DOVER, Del., Aug. 8, 2017 /PRNewswire/ -- On August 1, 2017, Peninsula Energy Services Company (PESCO), a subsidiary of Chesapeake Utilities Corporation (NYSE: CPK) acquired certain commercial and industrial marketing assets -- specifically located in Western Pennsylvania -- from ARM Energy Management, LLC (AEM), a subsidiary of ARM Energy. PESCO is Chesapeake Utilities' non-regulated energy marketing business that provides energy services to commercial and industrial customers in the Southeast, Mid-Atlantic and Mid-West regions.
The transaction mutually benefits PESCO and AEM as the acquired assets complement PESCO's current portfolio and will expand PESCO's retail demand in a market where it has existing pipeline capacity and wholesale liquidity. In addition, the acquisition will generate opportunities for PESCO to execute its strategy of aggregating supply and providing associated services. ARM Energy and AEM, on the other hand, will continue to expand their thriving physical marketing and financial hedging advisory services as well as other midstream solutions throughout the U.S. and Canada.
Taylor Tipton, President of AEM, noted, "We have successfully built a strong retail book in the Western Pennsylvania region and we are fully confident that it will continue to grow under PESCO's care. That being said, the sale grants ARM Energy and AEM the additional flexibility to focus its attention on the ever increasing opportunities presented in the physical marketing and financial hedging advisory services space in other regions as well as the midstream sector."
About ARM Energy
ARM is a producer services company operating in the physical marketing, trading and midstream sectors. ARM Energy also operates a crude oil gathering and natural gas gathering and processing system in the STACK play of Oklahoma. Additionally, ARM provides hedging advisory services to over 130 upstream companies.
About Peninsula Energy Services Company
Peninsula Energy Services Company provides natural gas supply and supply management services to more than 3,000 customers in the Southeast, Mid-Atlantic and Mid-West regions. PESCO provides natural gas producer services, asset management, transportation and storage coordination, structured wholesale transactions, risk management, wholesale supply and retail supply.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy company engaged in natural gas distribution, transmission, gathering and processing, and marketing; electricity generation and distribution; propane gas distribution; and other businesses. Information about Chesapeake Utilities Corporation's businesses is available at www.chpk.com or through the Company's IR App.
Please note that Chesapeake Utilities Corporation is not affiliated with Chesapeake Energy, an oil and natural gas exploration company headquartered in Oklahoma City, Oklahoma.
Cautionary Note Regarding Forward-Looking Statements: Statements in this release that are not historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "expect," "likely," "outlook," "forecast," "would," "could," "should," "can," "will," "project," "intend," "plan," "goal," "target," "continue," "sustain," "believe," "seek," "estimate," "anticipate," "may," "possible," "assume," variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that could cause actual results to vary materially from those indicated, including the factors described in Item 1A (Risk Factors) of our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, each of which is incorporated herein by reference, and in other documents that we file or furnish with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except to the extent required by law, the Company does not undertake, and expressly disclaims, any duty or obligation to update publicly any forward-looking statement after the date of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
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Note to Editors: This is a clarification with additional details relating to the press release from Chesapeake Utilities Corporation (Chesapeake Utilities) in connection with the purchase of certain assets of ARM Energy Management, LLC (AEM), dated August 3, 2017. Specific to the clarification, the transaction involved only certain commercial and industrial marketing assets located only in Western Pennsylvania.
Senior Director, Corporate Communications
Chesapeake Utilities Corporation
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SOURCE Chesapeake Utilities Corporation