Chesapeake Utilities Corporation filings document financial results, governance actions and regulated energy disclosure for an energy delivery company listed on the NYSE. Form 8-K reports furnish earnings releases, conference-call presentations and Regulation FD materials covering adjusted gross margin drivers, capital investment, infrastructure programs, transmission expansion projects and Florida City Gas regulatory activity.
Proxy and annual-meeting filings document director elections, advisory executive-compensation votes, board committee matters and stockholder voting results. Other current reports record officer succession, board appointments and compensatory arrangements tied to the company's regulated and unregulated natural gas, electric, propane and mobile compressed natural gas businesses.
Chesapeake Utilities Corporation entered into a note purchase agreement authorizing the sale and purchase of $250 million aggregate principal amount of unsecured senior notes. $150 million closed and was funded on November 10, 2026; the remaining $100 million is expected to fund on or about December 10, 2026.
The notes comprise three series: $150 million of Series 2026-A notes at 5.84%, due March 15, 2032; $50 million of Series 2026-B notes at 5.74%, due December 10, 2029; and $50 million of Series 2026-C notes at 6.09%, due December 10, 2036. Certain payment defaults or insolvency events may allow acceleration; Required Holders may accelerate for other events of default. Upon a Diversification Event, Noteholders may elect to declare outstanding notes due and payable in full.
Chesapeake Utilities Corporation (CPK) reported third-quarter 2026 operating revenue of $195.8 million, versus $179.6 million a year earlier, and net income of $21.6 million, versus $19.4 million. Diluted earnings per share were $0.89, compared with $0.82. For the first nine months, revenue was $750.8 million and net income was $106.3 million, compared with $671.1 million and $94.2 million; cash provided by operating activities was $301.7 million, versus $198.3 million.
On September 1, subsidiary Peninsula Pipeline Holdings, LLC sold a 49% membership interest in Florida Energy Pathway, LLC (FEP) to FEP Pipeline Holdings, LLC, an indirect subsidiary of NextEra Energy Resources, Inc.; Peninsula Pipeline Holdings retained 51%. FEP's project investment is estimated at approximately $1.2 billion, subject to final engineering, design, permitting, regulatory approvals and other development activities, with service anticipated in 2030. Firm transportation commitments total approximately 250,000 Dts/d, and the company's remaining unfunded capital commitment was approximately $545.7 million as of September 30, 2026.
Chesapeake Utilities Corporation (CPK) reported third-quarter 2026 net income of $21.6 million, versus $19.4 million a year earlier, and diluted EPS of $0.89 versus $0.82. For the nine months ended September 30, 2026, net income was $106.3 million versus $94.2 million and diluted EPS was $4.40 versus $4.03. Total operating revenue was $195.8 million for the quarter and $750.8 million year to date.
Adjusted gross margin, a non-GAAP measure, was $148.7 million for the quarter, up from $137.2 million, and $505.1 million year to date, up from $462.4 million. Unregulated energy revenue fell to $37.8 million from $40.7 million in the quarter; regulated energy revenue was $165.0 million versus $146.4 million.
The company invested $412.8 million in capital year to date and reaffirmed 2026 capital expenditure guidance of $550 million to $600 million and 2028 earnings guidance of $7.75 to $8.00 per share. It announced a joint venture agreement for the $1.2 billion, 97-mile Florida Energy Pathway project. A new at-the-market program provides the option to issue and sell up to $225 million of common stock. Florida City Gas's $16.2 million annualized interim rate increase took effect in July 2026 after regulatory approval.
Chesapeake Utilities Corporation (CPK) established an at-the-market equity program under which it may sell common stock from time to time for an aggregate sales price of up to $225,000,000, including shares sold through forward sale agreements. Sales may be made through managers or forward sellers in ordinary broker, market-maker or negotiated transactions.
For forward sales, Chesapeake initially receives no proceeds from borrowed-share sales and expects proceeds upon future physical settlement on dates it specifies on or before the applicable agreement’s maturity. If it elects cash settlement, it may receive no proceeds and may owe cash; with net share settlement, it will receive no proceeds and may owe common shares. Manager commissions may not exceed 2.0% of gross sale price per share; forward-seller commissions may be up to 2.0% of volume-weighted average sales prices during the forward hedge selling period. Net proceeds, if any, are intended for general corporate purposes, including capital expenditures, repayment of short-term debt or revolving-credit borrowings, acquisitions, subsidiary investments and working capital.
Chesapeake Utilities Corporation (CPK) may offer and sell common stock with an aggregate offering price of up to $225,000,000 through managers or under forward sale agreements. Sales may occur from time to time in at-the-market transactions, privately negotiated transactions, or sales to a Manager as principal.
For sales through Managers as agents, commissions are up to 2% of the gross sales price per share; CPK receives those sales proceeds net of commissions and other issuance or selling costs. CPK initially receives no proceeds from Forward Sellers’ sales of borrowed shares. It expects net cash proceeds at physical settlement; cash settlement may yield no proceeds and may require a cash payment, while net-share settlement yields no proceeds and may require delivery of shares. Net proceeds are intended for general corporate purposes, including capital expenditures, debt repayment, acquisitions, subsidiary investments and working capital.
The prospectus describes potential dilution from shares issued through the offering or forward settlements, and potential cash payment obligations under forward agreements. CPK also states that dividends are at the board’s discretion and are subject to restrictions in certain debt agreements.
Chesapeake Utilities Corporation (CPK) filed a shelf registration for potential common-stock offerings from time to time after the registration statement’s effective date. The amount, price and terms of each offering will be set out in a prospectus supplement.
The company may sell directly or through agents, dealers or underwriters, including through at-the-market offerings. Unless a supplement states otherwise, net proceeds will be added to general corporate funds and may support capital expenditures, short-term debt repayment, acquisitions, investments in subsidiaries or working capital.
Chesapeake Utilities Corporation (CPK) designated Jeffrey S. Sylvester as principal financial officer and Michael D. Galtman as principal accounting officer on September 28, 2026. Sylvester continues as Senior Vice President and Chief Financial Officer; he became CFO effective July 1, 2026. Galtman continues as Senior Vice President and Chief Transformation Officer, a role he assumed effective April 1, 2026, after serving as Chief Accounting Officer from 2019 to April 2026. No compensation changes were implemented for Sylvester in connection with his designation. For Galtman, no material compensatory plan, contract or arrangement was entered into or materially amended, and no grant or award was made or modified in connection with his designation.
Chesapeake Utilities Corporation (CPK) has formed a joint venture for its Florida Energy Pathway intrastate natural gas transmission project and sold a minority interest to an indirect subsidiary of NextEra Energy Resources. Peninsula Pipeline Holdings, an indirect Chesapeake subsidiary, will own 51% of Florida Energy Pathway, LLC, while FEP Pipeline Holdings (NEER) will own 49% under an Amended and Restated LLC Agreement effective September 1, 2026.
The project is anticipated to be a 24-inch intrastate pipeline spanning from Palm Beach County to Miami-Dade County, with total project investment estimated at approximately $1.2 billion, subject to final design and development. Chesapeake and NextEra Energy Capital Holdings have each provided guaranties securing their capital contribution obligations, initially sized at about $109 million for Chesapeake and $105 million for NextEra Energy Capital.
Peninsula Pipeline Company, Inc. is engaged under a Construction, Operation and Management Agreement to construct, manage and operate the project for an annual fee payable monthly within approved budgets. Construction is expected to begin in the first half of 2028, with the project anticipated to be in service in 2030, subject to final commissioning.
Chesapeake Utilities Corporation reported higher earnings for the quarter and six months ended June 30, 2026. Total operating revenues were $201.9 million for the quarter and $555.0 million year-to-date, up from $192.8 million and $491.5 million in 2025. Net income reached $25.4 million for the quarter and $84.7 million for the first half, compared with $23.9 million and $74.8 million a year earlier, and diluted EPS rose to $3.51 for the six-month period.
Regulated Energy remained the main earnings driver, contributing most of the $152.3 million of operating income year-to-date, while Unregulated Energy also increased operating income. Operating cash flow was $213.6 million, compared with $139.2 million in 2025, supporting capital expenditures of $261.6 million as the company expands its gas and electric infrastructure.
The company detailed extensive regulatory activity in Delaware, Maryland and Florida, including an ongoing Florida City Gas rate case with $16.2 million in interim annualized rate relief and a requested $46.9 million base increase. It also announced the proposed Florida Energy Pathway intrastate pipeline, currently estimated at $1.2 billion, with firm transportation commitments of 250,000 Dts/d and a targeted in-service date in 2030.
Chesapeake Utilities Corporation reported second quarter 2026 net income of $25.4 million and diluted EPS of $1.05, up from $23.9 million and $1.02 a year earlier. Operating revenues were $201.9 million versus $192.8 million. For the first half of 2026, net income reached $84.7 million with diluted EPS of $3.51.
Adjusted results exclude Florida City Gas transaction and transition costs. Adjusted net income was $25.4 million for the quarter and $84.7 million year to date, and adjusted diluted EPS was $1.05 for Q2 and $3.51 year to date, reflecting an 8.0 percent year-to-date Adjusted EPS growth rate. Adjusted gross margin increased $7.4 million in Q2 and $31.2 million year to date, a 9.6 percent growth rate.
The company increased its 2026 capital expenditure guidance by $100 million to $550–$600 million and reported Q2 capital investment of $139.7 million, $261.6 million year to date. Management highlighted the $1.2 billion Florida Energy Pathway pipeline project, expects about $1.4 billion of capital investment through 2026 and more than $2.2 billion through 2028, and reaffirmed 2028 EPS guidance of $7.75–$8.00 per share.