New Jersey Resources Corp
NJR
Utilities
2
exclusion reasons
2 themes
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
New Jersey Resources Corp operates a significant natural gas midstream business through its NJR Energy Services (NJRES) and NJR Midstream subsidiaries. NJRES manages a diversified portfolio of natural gas transportation and storage assets, with pipeline capacity and storage facilities located across the Gulf Coast, Eastern Seaboard, Southwest, and Mid-continent regions. NJR Midstream owns and operates natural gas pipeline and storage infrastructure. This business represents essential fossil fuel infrastructure with limited near-term replaceability.
The company has faced regulatory enforcement actions related to its operations. In June 2019, the United States filed a complaint against NJR and 20 other corporations for environmental violations involving the improper management of 38 underground storage tanks at 13 gas station facilities. Furthermore, in October 2022, the New Jersey Attorney General, NJDEP, and the Division of Consumer Affairs filed a lawsuit accusing major oil companies, including those in NJR's value chain, of deceptive business practices for concealing the risks posed by fossil fuels for decades. While a judge dismissed this specific climate deception lawsuit in February 2025, the initial allegations underscore the regulatory and legal risks embedded in the fossil fuel sector NJR supports.
New Jersey Resources Corp is a natural gas utility that distributes gas to over 560,000 customers in New Jersey. The company has been a defendant in multiple Natural Resource Damage (NRD) lawsuits filed by the New Jersey Department of Environmental Protection (NJDEP). These lawsuits seek compensation for historical contamination and ecological damage linked to industrial sites. In one case, a $22,000 settlement was directed toward fisheries and wetland restoration. In a separate, larger action, the state alleged violations of the Spill Act and Water Pollution Control Act related to the discharge of hazardous substances, resulting in a combined settlement of $49.5 million for natural resource damages and cleanup costs. The litigation details point to a pattern of environmental contamination requiring state-led restoration efforts.
Research Sources
11 organizations
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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