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WALL, N.J. – New Jersey Resources (NYSE:NJR) announces that its board of directors has unanimously declared a regular quarterly dividend on its common stock of $.325 per share. The dividend will be payable on July 1, 2004, to shareowners of record on June 15, 2004.

“Our dividend record reflects the consistent performance we’ve achieved through our strategy of focusing on the fundamentals, which has produced solid earnings growth, superior customer service and a healthy financial profile,” said Laurence M. Downes, chairman and CEO of NJR. “We are pleased that our shareowners, along with all stakeholders, continue to benefit from our team’s relentless pursuit of reliability in everything we do,” said Mr. Downes.

NJR earned $75.4 million for the six months ended March 31, 2004, compared with last year’s results of $64.6 million. On a per basic share basis, earnings grew by 15 percent to $2.75 per share, compared with $2.39 per share for the same period last year.

The increase in earnings is attributable primarily to higher margins at NJR Energy Services (NJRES), NJR’s unregulated wholesale energy services subsidiary, and continued customer growth at New Jersey Natural Gas (NJNG), NJR’s principal subsidiary.

In the past eight years, NJR has increased its dividend nine times. The company has paid quarterly dividends on its common stock since 1952.

New Jersey Resources (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, is one of the fastest-growing local distribution companies in the United States, serving more than 450,000 customers in central and northern New Jersey. Other major NJR subsidiaries include NJR Energy Services and NJR Home Services. NJR Energy Services is a leader in the unregulated energy services 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 NJR a leader in the competitive energy marketplace. For more information, visit NJR’s Web site at njliving.com.