--------------------------------------------------------------------
INCOME BEFORE INTEREST CHARGES 56,463 949 3,638 62,023
--------------------------------------------------------------------
INTEREST CHARGES 18,596 1,269 1,087 21,766
CAPITALIZED INTEREST (1,253) 0 0 (1,253)
--------------------------------------------------------------------
INTEREST CHARGES, NET 17,343 1,269 1,087 20,513
--------------------------------------------------------------------
EQUITY EARNINGS IN SUBS 0 0 0 0
--------------------------------------------------------------------
NET INCOME 39,120 (320) 2,551 41,510
PREFERRED STOCK DIVIDENDS 1,591 0 0 1,591
--------------------------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 37,529 (320) 2,551 39,919
DISCONTINUED OPERATIONS
LOSS FROM OPER., LESS INC TAX CRED. 0 0 0 0
LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0 0 0 0
--------------------------------------------------------------------
NET INCOME 37,529 (320) 2,551 39,919
====================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATING CONSOL
DR (CR) TOTAL
-------------------------------------------------
<S> <C> <C> <C>
11,686 (G)
OPERATING REVENUE 896 (C) 696,544
(D)
-------------------------------------------------
OPERATING EXPENSES 11,686 (G)
Gas Purchases 0 (D) 465,552
Operations & Maintenance 896 (C) 79,408
6,244 (E) 0
Depreciation & Amortization 25,797
Dry hole costs 0
Gross Receipts Tax, etc. 43,561
FIT 20,764
-------------------------------------------------
TOTAL OPERATING EXPENSES 635,082
-------------------------------------------------
OPERATING INCOME 61,462
Other Income (Expense) 6,244 (E) 5 (F) 820
FIT-Other Income (Expense) (254)
-------------------------------------------------
OTHER INCOME - NET 566
-------------------------------------------------
INCOME BEFORE INTEREST CHARGES 62,028
-------------------------------------------------
INTEREST CHARGES 21,766
CAPITALIZED INTEREST (1,253)
-------------------------------------------------
INTEREST CHARGES, NET 20,513
-------------------------------------------------
EQUITY EARNINGS IN SUBS 0 (A) 0
-------------------------------------------------
NET INCOME 41,515
PREFERRED STOCK DIVIDENDS 1,591
-------------------------------------------------
INCOME FROM CONTINUING OPERATIONS 39,924
DISCONTINUED OPERATIONS
LOSS FROM OPER., LESS INC TAX CRED. 0
LOSS ON DISP, INC. PROV. FOR LOSS DURING PHASE OUT 0
-------------------------------------------------
NET INCOME 39,924
=================================================
</TABLE>
<PAGE> 9
NEW JERSEY RESOURCES CORPORATION
Consolidating Statement of Retained Earnings
Fiscal Year Ending September 30, 1997
<TABLE>
<CAPTION>
NJRE NJNE NJR ENERGY CR&R PPI NJR Develop. NJR
Serv. Corp. Corp.
<S> <C> <C> <C> <C> <C> <C> <C>
Balance at September 30, 1996 (14,397) 3,111 (11,286) (1,496) 1,525 29 13,789
Net Income 370 2,181 2,551 (320) 0 (320) 164
Cash Dividends Declared 0 0 0 0 0 0 0
Balance at September 30, 1997 (14,027) 5,292 (8,735) (1,816) 1,525 (291) 13,953
</TABLE>
<TABLE>
<CAPTION>
NJNG Elimination's NJR
CONSOLIDATED
<S> <C> <C> <C>
Balance at September 30, 1996 50,422 (32,867) 20,087
Net Income 37,529 0 39,924
Cash Dividends Declared (28,807) 0 (28,807)
Balance at September 30, 1997 59,144 (32,867) 31,204
</TABLE>
<PAGE> 10
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30 1997
<TABLE>
<CAPTION>
NJRE NJRE NJR ENERGY CONSOLIDATING NJR ENERGY
Cont. Disc Op NJNE SERV. CORP. DR (CR) SERV. CORP.
<S> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 0 0 0
Accumulated depreciation 0 0 0 0 (1) 0
Oil and gas properties 0 0 0 0
Accumulated amortization 0 0 0 0
Furniture & Fixtures 0 0 372 372 (2) 0
Real estate properties 0 0 0 0
Accumulated depreciation 0 0 (97) 97 (2) 0
----------------------------------------------------------------------------------------------------
Prop plant & equip-net 0 0 275 0 97 372 0
----------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 1 47 2,426 2,474
Construction Fund 0 0 0 0
Customer A/R 1,415 0 16,443 17,858
Unbilled revenue 0 0 0 0
Allow for doubtful a/c's 0 0 (680) (680)
Deferred gas costs 0 0 109 109
Gas in storage 0 0 1,240 1,240
Materials & supplies 0 0 0 0
Prepaid state taxes 0 0 0 0
Net Assets Held for Disposal 0 0 0 0
Other 0 0 0 0
----------------------------------------------------------------------------------------------------
Total current assets 1,416 47 19,538 0 0 0 21,001
----------------------------------------------------------------------------------------------------
DEFERRED FIT 665 188 0 0 (1) 853
DEFERRED CHARGES & OTHER
Investments 7,086 0 7,086
Regulatory Assets 0
Other 0 0 275 (2) 275
----------------------------------------------------------------------------------------------------
Total Deferred Charges & Other 7,086 0 0 0 275 0 7,361
----------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0
NJNR 0 0 0 (11,493) 11,493 (3) 0
CR&R 0 0 0 0
PPI 0 0 0 0
NJNE 0 0 0 5,292 5,292 (3) 0
NJR Comp 0
NJR Development Corp. 0
NJR Energy Serv. 0 0 0 0
----------------------------------------------------------------------------------------------------
Total investment in subs 0 0 0 (6,201) 11,493 5,292 0
----------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR (11,415) (622) 7,241 (4,796)
NJNG 0 0 193 193
NJRE 9,538 (9,480) 58
CR&R 0 0 0 0
PPI 0 0 0 0
NJNE 0 0 0 0
Paradigm 0 0 0 0
Computer Tech
NJR Developement
Lighthouse One 0 0 0 0
----------------------------------------------------------------------------------------------------
Total intercompany (1,877) (10,102) 7,434 0 0 0 (4,545)
----------------------------------------------------------------------------------------------------
INTERCOMPANY - FIT 711 (1,298) 170 0 (417)
----------------------------------------------------------------------------------------------------
TOTAL ASSETS 8,001 (11,165) 27,417 (6,201) 11,865 5,664 24,253
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
NJR Comp. NJR Develop. CONSOLIDATING NJR DEVELOP.
Tech. CR&R PPI Corp. DR (CR) CORP.
<S> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 0 0 0 0
Accumulated depreciation 0 0 0 0 0
Oil and gas properties 0 0 0 0 0
Accumulated amortization 0 0 0 0 0
Furniture & Fixtures 0 0 21 0 21 (5) 0
Real estate properties 0 37,892 0 0 37,892
Accumulated depreciation 0 (4,493) (21) 0 21 (5) (4,493)
---------------------------------------------------------------------------------------------------
Prop plant & equip-net 0 33,399 0 0 21 21 33,399
---------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 0 22 6 0 28
Construction Fund 0 0 0 0 0
Customer A/R 0 700 0 0 0 (3) 700
Unbilled revenue 0 0 0 0 0
Allow for doubtful a/c's 0 (198) 0 0 (198)
Deferred gas costs 0 0 0 0 0
Gas in storage 0 0 0 0 0
Materials & supplies 0 0 0 0 0
Prepaid state taxes 0 0 0 0 0
Net Assets Held for Disposal 0 0 0 0 0
Other 0 0 0 0 0 (4) 0
---------------------------------------------------------------------------------------------------
Total current assets 0 524 6 0 0 0 530
---------------------------------------------------------------------------------------------------
DEFERRED FIT 0 398 (107) 0 0 (2) 291
DEFERRED CHARGES & OTHER
Investments 0 0 0
Regulatory Assets 0
Other 0 282 0 0 (3) 282
---------------------------------------------------------------------------------------------------
Total Deferred Charges & Other 0 282 0 0 0 (5) 282
---------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 0 0 0 0 0
NJNR 0 0 0 0 0 (1) 0
CR&R 0 0 0 8,531 8,531 (1) 0
PPI 0 0 0 (153) 153 (1) 0
NJNE 0 0 0 0 0
NJR Comp 0 0 0 (53) 53 (1) 0
NJR Development Corp. 0 0 0 0
NJR Energy Serv. 0 0 0 0 0
---------------------------------------------------------------------------------------------------
Total investment in subs 0 0 0 8,325 206 8,531 0
---------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR (69) (15,929) 0 0 (15,998)
NJNG 0 (127) (6) 0 (133)
NJRE 98 0 0 0 98
CR&R 0 0 0 0 0
PPI 0 0 0 0 0
NJNE 0 0 0 0 0
Paradigm 0 0 0 0 0
Computer Tech 0
NJR Developement 0 0
Lighthouse One 0 0 0 0 0
----------------------------------------------------------------------------------------------------
Total intercompany 29 (16,056) (6) 0 0 0 (16,033)
----------------------------------------------------------------------------------------------------
INTERCOMPANY - FIT (35) (1,326) (19) 0 (1,380)
----------------------------------------------------------------------------------------------------
TOTAL ASSETS (6) 17,221 (126) 8,325 227 8,552 17,089
====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
ASSETS
NJR Develop. NJR Energy RECLASS CONSOLIDATING
NJR NJNG Corp. Serv. Corp. TOTAL DR (CR) DR
<S> <C> <C> <C> <C> <C> <C> <C> <C>
PROP, PLANT & EQUIP
Utility plant 0 855,450 0 0 855,450
Accumulated depreciation 0 (216,302) 0 0 (216,302)
Oil and gas properties 0 0 0 0 0
Accumulated amortization 0 0 0 0 0
Furniture & Fixtures 755 0 0 0 755 755 (1)
Real estate properties 0 0 37,892 0 37,892 14,995 (3)
Accumulated depreciation (575) 0 (4,493) 0 (5,068) 575 (1)
1,883 (3)
-----------------------------------------------------------------------------------------------------
Prop plant & equip-net 180 639,148 33,399 0 672,727
-----------------------------------------------------------------------------------------------------
CURRENT ASSETS
Cash & Temp. Invest. 1,734 1,231 28 2,474 5,467
Construction Fund 0 0 0 0 0
Customer A/R 0 29,783 700 17,858 48,341 2,441 (5)
Unbilled revenue 0 3,998 0 0 3,998
Allow for doubtful a/c's 0 (649) (198) (680) (1,527)
Deferred gas costs 0 14,961 0 109 15,070
Gas in storage 0 32,912 0 1,240 34,152
Materials & supplies 0 5,445 0 0 5,445
Prepaid state taxes 0 12,089 0 0 12,089
Net Assets Held for Disposal 0 0 0 0 0 13,386 (3)
Other 9,760 3,759 0 0 13,519 19 (4) 0 (4)
-----------------------------------------------------------------------------------------------------
Total current assets 11,494 103,529 530 21,001 136,554
-----------------------------------------------------------------------------------------------------
DEFERRED FIT 268 0 291 853 1,412 0 (2) 1,412 (2)
DEFERRED CHARGES & OTHER
Investments 0 7,086 7,086
Regulatory Assets 38,635 0 0 38,635
Other 6,591 26,569 282 275 33,717 180 (1) 274(3)
-----------------------------------------------------------------------------------------------------
Total Deferred Charges & Other 6,591 65,204 282 7,361 79,438
-----------------------------------------------------------------------------------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 286,892 0 0 0 286,892
NJNR 0 0 0 0 0
CR&R 0 0 0 0 0
PPI 0 0 0 0 0
NJNE 0 0 0 0 0
NJR Comp 0 0 0 0 0
NJR Development Corp. 8,325 0 0 0 8,325
NJR Energy Serv. (6,202) 0 0 0 (6,202)
-----------------------------------------------------------------------------------------------------
Total investment in subs 289,015 0 0 0 289,015
-----------------------------------------------------------------------------------------------------
INTERCOMPANY
NJR 0 (464) (15,998) (4,796) (21,258) 0 (4) 19 (4) 0
NJNG 695 0 (133) 193 755
NJRE 11,869 6 98 58 12,031
CR&R 15,972 (124) 0 0 15,848
PPI 0 0 0 0 0
NJNE (7,222) (116) 0 0 (7,338)
Paradigm 1 0 0 0 1
Computer Tech (20) 0 0 (20)
NJR Developement 0 0 0 0
Lighthouse One 0 0 0 0 0
-----------------------------------------------------------------------------------------------------
Total intercompany 21,295 (698) (16,033) (4,545) 19
-----------------------------------------------------------------------------------------------------
INTERCOMPANY - FIT (250) 2,047 (1,380) (417) 0
-----------------------------------------------------------------------------------------------------
TOTAL ASSETS 328,593 809,230 17,089 24,253 1,179,165
=====================================================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOL
(CR) TOTAL
<S> <C> <C>
PROP, PLANT & EQUIP
Utility plant 75 (F) 855,375
Accumulated depreciation (216,302)
Oil and gas properties 0
Accumulated amortization 0
Furniture & Fixtures 0
Real estate properties 22,897
Accumulated depreciation (2,610)
-------------------------
Prop plant & equip-net 659,360
-------------------------
CURRENT ASSETS
Cash & Temp. Invest. 5,467
Construction Fund 0
Customer A/R 45,900
Unbilled revenue 3,998
Allow for doubtful a/c's (1,527)
Deferred gas costs 15,070
Gas in storage 34,152
Materials & supplies 5,445
Prepaid state taxes 12,089
Net Assets Held for Disposal 13,386
Other 7,161 (B) 6,377
-------------------------
Total current assets 140,357
-------------------------
DEFERRED FIT 0
DEFERRED CHARGES & OTHER
Investments 7,086
Regulatory Assets 38,635
Other 33,623
-------------------------
Total Deferred Charges & Other 79,344
-------------------------
INVESTMENT IN SUBSIDIARIES
NJNG 286,892 (A) 0
NJNR 0 (A) 0
CR&R 0 (A) 0
PPI 0 (A) 0
NJNE 0 (A) 0
NJR Comp 0 (A)
NJR Development Corp. 8,325 (A)
NJR Energy Serv. (6,202)(A) 0
-------------------------
Total investment in subs 289,015 0
-------------------------
INTERCOMPANY
NJR 0 (D) (21,277)
NJNG 755
NJRE 12,031
CR&R 15,848
PPI 0
NJNE (7,338)
Paradigm 1
Computer Tech (20)
NJR Developement 0
Lighthouse One 0
-------------------------
Total intercompany 0
-------------------------
INTERCOMPANY - FIT 0
-------------------------
TOTAL ASSETS 879,061
=========================
</TABLE>
<PAGE> 11
NEW JERSEY RESOURCES CORPORATION
CONSOLIDATING BALANCE SHEET
SEPTEMBER 30 1997
<TABLE>
<CAPTION>
NJRE NJRE NJR ENERGY NJR ENERGY
CONT. DISC OP NJNE SERV. CORP. SERV. CORP.
-----------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C>
Common stock equity 1,341 (12,834) 5,292 (6,201) 6,201 (6,201)
Redeemable preferred stock 0 0 0 0
Long-term debt 0 0 0 0
-----------------------------------------------------------------------
Total capitalization 1,341 (12,834) 5,292 (6,201) 0 6,201 (6,201)
-----------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0
Notes payable to banks 0 0 0 0
Commercial paper 0 0 0 0
Purchased gas 0 0 21,474 21,474
Accounts payable & other 985 1,859 186 3,030
Accrued taxes 0 0 135 135
Overrecovered gas costs 0 0 0 0
Customer (cr) bal & dep 0 0 0 0
-----------------------------------------------------------------------
Total current liabil 985 1,859 21,795 0 0 0 24,639
-----------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0
Deferred FIT 1,557 (190) 330 0 (1) 1,697
Deferred gain 4,118 0 0 4,118
Other 0 0 0 0
-----------------------------------------------------------------------
Total deferred credits 5,675 (190) 330 0 0 0 5,815
-----------------------------------------------------------------------
TOTAL CAP & LIAB. 8,001 (11,165) 27,417 (6,201) 0 6,201 24,253
======================================================================-
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
----------------------------------------------------------------------------------
NJR COMP. NJR Develop CONSOLIDATING NJR DEVELOP.
TECH. CR&R PPI Corp. DR (CR) CORP.
----------------------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C>
Common stock equity (53) 8,531 (153) 8,325 8,325 (1) 8,325
Redeemable preferred stock 0 0 0 0 0
Long-term debt 0 0 0 0 0
--------------------------------------------------------------------------------
Total capitalization (53) 8,531 (153) 8,325 8,325 0 8,325
--------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 0 0 0 0
Notes payable to banks 0 0 0 0 0
Commercial paper 0 0 0 0 0
Purchased gas 0 0 0 0 0
Accounts payable & other 0 549 (2) 0 0 (4) 547
Accrued taxes 0 (236) 35 0 (201)
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 (84) 0 0 (84)
--------------------------------------------------------------------------------
Total current liabil 0 229 33 0 0 0 262
--------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 0 0 0 0
Deferred FIT 47 (6,286) (6) 0 0 (2) (6,245)
Deferred gain 0 16,433 0 0 16,433
Other 0 (1,686) 0 0 (1,686)
---------------------------------------------------------------------------------
Total deferred credits 47 8,461 (6) 0 0 0 8,502
--------------------------------------------------------------------------------
TOTAL CAP & LIAB. (6) 17,221 (126) 8,325 8,325 0 17,089
================================================================================
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND STOCKHOLDER EQUITY
-----------------------------------------------------------------------------------------------
NJR Develop. NJR Energy RECLASS
NJR NJNG Corp. Serv. Corp. TOTAL DR (CR)
-----------------------------------------------------------------------------------------------
CAPITALIZATION
<S> <C> <C> <C> <C> <C> <C> <C>
Common stock equity 278,509 286,893 8,325 (6,201) 567,526 (3)
Redeemable preferred stock 0 20,760 0 0 20,760
Long-term debt 40,000 251,407 0 0 291,407 0 (3)
----------------------------------------------------------------------------------------------
Total capitalization 318,509 559,060 8,325 (6,201) 879,693
----------------------------------------------------------------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 0 137 0 0 137
Notes payable to banks 0 0 0 0 0
Commercial paper 0 48,000 0 0 48,000
Purchased gas 0 36,405 0 21,474 57,879
Accounts payable & other 9,028 32,791 547 3,030 45,396 2,441 (5)
Accrued taxes 219 5,628 (201) 135 5,781
Overrecovered gas costs 0 0 0 0 0
Customer (cr) bal & dep 0 13,610 (84) 0 13,526
----------------------------------------------------------------------------------------------
Total current liabil 9,247 136,571 262 24,639 170,719
----------------------------------------------------------------------------------------------
DEFERRED CREDITS
Deferred ITC 0 10,934 0 0 10,934
Deferred FIT (27) 69,488 (6,245) 1,697 64,913 1,412 (2) 0 (2)
Deferred gain 0 0 16,433 4,118 20,551
Other 864 33,177 (1,686) 0 32,355
----------------------------------------------------------------------------------------------
Total deferred credits 837 113,599 8,502 5,815 128,753
----------------------------------------------------------------------------------------------
TOTAL CAP & LIAB. 328,593 809,230 17,089 24,253 1,179,165 0 0
==============================================================================================
</TABLE>
<TABLE>
<CAPTION>
CONSOLIDATING CONSOL
DR (CR) TOTAL
------------------------------------
CAPITALIZATION
<S> <C> <C> <C>
Common stock equity 289,015 (A) 278,436
75 (F)
0 (D)
Redeemable preferred stock 20,760
Long-term debt 291,407
------------------------------------
Total capitalization 590,603
------------------------------------
CURRENT LIABILITIES
Current maturities of LTD 137
Notes payable to banks 0
Commercial paper 48,000
Purchased gas 57,879
Accounts payable & other 7,161 (B) 35,794
Accrued taxes 0 (G) 5,781
Overrecovered gas costs 0
Customer (cr) bal & dep 13,526
------------------------------------
Total current liabil 161,117
------------------------------------
DEFERRED CREDITS
Deferred ITC 10,934
Deferred FIT 0 (G) 63,501
Deferred gain 20,551
Other 32,355
------------------------------------
Total deferred credits 127,341
------------------------------------
TOTAL CAP & LIAB. 879,061
====================================
</TABLE>
<PAGE> 12
EXHIBIT B
Attached as Exhibit B is Consolidating Financial Data Schedule for the
fiscal year ended September 30, 1997.
11
<PAGE> 13
New Jersey Resources Corporation
Financial Data Schedule UT
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
NEW JERSEY RESOURCES CORPORATION'S FINANCIAL DATA SCHEDULE FILED AS AN
EXHIBIT TO SEPTEMBER 30, 1997 FORM 10-K.
Item Item Twelve
Number Description Months
000'S
1 total assets 879,061
2 gross operating revenue 696,544
3 net income 39,924
<PAGE> 14
EXHIBIT C
None
13
<PAGE> 15
The above-named claimant has caused this statement to be duly executed
on its behalf by its authorized officer on this 26th day of February 1998.
New Jersey Resources Corporation
By: /s/ OLETA J. HARDEN
__________________________________
OLETA J. HARDEN
Senior Vice President & Secretary
(Corporate Seal)
Attest:
/s/ GLENN C. LOCKWOOD
_________________________________
GLENN C. LOCKWOOD
Senior Vice President & CFO
Name, title, and address of officer to whom notices and correspondence
concerning this statement should be addressed:
Oleta J. Harden, Senior Vice President & Secretary
New Jersey Resources Corporation
1415 Wyckoff Road
Wall, NJ 07719
14
<TABLE> <S> <C>
<ARTICLE> OPUR3
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE NEW
JERSEY RESOURCES CORPORATION'S FINANCIAL DATA SCHEDULE FILED AS AN EXHIBIT TO
SEPTEMBER 30, 1997 FORM 10-K.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-START> OCT-01-1996
<PERIOD-END> SEP-30-1997
<BOOK-VALUE> PRO-FORMA
<TOTAL-ASSETS> 879,061
<TOTAL-OPERATING-REVENUES> 696,544
<NET-INCOME> 39,924
</TABLE>
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