Chesapeake Utils Corp - CPK STOCK NEWS

Chesapeake Utilities Corporation (NYSE: CPK) announced on January 23, 2023 that its subsidiary, Eastern Shore Natural Gas (ESNG), received approval from the Federal Energy Regulatory Commission (FERC) to construct a new compressor unit in Sussex County, Delaware. This facility aims to support the growing demand for natural gas across the Delmarva Peninsula, increasing capacity by up to 7,300 dekatherms per day. Since 2017, ESNG has invested over $200 million in infrastructure improvements, enhancing service availability for residential and commercial customers.

Chesapeake Utilities Corporation (NYSE: CPK) announced the acquisition of propane assets from Hernando Gas in Hernando, Florida. This strategic move allows Florida Public Utilities (FPU) to expand its operations into the Tampa market. CEO Jeff Householder emphasized propane's reliability and service, while VP Andy Hesson noted the benefits of closer proximity to key markets. With FPU serving multiple states, this acquisition enhances its footprint in Florida, providing better service to existing and new customers.

Chesapeake Utilities Corporation (NYSE: CPK) announced significant recognitions for its executives on December 12, 2022. Jim Moriarty, executive vice president, was recognized as one of Attorney Intel's Top 50 Attorneys in Washington, D.C., while Stacie Roberts was honored as one of Delaware Today's Top Women in Business. The company has also received several national awards for its corporate governance, including Best Corporate Governance in the U.S. in 2022 and Best Corporate Governance among North American Utilities in 2021. These accolades highlight the company's commitment to exemplary governance and leadership.

Chesapeake Utilities Corporation (NYSE: CPK) has acquired 100% of Planet Found Energy Development, LLC for $9.4 million. This acquisition enhances Chesapeake's renewable energy initiatives, specifically in poultry waste management. Key benefits include technology expertise in organic soil conditioning and the operation of a poultry biogas facility in Maryland for testing renewable energy potential. The acquisition represents a significant step in Chesapeake's strategy to develop waste-to-energy solutions in its service territories, supporting sustainability and growth in biogas production.

Chesapeake Utilities Corporation (NYSE: CPK) has declared a quarterly cash dividend of $0.535 per share, payable on January 5, 2023, to shareholders of record by December 15, 2022. This dividend marks 62 consecutive years of uninterrupted payments and continues the trend of annual increases since 2004. The company operates in diversified energy delivery, providing solutions in natural gas, electricity, and propane distribution, among other services.

Chesapeake Utilities (NYSE: CPK) reported financial results for Q3 and the first nine months of 2022, achieving a year-to-date EPS of $3.58, a 3.8% increase from $3.45 in 2021. Net income for the quarter was $9.7 million, down from $12.5 million in Q3 2021, primarily due to one-time earnings impacts. Key growth drivers included pipeline expansions and higher demand for natural gas and propane. Rising interest rates affected earnings by decreasing EPS, which was also impacted by the absence of prior year gains. The company secured $80 million in financing to support growth.

Chesapeake Utilities Corporation (NYSE: CPK) will conduct a conference call on November 3, 2022, at 4:00 p.m. ET, to discuss its third-quarter financial results for the period ending September 30, 2022. The earnings press release will be issued on November 2, 2022, post-market close. Participants can join the call by dialing 877.224.1468 and referencing the financial results.

Chesapeake Utilities provides diverse energy solutions including natural gas and electricity services.

Chesapeake Utilities Corporation's affiliate, Marlin Compression, and the Port Fuel Center were awarded the CNG Implementation Energy Matters Award on Sept. 14, 2022. This recognition was given by Georgia Public Service Commission Vice Chairman Tim Echols during the Clean Energy Roadshow at Savannah State University. The award honors their collaboration on a significant CNG fueling station in Port Wentworth, Georgia, which opened in March and serves as one of the largest public access CNG stations on the East Coast.

Chesapeake Utilities Corporation's subsidiary, Sharp Energy, opened its first propane autogas fueling station in North Carolina on September 14, 2022. Located in Dunn, this station will serve as a cleaner fuel option for local truck fleets, contributing to reduced greenhouse gas emissions. This opening follows Sharp Energy's expansion into the Carolinas through acquisitions earlier this year. Additionally, Chesapeake Utilities made a $5,000 donation to the Beacon Rescue Mission in Dunn during the ceremony, emphasizing their commitment to community support.