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Overview of Chesapeake Utilities Corporation (NYSE: CPK)
Chesapeake Utilities Corporation is a publicly traded, diversified energy delivery company headquartered in Dover, Delaware. The company operates across regulated and unregulated energy segments, providing critical energy solutions to customers on the Delmarva Peninsula, in Florida, Pennsylvania, and Ohio. Chesapeake Utilities specializes in the distribution, transmission, and marketing of natural gas, electricity, and propane, alongside other energy-related services. Its customer base spans residential, commercial, and industrial sectors, benefiting from the company's commitment to operational excellence and sustainable energy solutions.
Core Business Segments
Regulated Energy Operations: Chesapeake Utilities' regulated energy segment encompasses natural gas and electricity distribution, as well as natural gas transmission. These operations are subject to oversight by state public service commissions (PSCs) in Delaware, Maryland, Florida, and Ohio, as well as the Federal Energy Regulatory Commission (FERC). The company's regulated infrastructure investments support long-term customer growth and system reliability. Key subsidiaries include Eastern Shore Natural Gas and Peninsula Pipeline, which manage transmission and pipeline projects to meet increasing energy demand.
Unregulated Energy Operations: The unregulated segment focuses on propane distribution, wholesale marketing, and mobile compressed natural gas (CNG) utility services. These businesses provide flexible energy solutions, catering to niche markets and enabling Chesapeake Utilities to diversify its revenue streams. The company's unregulated operations also include virtual pipeline services and renewable natural gas (RNG) projects, which align with evolving energy market trends and sustainability goals.
Geographic Footprint and Market Reach
Chesapeake Utilities operates in high-growth regions, including the Delmarva Peninsula and the rapidly expanding markets of Florida. Its strategic presence in these areas allows the company to capitalize on population growth and increasing energy demands. The company's infrastructure projects, such as pipeline expansions in Florida and Maryland, aim to enhance energy accessibility and system resilience.
Regulatory Compliance and Strategic Projects
Chesapeake Utilities maintains a strong focus on regulatory compliance, working closely with state and federal agencies to advance infrastructure projects and rate cases. Recent initiatives include the SAFE Program in Florida, which addresses pipeline safety and reliability, and the Maryland Natural Gas Rate Case, which seeks to unify and optimize the company's rate structures. These efforts demonstrate Chesapeake Utilities' commitment to balancing operational efficiency with regulatory obligations.
Competitive Positioning
Chesapeake Utilities differentiates itself through its dual focus on regulated and unregulated operations. Its regulated businesses provide stable, predictable revenue, while its unregulated ventures offer growth opportunities in emerging energy markets. The company's emphasis on customer growth, infrastructure investment, and operational excellence positions it as a key player in the energy delivery sector.
Key Value Proposition
Chesapeake Utilities delivers reliable, sustainable energy solutions through a diversified portfolio of services. Its strategic investments in infrastructure and regulatory initiatives ensure long-term growth and system reliability. By blending traditional energy delivery with innovative solutions like renewable natural gas and virtual pipeline services, Chesapeake Utilities addresses the evolving needs of its customers and the energy market.
Chesapeake Utilities Corporation (NYSE: CPK) announced a conference call scheduled for May 4, 2022, at 4:00 p.m. ET to discuss its financial results for the first quarter ended March 31, 2022. The earnings press release will be available on May 3, 2022, after market close. Investors can participate in the call by dialing 877.224.1468. For those unable to attend, a replay will be accessible on the company’s website. Chesapeake Utilities is involved in various energy sectors, including natural gas and electricity services.
Chesapeake Utilities Corporation (NYSE: CPK) announced the opening of a high-capacity compressed natural gas (CNG) fueling station in Port Wentworth, Georgia. Operated by Marlin Compression, this facility is one of the largest public access CNG stations on the East Coast, aimed at reducing greenhouse gas emissions. The station will support fleet fueling and serve as a staging area for CNG transport trailers. A renewable natural gas (RNG) option is planned for future availability. The project reflects Chesapeake's commitment to lower carbon energy solutions.
Chesapeake Utilities Corporation (NYSE: CPK) announced that Joe Steinmetz, vice president and controller, was named the 2021 Controller of the Year, Runner-Up, in the medium size/public category by the Controllers Council. Steinmetz praised his team's efforts in achieving aggressive goals, maintaining performance during the pandemic, and implementing efficiencies across finance operations. The award recognizes excellence in financial leadership based on performance metrics, work experience, and community involvement. A virtual event is planned for April 27 to honor the winners.
OPAL Fuels LLC has announced the start of commercial operations at its new facility in Shiloh, Ohio, aimed at capturing waste methane from the Noble Road Landfill. This facility is projected to produce around 6.9 million gallons of RNG annually, significantly reducing methane emissions by approximately 20,000 tons per year and CO2 emissions by more than 48,000 tons. A 33.1-mile pipeline will transport the RNG, helping displace diesel fuel in Rumpke trucks. This initiative aligns with OPAL Fuels' growth strategy and supports environmental sustainability.
Chesapeake Utilities (NYSE: CPK) reported strong financial results for 2021, posting a net income of $83.5 million or $4.73 per share, a notable increase from $71.5 million or $4.26 per share in 2020. The fourth quarter net income rose to $22.7 million with $1.28 earnings per share, up from $21.7 million and $1.24 the previous year. Key growth drivers included expansion in natural gas distribution, acquisitions, and improved propane business profitability. The company also plans a capital expenditure of $175 million to $200 million in 2022.
Chesapeake Utilities Corporation (NYSE: CPK) has declared a quarterly cash dividend of $0.48 per share, payable on April 5, 2022, to shareholders of record by March 15, 2022. This marks 61 years of uninterrupted dividend payments, with consistent maintenance or increases in the annualized dividend. The company operates in multiple energy sectors including natural gas and electricity distribution.
Chesapeake Utilities Corporation (NYSE: CPK) successfully blended hydrogen with natural gas at its Eight Flags Energy Combined Heat and Power (CHP) plant in Nassau County, Florida. This initiative aims to support sustainability by developing lower carbon energy sources. The project evaluates operational practices for hydrogen blending, with minor modifications allowing a 4% hydrogen blend. An updated air permit and future turbine upgrades will enable higher hydrogen usage. Chesapeake sees opportunities for industrial clients to manage carbon emissions, incorporating hydrogen alongside renewable natural gas and carbon capture technologies.
Chesapeake Utilities Corporation (NYSE: CPK) will hold a conference call on February 24, 2022, at 4:00 p.m. ET to discuss its fourth quarter and full year financial results for the period ending December 31, 2021. The earnings press release will be available on February 23, 2022, after market close. Interested parties can join the call by dialing 877.224.1468 and mentioning the conference.
For additional details and the replay recording, visit www.chpk.com.
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