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Table of Contents

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: March 31, 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)

909 Silver Lake Boulevard, Dover, Delaware 19904
(Former name, former address and former fiscal year, if changed since last report)

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.


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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 $0.486717,727,326 shares outstanding as of April 29, 2022.


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Table of Contents
 
    ITEM 1.
    ITEM 2.
    ITEM 3.
    ITEM 4.
    ITEM 1.
    ITEM 1A.
    ITEM 2.
    ITEM 3.
    ITEM 5.
    ITEM 6.



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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
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 recently discovered coronavirus
CNG: Compressed natural gas
Degree-day: A degree-day is the 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


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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
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


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PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 
Three Months Ended
March 31,
20222021
(in thousands, except shares and per share data)  
Operating Revenues
Regulated Energy$127,891 $121,197 
Unregulated Energy and other 94,989 69,990 
Total Operating Revenues222,880 191,187 
Operating Expenses
Regulated natural gas and electric costs45,442 43,043 
Unregulated propane and natural gas costs51,738 31,254 
Operations42,794 39,437 
Maintenance4,264 4,042 
Depreciation and amortization16,977 15,365 
Other taxes6,800 6,449 
Total Operating Expenses168,015 139,590 
Operating Income54,865 51,597 
Other income, net913 375 
Interest charges5,339 5,105 
Income Before Income Taxes50,439 46,867 
Income Taxes13,506 12,401 
Net Income$36,933 $34,466 
Weighted Average Common Shares Outstanding:
Basic17,678,060 17,485,866 
Diluted17,761,119 17,553,167 
Earnings Per Share of Common Stock:
Basic$2.09 $1.97 
Diluted$2.08 $1.96 
    
The accompanying notes are an integral part of these financial statements.



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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months Ended
March 31,
20222021
(in thousands)
Net Income$36,933 $34,466 
Other Comprehensive Income (Loss), net of tax:
Employee Benefits, net of tax:
Amortization of prior service cost, net of tax of $(5) and $(5), respectively(14)(14)
Net gain, net of tax of $11 and $27, respectively32 77 
Cash Flow Hedges, net of tax:
Unrealized gain on commodity contract cash flow hedges, net of tax of $185 and $63, respectively529 166 
Unrealized loss on interest rate swap cash flow hedges, net of tax of $(1) (2)
Total Other Comprehensive Income, net of tax547 227 
Comprehensive Income$37,480 $34,693 
The accompanying notes are an integral part of these financial statements.


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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
AssetsMarch 31,
2022
December 31,
2021
(in thousands, except shares and per share data)  
Property, Plant and Equipment
Regulated Energy$1,741,731 $1,720,287 
Unregulated Energy376,468 357,259 
Other businesses and eliminations34,692 35,418 
Total property, plant and equipment2,152,891 2,112,964 
Less: Accumulated depreciation and amortization(427,998)(417,479)
Plus: Construction work in progress30,487 49,393 
Net property, plant and equipment1,755,380 1,744,878 
Current Assets
Cash and cash equivalents5,208 4,976 
Trade and other receivables 54,683 61,623 
Less: Allowance for credit losses(2,842)(3,141)
Trade and other receivables, net51,841 58,482 
Accrued revenue21,532 22,513 
Propane inventory, at average cost9,772 11,644 
Other inventory, at average cost10,228 9,345 
Regulatory assets20,438 19,794 
Storage gas prepayments650 3,691 
Income taxes receivable11,326 17,460 
Prepaid expenses13,754 17,121 
Derivative assets, at fair value7,516 7,076 
Other current assets703 1,033 
Total current assets152,968 173,135 
Deferred Charges and Other Assets
Goodwill44,708 44,708 
Other intangible assets, net12,832 13,192 
Investments, at fair value11,561 12,095 
Operating lease right-of-use assets 16,231 10,139 
Regulatory assets101,611 104,173 
       Receivables and other deferred charges14,338 12,549 
Total deferred charges and other assets201,281 196,856 
Total Assets$2,109,629 $2,114,869 
 
The accompanying notes are an integral part of these financial statements.

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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Capitalization and LiabilitiesMarch 31,
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)8,624 8,593 
Additional paid-in capital373,694 371,162 
Retained earnings421,344 393,072 
Accumulated other comprehensive income1,850 1,303 
Deferred compensation obligation6,477 7,240 
Treasury stock(6,477)(7,240)
Total stockholders’ equity805,512 774,130 
Long-term debt, net of current maturities597,878 549,903 
Total capitalization1,403,390 1,324,033 
Current Liabilities
Current portion of long-term debt19,717 17,962 
Short-term borrowing140,865 221,634 
Accounts payable30,259 52,628 
Customer deposits and refunds33,374 36,488 
Accrued interest4,950 2,775 
Dividends payable8,504 8,466 
Accrued compensation9,270 15,505 
Regulatory liabilities9,427 2,312 
Derivative liabilities, at fair value484 743 
Other accrued liabilities22,863 17,920 
Total current liabilities279,713 376,433 
Deferred Credits and Other Liabilities
Deferred income taxes241,132 233,550 
Regulatory liabilities142,807 142,488 
Environmental liabilities3,271 3,538 
Other pension and benefit costs23,073 24,120 
Operating lease - liabilities 14,161 8,571 
Deferred investment tax credits and other liabilities2,082 2,136 
Total deferred credits and other liabilities426,526 414,403 
Environmental and other commitments and contingencies (Notes 6 and 7)
Total Capitalization and Liabilities$2,109,629 $2,114,869 
The accompanying notes are an integral part of these financial statements.


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Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended
March 31,
20222021
(in thousands)  
Operating Activities
Net income$36,933 $34,466 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization16,977 15,365 
Depreciation and accretion included in other costs2,744 2,568 
Deferred income taxes7,398 6,334 
Realized gain on commodity contracts and sale of assets(4,274)(3,514)
Unrealized loss (gain) on investments/commodity contracts541 (389)
Employee benefits and compensation(260)(173)
Share-based compensation2,213 1,876 
Changes in assets and liabilities:
Accounts receivable and accrued revenue7,532 (484)
Propane inventory, storage gas and other inventory4,031 1,371 
Regulatory assets/liabilities, net5,774 14,123 
Prepaid expenses and other current assets6,626 4,171 
Accounts payable and other accrued liabilities(12,918)766 
Income taxes (payable) receivable6,134 6,093 
Customer deposits and refunds(3,114)(847)
Accrued compensation(6,392)(5,105)
Other assets and liabilities, net(825)3,761 
Net cash provided by operating activities69,120 80,382 
Investing Activities
Property, plant and equipment expenditures(29,887)(51,994)
Proceeds from sale of assets219 394 
Environmental expenditures(267)(247)
Net cash used in investing activities(29,935)(51,847)
Financing Activities
Common stock dividends(8,274)(7,513)
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees3,242 2,053 
Tax withholding payments related to net settled stock compensation(2,838)(1,478)
Change in cash overdrafts due to outstanding checks1,223 7 
Net advances (repayments) under line of credit agreements(82,008)(19,528)
Proceeds from long-term debt, net of offering fees49,915  
Repayment of long-term debt(213) 
Net cash used in financing activities(38,953)(26,459)
Net Increase in Cash and Cash Equivalents232 2,076 
Cash and Cash Equivalents—Beginning of Period4,976 3,499 
Cash and Cash Equivalents—End of Period$5,208 $5,575 
The accompanying notes are an integral part of these financial statements.

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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 December 31, 202017,461,841 $8,499 $348,482 $342,969 $(2,865)$5,679 $(5,679)$697,085 
Net income— — — 34,466 — — — 34,466 
Other comprehensive income— — — — 227 — — 227 
Dividends declared ($0.440 per share)— — — (7,812)— — — (7,812)
Dividend reinvestment plan20,511 10 2,204 — — — — 2,214 
Share-based compensation and tax benefit (3) (4)
39,141 19 189 — — — — 208 
Treasury stock activities— — — — — 1,313 (1,313) 
Balance at March 31, 202117,521,493 $8,528 $350,875 $369,623 $(2,638)$6,992 $(6,992)$726,388 
Balance at December 31, 202117,655,410 $8,593 $371,162 $393,072 $1,303 $7,240 $(7,240)$774,130 
Net income— — — 36,933 — — — 36,933 
Other comprehensive income— — — — 547 — — 547 
Dividends declared ($0.480 per share)— — — (8,661)— — — (8,661)
Issuance under various plans (5)
24,960 12 3,410 — — — — 3,422 
Share-based compensation and tax benefit (3) (4)
39,018 19 (878)— — — — (859)
Treasury stock activities— — — — — (763)763  
Balance at March 31, 202217,719,388 $8,624 $373,694 $421,344 $1,850 $6,477 $(6,477)$805,512 
 
(1)2,000,000 shares of preferred stock at $0.01 par value have been authorized. No shares have been issued or are outstanding; accordingly, no information has been included in the statements of stockholders’ equity.    
(2)Includes 107,518, 116,238, 116,751, and 105,087 shares at March 31, 2022, December 31, 2021, March 31, 2021 and December 31, 2020, respectively, held in a Rabbi Trust related to our Non-Qualified Deferred Compensation Plan.
(3)Includes amounts for shares issued for directors’ compensation.
(4)The shares issued under the SICP are net of shares withheld for employee taxes. For the three months ended March 31, 2022 and 2021, we withheld 21,832 and 14,020 shares, respectively, for employee taxes.
(5)Includes the Retirement Savings Plan, DRIP and ATM equity issuances.

The accompanying notes are an integral part of these financial statements.

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NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

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1.    Summary of Accounting Policies

Basis of Presentation

References in this document to the “Company,” “Chesapeake Utilities,” “we,” “us” and “our” are intended to mean Chesapeake Utilities Corporation, its divisions and/or its subsidiaries, as appropriate in the context of the disclosure.

The accompanying unaudited condensed consolidated financial statements have been prepared in compliance with the rules and regulations of the SEC and GAAP. In accordance with these rules and regulations, certain information and disclosures normally required for audited financial statements have been condensed or omitted. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto, included in our latest Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, these financial statements reflect all adjustments that are necessary for a fair presentation of our results of operations, financial position and cash flows for the interim periods presented.

Where necessary to improve comparability, prior period amounts have been changed to conform to current period presentation.

Due to the seasonality of our business, results for interim periods are not necessarily indicative of results for the entire fiscal year. Revenue and earnings are typically greater during the first and fourth quarters, when consumption of energy is highest due to colder temperatures.

Effects of COVID-19

In March 2020, the CDC declared a national emergency due to the rapidly growing outbreak of COVID-19. In response to this declaration and the rapid spread of COVID-19 within the United States, federal, state and local governments throughout the country imposed varying degrees of restrictions on social and commercial activity to promote social distancing in an effort to slow the spread of the illness. These restrictions significantly impacted economic conditions in the United States beginning in 2020 and to a lesser extent have continued into 2022. Chesapeake Utilities is considered an “essential business,” which allowed us to continue operational activities and construction projects while social distancing restrictions were in place. At this time, restrictions have predominantly been lifted as vaccines have become widely available in the United States. Previously existing states of emergency in all of our service territories expired during the second and third quarters of 2021 eliminating a majority of restrictions initially implemented to slow the spread of the virus. The expiration of the states of emergency along with the settlement of our limited proceeding in Florida, has concluded our ability to defer incremental pandemic related costs for consideration through the applicable regulatory process. We have adjusted our operating practices accordingly to ensure the safety of our operations and will take the necessary actions to comply with the CDC, and the Occupational and Safety and Health Administration, as new developments occur.

Refer to Note 5, Rates and Other Regulatory Activities, for further information on the regulated assets established as a result of the incremental expenses associated with COVID-19.

Recent Accounting Standards Yet to be Adopted

Reference Rate Reform - (ASC 848) - In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which was subsequently amended by ASU 2021-01. The standard provides relief for companies preparing for the discontinuation of interest rates, such as LIBOR, and allows optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions affected by reference rate reform. The amendments included in this ASU are to be applied prospectively, and are not expected to have a material impact on our financial position or results of operations.


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2.    Calculation of Earnings Per Share
Three Months Ended
March 31,
20222021
(in thousands, except shares and per share data)  
Calculation of Basic Earnings Per Share:
Net Income$36,933 $34,466 
Weighted average shares outstanding17,678,060 17,485,866 
Basic Earnings Per Share$2.09 $1.97 
Calculation of Diluted Earnings Per Share:
Net Income$36,933 $34,466 
Reconciliation of Denominator:
Weighted shares outstanding—Basic17,678,060 17,485,866 
Effect of dilutive securities—Share-based compensation83,059 67,301 
Adjusted denominator—Diluted17,761,119 17,553,167 
Diluted Earnings Per Share$2.08 $1.96 
 

3.     Acquisitions
Acquisition of Diversified Energy
On December 15, 2021, Sharp acquired the propane operating assets of Diversified Energy for approximately $37.5 million, net of cash acquired. In connection with this acquisition, we recorded a $2.1 million liability which is subject to the seller's adherence to various provisions contained in the purchase agreement through the first anniversary of the transaction closing. Included with the acquisition, was approximately $1.7 million of working capital from the Seller consisting predominantly of accounts receivable and propane inventory. We accounted for this acquisition as a business combination within our Unregulated Energy Segment beginning in the fourth quarter of 2021. In January 2022, we recorded a post-closing true-up of $0.8 million related to the provision for working capital valuation at the time of closing. There were multiple strategic benefits to this acquisition including it: (i) expands our propane service territory into North Carolina and South Carolina (ii) builds upon our existing propane presence in Virginia and Pennsylvania, and (iii) includes an established customer base with opportunities for future growth. Through this acquisition, the Company added approximately 19,000 residential, commercial and agricultural customers, along with expected distribution of approximately 10.0 million gallons of propane annually. In connection with this acquisition, we recorded $23.1 million in property plant and equipment, $6.2 million in intangible assets associated with customer relationships and non-compete agreements and $5.9 million in goodwill, all of which is deductible for income tax purposes. The amounts recorded in conjunction with the acquisition are preliminary, and subject to adjustment based on contractual provisions and finalization prior to the first anniversary of the transaction closing.

For the three months ended March 31, 2022, Diversified Energy generated operating revenue and operating income of $10.4 million and $1.5 million, respectively.



4.     Revenue Recognition
We recognize revenue when our performance obligations under contracts with customers have been satisfied, which generally occurs when our businesses have delivered or transported natural gas, electricity or propane to customers. We exclude sales taxes and other similar taxes from the transaction price. Typically, our customers pay for the goods and/or services we provide in the month following the satisfaction of our performance obligation. The following table displays our revenue by major source based on product and service type for the three months ended March 31, 2022 and 2021:

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Three months ended March 31, 2022Three months ended March 31, 2021
(in thousands)Regulated EnergyUnregulated EnergyOther and EliminationsTotalRegulated EnergyUnregulated EnergyOther and EliminationsTotal
Energy distribution
Delaware natural gas division$34,481 $ $ $34,481 $33,272 $— $— $33,272 
Florida natural gas division10,266   10,266 8,956 — — 8,956 
FPU electric distribution19,089   19,089 18,551 — — 18,551 
FPU natural gas distribution30,020   30,020 26,861 — — 26,861 
Maryland natural gas division 10,464   10,464 10,466 — — 10,466 
Sandpiper natural gas/propane operations7,636   7,636 8,071 — — 8,071 
Elkton Gas3,366   3,366 2,635 — — 2,635 
Total energy distribution115,322   115,322 108,812 — — 108,812 
Energy transmission
Aspire Energy 18,036  18,036 — 12,905 — 12,905 
Aspire Energy Express263   263 47 — — 47 
Eastern Shore20,321   20,321 19,972 — — 19,972 
Peninsula Pipeline6,772   6,772 6,467 — — 6,467 
Total energy transmission27,356 18,036  45,392 26,486 12,905 — 39,391 
Energy generation
Eight Flags 5,539  5,539 — 4,329 — 4,329 
Propane operations
Propane delivery operations 75,606  75,606 — 55,264 — 55,264 
Compressed Natural Gas Services
Marlin Gas Services 2,209  2,209 — 2,352 — 2,352 
Other and eliminations
Eliminations(14,787)(98)(6,435)(21,320)(14,101)(91)(4,901)(19,093)
Other