1415 Wyckoff Road, P.O. Box 1464, Wall, NJ 07719

DATE:	April 24, 2003	CONTACT:	Roseanne Koberle (Media) 732-938-1112
			or
			Dennis Puma (Investors) 732-938-1229

NJR REPORTS FISCAL YEAR-TO-DATE AND
SECOND-QUARTER EARNINGS PER SHARE

WALL, N.J. – New Jersey Resources Corporation (NYSE: NJR) today reported a 17 percent increase in earnings per share for the six months ended March 31, 2003 to $2.39, compared with $2.04 last year. Fiscal second-quarter earnings per share increased 17 percent to $1.52, compared with $1.30 last year. The increase in earnings is attributed primarily to continued customer growth, colder weather and improved wholesale energy services results.

“This winter’s severe cold tested both our natural gas distribution system and our employees. The earnings we reported today are a testament to our team’s hard work and dedication to quality,” said Laurence M. Downes, chairman and CEO of NJR. “We’re pleased that our financial results so clearly confirm our strategy of concentrating our efforts on meeting the energy needs of customers in our core energy business in New Jersey, and achieving profitable growth in related energy markets,” Mr. Downes said.

Financial and operating highlights included:

• Higher Net Income and Earnings per Share – For the six months ended March 31, 2003 NJR earned $64.6 million, or $2.39 per share, compared with $54.6 million, or $2.04 per share, last year. New Jersey Natural Gas Company (NJNG) earned $53.7 million for the six-month period ended March 31, 2003, as compared with $48.4 million last year, driven by its continued profitable customer growth and one of the coldest winters in the Company’s history. NJR Energy Services Corporation (NJRES), NJR’s unregulated wholesale energy services subsidiary, reported a 115 percent increase in earnings to $11.2 million, compared with $5.2 million last year, due primarily to higher margins from increased transportation and storage assets. NJR earned $41.2 million, or $1.52 per share, for the three months ended March 31, 2003 compared with $34.9 million, or $1.30 per share, last year.

• Strong Customer Growth – During the first six months of the fiscal year, NJNG added approximately 1.1 billion cubic feet (Bcf) of new throughput, which is expected to generate about $3.3 million in gross margin. NJNG expects to maintain its approximately 3 percent annual customer growth rate in fiscal 2003, well above the national average for natural gas distribution companies. About 35 percent of new customers are expected to convert from other fuels. In fiscal 2003, NJNG expects to add more than 2 Bcf of firm sales representing more than $6 million of annual gross margin.

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NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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	Gross margin is defined as gas revenues less gas purchases, sales tax and a Transitional Energy Facilities Assessment (TEFA), which is included in Energy and other taxes on the Consolidated Statements of Income. Management believes that gross margin provides a more meaningful basis for evaluating utility operations since gas costs, sales tax and TEFA are passed through to customers and, therefore, have no effect on gross margin. Gas costs are charged to operating expenses on the basis of therm sales at the rates included in NJNG’s Basic Gas Supply Service (BGSS) tariff. The BGSS allows NJNG to recover gas costs that exceed the level reflected in its base rates. Sales tax is calculated at 6 percent of revenue and excludes sales to cogeneration facilities, other utilities, off-system sales and federal accounts. TEFA is calculated on a per-therm basis and excludes sales to cogeneration facilities, other utilities and off-system sales.
•	Cold Weather – For the six months ended March 31, 2003 weather was 12 percent colder than normal and 35 percent colder than last year. Weather for the second quarter was 13 percent colder than normal and 33 percent colder than last year. “Normal” weather is based on 20-year average temperatures. The impact of the weather is significantly offset by NJNG’s weather-normalization clause (WNC), which is designed to smooth out year-to-year fluctuations that may result from changing weather patterns on both NJNG’s gross margin and customers’ bills. As a result of the colder-than-normal weather, NJNG has deferred $7.4 million of margin during the first six months of this fiscal year under the WNC for future refund to customers. The cold weather resulted in approximately $2.2 million of additional margin beyond the amount captured by the WNC. Last year, $14.8 million of margin was accrued for future recovery under the WNC and margin was reduced by approximately $3.6 million beyond the WNC due to 18 percent warmer-than-normal weather.
•	Wholesale Energy Services – Earnings for NJRES during the first six months of the fiscal year benefited from increased basis, financial and daily trading margins resulting from increased transportation and storage portfolio that has been tailored to leverage opportunities created by the volatile wholesale natural gas market experienced this winter. Natural gas sold or managed under these transactions totaled 216 Bcf for the six months ended March 31, 2003, a 46 percent increase over the same period last year.
•	Off-System Sales and Capacity Management Programs – NJNG shares margins earned from off-system sales, capacity release and portfolio-enhancement programs between customers and shareowners, based on a formula that is in effect until October 31, 2003. For the six months ended March 31, 2003, off-system and capacity management program sales were 264 Bcf, generating $2.9 million in margin and $11.7 million in credits to customers. NJNG customers have saved over $198 million on their natural gas bills, or approximately 5 percent annually, since these programs began in 1992. These programs have contributed to NJNG having the lowest total natural gas prices in New Jersey.

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NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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• Regulatory Update – During the quarter, NJNG filed a proposal with the New Jersey Board of Public Utilities (BPU) to initiate a Smart Growth pilot program that will provide the groundwork for major redevelopment activities in Asbury Park and Long Branch. The proposed program will upgrade a significant portion of the natural gas distribution system in both Asbury Park and Long Branch with new infrastructure to efficiently enhance the distribution system’s capacity and support redevelopment opportunities. The plan proposes recovering costs through limited changes to the traditional regulatory treatment of utility infrastructure costs. NJNG is hopeful that action will be taken soon by the BPU. With approval of the program, NJNG would immediately complete final design plans and obtain needed permits to begin construction in the summer of 2003. The initiation of the pilot program in Asbury Park and Long Branch is expected to provide a model for future applications in other communities in NJNG’s service area as well as the state. NJNG estimates that it will invest approximately $7 million in Asbury Park under this program. During the quarter, NJNG also filed for an update to its Remediation Adjustment Clause (RAC) tariff for recovery of manufactured gas plant (MGP) remediation costs incurred through June 30, 2002. Under the RAC, NJNG recovers its MGP expenditures with carrying costs, over rolling seven-year periods.

• Real Estate – In December 2002, Commercial Realty & Resources Corp. (CR&R), the Company’s real estate development subsidiary, signed a lease to construct a 200,000-square-foot building for Horizon Blue Cross Blue Shield of New Jersey. Construction is expected to begin in the third fiscal quarter of 2003, with a completion date in the third fiscal quarter of 2004.

New Jersey Resources Corporation (NYSE: NJR), a Fortune 1000 company and a member of the Forbes Platinum 400, provides retail and wholesale energy services to customers in New Jersey and in states from the Gulf Coast to New England, and Canada. Its principal subsidiary, New Jersey Natural Gas Company (NJNG), is one of the fastest-growing local distribution companies in the United States, and ranks highest in customer satisfaction for the Eastern U.S. Region in the J.D. Power and Associates 2002 Gas Utility Residential Customer Satisfaction Study.^SM NJNG provides energy services to almost 440,000 residential, commercial and industrial customers in New Jersey’s Monmouth and Ocean counties and parts of Morris and Middlesex counties and maintains a nearly 6,000-mile underground pipeline system. NJNG has added nearly 12,000 new customers for the past eight consecutive years, representing 2 billion cubic feet of new firm throughput annually. Other major operating subsidiaries of NJR include NJR Energy Services, which provides unregulated wholesale energy services, and NJR Home Services, which offers expert home-appliance service, sales and installations. For more information about the NJR family of companies, visit www.njliving.com.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. NJR wishes to caution 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

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NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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behavior of other market participants. Other factors that could cause actual results to differ materially from our expectations include, but are not limited to, weather conditions, economic conditions in NJNG’s service territory, impact of regulation, fluctuations in energy-related commodity prices, conversion activity, other marketing efforts and other uncertainties. More detailed information about these factors is set forth in NJR’s filings with the Securities and Exchange Commission, including NJR’s quarterly report on Form 10-Q filed on February 14, 2003. NJR’s Form 10-Q is available at www.sec.gov.

The Company 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.

NEW JERSEY RESOURCES CORPORATION
CONSOLIDATED FINANCIAL RESULTS

		Three Months Ended				Six Months Ended
Thousands, except per share data		March 31,				March 31,
(Unaudited)		2003		2002		2003		2002
Operating Revenues		$	1,152,700	$	525,780	$	1,821,479	$	921,611
Net Income		$	41,244	$	34,930	$	64,567	$	54,611
Earnings Per Common Share
	Basic	$	1.52	$	1.30	$	2.39	$	2.04
	Diluted	$	1.50	$	1.29	$	2.35	$	2.01
Average Shares Outstanding
	Basic		27,048		26,863		27,016		26,800
	Diluted		27,467		27,163		27,428		27,108

J.D. Power and Associates 2002 Gas Utility Residential Customer Satisfaction Study.^SM Study based on a total of 9,126 consumer responses. In the Eastern U.S., the top 15 Gas Utility companies were ranked in the study. www.jdpower.com.

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NEW JERSEY RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

(thousands, except per share data)
(unaudited)

			Three Months Ended				Six Months Ended				Twelve Months Ended
			March 31,				March 31,				March 31,
			2003		2002		2003		2002		2003		2002
OPERATING REVENUES			$	1,152,700	$	525,780	$	1,821,479	$	921,611	$	2,730,622	$	1,412,497
OPERATING EXPENSES
	Gas purchases			1,024,854		419,883		1,604,999		738,363		2,432,353		1,151,427
	Operation and maintenance			28,000		23,787		53,860		46,948		99,322		89,373
	Depreciation and amortization			8,002		7,538		16,083		15,969		31,958		32,122
	Energy and other taxes			20,839		15,528		33,863		26,606		44,049		38,317
Total operating expenses				1,081,695		466,736		1,708,805		827,886		2,607,682		1,311,239
OPERATING INCOME				71,005		59,044		112,674		93,725		122,940		101,258
Other income				332		1,254		1,257		2,595		3,995		6,547
Interest charges, net				3,456		4,070		7,785		8,455		15,886		17,124
INCOME BEFORE INCOME TAXES				67,881		56,228		106,146		87,865		111,049		90,681
Income tax provision				26,637		21,298		41,579		33,254		44,249		34,493
NET INCOME			$	41,244	$	34,930	$	64,567	$	54,611	$	66,800	$	56,188
EARNINGS PER COMMON SHARE
		BASIC	$	1.52	$	1.30	$	2.39	$	2.04	$	2.40	$	2.10
		DILUTED	$	1.50	$	1.29	$	2.35	$	2.01	$	2.37	$	2.08
DIVIDENDS PER COMMON SHARE			$	0.31	$	0.30	$	0.62	$	0.60	$	1.22	$	1.18
AVERAGE SHARES OUTSTANDING
		BASIC		27,048		26,863		27,016		26,800		26,968		26,744
		DILUTED		27,467		27,163		27,428		27,108		27,359		27,018

NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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NEW JERSEY RESOURCES CORPORATION

Unaudited					Three Months Ended						Six Months Ended
					March 31,						March 31,
(Thousands, except per-share data)					2003			2002			2003			2002
Operating Revenues
	New Jersey Natural Gas Company				$	334,795		$	289,609		$	560,879		$	509,557
	NJR Energy Services Company					815,253			231,581			1,254,065			402,469
	Retail & Other					5,182			4,612			10,181			9,705
				Sub-total		1,155,230			525,802			1,825,125			921,731
	Intercompany Eliminations					(2,530	)		(22	)		(3,646	)		(120	)
				Total	$	1,152,700		$	525,780		$	1,821,479		$	921,611
Operating Income
	New Jersey Natural Gas Company				$	57,992		$	52,746		$	92,584		$	82,655
	NJR Energy Services Company					12,461			5,222			19,381			8,747
	Retail & Other					552			1,076			709			2,323
				Total	$	71,005		$	59,044		$	112,674		$	93,725
Net Income
	New Jersey Natural Gas Company				$	34,161		$	31,219		$	53,684		$	48,353
	NJR Energy Services Company					7,283			3,035			11,154			5,171
	Retail & Other					(200	)		676			(271	)		1,087
				Total	$	41,244		$	34,930		$	64,567		$	54,611
Throughput (Bcf)
	NJNG, Core Customers					33.5			25.9			55.3			43.5
	NJNG, Off System/Capacity Management					12.4			30.2			26.4			56.4
	NJRES Fuel Mgmt. and Wholesale Sales					114.2			86.9			216.0			147.8
				Total		160.1			143.0			297.7			247.7
Common Stock Data
		Yield at March 31				3.8	%		4.0	%		3.8	%		4.0	%
		Market Price
			High		$	33.70		$	32.00		$	33.70		$	32.53
			Low		$	30.01		$	29.23		$	29.52		$	28.97
			Close at March 31		$	32.65		$	30.24		$	32.65		$	30.24
		Shares Out. at March 31				27,073			26,892			27,073			26,892
		Market Cap. at March 31			$	883,933		$	813,214		$	883,933		$	813,214

NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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NEW JERSEY NATURAL GAS COMPANY

					Three Months Ended				Six Months Ended
Unaudited					March 31,				March 31,
(Thousands, except customer & weather data)					2003		2002		2003		2002
Operating Revenues
	Residential				$	202,889	$	159,873	$	326,356	$	275,574
	Commercial, Industrial & Other					42,604		35,991		73,955		60,809
	Firm Transportation					13,173		8,211		22,559		14,910
				Sub-Total		258,666		204,075		422,870		351,293
	Interruptible					874		1,143		2,435		2,028
			Total System Revenues			259,540		205,218		425,305		353,321
	Off System					75,255		84,391		135,574		156,236
				TOTAL REVENUES	$	334,795	$	289,609	$	560,879	$	509,557
NJNG Gross Margin and Operating Income
	Residential				$	63,432	$	60,083	$	108,763	$	102,043
	Commercial, Industrial & Other					12,082		11,445		20,717		19,437
	Firm Transportation					11,617		7,643		19,614		13,726
				Sub-Total		87,131		79,171		149,094		135,206
	Interruptible					79		210		298		422
				Total System Margin		87,210		79,381		149,392		135,628
	Off System/Capacity Management/FRM					1,706		1,241		2,924		2,876
				TOTAL GROSS MARGIN		88,916		80,622		152,316		138,504
	Operation and maintenance expense					22,475		19,850		42,731		39,081
	Depreciation and amortization					7,799		7,337		15,681		15,573
	Other taxes not reflected in gross margin					650		689		1,320		1,195
				OPERATING INCOME	$	57,992	$	52,746	$	92,584	$	82,655
Throughput (Bcf)
	Residential					22.3		16.6		36.1		27.3
	Commercial, Industrial & Other					5.1		4.0		8.4		6.4
	Firm Transportation					4.8		3.0		7.8		5.1
				Sub-Total		32.2		23.6		52.3		38.8
	Interruptible					1.3		2.3		3.0		4.7
		Total System Throughput				33.5		25.9		55.3		43.5
	Off System/Capacity Management					12.4		30.2		26.4		56.4
			TOTAL NJNG THROUGHPUT			45.9		56.1		81.7		99.9
Customers
	Residential					387,288		388,494		387,288		388,494
	Commercial, Industrial & Other					25,788		26,014		25,788		26,014
	Firm Transportation					26,498		13,511		26,498		13,511
				Sub-Total		439,574		428,019		439,574		428,019
	Interruptible					58		49		58		49
			Total System Customers			439,632		428,068		439,632		428,068
	Off System/Capacity Management					34		36		34		36
				TOTAL NJNG CUSTOMERS		439,666		428,104		439,666		428,104

NJR REPORTS FISCAL YEAR-TO-DATE AND SECOND-QUARTER EARNINGS PER SHARE
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NEW JERSEY NATURAL GAS COMPANY

		Three Months Ended						Six Months Ended
Unaudited		March 31,						March 31,
(Thousands, except customer & weather data)		2003			2002			2003			2002
Degree Days
	Actual		2,822			2,114			4,629			3,441
	Normal		2,488			2,518			4,136			4,193
	Percent of Normal		113.4	%		84.0	%		111.9	%		82.1	%
NJR ENERGY SERVICES COMPANY
Revenues		$	815,253		$	231,581		$	1,254,065		$	402,469
Operating Income		$	12,461		$	5,222		$	19,381		$	8,747
Net Income		$	7,283		$	3,035		$	11,154		$	5,171
Gas Sold and Managed (Bcf)			114.2			86.9			216.0			147.8
RETAIL & OTHER
Revenues		$	5,182		$	4,612		$	10,181		$	9,705
Operating Income		$	552		$	1,076		$	709		$	2,323
Net Income			($200	)	$	676			($271	)	$	1,087
Total Customers at March 31			132,755			129,343			132,755			129,343

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