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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: June 30, 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)

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.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company




Table of Contents

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 $0.486717,737,871 shares outstanding as of July 29, 2022.


Table of Contents

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



Table of Contents

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 coronavirus
CNG: Compressed natural gas
Davenport Energy: An entity from whom we acquired certain propane operating assets in North Carolina.
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


Table of Contents

FGT: Florida Gas Transmission Company
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


Table of Contents

U.S.: The United States of America


Table of Contents

PART I—FINANCIAL INFORMATION
Item 1. Financial Statements
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)
 
Three Months EndedSix Months Ended
June 30,June 30,
2022202120222021
(in thousands, except shares and per share data)  
Operating Revenues
Regulated Energy$92,193 $80,910 $220,084 $202,107 
Unregulated Energy and other 47,277 30,172 142,266 100,161 
Total Operating Revenues139,470 111,082 362,350 302,268 
Operating Expenses
Regulated natural gas and electric costs21,573 14,447 67,016 57,491 
Unregulated propane and natural gas costs25,543 12,254 77,279 43,506 
Operations38,002 36,371 80,796 75,810 
Maintenance4,507 4,259 8,772 8,300 
Depreciation and amortization17,216 15,298 34,193 30,662 
Other taxes6,160 5,875 12,960 12,324 
Total Operating Expenses113,001 88,504 281,016 228,093 
Operating Income26,469 22,578 81,334 74,175 
Other income, net2,584 1,453 3,498 1,828 
Interest charges5,825 5,054 11,164 10,159 
Income Before Income Taxes23,228 18,977 73,668 65,844 
Income Taxes6,177 5,164 19,683 17,565 
Net Income$17,051 $13,813 $53,985 $48,279 
Weighted Average Common Shares Outstanding:
Basic17,730,833 17,546,346 17,704,592 17,516,273 
Diluted17,809,871 17,616,496 17,785,629 17,585,006 
Earnings Per Share of Common Stock:
Basic$0.96 $0.79 $3.05 $2.76 
Diluted$0.96 $0.78 $3.04 $2.75 
    
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 EndedSix Months Ended
June 30,June 30,
2022202120222021
(in thousands)  
Net Income$17,051 $13,813 $53,985 $48,279 
Other Comprehensive Income (Loss), net of tax:
Employee Benefits, net of tax:
Amortization of prior service cost, net of tax of $(5), $(5), $(10) and $(10), respectively(14)(14)(28)(28)
Net gain, net of tax of $11, $28, $23 and $53, respectively32 78 63 156 
Cash Flow Hedges, net of tax:
Unrealized gain (loss) on commodity contract cash flow hedges, net of tax of $(188), $1,193, $(4) and $1,257, respectively(498)3,126 32 3,291 
Unrealized gain on interest rate swap cash flow hedges, net of tax of $0, $2, $0 and $1, respectively 6  4 
Total Other Comprehensive Income (Loss), net of tax(480)3,196 67 3,423 
Comprehensive Income$16,571 $17,009 $54,052 $51,702 
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)
 
AssetsJune 30,
2022
December 31,
2021
(in thousands, except shares and per share data)  
Property, Plant and Equipment
Regulated Energy$1,765,915 $1,720,287 
Unregulated Energy381,718 357,259 
Other businesses and eliminations30,713 35,418 
Total property, plant and equipment2,178,346 2,112,964 
Less: Accumulated depreciation and amortization(438,573)(417,479)
Plus: Construction work in progress34,027 49,393 
Net property, plant and equipment1,773,800 1,744,878 
Current Assets
Cash and cash equivalents4,186 4,976 
Trade and other receivables 42,892 61,623 
Less: Allowance for credit losses(2,758)(3,141)
Trade and other receivables, net40,134 58,482 
Accrued revenue15,999 22,513 
Propane inventory, at average cost9,317 11,644 
Other inventory, at average cost11,449 9,345 
Regulatory assets28,729 19,794 
Storage gas prepayments3,695 3,691 
Income taxes receivable12,353 17,460 
Prepaid expenses11,398 17,121 
Derivative assets, at fair value6,772 7,076 
Other current assets1,014 1,033 
Total current assets145,046 173,135 
Deferred Charges and Other Assets
Goodwill45,158 44,708 
Other intangible assets, net14,088 13,192 
Investments, at fair value10,523 12,095 
Operating lease right-of-use assets 15,767 10,139 
Regulatory assets99,497 104,173 
       Receivables and other deferred charges13,463 12,549 
Total deferred charges and other assets198,496 196,856 
Total Assets$2,117,342 $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 LiabilitiesJune 30,
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)8,632 8,593 
Additional paid-in capital376,866 371,162 
Retained earnings428,833 393,072 
Accumulated other comprehensive income1,370 1,303 
Deferred compensation obligation7,018 7,240 
Treasury stock(7,018)(7,240)
Total stockholders’ equity815,701 774,130 
Long-term debt, net of current maturities585,805 549,903 
Total capitalization1,401,506 1,324,033 
Current Liabilities
Current portion of long-term debt21,472 17,962 
Short-term borrowing137,024 221,634 
Accounts payable38,110 52,628 
Customer deposits and refunds34,489 36,488 
Accrued interest3,320 2,775 
Dividends payable9,488 8,466 
Accrued compensation9,471 15,505 
Regulatory liabilities6,663 2,312 
Derivative liabilities, at fair value427 743 
Other accrued liabilities26,827 17,920 
Total current liabilities287,291 376,433 
Deferred Credits and Other Liabilities
Deferred income taxes244,978 233,550 
Regulatory liabilities143,188 142,488 
Environmental liabilities3,097 3,538 
Other pension and benefit costs21,458 24,120 
Operating lease - liabilities 13,807 8,571 
Deferred investment tax credits and other liabilities2,017 2,136 
Total deferred credits and other liabilities428,545 414,403 
Environmental and other commitments and contingencies (Notes 6 and 7)
Total Capitalization and Liabilities$2,117,342 $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)
Six Months Ended
June 30,
20222021
(in thousands)  
Operating Activities
Net income$53,985 $48,279 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization34,193 30,662 
Depreciation and accretion included in other costs5,781 5,061 
Deferred income taxes11,434 12,810 
Realized gain on commodity contracts and sale of assets(6,980)(5,342)
Unrealized loss (gain) on investments/commodity contracts1,956 (988)
Employee benefits and compensation(520)(346)
Share-based compensation3,555 3,315 
Changes in assets and liabilities:
Accounts receivable and accrued revenue24,766 23,664 
Propane inventory, storage gas and other inventory270 (1,085)
Regulatory assets/liabilities, net(6,405)7,711 
Prepaid expenses and other current assets10,326 2,789 
Accounts payable and other accrued liabilities(2,274)6,563 
Income taxes receivable5,107 4,514 
Customer deposits and refunds(1,999)681 
Accrued compensation(6,266)(3,397)
Other assets and liabilities, net(3,134)(675)
Net cash provided by operating activities123,795 134,216 
Investing Activities
Property, plant and equipment expenditures(65,087)(104,631)
Proceeds from sale of assets3,367 497 
Acquisitions, net of cash acquired(2,006) 
Environmental expenditures(441)(395)
Net cash used in investing activities(64,167)(104,529)
Financing Activities
Common stock dividends(16,575)(15,047)
Issuance of stock under the Dividend Reinvestment Plan, net of offering fees4,259 4,799 
Tax withholding payments related to net settled stock compensation(2,838)(1,478)
Change in cash overdrafts due to outstanding checks(1,202)(1,101)
Net advances (repayments) under line of credit agreements(83,424)(5,249)
Proceeds from long-term debt, net of offering fees49,890  
Repayment of long-term debt(10,528)(10,099)
Net cash used in financing activities(60,418)(28,175)
Net Increase (Decrease) in Cash and Cash Equivalents(790)1,512 
Cash and Cash Equivalents—Beginning of Period4,976 3,499 
Cash and Cash Equivalents—End of Period$4,186 $5,011 
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 March 31, 202117,521,493 $8,528 $350,875 $369,623 $(2,638)$6,992 $(6,992)$726,388 
Net income— — — 13,813 — — — 13,813 
Other comprehensive income— — — — 3,196 — — 3,196 
Dividend declared ($0.480 per share)— — — (8,500)— — — (8,500)
Dividend reinvestment plan39,605 19 4,602 — — — — 4,621 
Share-based compensation and tax benefit (3)(4)
6,830 3 2,043 — — — — 2,046 
Treasury stock activities— — — — — 211 (211) 
Balance at June 30, 202117,567,928 $8,550 $357,520 $374,936 $558 $7,203 $(7,203)$741,564 
Balance at December 31, 202017,461,841 $8,499 $348,482 $342,969 $(2,865)$5,679 $(5,679)$697,085 
Net income— — — 48,279 — — — 48,279 
Other comprehensive income— — — — 3,423 — — 3,423 
Dividends declared ($0.920 per share)— — — (16,312)— — — (16,312)
Dividend reinvestment plan60,116 29 6,806 — — — — 6,835 
Share-based compensation and tax benefit (3) (4)
45,971 22 2,232 — — — — 2,254 
Treasury stock activities— — — — — 1,524 (1,524) 
Balance at June 30, 202117,567,928 $8,550 $357,520 $374,936 $558 $7,203 $(7,203)$741,564 
Balance at March 31, 202217,719,388 $8,624 $373,694 $421,344 $1,850 $6,477 $(6,477)$805,512 
Net income— — — 17,051 — — — 17,051 
Other comprehensive loss— — — — (480)— — (480)
Dividend declared ($0.535 per share) — — — (9,562)— — — (9,562)
Issuance under various plans (5)
8,886 5 1,203 — — — — 1,208 
Share-based compensation and tax benefit (3) (4)
6,520 3