Dover, Delaware – Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) announced today that its wholly-owned subsidiary, Peninsula Energy Services Company (PESCO), has acquired the assets of ARM Energy Management (AEM), a natural gas marketing company servicing commercial and industrial customers in Western Pennsylvania. PESCO is the Company’s non-regulated energy marketing business that has been providing energy services to commercial and industrial customers in the Southeast, Mid-Atlantic and Mid-West regions.
“AEM’s services are an excellent strategic fit for PESCO and Chesapeake Utilities,” said Michael P. McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation. “This acquisition will allow us to extend our regional footprint and deepen our commercial relationships with natural gas producers and end-users as we pursue new growth opportunities for the Company that generate value for our customers, employees, investors and the communities we serve.”
The acquired assets complement PESCO’s current portfolio and will expand the Company’s retail demand in a market where it has existing pipeline capacity and wholesale liquidity. In addition, the acquisition will generate opportunities for PESCO to execute its strategy of aggregating supply and providing associated services. This strategy is similar to the strategy the Company has executed with producers served by its Aspire Energy subsidiary, throughout the Appalachian region of the United States.
About Peninsula Energy Services Company
Peninsula Energy Services Company provides natural gas supply and supply management services to more than 3,000 customers in the Southeast, Mid-Atlantic and Mid-West regions. PESCO provides natural gas producer services, asset management, transportation and storage coordination, structured wholesale transactions, risk management, wholesale supply and retail supply.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation and distribution; propane gas distribution; and other businesses. Information about Chesapeake Utilities Corporation’s businesses is available at www.chpk.com or through our IR App.
Please note that Chesapeake Utilities Corporation is not affiliated with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.
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For more information, contact:
Senior Vice President of Strategic Development
Chesapeake Utilities Corporation