10-Q 1 cpk-20220930.htm 10-Q cpk-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended: September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                       to                      
Commission File Number: 001-11590 
CHESAPEAKE UTILITIES CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 51-0064146
(State or other jurisdiction
of incorporation or organization)
 (I.R.S. Employer
Identification No.)
500 Energy Lane, Dover, Delaware 19901
(Address of principal executive offices, including Zip Code)
(302) 734-6799
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock - par value per share $0.4867CPKNew York Stock Exchange, Inc.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No   

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company




If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Common Stock, par value $0.486717,741,034 shares outstanding as of October 28, 2022.


Table of Contents
 



GLOSSARY OF DEFINITIONS
Adjusted Gross Margin: a non-GAAP measure calculated 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
Aspire Energy: Aspire Energy of Ohio, LLC, a wholly-owned subsidiary of Chesapeake Utilities
Aspire Energy Express: Aspire Energy Express, LLC, a wholly-owned subsidiary of Chesapeake Utilities
ASU: Accounting Standards Update issued by the FASB
ATM: At-the-market
CARES Act: Coronavirus Aid, Relief, and Economic Security Act
CDC: U.S. Centers for Disease Control and Prevention
CDD: Cooling Degree-Day
CFG: Central Florida Gas Company, a division of Chesapeake Utilities
Chesapeake or Chesapeake Utilities: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
CHP: Combined Heat and Power Plant
Company: Chesapeake Utilities Corporation, its divisions and subsidiaries, as appropriate in the context of the disclosure
COVID-19: An infectious disease caused by a coronavirus
CNG: Compressed natural gas
Davenport Energy: An entity from whom we acquired certain propane operating assets in North Carolina.
Degree-day: Measure of the variation in the weather based on the extent to which the average daily temperature (from 10:00 am to 10:00 am) falls above (CDD) or below (HDD) 65 degrees Fahrenheit
Delmarva Peninsula: A peninsula on the east coast of the U.S. occupied by Delaware and portions of Maryland and Virginia
Diversified Energy: Diversified Energy Company an entity from whom we acquired certain propane operating assets in North Carolina, South Carolina, Virginia, and Pennsylvania
DRIP: Dividend Reinvestment and Direct Stock Purchase Plan
Dt(s): Dekatherm(s), which is a natural gas unit of measurement that includes a standard measure for heating value
Dts/d: Dekatherms per day
Eastern Shore: Eastern Shore Natural Gas Company, a wholly-owned subsidiary of Chesapeake Utilities
Eight Flags: Eight Flags Energy, LLC, a wholly-owned subsidiary of Chesapeake Utilities

Elkton Gas: Elkton Gas Company, a wholly-owned subsidiary of Chesapeake Utilities

Escambia Meter Station: A natural gas metering station owned by Peninsula Pipeline Company located in Escambia County,
Florida

ESG: Environmental, Social and Governance

FASB: Financial Accounting Standards Board
FERC: Federal Energy Regulatory Commission


FGT: Florida Gas Transmission Company
Florida OPC: The Office of Public Counsel, an agency established by the Florida legislature who advocates on behalf of Florida's utility consumers prior to actions or rule changes
FPU: Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities
GAAP: Generally Accepted Accounting Principles
Guernsey Power Station: Guernsey Power Station, LLC, a partner with Aspire Energy Express in the construction of a power generation facility in Ohio
GRIP: Gas Reliability Infrastructure Program
Gross Margin: a term under U.S. GAAP which is the excess of sales over costs of goods sold
Gulfstream: Gulfstream Natural Gas System, LLC, an unaffiliated pipeline network that supplies natural gas to FPU
HDD: Heating Degree-Day
LNG: Liquefied Natural Gas
Marlin Gas Services: Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities
MetLife: MetLife Investment Advisors, an institutional debt investment management firm, with which we have previously issued Senior Notes and which is a party to the current MetLife Shelf Agreement, as amended
MGP: Manufactured gas plant, which is a site where coal was previously used to manufacture gaseous fuel for industrial, commercial and residential use
Peninsula Pipeline: Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Peoples Gas: Peoples Gas System, an Emera Incorporated subsidiary
Prudential: Prudential Investment Management Inc., an institutional investment management firm, with which Chesapeake Utilities entered into a previous Shelf Agreement and issued Shelf Notes
PSC: Public Service Commission, which is the state agency that regulates utility rates and/or services in certain of our jurisdictions
Revolver: Our $400.0 million unsecured revolving credit facility with certain lenders
RNG: Renewable natural gas
Sandpiper Energy: Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
SEC: Securities and Exchange Commission
Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
Sharp: Sharp Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Shelf Agreement: An agreement entered into by Chesapeake Utilities and a counterparty pursuant to which Chesapeake Utilities may request that the counterparty purchase our unsecured senior debt with a fixed interest rate and a maturity date not to exceed 20 years from the date of issuance
Shelf Notes: Unsecured senior promissory notes issuable under the Shelf Agreement executed with various counterparties
SICP: 2013 Stock and Incentive Compensation Plan
SOFR: Secured Overnight Financing Rate, a secured interbank overnight interest rate established as an alternative to LIBOR
TCJA: Tax Cuts and Jobs Act enacted on December 22, 2017
TETLP: Texas Eastern Transmission, LP, an interstate pipeline interconnected with Eastern Shore's pipeline


Uncollateralized Senior Notes: Our unsecured long-term debt issued primarily to insurance companies on various dates
U.S.: The United States of America


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(in thousands, except shares and per share data)  
Operating Revenues
Regulated Energy$90,980 $80,396 $311,064 $282,503 
Unregulated Energy and other 40,073 26,939 182,339 127,101 
Total Operating Revenues131,053 107,335 493,403 409,604 
Operating Expenses
Regulated natural gas and electric costs21,248 15,294 88,264 72,785 
Unregulated propane and natural gas costs22,958 12,072 100,236 55,578 
Operations40,182 34,075 120,981 109,886 
Maintenance4,501 4,267 13,273 12,568 
Depreciation and amortization17,339 15,798 51,532 46,460 
Other taxes6,177 5,716 19,136 18,039 
Total Operating Expenses112,405 87,222 393,422 315,316 
Operating Income18,648 20,113 99,981 94,288 
Other income, net957 327 4,454 2,155 
Interest charges6,240 4,975 17,404 15,134 
Income Before Income Taxes13,365 15,465 87,031 81,309 
Income Taxes3,703 2,990 23,385 20,555 
Net Income$9,662 $12,475 $63,646 $60,754 
Weighted Average Common Shares Outstanding:
Basic17,737,984 17,582,115 17,715,845 17,538,461 
Diluted17,819,373 17,659,643 17,797,001 17,610,158 
Earnings Per Share of Common Stock:
Basic$0.54 $0.71 $3.59 $3.46 
Diluted$0.54 $0.71 $3.58 $3.45 
    
The accompanying notes are an integral part of these financial statements.



1


Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(in thousands)  
Net Income$9,662 $12,475 $63,646 $60,754 
Other Comprehensive Income (Loss), net of tax:
Employee Benefits, net of tax:
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively(14)(14)(42)(42)
Net gain, net of tax of $11, $28, $34 and $83, respectively32 78 95 234 
Cash Flow Hedges, net of tax:
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $(1,111), $688, $(1,115) and $1,945, respectively(2,939)1,803 (2,907)5,094 
Unrealized gain on interest rate swap cash flow hedges, net of tax of $54, $5, $54 and $6, respectively153 14 153 18 
Total Other Comprehensive Income (Loss), net of tax(2,768)1,881 (2,701)5,304 
Comprehensive Income$6,894 $14,356 $60,945 $66,058 
The accompanying notes are an integral part of these financial statements.


2

Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
AssetsSeptember 30,
2022
December 31,
2021
(in thousands, except shares and per share data)  
Property, Plant and Equipment
Regulated Energy$1,784,939 $1,720,287 
Unregulated Energy385,067 357,259 
Other businesses and eliminations30,701 35,418 
Total property, plant and equipment2,200,707 2,112,964 
Less: Accumulated depreciation and amortization(449,026)(417,479)
Plus: Construction work in progress42,359 49,393 
Net property, plant and equipment1,794,040 1,744,878 
Current Assets
Cash and cash equivalents2,480 4,976 
Trade and other receivables 37,278 61,623 
Less: Allowance for credit losses(2,953)(3,141)
Trade and other receivables, net34,325 58,482 
Accrued revenue15,883 22,513 
Propane inventory, at average cost8,797 11,644 
Other inventory, at average cost11,828 9,345 
Regulatory assets45,624 19,794 
Storage gas prepayments7,443 3,691 
Income taxes receivable18,859 17,460 
Prepaid expenses17,823 17,121 
Derivative assets, at fair value4,552 7,076 
Other current assets1,589 1,033 
Total current assets169,203 173,135 
Deferred Charges and Other Assets
Goodwill45,158 44,708 
Other intangible assets, net13,751 13,192 
Investments, at fair value9,895 12,095 
Operating lease right-of-use assets 14,916 10,139 
Regulatory assets97,283 104,173 
       Receivables and other deferred charges13,176 12,549 
Total deferred charges and other assets194,179 196,856 
Total Assets$2,157,422 $2,114,869 
 
The accompanying notes are an integral part of these financial statements.

3

Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Capitalization and LiabilitiesSeptember 30,
2022
December 31,
2021
(in thousands, 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 50,000,000 shares)8,634 8,593 
Additional paid-in capital378,261 371,162 
Retained earnings428,941 393,072 
Accumulated other comprehensive income(1,398)1,303 
Deferred compensation obligation7,003 7,240 
Treasury stock(7,003)(7,240)
Total stockholders’ equity814,438 774,130 
Long-term debt, net of current maturities583,833 549,903 
Total capitalization1,398,271 1,324,033 
Current Liabilities
Current portion of long-term debt21,478 17,962 
Short-term borrowing167,332 221,634 
Accounts payable46,811 52,628 
Customer deposits and refunds37,825 36,488 
Accrued interest4,898 2,775 
Dividends payable9,490 8,466 
Accrued compensation10,355 15,505 
Regulatory liabilities3,506 2,312 
Derivative liabilities, at fair value2,051 743 
Other accrued liabilities25,105 17,920 
Total current liabilities328,851 376,433 
Deferred Credits and Other Liabilities
Deferred income taxes248,702 233,550 
Regulatory liabilities143,645 142,488 
Environmental liabilities2,901 3,538 
Other pension and benefit costs20,228 24,120 
Operating lease - liabilities 12,975 8,571 
Deferred investment tax credits and other liabilities1,849 2,136 
Total deferred credits and other liabilities430,300 414,403 
Environmental and other commitments and contingencies (Notes 6 and 7)
Total Capitalization and Liabilities$2,157,422 $2,114,869 
The accompanying notes are an integral part of these financial statements.


4

Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
20222021
(in thousands)  
Operating Activities
Net income$63,646 $60,754 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization51,532 46,460 
Depreciation and accretion included in other costs8,280 7,668 
Deferred income taxes16,216 18,059 
Realized gain on commodity contracts and sale of assets(7,247)(6,255)
Unrealized loss (gain) on investments/commodity contracts2,358 (949)
Employee benefits and compensation(780)(519)
Share-based compensation4,705 4,620 
Changes in assets and liabilities:
Accounts receivable and accrued revenue30,692 22,439 
Propane inventory, storage gas and other inventory(3,338)(4,396)
Regulatory assets/liabilities, net(27,454)(6,562)
Prepaid expenses and other current assets5,528 (6,813)
Accounts payable and other accrued liabilities(809)18,325 
Income taxes receivable(1,399)183 
Customer deposits and refunds1,337 2,480 
Accrued compensation(5,445)(740)
Other assets and liabilities, net(1,812)(1,970)
Net cash provided by operating activities136,010 152,784 
Investing Activities
Property, plant and equipment expenditures(98,028)(148,213)
Proceeds from sale of assets3,544 727 
Acquisitions, net of cash acquired(2,006) 
Environmental expenditures(637)(590)
Net cash used in investing activities(97,127)(148,076)
Financing Activities
Common stock dividends(25,867)(23,287)
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees4,438 7,069 
Tax withholding payments related to net settled stock compensation(2,838)(1,478)
Change in cash overdrafts due to outstanding checks(189)(508)
Net advances (repayments) under line of credit agreements(54,289)16,392 
Proceeds from long-term debt, net of offering fees49,859 9,590 
Repayment of long-term debt(12,493)(10,099)
Net cash used in financing activities(41,379)(2,321)
Net Increase (Decrease) in Cash and Cash Equivalents(2,496)2,387 
Cash and Cash Equivalents—Beginning of Period4,976 3,499 
Cash and Cash Equivalents—End of Period$2,480 $5,886 
The accompanying notes are an integral part of these financial statements.

5

Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
 
 
Common Stock (1)
    
(in thousands, except shares and per share data)
Number of
Shares(2)
Par
Value
Additional Paid-In
Capital
Retained
Earnings
Accumulated 
Other Comprehensive
Income/(Loss)
Deferred
Compensation
Treasury
Stock
Total
Balance at June 30, 202117,567,928 $8,550 $357,520 $374,936 $558 $7,203 $(7,203)$741,564 
Net income— — — 12,475 — — — 12,475 
Other comprehensive income— — — — 1,881 — — 1,881 
Dividend declared ($0.480 per share)— — — (8,514)— — — (8,514)
Dividend reinvestment plan19,906 10 2,441 — — — — 2,451 
Share-based compensation and tax benefit (3)(4)
  1,105 — — — — 1,105 
Treasury stock activities— — — — — (17)17  
Balance at September 30, 202117,587,834 $8,560 $361,066 $378,897 $2,439 $7,186 $(7,186)$750,962 
Balance at December 31, 202017,461,841 $8,499 $348,482 $342,969 $(2,865)$5,679 $(5,679)$697,085 
Net income— — — 60,754 — — — 60,754 
Other comprehensive income— — — — 5,304 — — 5,304 
Dividends declared ($1.400 per share)— — — (24,826)— — — (24,826)
Dividend reinvestment plan80,022 39 9,247 — — — — 9,286 
Share-based compensation and tax benefit (3) (4)
45,971 22 3,337 — — — — 3,359 
Treasury stock activities— — — — — 1,507 (1,507) 
Balance at September 30, 202117,587,834 $8,560 $361,066 $378,897 $2,439 $7,186 $(7,186)$750,962 
Balance at June 30, 202217,734,794 $8,632 $376,866 $428,833 $