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) has completed the 33.1-mile Noble Road Landfill Renewable Natural Gas (RNG) pipeline project, constructed by its subsidiary Aspire Energy. This $7.3 million investment will transport RNG from the Noble Road Landfill, starting in Q4 2021. The project is expected to generate a gross margin of $0.1 million in 2021, increasing to $1 million annually by 2026. The RNG produced will support sustainability efforts and significantly reduce carbon emissions, providing enough energy to fuel 725 biofuel trucks each year.
Chesapeake Utilities Corporation (NYSE: CPK) announces the appointment of Lisa G. Bisaccia to its Board of Directors, effective Oct. 15, 2021. Bisaccia, a retired executive from CVS Health, brings over 40 years of experience in human resources, focusing on employee engagement, diversity, and corporate responsibility. Her expertise is expected to enhance Chesapeake's employee-centric culture and support its business transformation initiatives. The Board expresses confidence in her ability to contribute to stakeholder interests and community enrichment.
Chesapeake Utilities Corporation (NYSE: CPK) has appointed Noah Russell, CPA, as assistant vice president and assistant treasurer, effective after the retirement of Thomas Mahn on December 31, 2021. Russell brings nearly 20 years of experience in finance and strategic planning, having previously worked at Energy Transfer LP and Sunoco. His responsibilities will include overseeing treasury strategy and managing corporate finance and banking relationships. Mahn, who has been a key figure since 2012, will continue to advise the company on strategic projects in 2022.
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Chesapeake Utilities Corporation (NYSE:CPK) will participate in the Sidoti & Company 2021 Fall Virtual Small Cap Conference on September 22-23, 2021. The Company plans to engage in one-on-one meetings with investors and will present on September 23 from 1:45 PM to 2:15 PM ET. A presentation will be accessible on their website before the conference. Chesapeake Utilities focuses on diversified energy services, including natural gas, electricity, and propane distribution, as well as mobile CNG utility services.
Chesapeake Utilities Corporation (NYSE: CPK) announced the appointment of Alexander Whitelam as the new Head of Investor Relations, effective August 24. This role emphasizes the company's commitment to enhancing engagement with shareholders and stakeholders. Whitelam brings extensive experience from his prior positions at AMETEK, Aqua America, and leading financial firms. His expertise aims to drive long-term value and support Chesapeake's strategy in delivering sustainable energy solutions as the industry evolves.
Chesapeake Utilities Corporation (NYSE: CPK) has appointed William Hughston as vice president and chief human resources officer, effective August 16, 2021. Hughston will lead various HR functions, including talent acquisition and employee engagement, with a focus on fostering a culture of equity, diversity, and inclusion. He brings extensive experience, having previously served as senior vice president of HR at Spectra Hospitality, supporting over 25,000 employees. This move aims to strengthen the company's strategic goals and enhance employee relations.
Chesapeake Utilities Corporation (NYSE: CPK) has announced a quarterly cash dividend of $0.48 per share, scheduled for payment on October 5, 2021. Shareholders on record as of September 15, 2021 will receive this payment. The company has a strong track record, having paid uninterrupted dividends for 60 years, consistently maintaining or increasing its annualized payout. Chesapeake operates across various sectors, including natural gas and electricity distribution.
Chesapeake Utilities Corporation (NYSE: CPK) reported a robust financial performance for Q2 2021, with net income from continuing operations rising to $13.8 million ($0.78 per share), up from $10.7 million ($0.64 per share) in 2020. Year-to-date income increased to $48.3 million ($2.75 per share). Key growth drivers included pipeline expansions, acquisitions, and a resurgence in consumption post-pandemic. The company initiated new capital expenditures guidance of $750 million to $1 billion through 2025 and updated EPS forecast to $6.05-$6.25 for 2025.