Welcome to our dedicated page for Chesapeake Utils news (Ticker: CPK), a resource for investors and traders seeking the latest updates and insights on Chesapeake Utils stock.
Chesapeake Utilities Corporation reports developments from a diversified energy delivery business built around regulated and unregulated energy operations. The company distributes natural gas, electricity and propane, transmits natural gas, generates electricity and steam, and provides mobile compressed natural gas and other energy-related services.
Recurring updates cover earnings, adjusted gross margin, capital investment, regulatory initiatives, infrastructure programs, natural gas organic growth, transmission expansion projects, customer consumption, rate proceedings, dividends, and leadership or governance changes. Company-specific developments also include Florida City Gas, Peninsula Pipeline, Aspire Energy Express and other utility and pipeline operations subject to state utility commission or FERC oversight.
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Chesapeake Utilities Corporation (NYSE: CPK) announced that Joe Steinmetz, vice president and controller, was named the 2021 Controller of the Year, Runner-Up, in the medium size/public category by the Controllers Council. Steinmetz praised his team's efforts in achieving aggressive goals, maintaining performance during the pandemic, and implementing efficiencies across finance operations. The award recognizes excellence in financial leadership based on performance metrics, work experience, and community involvement. A virtual event is planned for April 27 to honor the winners.
OPAL Fuels LLC has announced the start of commercial operations at its new facility in Shiloh, Ohio, aimed at capturing waste methane from the Noble Road Landfill. This facility is projected to produce around 6.9 million gallons of RNG annually, significantly reducing methane emissions by approximately 20,000 tons per year and CO2 emissions by more than 48,000 tons. A 33.1-mile pipeline will transport the RNG, helping displace diesel fuel in Rumpke trucks. This initiative aligns with OPAL Fuels' growth strategy and supports environmental sustainability.
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Chesapeake Utilities (NYSE: CPK) reported strong financial results for 2021, posting a net income of $83.5 million or $4.73 per share, a notable increase from $71.5 million or $4.26 per share in 2020. The fourth quarter net income rose to $22.7 million with $1.28 earnings per share, up from $21.7 million and $1.24 the previous year. Key growth drivers included expansion in natural gas distribution, acquisitions, and improved propane business profitability. The company also plans a capital expenditure of $175 million to $200 million in 2022.
Chesapeake Utilities Corporation (NYSE: CPK) has declared a quarterly cash dividend of $0.48 per share, payable on April 5, 2022, to shareholders of record by March 15, 2022. This marks 61 years of uninterrupted dividend payments, with consistent maintenance or increases in the annualized dividend. The company operates in multiple energy sectors including natural gas and electricity distribution.
Chesapeake Utilities Corporation (NYSE: CPK) successfully blended hydrogen with natural gas at its Eight Flags Energy Combined Heat and Power (CHP) plant in Nassau County, Florida. This initiative aims to support sustainability by developing lower carbon energy sources. The project evaluates operational practices for hydrogen blending, with minor modifications allowing a 4% hydrogen blend. An updated air permit and future turbine upgrades will enable higher hydrogen usage. Chesapeake sees opportunities for industrial clients to manage carbon emissions, incorporating hydrogen alongside renewable natural gas and carbon capture technologies.
Chesapeake Utilities Corporation (NYSE: CPK) will hold a conference call on February 24, 2022, at 4:00 p.m. ET to discuss its fourth quarter and full year financial results for the period ending December 31, 2021. The earnings press release will be available on February 23, 2022, after market close. Interested parties can join the call by dialing 877.224.1468 and mentioning the conference.
For additional details and the replay recording, visit www.chpk.com.
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Chesapeake Utilities Corporation (NYSE:CPK) will participate in the Janney Virtual Gas & Electric Utilities Conference on Jan. 12, 2022. Management plans to engage in one-on-one meetings with investment firms and will deliver an investor presentation at 1:00 p.m. ET. The presentation will be accessible beforehand on the Company's website under the 'Investors' section. Chesapeake Utilities is a diversified energy entity involved in natural gas transmission, electricity generation, and other utility services.