Financial & Corporate News
Chesapeake Utilities Corporation Reminds Customers to Call 811 Prior to Digging
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK) is recognizing National Safe Digging Month this April by reminding our electric, natural gas and propane customers and all contractors to call 811 to have utility-owned underground lines marked prior to digging. According to data obtained and analyzed by the Common Ground Alliance, the national association that promotes the 811 phone number and safe digging practices, an estimated 439,000 excavation-related damages to underground facilities occurred in 2017. Digging underground without locating underground electric, natural gas and/or propane pipe or other service lines can cause serious injury, damages and service interruptions. Every digging [...]
Chesapeake Utilities Corporation Appoints Joe Steinmetz to Vice President and Controller
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK) announced today the appointment of Joe Steinmetz to Vice President and Controller. In his new role, Mr. Steinmetz will report directly to Beth Cooper, Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary of Chesapeake Utilities Corporation. “Joe brings a wealth of experience to this role. I’m excited to be working with him to drive innovation, enhance our capabilities and business partnerships, and streamline accounting processes throughout the Company,” said Ms. Cooper. “Joe’s strengths as a change agent will be a significant benefit in his new role.” Mr. Steinmetz joined Chesapeake [...]
Chesapeake Utilities Corporation Announces Executive Appointments
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK) announced today several recent promotions and new officer appointments. “Our Company’s strong foundation for growth is directly attributable to the hard work and dedication of our employees,” said Jeff Householder, President and Chief Executive Officer of Chesapeake Utilities Corporation. “These promotions better position the Company for future growth and these leaders have demonstrated a constant commitment to serve our employees, customers, communities and other external stakeholders.” Beth W. Cooper has been promoted to Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary of Chesapeake Utilities Corporation. Ms. Cooper provides financial oversight [...]
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 $0.37 per share on the Company’s common stock. The $0.37 per share dividend will be paid on April 5, 2019 to all shareholders of record at the close of business on March 15, 2019. Chesapeake has paid dividends to its shareholders without interruption for 58 years. During those 58 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 REPORTS FOURTH QUARTER AND FISCAL YEAR 2018 RESULTS
GAAP 2018 EPS of $3.45 exceeded Company guidance GAAP earnings totaled $3.45 per share (diluted)** in 2018 compared to $3.55 per share in 2017. The 2017 earnings included the one-time positive impact of $0.87 per share for the United States Tax Cuts and Jobs Act (“TCJA”) Adjusted (non-GAAP) earnings increased to $3.31 per share in 2018 from $2.89 in 2017 Recently constructed pipeline projects generated $12.9 million in gross margin* in 2018 and are expected to generate $23.6 million in annual gross margin going forward Key regulatory initiatives as well as ongoing infrastructure improvement programs contributed $8.6 million of incremental [...]
CHESAPEAKE UTILITIES CORPORATION TO HOST CONFERENCE CALL TO REVIEW FOURTH QUARTER AND ANNUAL 2018 FINANCIAL RESULTS
Dover, Delaware – Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Friday, March 1, 2019, at 10:30 a.m. ET to discuss the Company’s financial results for the fourth quarter and year ended December 31, 2018. The earnings press release will be issued on Tuesday, February 26, 2019, after the market closes. To participate in this call, dial 855.801.6270 and reference Chesapeake Utilities Corporation’s 2018 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 [...]
Florida Public Utilities Company to Provide Federal Tax Cost Savings to Electric Customers
DOVER, DE – The Florida Public Service Commission has approved the settlement agreement between Florida Public Utilities Company (FPU), a subsidiary of Chesapeake Utilities Corporation (NYSE: CPK), and the Office of Public Counsel (OPC). The settlement agreement, which was filed on October 17, 2018, reduces electric rates as a result of the federal Tax Cuts and Jobs Act. "This decision provides an immediate benefit to FPU electric customers, and we are appreciative of the Public Service Commission’s decision to approve our agreement which passes financial savings to customers," said Jeffry M. Householder, President and Chief Executive Officer of Chesapeake Utilities [...]
Chesapeake Utilities Corporation Announces Grant Levels for 2019 Energy Bill Assistance — Includes Grants Available to Assist Those Impacted by the Government Shutdown
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK), announced today the availability of grants through its SHARING program, a nonprofit organization that provides funds to the Company’s natural gas and propane gas customers living on the Delmarva Peninsula who need financial assistance to pay their gas bills or to repair their gas appliances. Annual grants for as much as $1,000 are available to customers who meet the specific requirements including a new grant for individuals who have been impacted by the government shutdown. “At Chesapeake, we care about the communities we serve and the SHARING program helps to support the elderly, [...]
Chesapeake Utilities Corporation Announces Two Executive Appointments
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK), announced today, two executive appointments for the Company’s Delmarva natural gas distribution operations and mid-Atlantic propane gas distribution operation. Shane E. Breakie has been promoted to Assistant Vice President of Chesapeake Utilities. Mr. Breakie will assume expanded responsibilities regarding the day-to-day activities of the Company’s natural gas distribution systems on the Delmarva Peninsula. Andrew R. Hesson has been promoted to Vice President of Sharp Energy, Inc., the Company’s mid-Atlantic propane distribution business unit. Bob Zola, President of Sharp Energy, will retire this month. “Our employees are the foundation of the Company’s success,” [...]
CHESAPEAKE UTILITIES CORPORATION ANNOUNCES THE APPOINTMENT OF JEFFRY M. HOUSEHOLDER AS PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR
Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) today announced that its Board of Directors has appointed Jeffry M. Householder, currently President of the Company’s Florida business unit, President and Chief Executive Officer (“CEO”), effective January 1, 2019. Concurrent with this promotion, the Company announced Mr. Householder’s appointment to the Board of Directors, also effective January 1, 2019. Mr. Householder succeeds Chesapeake’s current President and CEO, Michael P. McMasters, who will continue as a member of the Board of Directors. Mr. McMasters announced his retirement in September. “Jeff’s leadership, innovation and strategic thinking have been critical drivers of the dramatic [...]
Chesapeake Utilities Corporation Acquires Marlin CNG Services
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK), announced today its acquisition of Marlin CNG Services (Marlin), a premier North American supplier of mobile compressed natural gas (CNG) utility and pipeline solutions. “With increased opportunities for mobile fuel and virtual pipeline solutions on the horizon, this acquisition aligns with our strategic plan as we expand the scope of our services throughout our service territories and beyond. Acquiring Marlin CNG Services allows us to extend our services and utilize customized equipment to meet the needs of natural gas suppliers and customers,” said Michael P. McMasters, President and Chief Executive Officer of [...]
Chesapeake Utilities Corporation Subsidiary Acquires Propane Operating Assets in Pennsylvania
Dover, DE – Chesapeake Utilities Corporation (NYSE: CPK) announced today that its propane subsidiary, Sharp Energy, Inc., has purchased the propane operating assets of R.F. Ohl Fuel Oil Inc. based in Lehighton, Pennsylvania. R.F. Ohl, a family-owned and operated company founded in 1984, has been providing propane service to more than 2,500 residential and commercial customers in Carbon, Monroe, Northampton, Lehigh, and Schuylkill counties in Pennsylvania since 2003. Sharp Energy started providing propane service to the Pennsylvania community that same year and now serves more than 6,000 customers throughout the state. “We are excited to further expand our propane footprint [...]
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 $0.37 per share on the Company’s common stock. The $0.37 per share dividend will be paid on January 7, 2019 to all shareholders of record at the close of business on December 14, 2018. Chesapeake has paid dividends to its shareholders without interruption for 58 years. During those 58 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 REPORTS THIRD QUARTER 2018 RESULTS
Third quarter net income totaled $5.5 million or $0.34 per share Eastern Shore Natural Gas Company (“Eastern Shore”) and Peninsula Pipeline Company (“Peninsula Pipeline”) expansions added $3.6 million in gross margin* for the quarter Continued growth in the natural gas transmission operations during the third quarter was offset by seasonality, slightly lower propane margins and lower results for Peninsula Energy Services Company, Inc. ("PESCO") as it continues to build its platform for future growth Year-to-date results continue to be strong as net income rose by $6.8 million ($0.40 per share) to $38.8 million or $2.36 per share Higher year-to-date earnings [...]
Florida Public Utilities Company Restores Power to Customers Impacted by Hurricane Michael
DOVER, DE – Chesapeake Utilities Corporation (NYSE: CPK) today announced that its Florida Public Utilities Company (FPU) subsidiary has restored electric service to all customers who are able to accept power following Hurricane Michael. The powerful storm was the first Category 4 hurricane on record to make landfall in the Florida Panhandle, bringing 155 mile-per-hour winds and inflicting heavy damage throughout northwest Florida. Hurricane Michael adversely impacted FPU’s entire electric system in northwest Florida and knocked out power to approximately 13,000 customers. Immediately following the hurricane, FPU crews assessed the damage from the storm and mobilized its electric workforce, other [...]
