Chesapeake Utilities Corporation (CPK)

Chesapeake Utilities Corporation to Participate in the 2026 AGA Financial ForumMay 15, 2026 4:29 PM
PR Newswire (US) DOVER, Del., May 15, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK or the "Company") today announced that members of its senior leadership team will participate in the American Gas Association (AGA) Financial Forum, taking place May 16–19 in Scottsdale, Arizona. The AGA Financial Forum is a premier annual gathering that brings together energy industry executives, institutional investors, sell-side and buy-side analysts, portfolio managers, rating agencies and bankers to evaluate the outlook for the energy sector and individual companies.Representatives from Chesapeake Utilities will engage in meetings with members of the investment community throughout the forum, discussing the Company's long-term growth strategy, disciplined capital deployment and continued focus on delivering safe, reliable and affordable energy across its multistate footprint.The presentation for the conference will be available before the event on the Company's website at www.chpk.com in the "Investors" section under the sub-tab "Events and Presentations".About Chesapeake Utilities Corporation Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia M. Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-to-participate-in-the-2026-aga-financial-forum-302773914.htmlSOURCE Chesapeake Utilities Corporation Original: Chesapeake Utilities Corporation to Participate in the 2026 AGA Financial Forum

CHESAPEAKE UTILITIES CORPORATION REPORTS FIRST QUARTER 2026 RESULTSMay 6, 2026 4:15 PM
PR Newswire (US) Net income and earnings per share ("EPS")* were $59.3 million and $2.47, respectively, representing an EPS growth rate of 11.8 percent compared to the prior year Adjusted gross margin** growth of $23.8 million during the first quarter of 2026 driven primarily by regulatory initiatives and infrastructure programs, natural gas organic growth and transmission expansion projects, and increased customer consumption Capital investment of $121.9 million during the first quarter of 2026Florida City Gas ("FCG") filed a petition in April 2026 seeking a general rate base increase, subject to review and approval by the Florida Public Service Commission ("PSC")The Company continues to re-affirm its 2026 and 2024-2028 capital expenditure guidance ranges, as well as its 2028 EPS guidance rangeDOVER, Del., May 6, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced financial results for the three months ended March 31, 2026. Net income for the first quarter of 2026 was $59.3 million ($2.47 per share) compared to $50.9 million ($2.21 per share) in the first quarter of 2025. Adjusted net income for the first quarter of 2026 was $59.3 million ($2.47 per share) compared with $51.1 million ($2.22 per share) in the prior-year period.First quarter 2026 highlights include:Organic customer growth across all service areas drove $2.0 million of incremental adjusted gross margin or $0.06 per shareTransmission system expansions to support increased distribution demand generated an incremental $6.9 million of adjusted gross margin or $0.21 per shareInfrastructure programs to enhance reliability provided an incremental $5.5 million of adjusted gross margin or $0.17 per shareColder weather within the first quarter produced an incremental $4.5 million of adjusted gross margin or $0.14 per shareImproved rates from three rate cases completed in 2025 provided an incremental $4.1 million of adjusted gross margin or $0.13 per share"Our performance in the first quarter reflects a strong start to 2026, as we remain focused on our growth strategy: prudently deploying capital, proactively managing our regulatory agenda and transforming operations across the business," said Jeff Householder, the Company's Chair of the Board, President and Chief Executive Officer. "Our theme for the year is 'Transforming for Growth, Powered by People'. Achieving meaningful growth and delivering reliable and affordable service to customers depends on our dedicated teammates working together. I'm especially grateful for the exemplary performance of our team and the resilience of our system during the winter storms earlier this year.""We are also recognizing the significant contributions of Beth Cooper, who announced her retirement in March following 36 years of service at the Company. In the last 18 years as our Chief Financial Officer, Beth's strategic and financial leadership has led to incomparable growth, including a $3 billion increase in our market capitalization, 10x growth in total assets and net income, as well as a 366 percent increase in earnings per share. Most importantly, Beth embodies the best of Chesapeake Utilities, including an authentic passion for delivering results and an impressive ability to build connections and relationships internally and externally," continued Householder. "While Beth is not easily replaced, I am confident in the abilities of Jeff Sylvester, our current Chief Operating Officer, who will assume the Chief Financial Officer role on July 1, 2026. Under his leadership, we are well-positioned to continue our long-standing track record."Earnings and Capital Investment GuidanceThe Company continues to re-affirm its 2026 full year capital guidance range of $450 million to $500 million. The Company also continues to re-affirm its five-year (2024-2028) capital guidance range of $1.5 billion to $1.8 billion and 2028 EPS guidance range of $7.75 to $8.00 per share.*Unless otherwise noted, EPS and Adjusted EPS information are presented on a diluted basis.Non-GAAP Financial Measures **This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. The Company's management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions, and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit and Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to the Company's non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.Adjusted Gross Margin

For the Three Months Ended March 31, 2026(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
TotalOperating Revenues
$                249.3
$                113.7
$                  (9.9)
$                353.1Cost of Sales:







Natural gas, propane and
electric costs
(101.6)
(55.1)
9.8
(146.9)Depreciation & amortization
(16.1)
(5.4)
—
(21.5)Operations & maintenance
expenses (1)
(16.7)
(10.9)
0.1
(27.5)Gross Margin (GAAP)
114.9
42.3
—
157.2Operations & maintenance
expenses (1)
16.7
10.9
(0.1)
27.5Depreciation & amortization
16.1
5.4
—
21.5Adjusted Gross Margin (Non-
GAAP)
$                147.7
$                  58.6
$                  (0.1)
$                206.2


For the Three Months Ended March 31, 2025(in millions)
Regulated Energy
Unregulated
Energy
Other Businesses
and Eliminations
TotalOperating Revenues
$                199.6
$                106.7
$                  (7.6)
$                298.7Cost of Sales:







Natural gas, propane and
electric costs
(71.5)
(52.2)
7.4
(116.3)Depreciation & amortization
(17.6)
(4.9)
—
(22.5)Operations & maintenance
expenses (1)
(13.3)
(9.7)
0.3
(22.7)Gross Margin (GAAP)
97.2
39.9
0.1
137.2Operations & maintenance
expenses (1)
13.3
9.7
(0.3)
22.7Depreciation & amortization
17.6
4.9
—
22.5Adjusted Gross Margin (Non-
GAAP)
$                128.1
$                  54.5
$                  (0.2)
$                182.4
(1) Operations & maintenance expenses within the condensed consolidated statements of income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under GAAP.Adjusted Net Income and Adjusted EPS

Three Months Ended

March 31,(dollars in millions, shares in thousands (except per share data))
2026
2025Net Income (GAAP)
$         59.3
$         50.9FCG transaction and transition-related expenses, net (1)
—
0.2Adjusted Net Income (Non-GAAP)
$         59.3
$         51.1




Weighted average common shares outstanding - diluted
24,053
23,041




Earnings Per Share - Diluted (GAAP)
$         2.47
$         2.21FCG transaction and transition-related expenses, net (1)
—
0.01Adjusted Earnings Per Share - Diluted (Non-GAAP)
$         2.47
$         2.22
(1) Transaction and transition-related expenses represent non-recurring costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding, and legal fees.Operating Results for the Quarters Ended March 31, 2026 and 2025Consolidated Results
Three Months Ended




March 31,



(in millions)2026
2025
Change
Percent
ChangeAdjusted gross margin**$       206.2
$       182.4
$         23.8
13.0 %Depreciation, amortization and property taxes30.9
31.3
0.4
1.3 %Other operating expenses75.9
64.0
(11.9)
(18.6) %FCG transaction and transition-related expenses—
0.3
0.3
NMFOperating income $         99.4
$         86.8
$         12.6
14.5 %Operating income for the first quarter of 2026 was $99.4 million, an increase of $12.6 million compared to the same period in 2025. Excluding transaction and transition-related expenses associated with the acquisition and integration of FCG, operating income increased $12.3 million or 14.1 percent compared to the prior-year period. The increase in adjusted gross margin for the first quarter of 2026 was primarily driven by incremental margin from regulatory initiatives and infrastructure programs, pipeline expansion projects and natural gas organic growth, increased customer consumption resulting from year-over-year colder temperatures largely in the Company's Delmarva service areas, and improved performance at Aspire Energy. Higher operating expenses were driven largely by increased payroll, benefits and other employee-related expenses and higher facilities, maintenance costs and outside services compared to the prior-year period. Depreciation and amortization expense for the current period includes decreases related to certain regulatory items including the absence of recovered costs associated with Hurricane Michael and the impact of the FCG depreciation study. These amounts were largely offset by additional depreciation, amortization and property taxes associated with growth.   Regulated Energy Segment
Three Months Ended




March 31,



(in millions)2026
2025
Change
Percent
ChangeAdjusted gross margin (1) ** $       147.7
$       128.1
$         19.6
15.3 %Depreciation, amortization and property taxes (1)25.0
25.9
0.9
3.5 %Other operating expenses51.6
41.4
(10.2)
(24.6) %FCG transaction and transition-related expenses—
0.3
0.3
NMFOperating income$         71.1
$         60.5
$         10.6
17.5 %
(1) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael. See Key variances table below for additional information.The key components of the increase in adjusted gross margin** are shown below:(in millions)
Natural gas transmission service expansions, including interim services$                    6.9Contributions from regulated infrastructure programs5.5Rate changes associated with recent rate case activities (1)4.1Natural gas growth including conversions (excluding service expansions)2.0Changes in customer consumption1.7Change in off-system natural gas capacity sales1.1Absence of recovered costs associated with Hurricane Michael (2)(2.0)Other variances0.3Quarter-over-quarter increase in adjusted gross margin**$                  19.6
(1) Includes adjusted gross margin contributions from permanent base rates. Refer to Major Projects and Initiatives discussion for additional information.(2) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.The major components of the increase in other operating expenses are as follows:(in millions)
Payroll, benefits and other employee-related expenses$                   (5.0)Facilities expenses, maintenance costs and outside services(2.7)Credit, collections and customer service costs(1.4)Other variances(1.1)Quarter-over-quarter increase in other operating expenses$                 (10.2)Unregulated Energy Segment
Three Months Ended




March 31,



(in millions)2026
2025
Change
Percent
ChangeAdjusted gross margin**$         58.6
$         54.5
$          4.1
7.5 %Depreciation, amortization and property taxes5.8
5.5
(0.3)
(5.5) %Other operating expenses24.5
22.7
(1.8)
(7.9) %Operating income$         28.3
$         26.3
$          2.0
7.6 %The major components of the increase in adjusted gross margin** are shown below:(in millions)

Propane Operations

Increased propane customer consumption
$               2.4Aspire Energy

Increased performance from Aspire Energy - rate changes and gathering fees
1.4Increased customer consumption
0.4Other variances
(0.1)Quarter-over-quarter increase in adjusted gross margin**
$               4.1The major components of the increase in other operating expenses are as follows:(in millions)

Payroll, benefits and other employee-related expenses
$              (1.6)Facilities expenses, maintenance costs and outside services
(0.4)Other variances
0.2Quarter-over-quarter increase in other operating expenses
$              (1.8)Forward-Looking StatementsMatters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the first quarter of 2026 for further information on the risks and uncertainties related to the Company's forward-looking statements.Conference Call Chesapeake Utilities (NYSE: CPK) will host a conference call on Thursday, May 7, 2026, at 8:30 a.m. Eastern Time to discuss the Company's financial results for the three months ended March 31, 2026. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:Toll-free: 800.245.3047
International: 203.518.9765
Conference ID: CPKQ126A replay of the presentation will be made available on the previously noted website following the conclusion of the call.About Chesapeake Utilities CorporationChesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.For more information, contact:Beth W. Cooper
Executive Vice President and Chief Financial Officer
302.363.2467Lucia M. Dempsey
Head of Investor Relations
347.804.9067Financial Summary Highlights Key variances between the three months ended March 31, 2025 and March 31, 2026 included:(in millions, except per share data)
Pre-taxIncome
NetIncome
EarningsPer ShareThree Months Ended March 31, 2025 Adjusted Results (1)
$       69.7
$       51.1
$       2.22






Change in Adjusted Gross Margins:





Natural gas transmission service expansions, including interim services (2)
6.9
5.1
0.21Contributions from regulated infrastructure programs (2)
5.5
4.0
0.17Changes in customer consumption
4.5
3.3
0.14Rate changes associated with recent rate case activities (2)
4.1
3.0
0.13Natural gas growth including conversions (excluding service expansions)
2.0
1.5
0.06Increased Aspire Energy performance - rate changes and gathering fees
1.4
1.0
0.04Change in off-system natural gas capacity sales
1.1
0.8
0.03Absence of recovered costs associated with Hurricane Michael (3)
(2.0)
(1.5)
(0.06)

23.5
17.2
0.72






Increased Operating Expenses (Excluding Natural Gas, Propane, and
Electric Costs):





Payroll, benefits and other employee-related expenses
(6.6)
(4.9)
(0.20)Facilities expenses, maintenance costs and outside services
(3.1)
(2.2)
(0.09)Depreciation, amortization and property taxes
(1.5)
(1.1)
(0.05)Credit, collections and customer service costs
(1.4)
(1.1)
(0.04)Absence of amortization of costs associated with Hurricane Michael recovery (3)
2.0
1.5
0.06

(10.6)
(7.8)
(0.32)






Interest charges
(0.6)
(0.4)
(0.02)Increase in shares outstanding due to 2025 and 2026 equity offerings (4)
—
—
(0.09)Net other changes
(1.3)
(0.8)
(0.04)

(1.9)
(1.2)
(0.15)Three Months Ended March 31, 2026 Adjusted Results (1)
$       80.7
$       59.3
$       2.47
(1) Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.(2)  Refer to Major Projects and Initiatives table for additional information.(3) The current period includes offsetting reductions in both adjusted gross margin and depreciation and amortization expense related to the absence of recovered costs associated with Hurricane Michael.(4)  Reflects the impact of approximately 0.8 million common shares issued under the Company's dividend reinvestment and direct stock purchase plan and at the market program.Recently Completed and Ongoing Major Projects and InitiativesThe Company continuously pursues and develops additional projects and regulatory initiatives to serve existing and new customers, further grow its businesses and earnings, and increase shareholder value. The following table includes all major projects and initiatives that are currently underway or recently completed. The Company's practice is to add incremental margin associated with new projects and regulatory initiatives to this table once negotiations or details are substantially final and/or the associated earnings can be estimated. Major projects and initiatives that have generated consistent year-over-year adjusted gross margin contributions are removed from the table at the beginning of the next calendar year.The related descriptions of projects and initiatives that accompany the table include only new items and/or items where there have been significant developments, as compared to the Company's prior quarterly filings. A comprehensive discussion of all projects and initiatives reflected in the table below can be found in the Company's first quarter 2026 Quarterly Report on Form 10-Q.
Adjusted Gross Margin
Three Months Ended
Year Ended
Estimate for
March 31,
December 31,
Fiscal(in millions)2026
2025
2025
2026
2027Pipeline Expansions:








St. Cloud / Twin Lakes Expansion$       1.0
$      0.1
$           2.9
$       3.8
$        3.8Wildlight1.1
0.5
2.6
4.3
4.3Worcester Resiliency Upgrade0.4
—
0.3
1.5
17.1Boynton Beach 0.9
0.5
3.0
3.4
3.4New Smyrna Beach 0.6
—
1.6
2.6
2.6Central Florida Reinforcement1.1
0.3
2.6
4.3
4.3Renewable Natural Gas Supply Projects1.3
—
2.5
5.4
6.4Miami Inner Loop1.9
—
2.8
7.6
7.6Duncan Plains—
—
—
—
1.1Total Pipeline Expansions8.3
1.4
18.3
32.9
50.6









Regulatory Initiatives:








Florida GUARD program2.4
1.5
7.1
10.1
13.0FCG SAFE Program2.8
1.7
8.4
12.7
16.4Capital Cost Surcharge Programs2.3
1.5
5.7
9.0
10.1Electric Storm Protection Plan3.3
1.1
6.4
10.7
11.0Florida Mandatory Relocates0.5
—
—
1.5
1.5Maryland Rate Case (1)1.3
—
1.5
3.5
3.5Delaware Rate Case (1)2.1
0.8
4.7
6.1
6.1Electric Rate Case (1)2.2
0.7
7.3
8.6
9.1FCG Rate Case—
—
—
TBD
TBDTotal Regulatory Initiatives16.9
7.3
41.1
62.2
70.7









Total$     25.2
$      8.7
$         59.4
$     95.1
$    121.3
(1) Includes adjusted gross margin attributable to interim and permanent rates. See additional information provided below.Detailed Discussion of Major Projects and InitiativesPipeline ExpansionsWorcester Resiliency Upgrade
In August 2023, Eastern Shore filed an application with the Federal Energy Regulatory Commission ("FERC") requesting authorization to construct the Worcester Resiliency Upgrade, which consists of a mixture of storage and transmission facilities in Sussex County, Delaware and Wicomico, Worcester, and Somerset Counties in Maryland. The project will provide long-term incremental supply necessary to support the growing demand of the participating shippers. In January 2025, the FERC approved the project.In June 2025, Eastern Shore filed a limited amended application with the FERC requesting revised initial transportation rates for the project. The revised rates reflected increased capital costs associated with unanticipated changes in global markets and supply chains, including the availability of skilled laborers with the requisite certifications to work on this project. Eastern Shore requested expedited action by the FERC in relation to this matter and an approved order was issued in July 2025. Construction commenced shortly after approval and is well underway. The weather during the first quarter resulted in several brief slowdowns which had a cumulative impact on the overall timeline. Project construction and commissioning are expected to be complete in the latter part of the year with the FERC approval process to immediately follow. The Company expects to receive full approval for in-service of the facility by the beginning of 2027.East Coast Reinforcement Projects (Boynton Beach and New Smyrna Beach)
In December 2023, Peninsula Pipeline filed a petition with the Florida Public Service Commission ("PSC") for approval of its Transportation Service Agreements with Florida Public Utilities Company ("FPU") for projects that will provide additional supply to coastal communities on the East Coast of Florida, which are experiencing significant population growth. Peninsula Pipeline proposed several pipeline extensions to support FPU's distribution system in the areas of Boynton Beach and New Smyrna Beach with an additional 15,000 Dts/day and 3,400 Dts/day, respectively. The Florida PSC approved the projects in March 2024. New Smyrna Beach was placed into service during May 2025, and construction is projected to be complete for Boynton Beach in the second quarter of 2026.Renewable Natural Gas Supply Projects
In February 2024, Peninsula Pipeline filed a petition with the Florida PSC for approval of Transportation Service Agreements with FCG for projects that will support the transportation of additional renewable energy supply to FCG. The projects, located in Florida's Brevard, Indian River and Miami-Dade counties, will bring renewable natural gas produced from local landfills into FCG's natural gas distribution system. Peninsula Pipeline will construct several pipeline extensions which will support FCG's distribution system in Brevard County, Indian River County, and Miami-Dade County. Benefits of these projects include increased gas supply to serve expected FCG growth, strengthened system reliability and additional system flexibility. The Florida PSC approved the petition at its July 2024 meeting. In October 2025, the Florida PSC approved amendments to the Transportation Service Agreements that were filed to include Peninsula Pipeline as a party to the related interconnection agreements. The projects are underway and are estimated to be completed in the second half of 2026.Miami Inner Loop Pipeline Projects
In September 2024, Peninsula Pipeline filed a petition with the Florida PSC for approval of the Transportation Service Agreement with FCG for a series of projects that will enhance gas infrastructure in Miami-Dade County. The proposed expansion consists of the development of several pipeline projects to support growth and FCG's distribution system, as well as enhance FCG's access to obtain gas from various points in the Miami-Dade County area. The expansion was approved in February 2025 and interim services began in August 2025 with permanent facilities expected to be in service by the second quarter of 2026.Duncan Plains Pipeline Project
In July 2025, Aspire Energy Express entered into an agreement with American Electric Power to construct and operate an intrastate natural gas pipeline in central Ohio to serve a new fuel-cell facility, which will provide on-site electric power to a data center. This new transmission infrastructure is expected to be in service in the first half of 2027.Regulatory InitiativesMaryland Natural Gas Rate Case
In January 2024, the Company's natural gas distribution businesses in Maryland, CUC-Maryland Division, Sandpiper Energy, Inc., and Elkton Gas Company (collectively, the "Maryland natural gas distribution businesses") filed a joint application for a natural gas rate case with the Maryland PSC. In connection with the application, the Company sought approval of the following: (i) permanent rate relief of approximately $6.9 million with a return on equity ("ROE") of 11.5 percent; (ii) authorization to make certain changes to tariffs to include a unified rate structure and to consolidate the Maryland natural gas distribution businesses; and (iii) authorization to establish a rider for recovery of the costs associated with the Company's new technology systems. In September 2024, the Maryland Public Utility Judge approved a $2.6 million increase in annual base rates, which was followed by the Company submitting a Phase II filing in November 2024 to determine rate design across the Maryland natural gas distribution businesses, consolidation of the applicable tariffs and recovery of technology costs. In March 2025 the Phase II was approved, including an additional $0.9 million in revenue requirement, for a total cumulative increase of $3.5 million. A final order was issued in April 2025 and included approval of the consolidation of the operations and the assets of CUC-Maryland Division, Sandpiper Energy, and Elkton Gas into one entity which was renamed and will operate as Chesapeake Utilities of Maryland, Inc.Delaware Natural Gas Rate Case
In August 2024, the Company's Delaware natural gas division filed an application for a natural gas rate case with the Delaware PSC seeking approval of the following: (i) permanent rate relief of approximately $12.1 million with a ROE of 11.5 percent; (ii) proposed changes to depreciation rates which were part of a depreciation study also submitted with the filing; and (iii) authorization to make certain changes to tariffs. Annualized interim rates were approved by the Delaware PSC in the amount of $2.5 million and became effective in October 2024. A settlement among all interested parties was reached and approved by the Delaware PSC in June 2025 providing an annual revenue increase of $6.1 million, as well as dividing the rate case into two phases. Rates set to recover the approved components of the increase were effective in March 2025 and approved tariff-related changes including rate design were effective as of October 15, 2025.FPU Electric Rate Case
In August 2024, the Company's Florida Electric division filed a petition with the Florida PSC seeking a general base rate increase of $12.6 million with a ROE of 11.3 percent based on a 2025 projected test year. Annualized interim rates of approximately $1.8 million were approved with an effective date of November 1, 2024. In March 2025, the Florida PSC approved the permanent rate increase, but the order was subsequently protested. In May 2025, the Company reached a settlement agreement with the interested parties. This settlement which was approved by the Florida PSC in July 2025, provided for a total base rate increase of approximately $8.6 million on an annual basis, with $1.0 million of the increase deferred from the first year's base rate increase and recovered over three years. A step-up rate increase was also approved for up to $0.7 million, upon completion of the purchase and refurbishment of certain substations, which is expected to be completed in December 2026.Florida Mandatory Relocates
In October 2025, FPU and FCG filed a joint petition for approval to establish a recovery surcharge for actual, estimated and projected relocation costs pursuant to the Florida Administrative Code which enables companies to recover the costs associated with relocating or reconstructing facilities that have been required by governmental entities. The projected revenue requirement for 2026 is $0.5 million for FPU and $1.0 million for FCG. The Florida PSC approved the petition in February 2026, with the surcharge effective in March 2026.FCG Rate Case
In April 2026, FCG filed a petition with the Florida PSC. In connection with the application, we are seeking approval of the following: (i) interim rate relief of approximately $16.2 million, subject to refund, pending the outcome of the rate case proceeding; (ii) general base rate increase of $46.9 million with a ROE of 11.25 percent based on a 2027 projected test year; (iii) reclassification of approximately $16.4 million in the existing Safety, Access, and Facility Enhancement ("SAFE") program revenues from surcharge recovery to base rates; (iv) authorization to retain the unamortized portion of the previously approved acquisition adjustment; and (v) further implementation of the advanced metering infrastructure ("AMI"). The outcome of the application will be subject to review and approval by the Florida PSC.FCG Depreciation Study
In February 2025, FCG filed a depreciation study with the Florida PSC. The application is requesting approval of revised annual depreciation rates, as well as a reduction related to a reserve imbalance that would be amortized over a two-year period. In February 2026, the Florida PSC approved a $6.8 million reserve imbalance to be amortized over the remaining life of the assets.Other Major Factors Influencing Adjusted Gross MarginWeather and Consumption
For the three months ended March 31, 2026, increased customer consumption, which includes the effects of colder weather conditions, largely in the Company's Delmarva service areas, compared to the prior-year period resulted in a $4.5 million increase in adjusted gross margin.The following table summarizes heating degree-day (HDD) and cooling degree-day (CDD) variances from the 10-year average HDD/CDD ("Normal") for the three months ended March 31, 2026 and 2025.
Three Months Ended


March 31,


2026
2025
VarianceDelmarva Peninsula




Actual HDD2,348
2,210
13810-Year Average HDD ("Normal")2,085
2,146
(61)Variance from Normal263
64

Florida




Actual HDD594
580
1410-Year Average HDD ("Normal")471
483
(12)Variance from Normal123
97

FCG




Actual HDD357
300
5710-Year Average HDD ("Normal")229
221
8Variance from Normal128
79

Ohio




Actual HDD3,022
3,087
(65)10-Year Average HDD ("Normal")2,751
2,801
(50)Variance from Normal271
286

Florida




Actual CDD226
189
3710-Year Average CDD ("Normal")220
217
3Variance from Normal6
(28)

Natural Gas Distribution Growth
The average number of residential customers served on the Delmarva Peninsula, by FPU and by FCG increased by approximately 3.3 percent, 2.2 percent, and 2.0 percent, respectively, for the three months ended March 31, 2026.The details of the adjusted gross margin increase are provided in the following table:
Three Months Ended
March 31, 2026(in millions)Delmarva
Peninsula
FloridaCustomer Growth:


Residential$             0.5
$             0.8Commercial and industrial—
0.7Total Customer Growth$             0.5
$             1.5Capital Investment Growth and Capital Structure UpdatesThe Company's capital expenditures were $121.9 million for the three months ended March 31, 2026. The following table shows a range of the forecasted 2026 capital expenditures by type:
2026(in millions)Low
HighRegulated distribution$       110.0
$       120.0Regulated transmission135.0
145.0Regulated infrastructure90.0
100.0Unregulated business25.0
35.0Technology90.0
100.0Total 2026 Forecasted Capital Expenditures$       450.0
$       500.0The capital expenditure projection is subject to continuous review and modification. Actual capital requirements may vary from the above estimates due to a number of factors, including changing political and economic conditions, supply chain disruptions, capital delays that are greater than currently anticipated, customer growth in existing areas, regulation, new growth or acquisition opportunities and availability of capital.The Company's target ratio of equity to total capitalization, including short-term borrowings, is between 50 and 60 percent. The Company's equity to total capitalization ratio, including short-term borrowings, was approximately 50 percent as of March 31, 2026. Chesapeake Utilities Corporation and SubsidiariesCondensed Consolidated Statements of Income (Unaudited)


Three Months Ended

March 31,

2026
2025(in millions, except shares (thousands) and per share data)



Operating Revenues



   Regulated Energy
$     249.3
$     199.6Unregulated Energy
113.7
106.7Other Businesses and Eliminations
(9.9)
(7.6)Total Operating Revenues
353.1
298.7Operating Expenses



  Regulated natural gas and electricity costs
101.6
71.5  Unregulated propane and natural gas costs
45.3
44.8  Operations
67.3
58.0  Maintenance
8.0
5.4  Depreciation and amortization
21.5
22.5  Other taxes
10.0
9.4  FCG transaction and transition-related expenses
—
0.3Total Operating Expenses
253.7
211.9Operating Income
99.4
86.8Other income, net
—
0.6Interest charges
18.7
18.1Income Before Income Taxes
80.7
69.3Income taxes
21.4
18.4Net Income
$       59.3
$       50.9




Weighted Average Common Shares Outstanding:



Basic
23,937
22,957Diluted
24,053
23,041




Earnings Per Share of Common Stock:



Basic
$       2.48
$       2.22Diluted
$       2.47
$       2.21




Adjusted Net Income and Adjusted Earnings Per Share



Net Income (GAAP)
$       59.3
$       50.9FCG transaction and transition-related expenses, net (1)
—
0.2Adjusted Net Income (Non-GAAP)**
$       59.3
$       51.1




Earnings Per Share - Diluted (GAAP)
$       2.47
$       2.21FCG transaction and transition-related expenses, net (1)
—
0.01Adjusted Earnings Per Share - Diluted (Non-GAAP)**
$       2.47
$       2.22
(1) Transaction and transition-related expenses represent costs incurred attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees. Chesapeake Utilities Corporation and SubsidiariesConsolidated Balance Sheets (Unaudited)
Assets
March 31,
2026
December 31,
2025(in millions, except shares and per share data)



Property, Plant and Equipment



Regulated Energy
$          3,009.0
$          2,941.6Unregulated Energy
507.2
492.4Other Businesses and Eliminations
39.3
38.3Total property, plant and equipment
3,555.5
3,472.3Less: Accumulated depreciation and amortization
(652.1)
(637.6)Plus: Construction work in progress
320.5
283.7Net property, plant and equipment
3,223.9
3,118.4Current Assets



Cash and cash equivalents
4.7
1.8Trade and other receivables
120.7
106.9Less: Allowance for credit losses
(6.8)
(5.4)Trade and other receivables, net
113.9
101.5Accrued revenue
49.0
50.1Propane inventory, at average cost
8.2
8.8Other inventory, at average cost
17.1
17.9Regulatory assets
24.5
29.7Storage gas prepayments
0.7
4.5Income taxes receivable
—
—Prepaid expenses
17.0
19.7Derivative assets, at fair value
0.8
—Other current assets
3.2
3.0Total current assets
239.1
237.0Deferred Charges and Other Assets



Goodwill
507.5
507.5Other intangible assets, net
12.9
13.2Investments, at fair value
16.4
17.2Derivative assets, at fair value
0.1
—Operating lease right-of-use assets
9.4
9.9Regulatory assets
73.7
74.3Receivables and other deferred charges
12.9
17.3Total deferred charges and other assets
632.9
639.4Total Assets
$          4,095.9
$          3,994.8 Chesapeake Utilities Corporation and SubsidiariesConsolidated Balance Sheets (Unaudited)
Capitalization and Liabilities
March 31,
2026
December 31,
2025(in millions, except shares and per share data)



Capitalization



Stockholders' equity



Preferred stock, par value $0.01 per share (authorized 2,000,000 shares),
no shares issued and outstanding
$                  —
$                  —Common stock, par value $0.4867 per share (authorized 75,000,000
shares)
11.7
11.6Additional paid-in capital
972.2
962.8Retained earnings
669.3
626.8Accumulated other comprehensive loss
(1.5)
(2.7)Deferred compensation obligation
17.4
12.6Treasury stock
(17.4)
(12.6)Total stockholders' equity
1,651.7
1,598.5Long-term debt, net of current maturities
1,325.3
1,327.1Total capitalization
2,977.0
2,925.6Current Liabilities



Current portion of long-term debt
134.6
134.6Short-term borrowing
199.6
158.0Accounts payable
101.1
115.2Customer deposits and refunds
41.8
45.1Accrued interest
17.6
8.7Dividends payable
16.4
16.4Accrued compensation
10.5
21.6Regulatory liabilities
11.6
14.5Derivative liabilities, at fair value
0.2
0.8Other accrued liabilities
20.3
15.0Total current liabilities
553.7
529.9Deferred Credits and Other Liabilities



Deferred income taxes
333.7
313.3Regulatory liabilities
188.8
188.1Environmental liabilities
3.0
2.9Other pension and benefit costs
13.1
14.0Derivative liabilities, at fair value
0.5
0.6Operating lease - liabilities
7.5
7.9Deferred investment tax credits and other liabilities
18.6
12.5Total deferred credits and other liabilities
565.2
539.3Environmental and other commitments and contingencies (1)



Total Capitalization and Liabilities
$          4,095.9
$          3,994.8
(1) Refer to Note 6 and 7 in the Company's Quarterly Report on Form 10-Q for further information. Chesapeake Utilities Corporation and SubsidiariesDistribution Utility Statistical Data (Unaudited)

For the Three Months Ended March 31, 2026
For the Three Months Ended March 31, 2025
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
Distribution
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
DistributionOperating Revenues
(in millions)










  Residential$       58.4
$        40.9
$       12.8
$       46.8
$       33.4
$       12.2  Commercial and Industrial28.2
60.7
11.6
22.2
51.1
9.5  Other (1)(4.1)
22.9
3.2
(1.4)
10.4
1.5Total Operating Revenues$       82.5
$      124.5
$       27.6
$       67.6
$       94.9
$       23.2











Volumes (in Dts for natural gas and MWHs for electric)










  Residential3,200,165
1,477,523
77,259
3,099,784
1,493,452
81,003  Commercial and Industrial4,709,222
13,016,899
89,717
3,956,308
12,646,603
84,284  Other93,677
333,084
—
90,088
1,712,708
—Total 8,003,064
14,827,506
166,976
7,146,180
15,852,763
165,287











Average Customers










  Residential108,025
214,040
26,040
104,602
209,640
25,966  Commercial and Industrial8,584
17,411
7,478
8,521
17,283
7,457  Other27
137
—
27
127
—Total 116,636
231,588
33,518
113,150
227,050
33,423
(1) Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes.  View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-first-quarter-2026-results-302764648.htmlSOURCE Chesapeake Utilities Corporation Original: CHESAPEAKE UTILITIES CORPORATION REPORTS FIRST QUARTER 2026 RESULTS

Chesapeake Utilities Corporation Raises Dividend by 7.3 PercentMay 6, 2026 12:16 PM
PR Newswire (US) DOVER, Del., May 6, 2026 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) voted to increase the quarterly cash dividend on the Company's common stock from $0.685 per share to $0.735 per share. The Board's action raises the 2026 annualized dividend by $0.20 from $2.74 to $2.94 per share, a 7.3 percent increase. The $0.735 per share quarterly dividend will be payable July 6, 2026 to all shareholders of record at the close of business on June 15, 2026. "The Board's decision to increase the annualized dividend rate reflects our disciplined approach to capital allocation: balancing continued reinvestment of equity back into the business with dividend growth that aligns with sustainable earnings growth. We continue to execute upon our long-term strategic growth plan - prudently deploying capital, proactively managing our regulatory strategy and continuing to transform our operations. Our balanced approach is focused on delivering durable, long-term value for our shareholders," commented Jeff Householder, chair, president and chief executive officer.Chesapeake Utilities has paid dividends to its shareholders without interruption for 65 years and has increased its annualized dividend every year since 2004.About Chesapeake Utilities Corporation:
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.For more information, contact:
Lucia Dempsey
Head of Investor Relations

NYSE Content Update: DDN's Kevin Delane Sets Sights on Scaling AI LeadershipMay 5, 2026 8:55 AM
PR Newswire (US) NYSE issues a pre-market daily advisory direct from the trading floor.NEW YORK, May 5, 2026 /PRNewswire/ -- The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.  Ashley Mastronardi delivers the pre-market update on May 5thEquities are fractionally higher as investors closely monitor new developments in the Middle East.NYSE-listed Circle, a component of the Global X NYSE 100 ETF, jumped by nearly 20% on Monday after lawmakers reached a compromise on the CLARITY Act.DDN's newly-minted President and CRO Kevin Delane will join NYSE Live to discuss how the company is establishing itself as a leader in AI data intelligence.Voyager Technologies Chairman and CEO Dylan Taylor will join Taking Stock to elaborate on what's fueling momentum following his company's Q1 earnings.For market insights, IPO activity, and today's opening bell, download the NYSE TV app at tv.nyse.comOpening Bell
Chesapeake Utilities Corporation (NYSE: CPK) celebrates Beth Cooper, Chief Financial Officer, as she retires following 36 years of dedicated service, including 18 years as CFOClosing Bell
Constellation Brands (NYSE: STZ) celebrates Cinco de MayoClick here to download the NYSE TV App View original content to download multimedia:https://www.prnewswire.com/news-releases/nyse-content-update-ddns-kevin-delane-sets-sights-on-scaling-ai-leadership-302762674.htmlSOURCE New York Stock Exchange Original: NYSE Content Update: DDN's Kevin Delane Sets Sights on Scaling AI Leadership

Chesapeake Utilities to Host its First Quarter 2026 Earnings Conference Call and Webcast on May 7, 2026April 20, 2026 10:56 PM
PR Newswire (US)

DOVER, Del., April 20, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Thursday, May 7, 2026 at 8:30 a.m. ET to discuss the Company's financial results for the first quarter ended March 31, 2026. The earnings press release will be issued on Wednesday, May 6, 2026, after market close.







To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast.For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:Toll-free: 800-245-3047
International: 203-518-9765
Conference ID: CPKQ126The conference call presentation will also be made available by visiting the Events & Presentations section of the Investors page on www.chpk.com. After the conclusion of the call, a replay will be available by visiting the same section of the Company's website as noted above.Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.For more information, contact:
Lucia Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-to-host-its-first-quarter-2026-earnings-conference-call-and-webcast-on-may-7-2026-302748028.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities to Host its First Quarter 2026 Earnings Conference Call and Webcast on May 7, 2026

Chesapeake Utilities Announces Appointment of Chief Transformation Officer and Chief Accounting OfficerApril 1, 2026 4:31 PM
PR Newswire (US)

DOVER, Del., April 1, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) today announced two leadership appointments that reinforce the Company's commitment to operational excellence and long-term growth. Effective April 1, senior vice president and chief accounting officer Michael Galtman will assume the role of chief transformation officer to oversee the Company's enterprise resource plan (ERP) implementation in addition to managing financial planning, corporate development, tax and treasury operations.







In conjunction with this transition, Melissa Barnes, who joined the Company on March 30, 2026, has been appointed vice president and chief accounting officer, and will be responsible for the Company's accounting and financial reporting functions."These appointments reflect our focus on transformative growth and our long-term succession planning efforts. Mike's deep understanding of our business and strategic financial expertise will be key to the implementation of technology systems that will support efficient and affordable operations, while Melissa's experience will ensure continued strength in financial controls, risk management and reporting," said Jeff Sylvester, senior vice president and incoming chief financial officer. "I look forward to working closely with both leaders as I step into my new role and execute on our long-term growth strategy."Galtman brings more than two decades of financial leadership across multiple publicly traded, regulated environments within the energy industry. Since joining Chesapeake Utilities in 2019, he has guided the Company through complex accounting, regulatory and governance matters, including multiple corporate transactions such as the Florida City Gas acquisition in late 2023. Prior to Chesapeake Utilities, Galtman served as chief accounting officer and vice president at Sunoco Logistics and MBNA, where he integrated nearly $3 billion in acquisitions, led an SAP implementation and managed financial reporting. Galtman began his career in public accounting; he holds a Bachelor of Science in Accounting from Rutgers University and is a Certified Public Accountant.Barnes is an accomplished accounting and finance leader with more than 20 years of experience in technical accounting, external reporting, largescale finance transformations- and internal controls. She most recently served as assistant controller at a global, publicly traded company, where she led accounting operations, including financial reporting, and provided oversight of Audit Committee communications. In prior roles, Barnes gained deep expertise in partnering with the business to execute complex transactions. Barnes holds a Bachelor of Science in Accounting from West Chester University of Pennsylvania and has completed executive education at the Yale School of Management. Barnes is a certified public accountant and a member of the American Institute of Certified Public Accountants.Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.For more information, contact:Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia M. Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com  














View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-announces-appointment-of-chief-transformation-officer-and-chief-accounting-officer-302731996.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities Announces Appointment of Chief Transformation Officer and Chief Accounting Officer

Chesapeake Utilities Corporation and subsidiary Florida City Gas commit $500,000 to Rockledge Department of Safety to enhance first responder training and strengthen regional safetyMarch 3, 2026 9:15 AM
PR Newswire (US)

DOVER, Del., March 3, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) and its subsidiary Florida City Gas announced a $500,000 sponsorship commitment to support the Rockledge Department of Safety Regional Training Center, reinforcing their shared commitment to safety, emergency preparedness and ongoing community engagement across Florida's Space Coast.







Chesapeake Utilities and Florida City Gas pledge $500K to Rockledge Safety Dept. to boost first responder training.Safety is central to Chesapeake Utilities Corporation and Florida City Gas operations, from maintaining natural gas systems to supporting emergency response and community resilience. Florida City Gas has served communities across Florida since the 1940s, with safety embedded in its operations through ongoing investment in training, system integrity and emergency preparedness. That commitment is informed by regular engagement with the communities they serve and a focus on understanding local priorities related to safety and preparedness.The sponsorship will be provided in five annual installments of $100,000 from 2026 through 2030."Safety is a core value that guides every decision we make," said William Haffecke, assistant vice president, Florida operations, Chesapeake Utilities Corporation. "Supporting the Rockledge Department of Safety Regional Training Center aligns with our responsibility as an energy provider and reflects the importance we place on listening to our communities and investing in resources that matter to them, helping ensure first responders are prepared for critical incidents."Led by public safety director and police chief Christopher Crawford, the Rockledge Department of Safety emphasizes realistic, scenario-based training that integrates police, fire and emergency medical services, including critical incident simulations, incident command instruction and regional collaboration.The Regional Training Center includes facilities for basic and advanced training such as a three-story training tower, confined space rescue and natural gas leak simulators, vehicle fire and extrication areas, a self-contained breathing apparatus confidence maze, classrooms and a Class A burn building.Chesapeake Utilities Corporation and Florida City Gas look forward to partnering with the City of Rockledge and the Department of Safety to support the continued development of the Regional Training Center and advance a shared mission of safety and community protection. The companies view investments like this as part of a broader, long-term approach to being engaged, responsible partners in the communities they serve.About Chesapeake Utilities Corporation Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.About Florida City GasFlorida City Gas provides natural gas service to more than 122,500 residential, commercial and industrial customers in Florida's Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie and Indian River counties. Acquired by Chesapeake Utilities in 2023, Florida City Gas owns and operates approximately 3,980 miles of distribution and 80 miles of transmission pipeline. For more information about Florida City Gas, visit: www.floridacitygas.com.Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia M. Dempsey
Director, Investor Relations
347.804.9067
LDempsey@chpk.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-and-subsidiary-florida-city-gas-commit-500-000-to-rockledge-department-of-safety-to-enhance-first-responder-training-and-strengthen-regional-safety-302702472.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities Corporation and subsidiary Florida City Gas commit $500,000 to Rockledge Department of Safety to enhance first responder training and strengthen regional safety

CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2025 RESULTSFebruary 25, 2026 4:37 PM
PR Newswire (US)

Earnings per share ("EPS")* was $5.97 for the full year 2025 and $1.93 for the fourth quarter of 2025Adjusted EPS**, which excludes transaction and transition-related expenses attributable to the acquisition of Florida City Gas ("FCG") in late 2023, was $6.01 for the full year 2025 and $1.94 for the fourth quarter of 2025, representing annual growth of 11.5 percent compared to the prior yearAdjusted gross margin** increased by $71.1 million during the year driven primarily by regulatory initiatives and infrastructure programs, natural gas organic growth, transmission expansion projects, and increased demand for Marlin's servicesRecord capital spending for 2025 of $470.4 million which included more than $100 million that will contribute to earnings beginning in 2026 and beyondEquity to total capitalization ratio approximated 50 percent at December 31, 2025; returning to the Company's target capital structure ahead of its projections at the time of the FCG acquisition and despite increased capital spendingThe Company is initiating 2026 capital expenditure guidance of $450-$500 million and continues to affirm its 2024-2028 capital expenditure guidance of $1.5 - $1.8 billion and 2028 EPS guidance of $7.75 - $8.00DOVER, Del., Feb. 25, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) ("Chesapeake Utilities" or the "Company") today announced financial results for the year and the fourth quarter ended December 31, 2025.







Net income was $140.3 million ($5.97 per share) in 2025 compared to $118.6 million ($5.26 per share) in 2024. Excluding transaction and transition-related expenses related to the acquisition of FCG, adjusted net income** was $141.1 million ($6.01 per share) compared with $121.5 million ($5.39 per share) in 2024.In the fourth quarter of 2025, the Company's net income was $46.1 million ($1.93 per share) compared with $36.7 million ($1.60 per share) during the prior-year period. Excluding the transaction and transition-related expenses, adjusted net income was $46.2 million ($1.94 per share) compared with $37.3 million ($1.63 per share) during the fourth quarter of 2024.2025 Highlights Driving Strong Growth and Performance**:Strong year-over-year residential customer growth of 4.1 percent in Delmarva and 2.8 percent in Florida10 transmission capital projects brought online throughout 2024 and 2025, driving $18.8 million of incremental adjusted gross margin or $0.58 of incremental EPS$121.2 million of infrastructure capital investments, driving $13.8 million of incremental adjusted gross margin or $0.43 of incremental EPSIncreased demand for CNG/LNG/RNG services driving $10.7 million of incremental adjusted gross margin or $0.33 of incremental EPSCompletion of three rate cases in DE, MD and Florida Electric, driving $12.6 million of incremental adjusted gross margin or $0.39 of incremental EPSHigher customer consumption that added $9.5 million of incremental adjusted gross margin or $0.28 of incremental EPSImplemented the 1CX SAP Customer Billing Platform for FCG"We started the year with a simple mission: deliver with purpose and reach new heights, so I'm proud that our full-year performance and results demonstrate exactly that: we provided safe and reliable energy to over 450 thousand customers, were active members of our communities, invested a record-breaking $470 million of capital and achieved nearly 12 percent year-over-year Adjusted EPS growth," said Jeff Householder, the Company's Chair of the Board, President and Chief Executive Officer. "These achievements demonstrate our ongoing commitment to the goals we set upon acquiring FCG two years ago and are a testament to our dedicated teammates who consistently strive to provide high-quality service for our valued customers.""Looking forward to 2026, I am excited about the opportunities ahead as we build on the blueprint we've established and leverage the capabilities of our team to continually transform the Company for future growth. As we tackle larger-scale capital projects, improve FCG's return profile and implement significant technology upgrades across our enterprise, we are positioning the Company for a new level of service, efficiency and growth, which will drive sustained value for all our stakeholders for years to come."Capital Investment and Earnings GuidanceThe Company's 2025 capital expenditures totaled $470.4 million which exceeded the top end of the 2025 capital guidance range by approximately $20 million. The Company continues to re-affirm its five-year (2024-2028) capital guidance range of $1.5 billion to $1.8 billion and projects capital expenditures of $450 million to $500 million for 2026. Additionally, the Company continues to re-affirm its 2028 EPS guidance range of $7.75 to $8.00 per share.*  Unless otherwise noted, EPS and Adjusted EPS information is presented on a diluted basis.
** See "Non-GAAP Financial Measures" below for additional information and reconciliations.Non-GAAP Financial Measures **This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. Our management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.The Company calculates Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions, and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit's and the overall Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to our non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.Adjusted Gross Margin

For the Year Ended December 31, 2025(in millions)
Regulated
Energy
Unregulated
Energy
Other and
Eliminations
TotalOperating Revenues
$                    687.8
$                    271.9
$                    (29.7)
$                    930.0Cost of Sales:







Natural gas, propane and
electric costs
(193.8)
(127.3)
29.6
(291.5)Depreciation & amortization
(70.9)
(20.8)
—
(91.7)Operations & maintenance
expenses (1)
(54.7)
(39.1)
0.1
(93.7)Gross Margin (GAAP)
368.4
84.7
—
453.1Operations & maintenance
expenses (1)
54.7
39.1
(0.1)
93.7Depreciation & amortization
70.9
20.8
—
91.7Adjusted Gross Margin (Non-
GAAP)
$                    494.0
$                    144.6
$                      (0.1)
$                    638.5 

For the Year Ended December 31, 2024(in millions)
Regulated
Energy
Unregulated
Energy
Other and
Eliminations
TotalOperating Revenues
$                    583.4
$                    228.4
$                    (24.6)
$                    787.2Cost of Sales:







Natural gas, propane and
electric costs
(144.2)
(100.2)
24.6
(219.8)Depreciation & amortization
(48.8)
(16.9)
—
(65.7)Operations & maintenance
expenses (1)
(48.6)
(33.1)
—
(81.7)Gross Margin (GAAP)
341.8
78.2
—
420.0Operations & maintenance
expenses (1)
48.6
33.1
—
81.7Depreciation & amortization
48.8
16.9
—
65.7Adjusted Gross Margin (Non-
GAAP)
$                    439.2
$                    128.2
$                         —
$                    567.4 

For the Three Months Ended December 31, 2025(in millions)
Regulated
Energy
Unregulated
Energy
Other and
Eliminations
TotalOperating Revenues
$                    190.0
$                      76.6
$                      (7.7)
$                    258.9Cost of Sales:







Natural gas, propane and
electric costs
(56.5)
(33.9)
7.6
(82.8)Depreciation & amortization
(18.3)
(5.7)
—
(24.0)Operations & maintenance
expense (1)
(14.2)
(10.1)
0.2
(24.1)Gross Margin (GAAP)
101.0
26.9
0.1
128.0Operations & maintenance
expenses (1)
14.2
10.1
(0.2)
24.1Depreciation & amortization
18.3
5.7
—
24.0Adjusted Gross Margin (Non-
GAAP)
$                    133.5
$                      42.7
$                      (0.1)
$                    176.1 

For the Three Months Ended December 31, 2024(in millions)
Regulated
Energy
Unregulated
Energy
Other and
Eliminations
TotalOperating Revenues
$                    153.7
$                      68.3
$                      (7.0)
$                    215.0Cost of Sales:







Natural gas, propane and
electric costs
(38.6)
(29.2)
7.0
(60.8)Depreciation & amortization
(9.3)
(4.6)
—
(13.9)Operations & maintenance
expenses (1)
(12.9)
(8.8)
—
(21.7)Gross Margin (GAAP)
92.9
25.7
—
118.6Operations & maintenance
expense (1)
12.9
8.8
—
21.7Depreciation & amortization
9.3
4.6
—
13.9Adjusted Gross Margin (Non-
GAAP)
$                    115.1
$                      39.1
$                         —
$                    154.2
(1) Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under US GAAP.Adjusted Net Income and Adjusted EPS

Year Ended
Three Months Ended

December 31,
December 31,(dollars in millions, shares in thousands (except per share data))
2025
2024
2025
2024Net Income (GAAP)
$          140.3
$          118.6
$            46.1
$            36.7FCG transaction and transition-related expenses, net (1)
0.8
2.9
0.1
0.6Adjusted Net Income (Non-GAAP)
$          141.1
$          121.5
$            46.2
$            37.3








Weighted average common shares outstanding - diluted
23,488
22,531
23,867
22,914








Earnings Per Share - Diluted (GAAP)
$            5.97
$            5.26
$            1.93
$            1.60FCG transaction and transition-related expenses, net (1)
0.04
0.13
0.01
0.03Adjusted Earnings Per Share - Diluted (Non-GAAP)
$            6.01
$            5.39
$            1.94
$            1.63
(1) Transaction and transition-related expenses represent non-recurring costs attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding, and legal fees.Operating Results for the Years Ended December 31, 2025 and 2024  Consolidated Results
Year Ended December 31,



(in millions)2025
2024
Change
Percent ChangeAdjusted gross margin**$           638.5
$           567.4
$             71.1
12.5 %Depreciation, amortization and property taxes (1) 127.9
101.6
(26.3)
(25.9) %Other operating expenses253.5
233.6
(19.9)
(8.5) %FCG transaction and transition-related expenses1.2
4.0
2.8
NMFOperating income $           255.9
$           228.2
$             27.7
12.1 %
(1) Includes the absence of a reserve surplus amortization mechanism ("RSAM") adjustment from FCG which represented a $15.5 million benefit during the year ended December 31, 2024.Operating income during 2025 was $255.9 million, an increase of $27.7 million compared to the prior year. Excluding transaction and transition-related expenses associated with the acquisition and integration of FCG, operating income increased $24.9 million or 10.7 percent compared to the prior year. The increase in adjusted gross margin during 2025 was driven by incremental margin from regulatory initiatives and infrastructure programs, pipeline expansion projects and natural gas organic growth, increased Marlin CNG, RNG and LNG services, and increased customer consumption resulting from the year-over-year colder temperatures in the Company's Ohio, Delmarva and Florida service territories. Higher operating expenses were driven largely by increased depreciation expense attributable to growth projects and the absence of an RSAM adjustment from FCG (which represented a $15.5 million benefit during 2024). Increased facilities, maintenance and outside services costs; payroll, benefits and other employee-related expenses; insurance-related costs; and credit, collections and customer service costs also contributed to the increase in operating expenses compared to 2024.Regulated Energy Segment
Year Ended December 31,



(in millions)2025
2024
Change
Percent
ChangeAdjusted gross margin** $           494.0
$           439.2
$             54.8
12.5 %Depreciation, amortization and property taxes (1) 104.7
82.5
(22.2)
(26.9) %Other operating expenses166.1
156.5
(9.6)
(6.1) %FCG transaction and transition-related expenses1.2
4.0
2.8
NMFOperating income$           222.0
$           196.2
$             25.8
13.1 %
(1) Includes the absence of an RSAM adjustment from FCG which represented a $15.5 million benefit during the year ended December 31, 2024.The key components of the increase in adjusted gross margin** are shown below:(in millions)
Natural gas transmission service expansions, including interim services$                             18.8Contributions from regulated infrastructure programs13.8Rate changes associated with recent rate case activities (1)12.6Natural gas growth including conversions (excluding service expansions)7.4Increased customer consumption2.4Other variances(0.2)Year-over-year increase in adjusted gross margin**$                             54.8
(1) Includes adjusted gross margin contributions from both interim and permanent base rates. Refer to Major Projects and Initiatives discussion for additional information.The key components of the increase in other operating expenses are as follows:(in millions)
Facilities expenses, maintenance costs and outside services$                             (4.7)Insurance-related costs(1.7)Credit, collections and customer service costs(1.3)Payroll, benefits and other employee-related expenses (1.2)Other variances(0.7)Year-over-year increase in other operating expenses$                             (9.6)Unregulated Energy Segment
Year Ended December 31,



(in millions)2025
2024
Change
Percent
ChangeAdjusted gross margin**$           144.6
$           128.2
$             16.4
12.8 %Depreciation, amortization and property taxes23.1
19.1
(4.0)
(20.9) %Other operating expenses87.9
77.4
(10.5)
(13.6) %Operating income$             33.6
$             31.7
$               1.9
6.0 %The key components of the increase in adjusted gross margin** are shown below:(in millions)

Propane Operations

Increased propane customer consumption
$                       4.5Change in propane margins and service fees
(1.4)CNG/RNG/LNG Transportation and Infrastructure

Increased demand for CNG/RNG/LNG services
10.7Aspire Energy

Increased customer consumption
2.6Year-over-year increase in adjusted gross margin**
$                     16.4The major components of the increase in other operating expenses are as follows:(in millions)

Payroll, benefits and other employee-related expenses
$                      (5.5)Facilities, maintenance costs, and outside services
(4.5)Other variances
(0.5)Year-over-year increase in other operating expenses
$                   (10.5)Operating Results for the Quarters Ended December 31, 2025 and 2024  Consolidated Results
Three Months Ended
December 31,



(in millions)2025
2024
Change
Percent ChangeAdjusted gross margin**$           176.1
$           154.2
$             21.9
14.2 %Depreciation, amortization and property taxes (1)32.7
23.8
(8.9)
(37.4) %Other operating expenses69.4
62.6
(6.8)
(10.9) %FCG transaction and transition-related expenses0.2
0.9
0.7
NMFOperating income $             73.8
$             66.9
$               6.9
10.3 %
(1) Includes the absence of an RSAM adjustment from FCG which represented a $6.6 million benefit during the quarter ended December 31, 2024.Operating income for the fourth quarter of 2025 was $73.8 million, an increase of $6.9 million compared to the same period in 2024. Excluding transaction and transition-related expenses associated with the acquisition and integration of FCG, operating income increased $6.2 million or 9.1 percent compared to the same period in 2024. The increase in adjusted gross margin during the quarter was driven largely by pipeline expansion projects and organic growth, incremental margin from regulatory initiatives and infrastructure programs, increased customer consumption resulting from the period-over-period colder temperatures in the Company's Ohio, Delmarva and Florida service territories and increased Marlin CNG, RNG and LNG services. Higher operating expenses were driven largely by increased depreciation expense attributable to growth projects and the absence of an RSAM adjustment from FCG (which represented a $6.6 million benefit during the fourth quarter of 2024). Higher payroll, benefits and other employee-related expenses, credit, collections and customer service costs, and facilities, maintenance and outside services costs also contributed to the increase in operating expenses.Regulated Energy Segment
Three Months Ended
December 31,



(in millions)2025
2024
Change
Percent
ChangeAdjusted gross margin** $           133.5
$           115.1
$             18.4
16.0 %Depreciation, amortization and property taxes (1)26.4
18.8
(7.6)
(40.4) %Other operating expenses46.1
41.8
(4.3)
(10.3) %FCG transaction and transition-related expenses0.2
0.9
0.7
NMFOperating income$             60.8
$             53.6
$               7.2
13.4 %
(1) Includes the absence of an RSAM adjustment from FCG which represented a $6.6 million benefit during the quarter ended December 31, 2024.The key components of the increase in adjusted gross margin** are shown below:(in millions)
Natural gas transmission service expansions, including interim services$                               7.1Rate changes associated with recent rate case activities (1)3.4Margin from regulated infrastructure programs2.8Natural gas growth including conversions (excluding service expansions)1.9Increased customer consumption1.5Florida Electric growth0.7Eastern Shore contracted rate adjustments0.4Other variances0.6Period-over-period increase in adjusted gross margin**$                             18.4(1) Includes adjusted gross margin contributions from both interim and permanent base rates. Refer to Major Projects and Initiatives discussion for additional information. The major components of the increase in other operating expenses are as follows:(in millions)
Credit, collections and customer service costs$                             (1.6)Payroll, benefits and other employee-related expenses(1.3)Insurance-related costs(0.6)Other variances(0.8)Period-over-period increase in other operating expenses$                             (4.3)Unregulated Energy Segment
Three Months Ended
December 31,



(in millions)2025
2024
Change
Percent
ChangeAdjusted gross margin**$             42.7
$             39.1
$               3.6
9.2 %Depreciation, amortization and property taxes6.3
5.0
(1.3)
(26.0) %Other operating expenses23.7
21.0
(2.7)
(12.9) %Operating income$             12.7
$             13.1
$              (0.4)
(3.1) %The major components of the increase in adjusted gross margin** are shown below:(in millions)

Propane Operations

Increased propane customer consumption
$                       1.7Changes in propane margins and service fees
(0.1)CNG/RNG/LNG Transportation and Infrastructure

Increased CNG/RNG/LNG services
0.6Aspire Energy

Increased customer consumption
1.5Other variances
(0.1)Quarter-over-quarter increase in adjusted gross margin**
$                       3.6The major components of the increase in other operating expenses are as follows:(in millions)

Payroll, benefits and other employee-related expenses
$                      (1.7)Facilities expenses, maintenance costs and outside services
(0.8)Other variances
(0.2)Quarter-over-quarter increase in other operating expenses
$                      (2.7)Forward-Looking StatementsMatters included in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2025 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.Conference Call Chesapeake Utilities (NYSE: CPK) will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. Eastern Time to discuss the Company's financial results for the fourth quarter and year ended December 31, 2025. To listen to the Company's conference call via live webcast, please visit the Events & Presentations section of the Investors page on www.chpk.com. For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:Toll-free: 800.245.3047
International: 203.518.9765
Conference ID: CPKQ425A replay of the presentation will be made available on the previously noted website following the conclusion of the call.About Chesapeake Utilities Corporation Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses.For more information, contact:Beth W. Cooper
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
302.363.2467Michael D. Galtman
Senior Vice President and Chief Accounting Officer
302.217.7036Lucia M. Dempsey
Head of Investor Relations
347.804.9067Financial Summary Highlights Key variances in operations between 2024 and 2025 included:(in millions, except per share data)
Pre-taxIncome
NetIncome
EarningsPer ShareYear ended December 31, 2024 Adjusted Results (1)
$  165.8
$  121.5
$           5.39






Increased (Decreased) Adjusted Gross Margins:





Natural gas transmission service expansions, including interim services (2)
18.8
13.7
0.58Contributions from regulated infrastructure programs (2)
13.8
10.0
0.43Rate changes associated with recent rate case activities (2)
12.6
9.1
0.39Increased CNG/RNG/LNG services (2)
10.7
7.8
0.33Increased customer consumption
9.5
6.9
0.28Natural gas growth (excluding service expansions)
7.4
5.4
0.23Change in propane margins and service fees
(1.4)
(1.0)
(0.04)

71.4
51.9
2.20






Increased Operating Expenses (Excluding Natural Gas, Propane, and
Electric Costs):





Depreciation, amortization and property taxes
(26.3)
(19.1)
(0.82)Facilities expenses, maintenance costs and outside services
(9.2)
(6.7)
(0.28)Payroll, benefits and other employee-related expenses
(6.7)
(4.9)
(0.21)Credit, collections and customer service costs
(1.5)
(1.1)
(0.05)Insurance-related costs
(1.1)
(0.8)
(0.03)Regulatory expenses
(0.9)
(0.7)
(0.03)Vehicle expenses
(0.8)
(0.6)
(0.02)

(46.5)
(33.9)
(1.44)






Changes in other income
7.6
5.5
0.24Interest charges
(4.2)
(3.0)
(0.13)Increase in shares outstanding due to 2024 and 2025 equity issuances (3)
—
—
(0.22)Net other changes
—
(0.9)
(0.03)

3.4
1.6
(0.14)Year ended December 31, 2025 Adjusted Results (1)
$  194.1
$  141.1
$           6.01(1)Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.(2)Refer to Major Projects and Initiatives table for additional information.(3)Reflects the impact of common shares issued under the DRIP and ATM program.Key variances between the fourth quarter of 2024 and the fourth quarter of 2025 included:(in millions, except per share data)
Pre-taxIncome
NetIncome
EarningsPer ShareFourth quarter 2024 Adjusted Results (1)
$     50.5
$     37.3
$           1.63






Increased Adjusted Gross Margins:





Natural gas transmission service expansions, including interim services (2)
7.1
5.1
0.22Increased customer consumption
4.7
3.4
0.14Rate changes associated with recent rate case activities (2)
3.4
2.4
0.10Margins from regulated infrastructure programs (2)
2.8
2.0
0.08Natural gas growth including conversions (excluding service expansions)
1.9
1.4
0.06Florida Electric growth
0.7
0.5
0.02Increased CNG/RNG/LNG services (2)
0.6
0.4
0.02

21.2
15.2
0.64






Increased Operating Expenses (Excluding Natural Gas, Propane, and
Electric Costs):





Depreciation, amortization and property tax costs
(8.9)
(6.4)
(0.27)Payroll, benefits and other employee-related expenses
(2.9)
(2.1)
(0.09)Credit, collections and customer service costs
(1.6)
(1.1)
(0.05)Facilities expenses, maintenance costs and outside services
(1.0)
(0.7)
(0.03)

(14.4)
(10.3)
(0.44)






Changes in other income
8.2
5.9
0.25Interest charges
(0.9)
(0.6)
(0.03)Increase in shares outstanding due to 2025 and 2024 equity issuances (3)
—
—
(0.06)Net other changes
(0.6)
(1.3)
(0.05)

6.7
4.0
0.11Fourth quarter 2025 Adjusted Results (1)
$     64.0
$     46.2
$           1.94(1)Transaction and transition-related expenses attributable to the acquisition and integration of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See reconciliations above for a detailed comparison to the related GAAP measures.(2)Refer to Major Projects and Initiatives table for additional information.(3) Reflects the impact of common shares issued under the DRIP and ATM program.Recently Completed and Ongoing Major Projects and InitiativesThe Company continuously pursues and develops additional projects and consummates regulatory initiatives that support service to existing and new customers, grow its businesses and earnings, and drive shareholder value. The following table includes the major projects and initiatives that are currently underway or recently completed. The Company's practice is to add incremental margin associated with new projects and regulatory initiatives to this table once negotiations or details are substantially final and/or the associated earnings can be estimated. Major projects and initiatives that have generated consistent year-over-year adjusted gross margin contributions are removed from the table at the beginning of the next calendar year.The related descriptions of projects and initiatives that accompany the table include only new items and/or items where there have been significant developments, as compared to the prior year. A comprehensive discussion of all projects and initiatives reflected in the table below can be found in the Company's 2025 Annual Report on Form 10-K.

Year Ended December 31,
Estimate for Calendar Year(in millions)
2024
2025
2026
2027Pipeline Expansions:







St. Cloud / Twin Lakes Expansion
$               0.6
$               2.9
$               3.8
$               3.8Wildlight
1.5
2.6
4.3
4.3Newberry
1.4
2.6
2.6
2.6Worcester Resiliency Upgrade
—
0.3
10.6
17.1Boynton Beach
—
3.0
3.4
3.4New Smyrna Beach
—
1.6
2.6
2.6Central Florida Reinforcement
0.1
2.6
4.3
4.3Warwick
0.4
1.9
1.9
1.9Renewable Natural Gas Supply Projects
—
2.5
5.4
6.4Miami Inner Loop
—
2.8
7.6
7.6Duncan Plains
—
—
—
1.5








Total Pipeline Expansions
4.0
22.8
46.5
55.5








CNG/RNG/LNG Transportation and Infrastructure
16.4
27.3
28.5
29.7








Regulatory Initiatives:







Florida GUARD Program
3.6
7.1
10.1
13.0FCG SAFE Program
3.8
8.4
12.7
16.4Capital Cost Surcharge Programs
3.2
5.7
9.0
10.1Electric Storm Protection Plan
3.2
6.4
9.1
11.4Maryland Rate Case
—
1.5
3.5
3.5Delaware Rate Case (1)
0.6
4.7
6.1
6.1Electric Rate Case (1)
0.3
7.3
8.6
9.1Florida Mandatory Relocates
—
—
1.5
1.5Florida City Gas Rate Case
—
—
TBD
TBD








Total Regulatory Initiatives
14.7
41.1
60.6
71.1








Total
$             35.1
$             91.2
$           135.6
$           156.3
(1) Includes adjusted gross margin attributable to interim rates during 2024 and 2025. See additional information provided below.Discussion of Major Projects and InitiativesPipeline ExpansionsWorcester Resiliency Upgrade
In August 2023, Eastern Shore filed an application with the Federal Energy Regulatory Commission ("FERC") requesting authorization to construct the Worcester Resiliency Upgrade, which consists of a mixture of storage and transmission facilities in Sussex County, Delaware and Wicomico, Worcester, and Somerset Counties in Maryland. The project will provide long-term incremental supply necessary to support the growing demand of the participating shippers. In January 2025, the FERC approved the project.In June 2025, Eastern Shore filed a limited amended application with the FERC requesting revised initial transportation rates for the project. The revised rates reflected increased capital costs associated with unanticipated changes in global markets and supply chains, including the availability of skilled laborers with the requisite certifications to work on this project. Eastern Shore requested expedited action by the FERC in relation to this matter and an approved order was issued in July 2025. Construction is underway and the project is expected to be placed into service in mid-2026.East Coast Reinforcement Projects (Boynton Beach and New Smyrna Beach)
In December 2023, Peninsula Pipeline filed a petition with the Florida Public Service Commission ("PSC") for approval of its Transportation Service Agreements with Florida Public Utilities Company ("FPU") for projects that will provide additional supply to coastal communities on the East Coast of Florida, which are experiencing significant population growth. Peninsula Pipeline proposed several pipeline extensions to support FPU's distribution system in the areas of Boynton Beach and New Smyrna Beach with an additional 15,000 Dts/day and 3,400 Dts/day, respectively. The Florida PSC approved the projects in March 2024. New Smyrna Beach was placed into service during May 2025, and construction is projected to be complete for Boynton Beach in the second quarter of 2026.Central Florida Reinforcement Projects (Plant City and Lake Mattie)
In February 2024, Peninsula Pipeline filed a petition with the Florida PSC for approval of its Transportation Service Agreements with FPU for projects that will support additional supply to communities located in Central Florida which are also experiencing significant population growth. Peninsula Pipeline's extensions support FPU's distribution system around the Plant City and Lake Mattie areas of Florida with an additional 5,000 Dts/day and 8,700 Dts/day, respectively. The Florida PSC approved the projects in May 2024. The Plant City project was completed in the fourth quarter of 2024, and the Lake Mattie project went into service in July 2025.Renewable Natural Gas Supply Projects
In February 2024, Peninsula Pipeline filed a petition with the Florida PSC for approval of Transportation Service Agreements with FCG for projects that will support the transportation of additional renewable energy supply to FCG. The projects, located in Florida's Brevard, Indian River and Miami-Dade counties, will bring renewable natural gas produced from local landfills into FCG's natural gas distribution system. Peninsula Pipeline will construct several pipeline extensions which will support FCG's distribution system in Brevard County, Indian River County, and Miami-Dade County. Benefits of these projects include increased gas supply to serve expected FCG growth, strengthened system reliability and additional system flexibility. The Florida PSC approved the petition at its July 2024 meeting. In October 2025, the Florida PSC approved amendments to the Transportation Service Agreements that were filed to include Peninsula Pipeline as a party to the related interconnection agreements. The projects are underway and are estimated to be completed in the second half of 2026.Miami Inner Loop Pipeline Projects
In September 2024, Peninsula Pipeline filed a petition with the Florida PSC for approval of the Transportation Service Agreement with FCG for a series of projects that will enhance gas infrastructure in Miami-Dade County. The proposed expansion consists of the development of several pipeline projects to support growth and FCG's distribution system, as well as enhance FCG's access to obtain gas from various points in the Miami-Dade County area. The expansion was approved in February 2025 and interim services began in August 2025 with permanent facilities expected to be in service by the second quarter of 2026.Duncan Plains Pipeline Project
In July 2025, Aspire Energy Express entered into an agreement with American Electric Power to construct and operate an intrastate natural gas pipeline in central Ohio to serve a new fuel-cell facility, which will provide on-site electric power to a data center. This new transmission infrastructure is expected to be in service in the first half of 2027.Regulatory InitiativesMaryland Natural Gas Rate Case
In January 2024, the Company's natural gas distribution businesses in Maryland, CUC-Maryland Division, Sandpiper Energy, Inc., and Elkton Gas Company (collectively, the "Maryland natural gas distribution businesses") filed a joint application for a natural gas rate case with the Maryland PSC. In connection with the application, the Company sought approval of the following: (i) permanent rate relief of approximately $6.9 million with a return on equity ("ROE") of 11.5 percent; (ii) authorization to make certain changes to tariffs to include a unified rate structure and to consolidate the Maryland natural gas distribution businesses; and (iii) authorization to establish a rider for recovery of the costs associated with the Company's new technology systems. In August 2024, the Maryland natural gas distribution businesses, the Maryland Office of People's Counsel (the "Maryland OPC") and PSC staff reached a settlement which provided for, among other things, an increase in annual base rates of $2.6 million. In September 2024, the Maryland Public Utility Judge issued an order approving the related settlement agreement in part. The $2.6 million increase in annual base rates was approved and the Company filed a Phase II filing in November 2024 to determine rate design across the Maryland natural gas distribution businesses, consolidation of the applicable tariffs and recovery of technology costs. The hearing was held in March 2025, during which Phase II was approved, including an additional $0.9 million in revenue requirement, for a total cumulative increase of $3.5 million. A final order was issued in April 2025 and included approval of the consolidation of the operations and the assets of CUC-Maryland Division, Sandpiper Energy, and Elkton Gas into one entity which was renamed and will operate as Chesapeake Utilities of Maryland, Inc.Maryland Natural Gas Depreciation Study
In January 2024, the Company's Maryland natural gas distribution businesses filed a joint petition for approval of their proposed unified depreciation rates with the Maryland PSC. A settlement agreement between the Company, PSC staff and the OPC was reached and the final order approving the settlement agreement went into effect in July 2024, with new depreciation rates effective as of January 1, 2023. The approved depreciation rates resulted in an annual reduction in depreciation expense of approximately $1.2 million.Delaware Natural Gas Rate Case
In August 2024, the Company's Delaware natural gas division filed an application for a natural gas rate case with the Delaware PSC seeking approval of the following: (i) permanent rate relief of approximately $12.1 million with a ROE of 11.5 percent; (ii) proposed changes to depreciation rates which were part of a depreciation study also submitted with the filing; and (iii) authorization to make certain changes to tariffs. Annualized interim rates were approved by the Delaware PSC in the amount of $2.5 million and became effective in October 2024. A settlement among the Company, PSC staff and the Delaware Division of the Public Advocate was reached and approved by the Delaware PSC in June 2025 providing an annual revenue increase of $6.1 million, as well as dividing the rate case into two phases. Rates set to recover the approved components of the increase were effective in March 2025. In October 2025, a settlement was reached for Phase II of the rate case addressing tariff-related changes including rate design and approved by the Delaware Public Service Commission with rates effective as of October 15, 2025.FPU Electric Rate Case
In August 2024, the Company's Florida Electric division filed a petition with the Florida PSC seeking a general base rate increase of $12.6 million with a ROE of 11.3 percent based on a 2025 projected test year. Annualized interim rates of approximately $1.8 million were approved with an effective date of November 1, 2024. In March 2025, the Florida PSC approved the permanent rate increase, but the order was subsequently protested. In May 2025, the Company reached a settlement agreement with the interested parties to resolve all outstanding issues. This settlement, which was approved by the Florida PSC in July 2025, provides for a total base rate increase of approximately $8.6 million on an annual basis, with $1.0 million of the increase deferred from the first year's base rate increase and recovered over three years. A step-up rate increase was also approved for up to $0.7 million, upon completion of the purchase and refurbishment of certain substations, which is expected to be completed in December 2026.Florida Mandatory Relocates
In October 2025, FPU and FCG filed a joint petition for approval to establish a recovery surcharge for actual, estimated and projected relocation costs pursuant to the Florida Administrative Code which enables companies to recover the costs associated with relocating or reconstructing facilities that have been required by governmental entities. The projected revenue requirement for 2026 is $0.5 million for FPU and $1.0 million for FCG. The Florida PSC approved the petition in February 2026, with the surcharge effective in March 2026.Florida City Gas Rate Case
In February 2026, FCG provided notice to the Florida PSC of its intent to file a petition seeking a general rate base increase based on a 2027 projected test year. The rate case filing is expected to be submitted in April 2026 and the outcome of the application will be subject to review and approval by the Florida PSC.FCG Depreciation Study
In February 2025, FCG filed a depreciation study with the Florida PSC. The application requested approval of revised annual depreciation rates, as well as a reduction related to a reserve imbalance that would be amortized over a two-year period. The outcome of the application was subject to review and approval by the Florida PSC. In February 2026, the Florida PSC approved a $6.8 million reserve imbalance to be amortized over the remaining life of the assets, with the revised depreciation rates effective as of January 1, 2025.Other Major Factors Influencing Adjusted Gross MarginWeather and Consumption
In 2025, increased customer consumption, which includes the effects of colder weather compared to the prior year, largely in the Company's Ohio, Delmarva and Florida service areas resulted in a $9.5 million increase in adjusted gross margin. The following table summarizes HDD and CDD variances from the 10-year average HDD/CDD ("Normal") for the year and quarter-to-date periods ended December 31, 2025 compared to the respective 2024 periods.
Year Ended


Three Months Ended


December 31,


December 31,


2025
2024
Variance
2025
2024
VarianceDelmarva










Actual HDD4,107
3,634
473
1,602
1,347
25510-Year Average HDD ("Normal")3,919
4,039
(120)
1,381
1,404
(23)Variance from Normal188
(405)


221
(57)













Florida










Actual HDD951
796
155
340
285
5510-Year Average HDD ("Normal")781
794
(13)
255
282
(27)Variance from Normal170
2


85
3













Florida City Gas










Actual HDD429
351
78
119
120
(1)10-Year Average HDD ("Normal")340
348
(8)
106
109
(3)Variance from Normal89
3


13
11













Ohio










Actual HDD6,120
5,014
1,106
2,239
1,834
40510-Year Average HDD ("Normal")5,357
5,594
(237)
1,877
1,933
(56)Variance from Normal763
(580)


362
(99)













Florida










Actual CDD2,951
3,299
(348)
349
475
(126)10-Year Average CDD ("Normal")3,037
3,009
28
413
394
19Variance from Normal(86)
290


(64)
81

Natural Gas Distribution GrowthThe average number of residential customers served by the Company on the Delmarva Peninsula, by FPU and by FCG increased by approximately 4.1 percent, 3.6 percent and 2.2 percent, respectively, during 2025. The increase in adjusted gross margin resulting from customer growth is provided in the following table:
Adjusted Gross Margin Increase
For the Year Ended December 31, 2025(in millions)Delmarva
Peninsula
FloridaCustomer growth:


Residential$                             1.5
$                             3.1Commercial and industrial0.3
2.5Total customer growth$                             1.8
$                             5.6Capital Investment Growth and Capital Structure UpdatesThe Company's capital expenditures were $470.4 million for the year ended December 31, 2025 and are provided by type in the following table:

For the Year Ended(in millions)
December 31, 2025Regulated distribution
$                                   124.4Regulated transmission
140.0Regulated infrastructure
121.2Unregulated businesses
49.9Technology
34.9Total 2025 Capital Expenditures
$                                   470.4The following table shows a range of the forecasted 2026 capital expenditures by type:
2026(in millions)Low
HighRegulated distribution$          110.0
$           120.0Regulated transmission135.0
145.0Regulated infrastructure90.0
100.0Unregulated businesses25.0
35.0Technology90.0
100.0Total 2026 Forecasted Capital Expenditures$          450.0
$           500.0The capital expenditure projection is subject to continuous review and modification. Actual capital requirements may vary from the above estimates due to a number of factors, including changing economic conditions, supply chain disruptions, capital delays that are greater than currently anticipated, customer growth in existing areas, regulation, new growth and availability of capital. See "Capital Investment and Earnings Guidance" discussed above for additional information on our capital expenditure forecast. The Company's target ratio of equity to total capitalization, including short-term borrowings, is between 50 and 60 percent. The Company's equity to total capitalization ratio, including short-term borrowings, was approximately 50 percent as of December 31, 2025. The Company may, from time to time, allow its capital structure to fall below the target range to align the completion of large capital projects with the respective permanent financing.Chesapeake Utilities Corporation and SubsidiariesCondensed Consolidated Statements of Income (Unaudited) 

Year Ended
Three months ended

December 31,
December 31,

2025
2024
2025
2024(dollars in millions, shares in thousands (except per share data))







Operating Revenues







Regulated Energy
$          687.8
$         583.4
$          190.0
$         153.7Unregulated Energy
271.9
228.4
76.6
68.3Other businesses and eliminations
(29.7)
(24.6)
(7.7)
(7.0)Total Operating Revenues
930.0
787.2
258.9
215.0Operating Expenses







Natural gas and electricity costs
193.8
144.2
56.5
38.6Propane and natural gas costs
97.7
75.6
26.3
22.2Operations
229.3
210.1
62.8
56.7FCG transaction and transition-related expenses
1.2
4.0
0.2
0.9Maintenance
23.9
22.5
6.4
5.9Depreciation and amortization
91.7
65.7
24.0
13.9Other taxes
36.5
36.9
8.9
9.9Total operating expenses
674.1
559.0
185.1
148.1Operating Income
255.9
228.2
73.8
66.9Other income, net
9.6
2.0
8.4
0.3Interest charges
72.5
68.4
18.4
17.5Income Before Income Taxes
193.0
161.8
63.8
49.7Income Taxes
52.7
43.2
17.7
13.0Net Income
$          140.3
$         118.6
$            46.1
$           36.7








Weighted Average Common Shares Outstanding:







Basic
23,389
22,469
23,754
22,838Diluted
23,488
22,531
23,867
22,914








Earnings Per Share of Common Stock:







Basic
$            6.00
$           5.28
$            1.94
$           1.60Diluted
$            5.97
$           5.26
$            1.93
$           1.60








Adjusted Net Income and Adjusted Earnings Per Share







Net Income (GAAP)
$          140.3
$         118.6
$            46.1
$           36.7FCG transaction and transition-related expenses, net (1)
0.8
2.9
0.1
0.6Adjusted Net Income (Non-GAAP)**
$          141.1
$         121.5
$            46.2
$           37.3








Earnings Per Share - Diluted (GAAP)
$            5.97
$           5.26
$            1.93
$           1.60FCG transaction and transition-related expenses, net (1)
0.04
0.13
0.01
0.03Adjusted Earnings Per Share - Diluted (Non-GAAP)**
$            6.01
$           5.39
$            1.94
$           1.63
(1) Transaction and transition-related expenses represent costs attributable to the acquisition and integration of FCG including, but not limited to, transition services, consulting, system integration, rebranding and legal fees. Chesapeake Utilities Corporation and SubsidiariesConsolidated Balance Sheets (Unaudited) 

As of December 31,Assets
2025
2024(in millions, except shares and per share data)



Property, Plant and Equipment



Regulated Energy
$               2,941.6
$               2,661.8Unregulated Energy
492.4
463.7Other businesses
38.3
29.9Total property, plant and equipment
3,472.3
3,155.4Less: Accumulated depreciation and amortization
(637.6)
(567.6)Plus: Construction work in progress
283.7
148.1Net property, plant and equipment
3,118.4
2,735.9Current Assets



Cash and cash equivalents
1.8
7.9Trade and other receivables
106.9
80.0Less: Allowance for credit losses
(5.4)
(3.3)Trade and other receivables, net
101.5
76.7Accrued revenue
50.1
37.8Propane inventory, at average cost
8.8
8.9Other inventory, at average cost
17.9
18.0Regulatory assets
29.7
23.9Storage gas prepayments
4.5
3.8Income taxes receivable
—
6.8Prepaid expenses
19.7
17.3Derivative assets, at fair value
—
0.6Other current assets
3.0
2.6Total current assets
237.0
204.3Deferred Charges and Other Assets



Goodwill
507.5
507.7Other intangible assets, net
13.2
15.0Investments, at fair value
17.2
14.4Derivative assets, at fair value
—
0.1Operating lease right-of-use assets
9.9
10.5Regulatory assets
74.3
77.4Receivables and other deferred charges
17.3
11.7Total deferred charges and other assets
639.4
636.8Total Assets
$               3,994.8
$               3,577.0 Chesapeake Utilities Corporation and Subsidiaries Consolidated Balance Sheets (Unaudited) 

As of December 31,Capitalization and Liabilities
2025
2024(in millions, except shares and per share data)



Capitalization



Stockholders' equity



Preferred stock, par value $0.01 per share (authorized 2,000,000 shares),
no shares issued and outstanding
$                       —
$                       —Common stock, par value $0.4867 per share (authorized 75,000,000
shares)
11.6
11.1Additional paid-in capital
962.8
830.5Retained earnings
626.8
550.3Accumulated other comprehensive loss
(2.7)
(1.7)Deferred compensation obligation
12.6
9.8Treasury stock
(12.6)
(9.8)Total stockholders' equity
1,598.5
1,390.2Long-term debt, net of current maturities
1,327.1
1,261.7Total capitalization
2,925.6
2,651.9Current Liabilities



Current portion of long-term debt
134.6
25.5Short-term borrowing
158.0
196.5Accounts payable
115.2
78.3Customer deposits and refunds
45.1
45.7Accrued interest
8.7
4.8Dividends payable
16.4
14.7Accrued compensation
21.6
23.9Regulatory liabilities
14.5
16.1Derivative liabilities, at fair value
0.8
—Other accrued liabilities
15.0
13.9Total current liabilities
529.9
419.4Deferred Credits and Other Liabilities



Deferred income taxes
313.3
296.1Regulatory liabilities
188.1
184.0Environmental liabilities
2.9
2.2Other pension and benefit costs
14.0
13.2Derivative liabilities, at fair value
0.6
0.1Operating lease - liabilities
7.9
8.7Deferred investment tax credits and other liabilities
12.5
1.4Total deferred credits and other liabilities
539.3
505.7Environmental and other commitments and contingencies (1)



Total Capitalization and Liabilities
$               3,994.8
$               3,577.0
(1) Refer to Note 18 and 19 in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 for further information. Chesapeake Utilities Corporation and SubsidiariesDistribution Utility Statistical Data (Unaudited) 
For Three Months Ended December 31, 2025
For the Three Months Ended December 31, 2024
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
Distribution
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
DistributionOperating Revenues
(in millions)







  Residential$                27.4
$                28.3
$                10.4
$                19.4
$                25.0
$                11.6  Commercial and Industrial13.4
48.7
11.8
12.7
43.8
10.8  Other (1)13.6
21.1
1.6
3.9
15.2
(2.2)Total Operating Revenues$                54.4
$                98.1
$                23.8
$                36.0
$                84.0
$                20.2











Volumes (in Dts for natural gas and MWHs for electric)






  Residential1,265,722
1,013,538
65,401
1,003,547
1,039,219
68,174  Commercial and Industrial2,393,889
12,020,096
84,940
2,971,382
11,862,864
94,706  Other70,569
1,307,859
—
73,255
1,548,856
—Total 3,730,180
14,341,493
150,341
4,048,184
14,450,939
162,880











Average Customers









  Residential106,917
213,125
26,008
103,308
208,090
25,781  Commercial and Industrial8,485
17,416
7,479
8,425
17,224
7,315  Other27
139
—
21
123
—Total 115,429
230,680
33,487
111,754
225,437
33,096











 
For the Twelve Months Ended December 31, 2025
For the Twelve Months Ended December 31, 2024
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
Distribution
Delmarva NG
Distribution
Florida
Natural Gas
Distribution
FPU Electric
DistributionOperating Revenues
(in millions)







  Residential$              101.6
$              112.3
$                49.9
$                79.4
$              101.2
$                50.3  Commercial and Industrial54.2
194.1
44.5
47.7
176.5
48.1  Other (1)11.9
55.8
9.5
1.7
32.9
(5.8)Total Operating Revenues$              167.7
$              362.2
$              103.9
$              128.8
$              310.6
$                92.6











Volumes (in Dts for natural gas and MWHs for electric)







  Residential5,408,011
4,172,387
318,748
4,502,823
4,121,542
311,628  Commercial and Industrial10,300,217
47,550,094
366,853
10,559,929
49,637,394
396,393  Other293,693
6,346,023
—
280,468
8,077,755
—Total 16,001,921
58,068,504
685,601
15,343,220
61,836,691
708,021











Average Customers









  Residential105,737
211,478
26,026
101,610
205,756
25,756  Commercial and Industrial8,482
17,340
7,490
8,379
17,078
7,350  Other26
131
—
25
113
—Total 114,245
228,949
33,516
110,014
222,947
33,106












 (1) Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties and adjustments for pass-through taxes. 



View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-fiscal-year-2025-results-302697596.htmlSOURCE Chesapeake Utilities Corporation

Original: CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2025 RESULTS

Chesapeake Utilities Corporation Announces Quarterly DividendFebruary 25, 2026 12:28 PM
PR Newswire (US)

DOVER, Del., Feb. 25, 2026 /PRNewswire/ -- At their meeting held today, the Board of Directors of Chesapeake Utilities Corporation (NYSE: CPK) declared a quarterly cash dividend of $0.685 per share on the Company's common stock. The $0.685 per share dividend will be paid on April 6, 2026, to all shareholders of record at the close of business on March 16, 2026.







With this dividend, Chesapeake Utilities will have paid dividends to its shareholders without interruption for 65 years and since 2004, has increased its annualized dividend every year.About Chesapeake Utilities Corporation: Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.For more information, contact:
Lucia Dempsey
Head of Investor Relations

Chesapeake Utilities to Host its Fourth Quarter and Full-Year 2025 Earnings Conference Call and Webcast on February 26, 2026February 17, 2026 8:00 AM
PR Newswire (US)

DOVER, Del., Feb. 17, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) will host a conference call on Thursday, February 26, 2026 at 8:30 a.m. ET to discuss the Company's financial results for the fourth quarter and full year ended December 31, 2025. The earnings press release will be issued on Wednesday, February 25, 2026, after market close.







To listen to the Company's conference call via live webcast, please register here prior to the call. The accompanying presentation will also be available in the registration link for listeners to follow along during the webcast.For investors and analysts that wish to participate by phone for the question and answer portion of the call, please use the following dial-in information:Toll-free: 800-245-3047
International: 203-518-9765
Conference ID: CPKQ425The conference call presentation will also be made available by visiting the Events & Presentations section of the Investors page on www.chpk.com. After the conclusion of the call, a replay will be available by visiting the same section of the Company's website as noted above. Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange (NYSE:CPK). Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.For more information, contact:
Lucia Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com  



View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-to-host-its-fourth-quarter-and-full-year-2025-earnings-conference-call-and-webcast-on-february-26-2026-302689304.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities to Host its Fourth Quarter and Full-Year 2025 Earnings Conference Call and Webcast on February 26, 2026

Chesapeake Utilities to Provide Natural Gas Service for New Sussex Technical High School CampusFebruary 13, 2026 9:08 AM
PR Newswire (US)

Energy infrastructure to support Delaware's largest school construction project.DOVER, Del., Feb. 13, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) and The Sussex County Vocational Technical School District (SCVTSD) announced plans to provide natural gas service to the new Sussex Technical High School campus currently under construction in Sussex County, Delaware.







New Sussex Tech High School under construction, Delaware's largest, with natural gas service from Chesapeake Utilities.The new campus represents the largest school construction initiative in Delaware history, with an estimated cost of approximately $249 million. Construction is underway on a new 400,000+-square-foot, three-story academic facility adjacent to the existing campus. The new building will increase student capacity from approximately 1,375 to 1,800 high school students and 3500+ Adult Education students, with room for future expansion. Since breaking ground in October 2024, the project has progressed toward a planned opening in September 2027.To support the expanded campus, Chesapeake Utilities is constructing a nearly four-mile natural gas main extension to deliver energy service to the school. The infrastructure will supply natural gas for key building systems, supporting the operational needs of the new facility and providing long-term reliability.The Sussex County Vocational Technical School District Board of Education voted to transition the campus to natural gas as part of its redevelopment effort, reflecting a focus on performance, modernization and reliability while reducing reliance on fuel oil and propane."Our new campus is designed to support students, educators and the broader community well into the future," said Kevin E. Carson, Ed.D., superintendent of the Sussex County Vocational Technical School District. "Reliable energy service is a critical part of delivering on our mission and vision.""Large educational campuses require energy solutions that are proven and resilient," said Jeff Sylvester, senior vice president and chief operating officer of Chesapeake Utilities Corporation. "We're proud to assist Sussex Tech with a project supporting education and long-term community growth by expanding safe and reliable natural gas service in Delaware."Together, Chesapeake Utilities and Sussex Technical High School view this project as an investment in the region's future through modern infrastructure and dependable energy solutions.About Chesapeake Utilities Corporation Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.About Sussex County Vocational Technical School DistrictLocated in Sussex County, Delaware, Sussex County Vocational Technical School District provides high-quality career and technical education to approximately 1,375 high school students and more than 3,500 adult learners through rigorous academics, hands-on instruction, apprenticeships and strong industry and community partnerships. Learn more at www.sussexvt.org.Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia Dempsey
Head of Investor Relations
347.804.9067
LDempsey@chpk.com 










View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-to-provide-natural-gas-service-for-new-sussex-technical-high-school-campus-302687700.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities to Provide Natural Gas Service for New Sussex Technical High School Campus

Chesapeake Utilities Corporation Selected to Explore Natural Gas Pipeline Expansion to Virginia's Eastern ShoreFebruary 5, 2026 4:15 PM
PR Newswire (US)

DOVER, Del., Feb. 5, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) announced the Accomack County Board of Supervisors has awarded the Company its natural gas expansion bid, authorizing Chesapeake Utilities to begin engineering a new natural gas system it will construct, own and operate to enhance energy reliability on Virginia's Eastern Shore.







Chesapeake Utilities announced the Accomack Co. Board of Supervisors awarded the Company its natural gas expansion bid.Accomack County will contribute $6.5 million through a state grant to initiate a project that would extend natural gas pipeline infrastructure from outside Princess Anne, Maryland, to Temperanceville, Virginia. The pipeline is intended to serve homes and major employers including the NASA Wallops Flight Facility, Wallops Island operations and regional poultry facilities. Once complete, the system will provide businesses and residents with a lower-cost, reliable energy alternative to electricity and heating oil."Access to natural gas is an essential catalyst for economic growth," said Jeff Householder, president, CEO and chair of the board. "We're proud to partner with Accomack County and the Commonwealth of Virginia to explore infrastructure that will support employers, attract new industry and lower energy costs for the community."A 2022 state-commissioned study identified natural gas access as a key driver of future economic development for the region as Accomack County currently has no access to piped natural gas. The project will expand access to affordable energy, support economic development, and ensure the long-term availability of reliable and sustainable natural gas services. Funding will be used to begin the first phase of the project including engineering, permitting, land acquisition and developing a capital investment estimate.About Chesapeake Utilities Corporation Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions and other businesses. For more information, visit www.chpk.com.Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia M. Dempsey
Director, Investor Relations
347.804.9067
LDempsey@chpk.com 



View original content to download multimedia:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-selected-to-explore-natural-gas-pipeline-expansion-to-virginias-eastern-shore-302680660.htmlSOURCE Chesapeake Utilities Corporation

Original: Chesapeake Utilities Corporation Selected to Explore Natural Gas Pipeline Expansion to Virginia's Eastern Shore

Florida City Gas and Florida Public Utilities Named 2025 Utility Customer Champions by EscalentJanuary 30, 2026 11:30 AM
PR Newswire (US)

DOVER, Del., Jan. 30, 2026 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) announced that subsidiaries Florida City Gas and Florida Public Utilities have been recognized as 2025 Utility Customer Champions by Escalent, a leading data analytics and advisory firm serving the energy and utility industry. The two utilities are among just 36 providers nationwide honored for delivering exceptional service and demonstrating a strong commitment to customer satisfaction.







"These honors reflect the strength of our teams and our shared commitment to delivering safe, reliable, customer-focused service every day," said Jeff Sylvester, senior vice president and chief operating officer.The Utility Customer Champion designation is based on Escalent's comprehensive research and analysis of customer experiences across the industry. This achievement underscores the subsidiaries' dedication to earning customer trust, providing customer-centric support, and building strong, long-term relationships with the residential communities they serve."We're committed to putting the customer at the center of everything we do and strive to be a customer champion each and every day," said Kim Estrada, assistant vice president, customer operations. "We're honored to receive this recognition as we continue working to provide the best possible experience for our customers."Utilities earning the Customer Champion designation score within the top decile of Escalent's Engaged Customer Relationship Index. Both Florida City Gas and Florida Public Utilities achieved strong scores of 769.This marks Florida Public Utilities' first time receiving the Customer Champion designation and Florida City Gas' fourth recognition from Escalent. Florida City Gas was previously named a 2024 Customer Champion, 2023 Easiest to Do Business With Brand, and 2022 Most Trusted Utility Brand among residential customers.About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange. Chesapeake Utilities Corporation offers sustainable energy solutions through its natural gas transmission and distribution, electricity generation and distribution, propane gas distribution, mobile compressed natural gas utility services and solutions, and other businesses. For more information, visit www.chpk.com.About Florida City Gas
Florida City Gas provides natural gas service to more than 122,500 residential, commercial and industrial customers in Florida's Miami-Dade, Broward, Brevard, Palm Beach, Hendry, Martin, St. Lucie and Indian River counties. Acquired by Chesapeake Utilities in 2023, Florida City Gas owns and operates approximately 3,980 miles of distribution and 80 miles of transmission pipeline. For more information about Florida City Gas, visit: floridacitygas.com.About Florida Public Utilities Company
Florida Public Utilities Company is a wholly owned subsidiary of Chesapeake Utilities Corporation (NYSE: CPK). Headquartered in Yulee, Florida, FPU distributes natural gas and propane and provides electric services to more than 153,000 customers in markets throughout Florida. For more information about Florida Public Utilities, visit: fpuc.com.Media
Alexander Nye
Director, Strategic Communications
727.754.0136
ANye@chpk.comInvestors
Lucia M. Dempsey
Director, Investor Relations
347.804.9067
LDempsey@chpk.com



View original content to download multimedia:https://www.prnewswire.com/news-releases/florida-city-gas-and-florida-public-utilities-named-2025-utility-customer-champions-by-escalent-302675179.htmlSOURCE Chesapeake Utilities Corporation

Original: Florida City Gas and Florida Public Utilities Named 2025 Utility Customer Champions by Escalent

8k out

Morgan Stanley (NYSE: MS) recently released research that suggests it could take years for unemployment to reach a level that will prompt the Fed to finally raise rates. In December the Federal Open Market Committee established a rate of 6.5% as the target at which it will begin raising the Fed funds rate (currently 0 to 0.25%). The middle-of-the-road scenario, which assumes no change in the labor force participation rate (now 63.6%) and average job creation of 150,000 monthly, projects 6.58 years.

There are multiple variables, of course. A falling participation rate—which ironically enough would typically be prompted by a worsening economy—could bring unemployment to 6.5% sooner, assuming poorer conditions did not simultaneously crush job creation. Conversely, a rise in the participation rate back to the 2012 level of 64.2% would turn that 6.5 year timeline into 16 years if there were no corresponding improvement in job creation. The Fed’s own figures show unemployment falling by 0.22% annually if GDP growth is in the 2.25% to 2.75% range, which also puts 6.5% between five and six years away.

A predictable interest rate environment has many implications, but we’re going to examine what it means for a very capital-intensive industry: utilities. Aside from the direct benefit of low rates for financing equipment upgrades and expansion, with paltry rates on most fixed income investments a solid, dividend-paying sector like utilities becomes more attractive.

One candidate is Chesapeake Utilities Corp. (NYSE:CPK), not to be confused with the much larger Chesapeake Energy (NYSE:CHK). Chesapeake Utilities is engaged in natural gas and some electric distribution up and down the Eastern Seaboard from Delaware to Florida, and also operates natural gas pipelines in the Northeast. With low long-term natural gas prices, the lion’s share of new electrical generation is based on natural gas, and there is an opportunity to replace higher-priced home heating options like heating oil with cheaper and more environmentally friendly gas.

Chesapeake is now at a P/E of 17.1, slightly below the 18.5 of its peer group. What is striking is that its long-term debt to equity is 0.4 compared to 0.8 for its peer group and 1.1 for the industry. This means the company has the elbow room to accomplish infrastructure upgrades or expansion with inexpensive capital.

At this point the stock is only 2.15% off its 52-week high, its last close at 47.87, and for most of the first half of 2012 it traded in a range between 40 and 43. Consequently, it will need to come down slightly to be a bargain. Chesapeake is paying a 0.365 quarterly dividend.

Water is an increasingly contested resource in many parts of the world and even the U.S., particularly the West. One company providing water to what are essentially captive markets is Consolidated Water Co., Ltd. (NASDAQ:CWCO). Consolidated operates in Belize, the Bahamas, the Caymans, and the British Virgin Islands, providing retail and commercial water supplies with seawater desalinization plants. Thomson Reuters upgraded the stock on January 11, but it is still at a 4 out of 10 (the low end of neutral); Second Opinion upgraded Consolidated to Long on January 14.

At this point the stock is only 6.06% off its 52-week high but 27.31% off its 52-week low, so based on price performance over the trailing twelve months, it seems likely that Consolidated will head lower soon, at which point it will become a better buy. Its P/E of 19.2 is slightly below the industry average of 20.8, but more significantly, like Chesapeake Consolidated has minimal debt at this time. Total debt to equity is only 0.1 versus 3.3 for its peers, which means it is well-positioned to take advantage of low capital market rates.

Utilities in general have suffered from the weak housing market, but for companies like these that have low long-term debt ratios the current low-cost capital market offers an opportunity. Should either of them decide to leverage this opportunity, such a move would make them even more attractive.

See the full story and more here... http://emerginggrowth.com/investing_today/years-of-low-interest-rates-ahead-check-out-dividend-paying-utilities/01/24/2013

~ Monday! $CPK ~ Earnings posted, pending or coming soon! In Charts and Links Below!

~ $CPK ~ Earnings expected on Monday *
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CPK just might have made a double bottom today...