Good morning and welcome to the New Jersey Resources’ Second Quarter Fiscal 2012 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Dennis Puma, Director of Investor Relations. Please go ahead.

Thank you, Andrew. Good morning everyone, welcome to New Jersey Resources’ second quarter fiscal 2012 conference call and webcast. I’m joined today by Larry Downes, our Chairman and CEO; Glenn Lockwood, our Chief Financial Officer; as well as other members of our senior management team. As you know, certain statements in our news release and in today’s call contain estimates or other forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We wish to caution readers of our news release and listeners to this call that assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, which could cause results to materially differ from the company’s expectations. A list of these items can be found, but is not limited to, items in the forward-looking statements section of today’s news release filed today on Form 8-K and on our Form 10-Q to be filed on or about May 4, 2012. All these items can be found at sec.gov and our website. NJR 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. I’d also like to point out that there are slides accompanying today’s discussion, which are available on our website. With that being said, I’d like to turn the call over to our Chairman and CEO, Larry Downes. Larry?

Thanks, Dennis. Good morning everyone and again we thank you for joining us today. As Dennis mentioned during my presentation I’ll be making forward looking statements and our actual results will be affected by many factors, including those that are listed on Slide 2. And again, as Dennis mentioned, the complete list is in our SEC filings and our press release and I would ask you to please review those carefully. On Slide 3, we talk about our non-GAAP financial measures and I will be referring to certain non-GAAP measures, such as net financial earnings, or what we refer to as NFE, as I discuss our results. We use NFE because we think it provides a better measure of our performance but any of the non-GAAP measures, including NFE, are not intended to be a substitute for GAAP and they are discussed more fully in item 7 of our 10-K. And again, please take the time to review the information regarding those non-GAAP financial measures. So let’s get into our results on Slide 4 and I think as you can see from the announcement today that fiscal 2012 is shaping up as another year of consistent performance. We announced higher NFE for the 6 months ended March 31, 2012, $2.88 per share versus $2.33 per share last year, which represented an increase of 24%. We are this morning reaffirming our NFE guidance for the year, a range of $2.60 to $2.80 per share. Earlier this year, we implemented a 5.9% dividend increase that was effective on January 3, 2012. Our results have a number of drivers, starting with strong results from New Jersey Natural Gas, driven by steady customer growth. The ongoing success of our AIP programs and, as you probably know, we filed our SAFE program. We continue to…

[Operator Instructions] Our first question comes from the Mark Barnett of Morningstar.

I’m sorry I don’t have the slides in front of me. But I’m wondering, could you talk a little bit about transportation spreads along the northeast, along your sites and then in general kind of, after the quarter when a little bit more ordinary weather where -- where those spreads you see - seeing that moving a little bit?

Mark, I will ask Steve Westhoven, who heads that business for us, to answer that question.

Mark, yes, this is Steve. The transportation spreads that you’ve seen recently obviously have been impacted by the warm weather that we’ve experienced this winter. And they’ve been very volatile in the forward markets considering a lot of the expansion that’s going to be taking place and a lot of the new piping that’s being installed relative to the Marcellus Shale play and some of the things that are taking place in and around the Pennsylvania Shale gas expansion. So, I think this winter they’ve been depressed. Looking out in the forwards it really depends on where supply comes in and how much that transportation is needed to move some of this new gas to market and I think it’s -- the forward markets really haven’t sorted that out yet.

So Mark we try to communicate where we think all that ends up through the range of guidance that we put out, again, this morning.

Yes. There is one more, quick question. With the producer services side of the business, given that there are probably a lot of producers out there really desperate to get their gas to market, have you seen any kind of strengthening in your position I guess, in terms of contracting with them?

Mark, I’ll ask Steve again to comment on that.

Mark I think in -- we certainly have seen some strengthening in those contracts and we’ve done several transactions in -- and have partnered up with a few producers that have executed some transactions to move some of their gas. Looking forward, the $2 gas market that we currently have is certainly challenging some of the drillers programs and their capital expenditures related to their production growth. So, I think we’ll see how long that lasts and how long these producers can continue to drill at these levels.

[Operator Instructions] And we have a question from Joanne Fairechio of Capstone Investments.

Larry, kind of quick question have you received any comments back yet on your SAFE filing? Would you expect to before an actual order? And, what’s your best guess on the timing?

We -- it’s a very early in the process, Joanne so I wouldn’t want to speculate on any of that, to be honest with you. I would just say that we’ve been able to work collaboratively with both the Board of Public Utilities staff and Rate Council but it’s very early in the process.

The next question comes from Michael Gaugler of Brean Murray, Carret.

Just kind of a quick question. I’m wondering where things stand or if you could add a little color regarding your natural gas fueling station initiatives and where that process is?

Mike, I’ll ask Kathy Ellis, our COO of New Jersey Natural Gas, to respond to that.

Again, I can’t really predict when the filing will be concluded, but I can tell you that we’ve been working very closely again with BPU staff and Rate Council. And everything that we hear is quite favorable, we had expected to be on the last Board agenda, which we were not and hopefully we’ll be on the next agenda in May, at the end of May.

Mike, I think the other important point there is -- I referenced the Energy Master Plan earlier and I’d just point out again, the initiatives that we’re looking at are really lined with that plan.

If you -- let’s say you get the go ahead end of May, how long do you think it would take you to site and start construction and get through that process?

Our marketing group is working with a couple of potential customers, as you would expect. So, once we get approval, I think the process - the construction process can begin fairly soon. I really couldn’t predict when the first one would be ready.

[Operator Instructions] The next question comes from Spencer Joyce of Hilliard Lyons

Just one quick question here, on the solar CapEx. I see we’re projecting about $100 million for this. My first question is, are we still looking at $90 million to $100 million for fiscal ‘13 and then what the -- the potential headwinds or what potentially levers may cause this to come in maybe below those numbers?

Yes, from a capital budgets perspective, we’ve targeted $80 million to $90 million a year and that has not changed. If you look at the first 2 years -- if you look at the 2 years combined, it will about $150 million. So clearly it was skewed towards year 2 versus the first year. But on an annual basis we would expect that $80 million to $90 million to continue. I’ll let Rick talk about the project pipeline, but obviously the state, as Larry talked about is still committed to solar with those aggressive RPS standards. Obviously the extract [ph] market will impact the economics of certain transactions. But currently we’re still confident we’ll be able to deploy about that $80 million to $90 million of capital.

Spence, it’s Larry. I just want to add to that. It is very important to focus on the role of the RPS in all of this and what that means for driving the level of demand for solar in the state going forward and that, as I said in my comments, is really set by legislation.

[Operator Instructions] This concludes our question and answer session. I would like to turn the conference back over to Dennis Puma, for any closing remarks.

All right, thank you Andrew. We thank you all for being on the call this morning and as a reminder, a recording of the call is available for replay on our website. We appreciate your interest in investment in New Jersey Resources. Thanks and have a good day. Bye-bye.

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.