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CPK News
CPK Events
Chesapeake Utilities Launches $225M At-the-Market Equity Offering Program
Chesapeake Utilities announced that it has established an at-the-market equity offering program to sell shares of its common stock having an aggregate sales price of up to $225M. The company established the ATM Program pursuant to an equity distribution agreement entered into with Barclays Capital Inc., Citizens JMP Securities, LLC, Ladenburg Thalmann & Co. Inc., Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities LLC, as managers (in such capacity, Barclays Bank PLC, Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, Royal Bank of Canada and The Toronto-Dominion Bank, as forward purchasers, and Barclays Capital Inc., Citizens JMP Securities, LLC, Morgan Stanley & Co. LLC, RBC Capital Markets, LLC and TD Securities LLC, as affiliated forward sellers.
Chesapeake Utilities Files to Sell Common Stock
Chesapeake Utilities files to sell common stock, no amount given
Chesapeake Utilities Sells 49% Stake in Florida Energy Pathway
Chesapeake Utilities announced it sold a minority interest in Florida Energy Pathway, FEP, a natural gas transmission infrastructure project designed to support South Florida's growing energy needs. Under the agreement, Peninsula will retain 51% ownership of the project and NextEra Energy Resources, NEER, will acquire a 49% minority ownership interest. The joint venture engaged Chesapeake Utilities' subsidiary, Peninsula Pipeline Company, to construct, manage and operate the project.
Chesapeake Utilities Launches Florida Energy Pathway Project with $1.2B Investment
Chesapeake Utilities and its subsidiary, Peninsula Pipeline Company, announced the Florida Energy Pathway, a new intrastate natural gas infrastructure project in south Florida. This project will be developed, constructed and operated by PPC in order to expand natural gas transportation capacity to address regional supply constraints, enhance system reliability and extend natural gas infrastructure to serve homes and businesses. FEP is anticipated to be a 24-inch intrastate natural gas pipeline originating in Palm Beach County and terminating in Miami-Dade County. The project is anchored by firm commitments totaling nearly 250,000 dekatherms per day from multiple investment grade shippers. Upstream capacity will be supplied by Florida Gas Transmission in conjunction with its Phase IX expansion. PPC is also accepting binding commitments with additional shippers for firm transportation service. Total project investment is estimated to be approximately $1.2B, pending finalization of design and development activities. The project is anticipated to be in service in 2030, subject to final commissioning. Chesapeake Utilities is evaluating options for financing the project and intends to partner with one or more third parties to invest in and own up to 49% of the total project.
Company Q1 Revenue of $353.1M Exceeds Expectations
Reports Q1 revenue $353.1M, consensus $322.2M. "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."
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