New Jersey Resources F2Q08 (Qtr End 3/31/08) Earnings Call Transcript

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2008-04-30 15:22:07.0

Tags: New Jersey Resources Corp.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from Jim Likens.

Jim Likens

Just a couple of questions; first of all regarding Steckman ridge it was kind of an assumption that you guys would have received a FERC certificate by now. I am just wondering if you are on track with construction in June and then possibly injections in May of next year.

Richard Gardner

It’s Rick Gardner here, how are you doing Jim?

Jim Likens

Good Rick, how are you?

Richard Gardner

Good. We do think we are still on track although we went on the targets for the April meeting. We do believe we are in the notational phase where it’s working around right now looking for the approval and we expect to have the FERC Certificate any day now.

Jim Likens

Okay, so that means that you do still think you will begin construction in June.

Richard Gardner

We are planning to have contractors there in June if we have that certificate and there is a rig lined up that will begin drilling in July.

Jim Likens

Okay, great. And kind of switching gears, customer growth -- I was wondering if you guys could break that between what was the conversions and what you saw on the organic side and maybe could you just give us a little color on what’s happening with the conversions right now as well?

Larry Downes

Jim I don’t have the conversion mix handy. We will make sure we provide that at the AJ Conference and make sure it’s posted for FD purposes. I can tell you that the conversion market has continued and it has not been impacted as much as the new construction market and so we feel that is also true for the commercial market. It has been stronger than the impact that we are seeing on the new construction residential market.

Glenn Lockwood

I think that the important point there Larry -- I think the important point there is always -- I mean obviously we have seen the challenges nationwide for a variety of factors but we still feel pretty good about the longer-term potential as we have said publicly and continue to spend a lot of time understanding what the long-term potential for growth is and when we look at the demographics in the service territory, our outlook is still positive.

Jim Likens

Okay, great. All right, that’s all I got for now and I guess I will see you guys down in Miami.

 

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