-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MtJ8cXymFz8hogfhblrdZx3w42l7+hVh3Jv1ypqXCXgKaZbOr97DXWo+hriOFfh5 SbC+8j8x4v2i6m4IXZ9xSw== 0000070668-98-000016.txt : 19980630 0000070668-98-000016.hdr.sgml : 19980630 ACCESSION NUMBER: 0000070668-98-000016 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19971231 FILED AS OF DATE: 19980629 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NUI CORP CENTRAL INDEX KEY: 0000070668 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS DISTRIBUTION [4924] IRS NUMBER: 221869941 STATE OF INCORPORATION: NJ FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 11-K SEC ACT: SEC FILE NUMBER: 001-08353 FILM NUMBER: 98656906 BUSINESS ADDRESS: STREET 1: 550 RTE 202-206 STREET 2: BOX 760 CITY: BEDMINSTER STATE: NJ ZIP: 07921-0760 BUSINESS PHONE: 9087810500 MAIL ADDRESS: STREET 1: 550 ROUTE 202-206 STREET 2: P.O. BOX 760 CITY: BEDMINSTER STATE: NJ ZIP: 07921-0760 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL UTILITIES & INDUSTRIES CORP DATE OF NAME CHANGE: 19830502 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 11-K (Mark One) [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED] For the year ended December 31, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED] For the transition period from to Commission file number 1-8353 NUI CORPORATION SAVINGS AND INVESTMENT PLAN NUI Corporation 550 Route 202-206 P.O. Box 760 Bedminster, New Jersey 07921-0760 NUI CORPORATION SAVINGS AND INVESTMENT PLAN FINANCIAL STATEMENTS AS OF DECEMBER 31, 1997 AND 1996 TOGETHER WITH AUDITORS' REPORT NUI CORPORATION SAVINGS AND INVESTMENT PLAN INDEX TO FINANCIAL STATEMENTS DECEMBER 31, 1997 AND 1996 Page Report of Independent Public Accountants Financial Statements: Statement of Net Assets Available for Benefits 1 Statement of Changes in Net Assets Available for Benefits 2-3 Notes to Financial Statements 4-8 Supplemental Schedules: I - Item 27a-Schedule of Assets Held for Investment Purposes at December 31, 1997 9 II - Item 27d-Schedule of Reportable Transactions for the Year Ended December 31, 1997 10 All other supplemental schedules are omitted since they are not applicable or are not required based on the disclosure requirements of the Employee Retirement Income Security Act of 1974 and the applicable regulations issued by the Department of Labor. REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Administrative Committee of the NUI Corporation Savings and Investment Plan: We have audited the accompanying statement of net assets available for benefits, including the schedule of investments, of the NUI Corporation Savings and Investment Plan (the "Plan") as of December 31, 1997 and 1996, and the related statements of changes in net assets available for benefits for each of the two years in the period ended December 31, 1997. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 1997 and 1996, and the changes in net assets available for benefits for the year ended December 31, 1997, in conformity with generally accepted accounting principles. Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental schedules of assets held for investment purposes and reportable transactions are presented for purposes of additional analysis and are not a required part of the basic financial statements but are supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The Fund Information in the statement of changes in net assets available for benefits is presented for purposes of additional analysis rather than to present the changes in net assets available for plan benefits of each fund. The supplemental schedules and Fund Information have been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. ARTHUR ANDERSEN LLP New York, New York June 29, 1998 NUI CORPORATION SAVINGS AND INVESTMENT PLAN STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS As of December 31, 1997 and 1996 1997 1996 ASSETS Ivestments at market value Merrill Lynch Trust Company Insured Money Market Fund $ 7,940 $ 4,492 Income Accumulation Fund 9,106,368 6,883,704 Asset Allocation Fund 5,585,298 4,629,093 Growth Stock Fund 3,590,336 3,230,576 S&P 500 Stock Fund 5,968,566 3,464,290 KCS Stock Fund 8,900,095 7,939,343 NUI Stock Fund 22,884,076 16,862,837 LifePath 2000 - Fund 25,092 19,475 LifePath 2010 - Fund 183,896 22,018 LifePath 2020 - Fund 186,777 48,165 LifePath 2030 - Fund 107,108 20,161 LifePath 2040 - Fund 58,593 20,113 Templeton Foreign Fund 282,730 87,364 Loans to Participants 1,270,870 935,507 ----------- ---------- Net Assets Available for Benefits $58,157,745 $44,167,138 ========== ========== The accompanying notes to financial statements are an integral part of this statement. NUI CORPORATION SAVINGS AND INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1997
Total Insure Income Asset Growth Money Accumulation Allocation Stock Market Fund Fund Fund Fund Fund Additions to Net Assets Attributable to: Investment Income: Net Appreciation/ (Depreciation) in Market Value of Investments $8,428,137 $ - $ - $361,210 $(109,729) Interest 597,055 3,029 497,344 - - Mutual Fund 1,238,791 - - 698,834 274,405 Income Contributions: Participants' 2,265,164 (1,173) 280,093 266,930 327,331 Employer's, 823,352 - - - - Net Rollovers 398,589 - 11,819 49,282 67,303 Transfers in from 3,182,117 - 1,832,327 270,878 210,863 Penn & Southern Plan --------- ------- --------- -------- ------- Total Additions 16,933,205 1,856 2,621,583 1,647,134 770,173 ---------- ------ --------- --------- -------- Deductions from Net Assets Attributable to: Benefits Paid to Participants (2,920,882) (229) (617,762) (506,920) (138,295) Expenses (21,716) (703) (4,524) (2,712) (2,720) --------- ------- -------- ------- -------- Total Deductions (2,942,598) (932) (622,286) (509,632) (141,015) --------- -------- -------- ------- -------- Interfund - 2,524 223,367 (181,297) (269,398) Transfers --------- -------- --------- -------- -------- Net Increase 13,990,607 3,448 2,222,664 956,205 359,760 (Decrease) Net Assets Available for Benefits at Beginning of 44,167,138 4,492 6,883,704 4,629,093 3,230,576 the Year ---------- ------ ---------- --------- -------- Net Assets Available for Benefits at End of the $58,157,745 $7,940 $9,106,368 $5,585,298 $3,590,336 Year ========== ===== ========= ========= =========
NUI CORPORATION SAVINGS AND INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1997
S&P 500 KCS NUI Stock Lifepath Lifepath Stock Stock Fund 2000 2010 Fund Fund Fund Fund Additions to Net Assets Attributable to: Investment Income: Net Appreciation/ (Depreciation) in Market Value of Investments $1,252,384 $ 1,368,713 $5,556,242 $ 413 $ 2,261 $ Interest - - - - - Mutual Fund 208,121 - - 1,895 8,702 Income Contributions: Participants' 340,434 - 957,507 868 8,251 Employer's, Net - - 823,352 - - Rollovers 78,041 - 143,384 - - Transfers in from 798,764 - - - - Penn & Southern Plan -------- -------- --------- ------- ------- Total Additions 2,677,744 1,368,713 7,480,485 3,176 19,214 --------- --------- --------- ------- ------- Deductions from Net Assets Attributable to: Benefits Paid to (510,248) (284,363) (778,723) - - Participants Expenses (3,556) (440) (6,333) (11) (84) -------- -------- --------- ------ ------ Total Deductions (513,804) (284,803) (785,056) (11) (84) -------- -------- --------- ------ ------ Interfund 340,336 (123,158) (674,190) 2,452 142,748 Transfers -------- -------- -------- ------ ------- Net Increase 2,504,276 960,752 6,021,239 5,617 161,878 (Decrease) Net Assets Available for Benefits at Beginning of the 3,464,290 7,939,343 16,862,837 19,475 22,018 Year --------- --------- ---------- ------ ------ Net Assets Available for Benefits at End of the Year $5,968,566 $8,900,095 $22,884,076 $25,092 $183,896 ========= ========= ========== ======= =======
NUI CORPORATION SAVINGS AND INVESTMENT PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS For the Year Ended December 31, 1997
LifePath LifePath LifePath Templeton Loans to 2020 2030 2040 Foreign Participants Fund Fund Fund Fund Additions to Net Assets Attributable to: Investment Income: Net Appreciation/ (Depreciation) in Market Value of Investments $ 11,008 $ 7,853 $ 4,147 $(26,365) $ Interest - - - - 96,682 Mutual Fund Income 8,055 3,983 3,047 31,749 - Contributions: Participants' 16,389 11,445 9,275 47,814 - Employer's, Net - - - - - Rollovers 1,410 18,375 3,644 25,331 - Transfers in from Penn - - - - 69,285 & Southern (The Equitable) ------- ------- ----- ------- -------- Total Additions 36,862 41,656 20,113 78,529 165,967 ------- ------ ------ ------- -------- Deductions from Net Assets Attributable to: Benefits - - (1,002) - (83,840) Paid to Participants Expenses (171) (110) (104) (248) - ------- ------- ------- ------- ------- Total Deductions (171) (1,112) (104) (248) (83,340) ------- ------ ------- ------- --------- Interfund Transfers 101,921 46,403 18,471 117,085 252,736 ------- ------- ------ ------- -------- Net Increase 138,612 86,947 38,480 195,366 335,363 (Decrease) Net Assets Available for Benefits at Beginning of the 48,165 20,161 20,113 87,364 935,507 Year ------- ------- ------ ------ ------- Net Assets Available for Benefits at End of the Year $186,777 $107,108 $58,593 $282,730 $1,270,870 ======= ======= ======= ======== =========
The accompanying notes to financial statements are an integral part of this statement NUI CORPORATION SAVINGS AND INVESTMENT PLAN NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1997 and 1996 1. Summary Description of the Plan The NUI Corporation Savings and Investment Plan (the Plan) is a defined contribution plan covering eligible employees of NUI Corporation and its subsidiaries (the Company). The Plan, as amended, conforms to the requirements of the Employee Retirement Income Security Act of 1974, as amended. The following description provides only general information. See the Plan agreement for a more complete description. See Note 5 for a discussion of Plan amendments. The Plan allows eligible employees who participate to make "basic" contributions of up to 6% of their annual base pay, which are matched by contributions by the Company. Participants investing in the NUI Stock Fund are matched by the Company at 60% of their "basic" contributions. "Basic" contributions invested in all other funds are matched by the Company at 50%. The matching percentage cannot be less than 25%. Participants may make additional contributions of up to 10% of their annual base pay, providing these contributions do not exceed limits imposed by the Internal Revenue Code of 1986, as amended (the Code). These additional contributions are not matched by the Company. Contributions may be made on a before-tax or after-tax basis as permitted by tax regulations. Company contributions are invested in the NUI Stock Fund, unless the participant has reached age 55, whereby they can direct the investment of these contributions into any fund. Participant contributions may be invested in the following funds: Income Accumulation Fund, Asset Allocation Fund, Growth Stock Fund, S&P 500 Stock Fund, the LifePath Funds, Templeton Foreign Fund and the NUI Stock Fund, as designated by the participants. A Plan participant is vested at all times in the amount of his/her contributions and earnings thereon. A participant becomes 50% vested in the Company contributions after 36 months of service, 75% after 48 months of service and 100% after 60 months of service. An eligible employee with five or more years of service with the Company becomes fully vested upon entering the Plan. A participant also becomes fully vested upon attaining his/her normal retirement date as an employee, or upon his/her death or disability. Forfeitures of a participant's non-vested account balances can be used to pay Plan fees and/or reduce Company contributions, as directed by the Plan Administrator. Forfeitures during the years ended December 31, 1997 and 1996 were $10,134 and $11,685 respectively.Participants may borrow up to 50% of the value of the vested portion of their accounts, excluding the Company match portion of their accounts, as calculated on the effective date of the loan, up to a maximum of $50,000. The interest rate is the prime rate plus 1% at the time of the loan. The term of the loan cannot exceed five years, nor be less than one year. If a participant's employment is terminated for any reason, the remaining unpaid loan balance becomes immediately due and payable, and if unpaid, may become a taxable distribution. Loan repayments are credited to a participant's account based upon the participant's investment election for new contributions. Although it has not expressed any intent to do so, the Company has the right under the Plan agreement to terminate the Plan. Upon termination, all employees would become 100% vested and benefits would be distributed to participants. In 1988, certain NUI subsidiaries participating in the Plan were spun off to shareholders as KCS Energy, Inc. (KCS). For each share of NUI common stock outstanding, one share of KCS common stock was issued. KCS participants held approximately 15.9% of Plan assets as of June 1, 1988, the effective date of the spin-off. As a result of the spin-off, KCS participants, through the KCS Stock Fund, can maintain their balances in the Plan as of the date of spin-off; however, they cannot make further contributions to the Plan and may withdraw their balances in accordance with the withdrawal provisions of the Plan. 2. Significant Accounting Policies The financial statements have been prepared on the accrual basis of accounting. The Company's managementhas made a number of estimates and assumptions relating to the reporting of investments. Actual results could differ from those estimates. The Plan's investments in each Investment Fund are maintained in shares/units and are reflected in the accompanying Statement of Net Assets Available for Benefits at market value. The market value of the Insured Money Market and loans to participants is based on cost which approximates market value. The market value of the Income Accumulation Fund is determined in good faith and in the best judgment of the investment officers of Merrill Lynch Trust Company (Merrill Lynch) in accordance with accepted practices, applicable laws and regulations, and procedures formulated by Merrill Lynch. The market value of the Asset Allocation, Growth Stock, LifePath Funds, Templeton Foreign Fund, and S&P 500 Stock Funds is based on the Funds' published quotation. The market value of the KCS and NUI Stock Funds is based on published market quotations of the Funds' underlying assets. Purchases and sales of assets are reflected on a trade-date basis. The value of a share/unit is determined daily by dividing the value of each Investment Fund by its total number of outstanding shares/units. The following is a summary of the share/unit values and shares/units outstanding as of December 31, 1997 and 1996: 1997 1996 Share/Unit Shares/Units Share/Unit Shares/Units Value Outstanding Value Outstanding Income Accumulation $13.95 652,608 $13.14 523,850 Fund LifePath 2000 $11.27 2,226 $10.85 1,795 LifePath 2010 $13.30 13,827 $12.14 1,814 LifePath 2020 $14.82 12,603 $12.95 3,719 LifePath 2030 $16.23 6,599 $13.62 1,480 LifePath 2040 $17.31 3,385 $14.48 1,389 Templeton Foreign $ 9.95 28,415 $10.36 8,433 Fund Asset Allocation $12.74 438,406 $11.92 388,347 Fund Growth Stock Fund $14.61 245,745 $15.32 210,873 S&P 500 Stock Fund $20.39 292,720 $15.91 217,743 KCS Stock Fund $15.62 569,788 $13.43 591,165 NUI Stock Fund $13.41 1,706,493 $10.18 1,656,467 In accordance with generally accepted accounting principles, distributions are recorded when paid. There were no distributions payable to participants at December 31, 1997 and 1996. Recordkeeping, Investment Fund Election Changes and Loan fees are paid by the participants from their accounts. Investment Management fees are also paid by the participants and are included as a reduction of the investment return. All other fees of the Plan (e.g. legal, accounting, tax, etc.) are paid by the Company. Plan assets are invested in various mutual funds, any of which could from time-to-time utilize financial derivatives. Generally accepted accounting principles require the investment managers of such funds to list in their financial statements the amount and purpose of such derivatives. Upon request, participants can be provided with copies of the funds' financial statements directly from Merrill Lynch and should refer to these for information on this issue. Derivative securities are not used for speculative purposes. When derivatives are used, it is simply to manage a fund into a market-neutral position, to attempt to match the return of a stated benchmark. 3. Investment Funds Effective January 1, 1997 Merrill Lynch Trust Company was named as Trustee, Recordkeeper and Custodian of the Plan replacing BZW Barclays Global Investors, N.A. The Plan consists of the following funds: Income Accumulation Fund - This fund seeks to provide a stable return while preserving value by investing in U.S. government and agency securities, and other short-term fixed-income securities. Asset Allocation Fund - This fund seeks to achieve a high level of long-term total return at reasonable risk by shifting investments among three asset classes: common stocks, U.S. Treasury long-term bonds and money market instruments. Growth Stock Fund - This fund seeks to provide investors an above- average rate of return by investing primarily in small and medium-sized companies whose growth rates in earnings and revenues are expected to be above average. S&P 500 Fund - This fund seeks to achieve a long-term total rate of return approximating the total rate of return of the stocks comprising the S&P 500 index. KCS Stock Fund - This fund is no longer designated as available for investment by participants. Existing investments and earnings thereon may continue to be invested in the KCS Stock Fund until withdrawn or transferred to another fund in the Plan. NUI Stock Fund - This fund is invested and dividends are reinvested in common stock of NUI Corporation. Templeton Foreign Fund - This is an international equity fund that seeks long-term capital growth. Principal investments are in stocks and debt obligations of companies and governments outside the United States. LifePath Funds - These are asset allocation funds that change their investment mix based on the expected risk and return of the different asset classes in which they invest. LifePath represents a family of five funds with each fund name containing a target date; the nearer the target date the more conservatively the fund invests. The objective of each fund is to maximize return while maintaining a level of risk appropriate to its target date. The Plan also uses an Insured Money Market Fund as a pass-through of amounts in and out of the Investment Funds. The balance in this Fund of $7,940 represents Plan forfeitures which were unallocated to participant accounts as of December 31, 1997. Interest and other income earned by the Investment Funds are reinvested by the Trustee in accordance with the terms of the Plan. 4. Federal Income Taxes The Internal Revenue Service issued a determination letter, dated July 22, 1995, which stated that the Plan, as designed, met the requirements of Section 401 (a) of the Internal Revenue Code and was exempt from taxation. Management and Counsel believe the Plan continues to operate in accordance with IRS regulations and therefore continues to be tax exempt. Under present Federal income tax law, a participant is not taxed currently on any before-tax contributions or Company contributions to the Plan, income earned by the Plan, or gain on the sale of securities held by the Plan until the participant's account is distributed to him/her or made available to him/her without restriction. Participants are taxed currently on the amount of their after-tax contributions. 5. Plan Amendments Effective January 1, 1997, the Plan was amended to increase the Company matching percentages from 50% bonus and 40% basic, to 60% and 50%, respectively. Additionally, the Plan was amended to merge all assets and liabilities attributable to account balances in the Pennsylvania & Southern Gas Company Employees Savings Plan with the NUI Corporate Savings & Investment Plan, effective January 1, 1997. EIN #22-1869941 Schedule I PLAN #002 NUI CORPORATION SAVINGS AND INVESTMENT PLAN ITEM 27a - SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT DECEMBER 31, 1996 Identity of Description of Shares/Units Historical Current Issue Investment Cost Value Merrill Lynch Trust Company* Insured Money - $7,940 $7,940 Market Fund Income 652,608 $9,106,368 $9,106,368 Accumulation Fund Asset Allocation 438,406 $4,915,828 $5,585,298 Fund Growth Stock 245,745 $3,291,208 $3,590,336 Fund S & P 500 Stock 292,720 $4,086,897 $5,968,566 Fund KCS Stock Fund 569,788 $5,677,572 $8,900,095 NUI Stock Fund 1,706,493 $15,812,013 $22,884,076 LifePath 2000- 2,226 $24,814 $25,092 Fund LifePath 2010- 13,287 $181,249 $183,896 Fund LifePath 2020- 12,603 $174,636 $186,777 Fund LifePath 2030- 6,599 $98,461 $107,108 Fund LifePath 2040- 3,385 $53,459 $58,593 Fund Templeton 28,415 $306,243 $282,730 Foreign Fund Participant Loans, at Loans Interest Rates Ranging from 7.0% to - $1,270,870 $1,270,870 11.46% *Represents a party in interest for the year ended December 31, 1997. The accompanying notes to financial statements are an integral part of this schedule. EIN #22-1869941 PLAN #002 NUI CORPORATION SAVINGS AND INVESTMENT PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 Identity Description No. of Purchase No. of Selling of Party of Asset Purchase Price Sales Price s Series of transactions with Merrill Lynch Trust Company, involving securities that, in the aggregate, exceed 5% of the plan assets as of the beginning of the year Merrill Income Lynch Trust Company* Accumulation 89 $2,922,906 107 $1,197,585 Fund Asset Allocation 118 $1,743,804 63 $1,148,809 Fund S & P 500 Stock 141 $2,027,401 46 $775,508 Fund NUI Stock Fund 97 $2,212,097 101 $1,747,100 *Represents a party in interest for the year ended December 31, 1997. The accompanying notes to financial statements are an integral part of this schedule. EIN #22-1869941 PLAN #002 NUI CORPORATION SAVINGS AND INVESTMENT PLAN ITEM 27d - SCHEDULE OF REPORTABLE TRANSACTIONS FOR THE YEAR ENDED DECEMBER 31, 1997 Current Value of asset on Identity Description Cost of Transaction Net Gain of Party of Asset Asset Date or (Loss) Series of transactions with Merrill Lynch Trust Company, involving securities that, in the aggregate, exceed 5% of the plan assets as of the beginning of the year: Merrill Income Lynch Trust Company* Accumulation Fund $1,197,585 $1,557,724 $ - Asset Allocation $956,734 $1,148,809 $192,075 Fund S & P 500 Stock $529,936 $775,508 $245,572 Fund NUI Stock Fund $1,532,500 $1,747,100 $214,591 *Represents a party in interest for the year ended December 31, 1997. The accompanying notes to financial statements are an integral part of this schedule. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. NUI CORPORATION Richard J. O'Neill June 29, 1998 Plan Administrator Robert F. Lurie June 29, 1998 Plan Sponsor EX-23 2 Exhibit 23 CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS As independent public accountants, we hereby consent to the incorporation by reference of our report dated June 29, 1998, included in this Form 11-K, into the Company's previously filed Registration Statements File No. 33-56509 relating to Amendment No. 1 to Form S-3 Registration Statement, File No. 33-51459 relating to NUI Direct, File No. 33-57183 relating to the Savings and Investment Plan, File No. 33-24169 relating to the 1988 Stock Plan, File No. 333-02425 relating to the Stock Option and Stock Award Plan, File No. 333-02421 relating to the Employee Stock Purchase Plan, and File No. 333-02423 relating to the 1996 Director Stock Purchase Plan. ARTHUR ANDERSEN LLP New York, New York June 29, 1998 -----END PRIVACY-ENHANCED MESSAGE-----