1415 Wyckoff Road, P.O. Box 1468, Wall, NJ 07719

DATE: July 24, 2003 CONTACT: Roseanne Koberle (media) 732.938.1112
- or -
Dennis Puma (investors)
732.938.1229

NJR REPORTS FISCAL THIRD-QUARTER AND
YEAR-TO-DATE EARNINGS

WALL, N.J. – New Jersey Resources Corporation (NYSE: NJR) today reported quarterly and fiscal year-to-date results. Earnings per share for the nine months ended June 30, 2003, increased 15 percent to $2.55, compared with $2.21 for the same period last year. For the third quarter ended June 30, 2003, earnings per share were $.16, compared with $.18 for the same period last year. Last year’s quarterly results included a gain of $.02 per share from the sale of real estate. The Company attributes its strong nine-month financial performance to continued profitable customer growth and colder weather at its principal subsidiary, New Jersey Natural Gas Company (NJNG), and continued strong contributions from its unregulated wholesale energy services subsidiary, NJR Energy Services Company (NJRES).

“Our business model continues to provide outstanding results, both at NJNG and NJRES,” said Laurence M. Downes, chairman and CEO of NJR. “Our employees’ hard work and dedication have put us on solid footing to achieve our 12th consecutive year of earnings growth, a record unparalleled in our industry,” Mr. Downes said.

NJR’s financial and operational highlights included:

• Higher Net Income and Earnings per Share – For the nine months ended June 30, 2003, NJR earned $69 million, or $2.55 per share, compared with $59.4 million, or $2.21 per share, last year. NJNG earned $58.2 million for the nine-month period, compared with $51.4 million last year, driven primarily by its continued profitable customer growth and colder weather. NJRES reported an 84 percent increase in earnings to $11 million, compared with $6 million last year, reflecting increased storage and capacity utilization. For the three months ended June 30, 2003, NJR earned $4.5 million, or $.16 per share, compared with $4.8 million, or $.18 per share, last year. Last year’s results for the quarter included a gain of $.02 per share, which was included in Other income, from the sale of an asset by Commercial Realty and Resources Corp., NJR’s real estate subsidiary.

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NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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• Strong Customer Growth at NJNG – During the first nine months of the fiscal year, NJNG added approximately 1.4 billion cubic feet (Bcf) of new firm throughput, which is expected to generate about $4.3 million of 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 those new customers are expected to convert from other fuels. For the entire fiscal year, NJNG expects to add more than 2 Bcf of firm sales representing more than $6 million of annual gross margin. 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 than does revenue 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 nine months ended June 30, 2003, weather was 14 percent colder than normal and 31 percent colder than last year. Weather for the third quarter was 29 percent colder than normal and 37 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 $8.9 million of gross margin during the first nine months of this fiscal year under the WNC for future credit to customers. Since the WNC does not mitigate the full impact of the weather, this year’s cold weather resulted in approximately $4.6 million of additional gross margin beyond the amount covered by the WNC. Last year, due to 17 percent warmer-than-normal weather, $16.4 million of gross margin was accrued for future recovery under the WNC, and approximately $6.2 million of gross margin was not covered by the WNC.

• Off-System Sales and Capacity Management Programs – Sales from the off-system and capacity management programs declined 80 percent and 60 percent for the three and nine months ended June 30, 2003, respectively, compared with the same periods last year. The decline in sales and related revenues were due to colder weather which required more of NJNG’s capacity to be used for firm sales. Gross margins from these programs increased $359,000 and $407,000 for the three and nine months ended June 30, 2003, respectively, compared with the same periods last year, due to an increase in the value of available capacity. NJNG shares the gross margins earned from off-system sales, capacity release and portfolio-enhancement programs with customers and shareowners, based on a formula that is in effect until October 31, 2003.

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NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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	NJNG customers have saved nearly $202 million on their natural gas bills, or approximately 5 percent annually, since these programs began in 1992. NJNG has filed for extension of its off-system sales and capacity release incentives through fiscal 2008, as well as new incentives related to storage and capacity programs, which support its goals of reliability, price stability and affordability.
•	Ocean Peaking Power Agreement Signed – In June 2003, the state Board of Public Utilities approved a 10-year transportation agreement between NJNG and Ocean Peaking Power, LLC to provide service to a new natural gas-fired electric generation plant adjacent to its existing cogeneration plant in Lakewood, N.J. Gross margins from these sales over the first four years will be shared with customers and NJNG on a 50/50 basis. NJNG’s transportation agreement with Ocean Peaking Power will benefit customers by providing additional credits against gas costs, with sales principally made during non-peak times. These savings contribute to NJNG’s efforts to manage gas costs as part of its continuing commitment to offer customers the best possible price.
•	Wholesale Energy Services – NJRES’s portfolio of transportation and storage assets, which is substantially hedged, has been tailored to provide opportunities to increase gross margin in volatile wholesale natural gas markets. Revenue and earnings for NJRES during the first nine months of the fiscal year benefited from volatile wholesale prices this past winter, which contributed to increased basis, financial and daily trading gross margins. Natural gas sold or managed under these transactions totaled 260 Bcf for the nine months ended June 30, 2003, a 13 percent increase over the same period last year. Natural gas sold or managed under these transactions totaled 44 Bcf for the three months ended June 30, 2003, a 47 percent decrease over the same period last year. The decrease in volume during the quarter was due to lower gas in storage, resulting from colder winter weather, and changes in the transportation portfolio.
•	Post-Retirement Benefit Costs – At September 30, 2002, changes in both economic conditions and the assumptions regarding the discount rate and return on plan assets required the Company to record an additional minimum pension liability of $14.8 million. During fiscal 2003, NJR improved the funded level of the pension plans by making cash contributions of $7.4 million. Due to the Company’s strong financial profile, these contributions did not have a significant negative impact to the company’s financial condition nor hinder its access to capital.
•	Moody’s Investor Service – During the quarter, Moody’s Investor Service placed the long-term debt ratings of NJNG under review for possible upgrade. Moody’s cited NJNG’s successive string of earnings and cash flow improvements over the past few years and NJNG’s ability to gradually reduce overall debt, with the consequence of reducing financial leverage, as reasons for the consideration. Moody’s currently rates NJNG’s senior-secured debt A-2. Moody’s also confirmed NJNG’s Prime-1 commercial paper rating.

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NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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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 largest subsidiary, New Jersey Natural Gas (NJNG), is one of the fastest-growing local distribution companies in the United States, serving nearly 450,000 customers in central and northern New Jersey. NJNG is the low-cost provider of natural gas in the state 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 Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is an emerging leader in the unregulated wholesale natural gas market, providing outstanding customer service and management of natural gas storage and capacity assets. NJR Home Services offers retail customers expert heating, air conditioning and appliance services. NJR’s progress is a tribute to the more than 5,000 dedicated employees who have shared their expertise and focus on quality through more than 50 years of serving customers and the community to make the Company a leader in the competitive energy marketplace. More information on NJR can be found on their Company Web site at njliving.com.

This news 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 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, economicconditions in NJNG’s service territory, impact of regulation (including the regulation of rates), fluctuations in energy-related commodity prices, conversion activity, other marketing efforts, environmental matters 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 May 12, 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.

FINANCIAL RESULTS FOLLOW

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.

NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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NEW JERSEY RESOURCES CORPORATION
CONSOLIDATED FINANCIAL RESULTS

		Three Months Ended				Nine Months Ended
Thousands, except per share data		June 30,				June 30,
(Unaudited)		2003		2002		2003		2002
Operating Revenues		$	370,410	$	442,309	$	2,191,290	$	1,363,920
Net Income		$	4,473	$	4,764	$	69,040	$	59,375
Earnings Per Common Share
	Basic	$	.16	$	.18	$	2.55	$	2.21
	Diluted	$	.16	$	.17	$	2.51	$	2.19
Average Shares Outstanding
	Basic		27,135		26,937		27,056		26,846
	Diluted		27,620		27,255		27,462		27,156

NJR REPORTS FISCAL THIRD-QUARTER AND FISCAL-YEAR-TO-DATE EARNINGS
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NEW JERSEY RESOURCES CORPORATION
CONSOLIDATED STATEMENTS OF INCOME

(thousands, except per share data)
(unaudited)

				Three Months Ended				Nine Months Ended					Twelve Months Ended
				June 30,				June 30,					June 30,
				2003		2002		2003		2002			2003		2002
OPERATING REVENUES				$	369,660	$	442,684	$	2,191,290	$	1,364,295		$	2,658,499	$	1,594,537
OPERATING EXPENSES
		Gas purchases			318,293		396,304		1,923,443		1,134,667			2,355,243		1,331,990
		Operation and maintenance			25,717		22,461		78,697		68,862			101,481		90,086
		Depreciation and amortization			7,996		7,981		24,079		23,950			31,973		31,893
		Energy and other taxes			7,989		6,213		41,852		32,819			45,825		37,583
Total operating expenses					359,995		432,959		2,068,071		1,260,298			2,534,522		1,491,552
OPERATING INCOME					9,665		9,725		123,219		103,997			123,977		102,985
Other income					637		2,149		1,014		4,197			1,386		5,629
Interest charges, net					2,958		4,054		10,743		12,509			14,790		17,058
INCOME BEFORE INCOME TAXES					7,344		7,820		113,490		95,685			110,573		91,556
Income tax provision					2,871		3,056		44,450		36,310			44,064		34,916
	INCOME BEFORE CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING				4,473		4,764		69,040		59,375			66,509		56,640
	Cumulative effect of a change in accounting for derivatives net				0		0		0		(1,347	)		0		0
	INCOME FROM CONTINUING OPERATIONS				4,473		4,764		69,040		58,028			66,509		56,640
	Income from discontinued operations, net				0		0		0		0			0		0
NET INCOME				$	4,473	$	4,764	$	69,040	$	59,375		$	66,509	$	56,640
EARNINGS PER COMMON SHARE
			INCOME BEFORE ACCOUNTING CHANGE	$	0.00	$	0.74	$	2.21	$	2.12		$	0.00	$	2.04
			BASIC	$	0.16	$	0.18	$	2.55	$	2.21		$	2.46	$	2.11
			INCOME BEFORE ACCOUNTING CHANGE	$	0.00	$	0.73	$	2.19	$	2.11		$	0.00	$	2.09
			DILUTED	$	0.16	$	0.17	$	2.51	$	2.19		$	2.43	$	2.09
DIVIDENDS PER COMMON SHARE				$	0.31	$	0.30	$	0.93	$	0.90		$	1.23	$	1.19
AVERAGE SHARES OUTSTANDING
			BASIC		27,135		26,937		27,056		26,846			27,017		26,810
			DILUTED		27,620		27,255		27,462		27,156			27,402		27,105

NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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NEW JERSEY RESOURCES CORPORATION

Unaudited						Three Months Ended								Nine Months Ended
						June 30,								June 30,
(Thousands, except per-share data)						2003				2002				2003				2002
Operating Revenues
	New Jersey Natural Gas Company					$	120,055			$	144,199			$	680,934			$	653,756
	NJR Energy Services Company						244,479				294,185				1,498,695				696,654
	Retail & Other						5,149				4,330				15,330				14,035
				Sub-total			369,683				442,714				2,194,959				1,364,445
	Intercompany Eliminations						(23	)			(30	)			(3,669	)			(150	)
				Total		$	369,660			$	442,684			$	2,191,290			$	1,364,295
Operating Income
	New Jersey Natural Gas Company					$	9,450			$	7,267			$	102,682			$	90,267
	NJR Energy Services Company						(522	)			1,785				18,859				10,532
	Retail & Other						737				673				1,678				3,198
				Total		$	9,665			$	9,725			$	123,219			$	103,997
Net Income
	New Jersey Natural Gas Company					$	4,507			$	3,062			$	58,191			$	51,415
	NJR Energy Services Company						(98	)			853				11,056				6,024
	Retail & Other						64				849				(207	)			1,936
				Total		$	4,473			$	4,764			$	69,040			$	59,375
Throughput (Bcf)
	NJNG, Core Customers						12.4				10.6				67.7				54.1
	NJNG, Off System/Capacity Management						3.8				19.4				30.2				75.8
	NJRES Fuel Mgmt. and Wholesale Sales						43.5				82.2				259.5				230.0
				Total			59.7				112.2				357.4				359.9
Common Stock Data
		Dividend Yield at June 30					3.5	%			4.0	%			3.5	%			4.0	%
		Market Price
		High				$	36.60			$	32.70			$	36.60			$	32.70
		Low		$	32.25			$	28.93			$	29.52			$	28.93
			Close at June 30			$	35.50			$	29.85			$	35.50			$	29.85
		Shares Out. at June 30					27,147				26,893				27,147				26,893
		Market Cap. at June 30				$	963,719			$	802,756			$	963,719			$	802,756

NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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NEW JERSEY NATURAL GAS COMPANY

					Three Months Ended				Nine Months Ended
Unaudited					June 30,				June 30,
(Thousands, except customer & weather data)					2003		2002		2003		2002
Operating Revenues
		Residential			$	77,368	$	55,991	$	403,724	$	331,565
		Commercial, Industrial & Other				10,840		11,909		84,795		72,718
		Firm Transportation				7,215		5,303		29,774		20,213
				Sub-Total		95,423		73,203		518,293		424,496
		Interruptible				1,626		2,967		4,061		4,995
				Total System Revenues		97,049		76,170		522,354		429,491
		Off System				23,006		68,029		158,580		224,265
				TOTAL REVENUES	$	120,055	$	144,199	$	680,934	$	653,756
Gross Margin and Operating Income
		Residential			$	25,548	$	23,555	$	134,311	$	125,598
		Commercial, Industrial & Other				4,866		4,487		25,583		23,924
		Firm Transportation				6,526		4,930		26,140		18,656
				Sub-Total		36,940		32,972		186,034		168,178
		Interruptible				231		237		529		659
				Total System Margin		37,171		33,209		186,563		168,837
	Off System/Capacity Management/FRM					1,245		886		4,169		3,762
				TOTAL GROSS MARGIN		38,416		34,095		190,732		172,599
		Operation and maintenance expense				20,561		18,400		62,644		57,136
		Depreciation and amortization				7,799		7,786		23,480		23,359
		Other taxes not reflected in gross margin				606		642		1,926		1,837
				OPERATING INCOME	$	9,450	$	7,267	$	102,682	$	90,267
Throughput (Bcf)
		Residential				7.8		5.5		43.9		32.8
		Commercial, Industrial & Other				1.1		1.2		9.5		7.6
		Firm Transportation				1.9		1.2		9.7		6.3
				Sub-Total		10.8		7.9		63.1		46.7
		Interruptible				1.6		2.7		4.6		7.4
			Total System Throughput			12.4		10.6		67.7		54.1
	Off System/Capacity Management					3.8		19.4		30.2		75.8
				TOTAL THROUGHPUT		16.2		30.0		97.9		129.9
Customers
		Residential				393,284		391,792		393,284		391,792
		Commercial, Industrial & Other				25,540		24,594		25,540		24,594
		Firm Transportation				23,313		16,006		23,313		16,006
				Sub-Total		442,137		432,392		442,137		432,392
		Interruptible				51		52		51		52
			Total System Customers			442,188		432,444		442,188		432,444
	Off System/Capacity Management					29		28		29		28
				TOTAL CUSTOMERS		442,217		432,472		442,217		432,472

NJR REPORTS FISCAL THIRD-QUARTER AND YEAR-TO-DATE EARNINGS
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NEW JERSEY NATURAL GAS COMPANY

		Three Months Ended						Nine Months Ended
Unaudited		June 30,						June 30,
(Thousands, except customer & weather data)		2003			2002			2003			2002
Degree Days
	Actual		703			510			5,332			3,951
	Normal		547			556			4,683			4,749
	Percent of Normal		128.5	%		91.7	%		113.9	%		83.2	%
NJR ENERGY SERVICES COMPANY
Revenues		$	244,479		$	294,185		$	1,498,695		$	696,654
Operating Income		$	(522	)	$	1,785		$	18,859		$	10,532
Net Income		$	(98	)	$	853		$	11,056		$	6,024
Gas Sold and Managed (Bcf)			43.5			82.2			259.5			230.0
RETAIL & OTHER
Revenues		$	5,149		$	4,330		$	15,330		$	14,035
Operating Income		$	737		$	673		$	1,678		$	3,198
Net Income		$	64		$	849		$	(207	)	$	1,936
Total Customers at June 30			139,177			133,463			139,177			133,463