• Earnings per share (“EPS”)* was $2.08 for the first quarter of 2022, an increase of $0.12, or 6.1 percent, compared to $1.96 for the first quarter of 2021
  • Quarter-over-quarter growth driven primarily by the acquisition of Diversified Energy, pipeline expansions, natural gas organic growth, regulatory initiatives and higher earnings in the Company’s unregulated businesses
  • Continued investment in low carbon energy sources including the successful testing of blended hydrogen with natural gas power at the Company’s Combined Heat and Power (“CHP”) plant and completion of our first compressed natural gas (“CNG”) fueling station near the Port of Savannah, capable of distributing renewable natural gas (“RNG”) for fleet vehicles
  • Issued $50 million of 2.95 percent Senior Notes in support of the Company’s long-term financing strategy
  • Continued focus on organic growth and expansion projects as well as ESG initiatives, including renewable energy opportunities to further enhance sustainability in our local communities

Dover, Delaware — Chesapeake Utilities Corporation (NYSE: CPK) (“Chesapeake Utilities” or the “Company”) today announced its financial results for the first quarter of 2022.

The Company’s net income for the quarter ended March 31, 2022 was $36.9 million, a 7.2 percent increase over the $34.5 million reported in the same quarter of 2021. Diluted EPS in the quarter was $2.08, a 6.1 percent  increase compared to $1.96 reported in the same prior-year period.

Higher first quarter earnings were driven by the 2021 acquisitions of Diversified Energy Company (“Diversified Energy”) and the natural gas metering station located in Escambia County, Florida (the “Escambia Meter Station”) natural gas distribution and transmission pipeline expansions, regulated infrastructure programs, organic growth in the Company’s natural gas businesses, as well as improved profitability in the Company’s propane distribution business. Partially offsetting growth was lower propane customer consumption in the first quarter of 2022 compared to the same period in 2021.

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