Financial & Corporate News
CHESAPEAKE UTILITIES CORPORATION REPORTS FOURTH QUARTER AND FISCAL YEAR 2017 RESULTS
2017 net income totaled $58.1 million or $3.55 per share, including a one-time $0.87 per share deferred income tax benefit associated with the Tax Cuts and Jobs Act of 2017 ("TCJA") and a $0.21 per share unrealized mark-to-market ("MTM") loss on financial derivatives contracts Fourth quarter 2017 net income totaled $26.1 million, or $1.59 per share, including the onetime deferred income tax benefit and unrealized MTM loss Strong growth in natural gas distribution and transmission, propane and CHP plant operations generated $21.3 million in incremental gross margin* for 2017 The first segment of Eastern Shore’s $117 million pipeline expansion project [...]
CHESAPEAKE UTILITIES CORPORATION ANNOUNCES QUARTERLY DIVIDEND
Dover, Delaware – Today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.325 per share on the Company’s common stock. The $0.325 per share dividend will be paid on April 5, 2018 to all shareholders of record at the close of business on March 15, 2018. Chesapeake has paid dividends to its shareholders without interruption for 57 years. During those 57 years, Chesapeake has either maintained or increased its annualized dividend. Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation [...]
Chesapeake Utilities Corporation Commits to Further Expansion of Natural Gas Services Throughout the Delmarva Peninsula and Surrounding Region
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) is committed to bringing more natural gas to the Delmarva Peninsula including areas in Maryland and Virginia’s Eastern Shore. Through the Company’s interstate natural gas transmission pipeline, Eastern Shore Natural Gas Company (ESNG), and its natural gas distribution division, Chesapeake Utilities, the Company aims to expand its service offerings to new areas. Natural gas is safe, clean, reliable, affordable and domestic, and promotes economic development while preserving the environmental integrity of a region. ESNG Proposes Further Development within the Delmarva Peninsula and Pennsylvania ESNG has initiated a nonbinding Open Season for its [...]
CHESAPEAKE UTILITIES CORPORATION TO HOST CONFERENCE CALL TO REVIEW FOURTH QUARTER AND ANNUAL 2017 FINANCIAL RESULTS
Dover, Delaware – Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, March 2, 2018, at 10:30 a.m. ET to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2017. The earnings press release will be issued on Wednesday, February 28, 2018, after the market closes. To participate in this call, dial 855.801.6270 and reference Chesapeake Utilities Corporation’s 2017 Financial Results Conference Call. To access the replay recording of this call, please visit the Company’s website at CPK - Conference Call Audio Replay. Chesapeake Utilities Corporation is a diversified energy company engaged [...]
CHESAPEAKE UTILITIES CORPORATION ANNOUNCES INCREASED GRANT LEVELS FOR 2018 ENERGY BILL ASSISTANCE
Dover, DE – Chesapeake Utilities Corporation (NYSE:CPK) today announced the availability of grants through its SHARING program, a non-profit organization that makes funds available to the Company’s natural gas and propane customers living on the Delmarva Peninsula who need financial assistance paying their gas bills or repairing their gas appliances. Annual grants for as much as $750 are available to those who qualify. “The SHARING program is an important part of our customers’ and community members’ lives and we are committed to increasing the availability and convenience of the program each year,” said Shane Breakie, Director, Energy Services for Chesapeake Utilities [...]
Eastern Shore Natural Gas Company Files Uncontested Rate Case Settlement Agreement
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) today announced that Eastern Shore Natural Gas Company (ESNG), its interstate natural gas transmission subsidiary, filed with the Federal Energy Regulatory Commission (Commission) an uncontested settlement agreement associated with its current rate case proceeding. As a result of the settlement agreement, which is now subject to Commission review and action, ESNG will record an increase in base rates of approximately $9.8 million. Under the terms of the settlement agreement, ESNG will recover the costs of its System Reliability Project (placed into service in 2017), along with the cost of investments and expenses [...]
Employees of Chesapeake Utilities Corporation Partner with Food Banks of Delaware and Maryland to Provide Thanksgiving Meals to Local Families
Employees from Chesapeake Utilities Corporation partnered with local Delaware and Maryland food banks to help provide Thanksgiving meals for families in need. Dover, DE –Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) employees partnered with local Delaware and Maryland food banks to help provide Thanksgiving meals for families in need. In addition, employees from the Company’s propane distribution subsidiary, Sharp Energy, partnered with DART (Delaware Authority for Regional Transit) to “Stuff a Bus” with Thanksgiving food items that have also been distributed through the Food Bank of Delaware. “Our customers and the communities where we live and work are [...]
CHESAPEAKE UTILITIES CORPORATION HONORED WITH 2017 GOVERNANCE TEAM OF THE YEAR AWARD
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) announced today that its Corporate Governance team was recognized as Governance Team of the Year for small to mid-cap sized companies. The team took top honors at Corporate Secretary magazine’s tenth annual Corporate Governance Awards ceremony in New York City on November 9. This prestigious award celebrates the best overall corporate governance team among small to mid-cap companies throughout the country. “The Governance Team of the Year award recognizes our commitment to the highest ethical standards, compliance and best practices in corporate governance, which are embedded in the Company’s culture [...]
CHESAPEAKE UTILITIES CORPORATION REPORTS THIRD QUARTER RESULTS
Third quarter earnings per share increased to $0.42 from $0.29 for the third quarter of 2016 Continued growth across the Company's business segments drove a $4.1 million increase in operating income during the quarter New higher rates implemented on August 1, 2017, for Eastern Shore Natural Gas FERC approved the construction of facilities for the 2017 Expansion Project, which is expected to be in service in the second quarter of 2018 Delmarva and Florida propane operating income rose sharply due to growth in retail and wholesale sales volumes and effective supply management that improved retail and wholesale margins Dover, Delaware [...]
Sharp Energy Recognized as 2017 “Best Gas Company” by The Metropolitan Magazine
Sharp Energy employees accept their awards for “Best Gas Company of the Eastern Shore” and “Best Southern Delaware Gas Company – Sussex County” by The Metropolitan Magazine. Pictured left to right: Andy Hesson, Mandie Granger, Lynn Muir, Suzy Hutchison, and Mike Petito. Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) announced today that its propane distribution subsidiary, Sharp Energy, received awards for “Best Gas Company of the Eastern Shore” and “Best Southern Delaware Gas Company – Sussex County” by The Metropolitan Magazine. The awards were presented as part of “The Best of the Eastern Shore” celebration [...]
CHESAPEAKE UTILITIES CORPORATION ANNOUNCES QUARTERLY DIVIDEND
Dover, Delaware – Today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.325 per share on the Company’s common stock. The $0.325 per share dividend will be paid on January 5, 2018 to all shareholders of record at the close of business on December 15, 2017. Chesapeake has paid dividends to its shareholders without interruption for 57 years. During those 57 years, Chesapeake has either maintained or increased its annualized dividend. Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation and [...]
Chesapeake Utilities Named 2017 Kent County Tourism Partner of the Year
Dover, Delaware —Chesapeake Utilities Corporation (NYSE: CPK) announced today that its natural gas local distribution division, Chesapeake Utilities, was named 2017 Kent County Tourism Partner of the Year in recognition of the Company’s collaboration on creating a positive environmental impact, and advancing tourism, within Kent County. The award was presented by the Kent County Tourism Office during the 27th annual Celebration of Tourism in Kent County on November 2 at Dover Downs in Dover, Delaware. “Chesapeake Utilities is delighted to support responsible growth and promotion of tourism in our region,” said Shane Breakie, Director of Energy Services for Chesapeake Utilities. [...]
Dr. Ronald G. Forsythe Jr., Chesapeake Utilities Corporation Board Member, Among Savoy Magazine’s 2017 Most Influential Black Corporate Directors
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) announced that Dr. Ronald G. Forsythe Jr., a member of the Board of Directors since 2014, has been named one of the 2017 Most Influential Black Corporate Directors by Savoy Magazine. A national business publication reporting on African-American success and achievement, Savoy Magazine issues an annual listing of prominent executives, influencers and achievers contributing leadership to corporate boards. “I am honored to be named to Savoy Magazine’s 2017 Most Influential Black Corporate Directors,” said Dr. Forsythe. “I very much appreciate the opportunity I have to contribute to Chesapeake Utilities Corporation, its Board [...]
CHESAPEAKE UTILITIES CORPORATION TO HOST CONFERENCE CALL TO REVIEW THIRD QUARTER 2017 FINANCIAL RESULTS
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, November 10, 2017, at 10:30 a.m. ET to discuss the Company’s financial results for the third quarter ended September 30, 2017. The earnings press release will be issued on Thursday, November 9, 2017, before the market opens. To participate in this call, dial 855.801.6270 and reference Chesapeake Utilities Corporation’s 2017 Third Quarter Financial Results Conference Call. To access the replay recording of this call, please visit the Company’s website at CPK - Conference Call Audio Replay. Chesapeake Utilities Corporation is a diversified energy company engaged [...]
Chesapeake Utilities Corporation Named Top Workplace for Sixth Consecutive Year
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) announced that the Company has been recognized as a Top Workplace for the sixth consecutive year in 2017. This honor is based entirely on feedback from Chesapeake Utilities’ employees, who were surveyed by Energage, a research firm that specializes in organizational health and workplace engagement, formerly known as Workplace Dynamics. In Delaware, Energage partners with The News Journal to publish the survey results. To measure organizational health and workplace engagement, Energage administers anonymous employee surveys to identify top-ranking organizations. The survey measures how well companies set a clear direction for [...]
