Chesapeake Utilities Corporation Raises Dividend by 11.5 Percent

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Chesapeake Utilities Corporation (NYSE: CPK) has announced an increase in its quarterly cash dividend from $0.48 to $0.535 per share. This marks an 11.5% increase in the annualized dividend, raising it from $1.92 to $2.14 per share. The new dividend will be payable on July 5, 2022, to shareholders of record by June 15, 2022. The company has maintained consistent dividend payments for 61 years, reflecting strong financial performance and a commitment to return capital to shareholders.

Positive

• Increased dividend by 11.5%, raising annualized rate to $2.14 per share.
• 61 years of uninterrupted dividend payments.
• 15th consecutive year of earnings growth.

Negative

• None.

DOVER, Del. , May 4, 2022 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.48 per share to $0.535 per share. The Board's action raises the 2022 annualized dividend by $0.22 from $1.92 to $2.14 per share, an 11.5 percent increase. The $0.535 per share dividend will be payable July 5, 2022 to all shareholders of record at the close of business on June 15, 2022.

"Despite the lingering global pandemic and market challenges throughout 2021, our teams executed exceptionally well and delivered our 15^th consecutive year of earnings growth," commented Jeff Householder, president and CEO. "Our strong financial results are a testament to our proven growth strategy and prudent approach to capital allocation. As we look ahead, we remain focused on achieving our earnings and capital expenditure targets by growing our underlying businesses and investing in new opportunities – especially those that position Chesapeake Utilities to play an increasing role in the country's continuing energy transition.

"Along with these growth objectives, we remain well positioned to return capital to our shareholders through consistent and increasing quarterly dividends. Today's decision by our Board to raise the Company's annualized dividend rate to $2.14 per share represents an 11.5 percent increase, which aligns well with our recent earnings growth. We remain focused on growing our dividend in line with earnings growth to further increase shareholder value," concluded Householder.

Chesapeake has paid dividends to its shareholders without interruption for 61 years and has increased its annualized dividend every year since 2004.

About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.

Please note that Chesapeake Utilities Corporation has no affiliation with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.

For more information, contact:
Alex Whitelam
Head of Investor Relations
awhitelam@chpk.com
215.872.2507

View original content:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-raises-dividend-by-11-5-percent-301539936.html

SOURCE Chesapeake Utilities Corporation

FAQ

What is the new dividend amount for CPK?

The new dividend amount for Chesapeake Utilities Corporation (CPK) is $0.535 per share.

When will the new dividend be paid for CPK?

The new dividend will be paid on July 5, 2022, to shareholders of record as of June 15, 2022.

What is the percentage increase in the CPK dividend?

The dividend has increased by 11.5%.

How long has CPK been paying dividends?

Chesapeake Utilities Corporation has paid dividends without interruption for 61 years.

What is the company's commitment regarding dividends?

Chesapeake Utilities aims to grow its dividend in line with earnings growth to enhance shareholder value.