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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: September 30, 2020
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.)
909 Silver Lake Boulevard, Dover, Delaware 19904
(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




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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 $0.486717,460,906 shares outstanding as of October 30, 2020.


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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
ASC: Accounting Standards Codification issued by the FASB
Aspire Energy: Aspire Energy of Ohio, LLC
Aspire Energy Express: Aspire Energy Express, LLC
ASU: Accounting Standards Update issued by the FASB
ATM: At-the-market
Boulden: Boulden, Inc., an entity from whom we acquired certain propane operating assets
CARES Act: Coronavirus Aid, Relief, and Economic Security Act
CDC: U.S. Centers for Disease Control and Prevention
CDD: Cooling Degree-Day
CGS: Community Gas Systems
Chesapeake or Chesapeake Utilities: Chesapeake Utilities Corporation, and its direct and indirect subsidiaries, as appropriate in the context of the disclosure
CHP: Combined heat and power plant
Company: Chesapeake Utilities Corporation, and its direct and indirect subsidiaries, as appropriate in the context of the disclosure
COVID-19: An infectious disease caused by a newly 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
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 subsidiary of Chesapeake OnSight Services, LLC

Elkton Gas: Elkton Gas Company, a wholly-owned subsidiary of Chesapeake Utilities

FASB: Financial Accounting Standards Board
FERC: Federal Energy Regulatory Commission
FPU: Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities
GAAP: Accounting principles generally accepted in the United States of America
GRIP: Gas Reliability Infrastructure Program
Gross Margin: A non-GAAP measure defined as operating revenues less the cost of sales. The Company's cost of sales includes purchased fuel cost for natural gas, electricity and propane and the cost of labor spent on direct revenue-producing activities and excludes depreciation, amortization and accretion
HDD: Heating Degree-Day


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Marlin Gas Services: Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities that acquired certain operating assets of Marlin Gas Transport, Inc.
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
NYL: New York Life Investors LLC, an institutional debt investment management firm, with which Chesapeake Utilities entered into a Shelf Agreement and issued Shelf Notes
Peninsula Pipeline: Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities
Peoples Gas: Peoples Gas System division of Tampa Electric Company
PESCO: Peninsula Energy Services Company, Inc., an inactive wholly-owned subsidiary of Chesapeake Utilities
Prudential: Prudential Investment Management Inc., an institutional investment management firm, with which Chesapeake Utilities entered into a previous Shelf Agreement, which has been subsequently amended, 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 new $375 million unsecured revolving credit facility with certain lenders
Sandpiper Energy: Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake Utilities
SEC: U.S. Securities and Exchange Commission
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
SJI: South Jersey Industries, Inc.
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 EndedNine Months Ended
September 30,September 30,
2020201920202019
(in thousands, except shares and per share data)  
Operating Revenues
Regulated Energy$82,762 $74,580 $259,235 $251,601 
Unregulated Energy and other 18,657 18,046 91,925 96,029 
Total Operating Revenues101,419 92,626 351,160 347,630 
Operating Expenses
Regulated Energy cost of sales16,271 19,619 67,490 74,452 
Unregulated Energy and other cost of sales5,640 5,709 30,250 36,975 
Operations34,959 32,614 105,516 99,558 
Maintenance3,717 3,920 11,695 11,200 
Gain from a settlement — (130)(130)
Depreciation and amortization18,293 11,220 42,793 33,612 
Other taxes5,133 5,187 16,028 15,318 
Total Operating Expenses84,013 78,269 273,642 270,985 
Operating Income17,406 14,357 77,518 76,645 
Other income (expense), net(40)(351)2,997 (731)
Interest charges4,584 5,403 15,452 16,583 
Income from Continuing Operations Before Income Taxes12,782 8,603 65,063 59,331 
Income Taxes on Continuing Operations3,502 2,352 16,082 15,354 
Income from Continuing Operations9,280 6,251 48,981 43,977 
Income (loss) from Discontinued Operations, Net of Tax(19)(630)165 (1,388)
Net Income$9,261 $5,621 $49,146 $42,589 
Weighted Average Common Shares Outstanding:
Basic16,533,748 16,403,776 16,466,106 16,396,646 
Diluted16,592,842 16,453,867 16,523,200 16,444,231 
Basic Earnings Per Share of Common Stock:
Earnings from Continuing Operations $0.56 $0.38 $2.97 $2.68 
Earnings (loss) from Discontinued Operations (0.04)0.01 (0.08)
Basic Earnings Per Share of Common Stock$0.56 $0.34 $2.98 $2.60 
Diluted Earnings Per Share of Common Stock:
Earnings from Continuing Operations $0.56 $0.38 $2.96 $2.67 
Earnings (loss) from Discontinued Operations (0.04)0.01 (0.08)
Diluted Earnings Per Share of Common Stock$0.56 $0.34 $2.97 $2.59 
The accompanying notes are an integral part of these financial statements.



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Table of Contents

Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 
Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
(in thousands)  
Net Income$9,261 $5,621 $49,146 $42,589 
Other Comprehensive Income (Loss), net of tax:
Employee Benefits, net of tax:
Amortization of prior service cost, net of tax of $(5), $(5), $(15) and $(15), respectively(14)(14)(42)(43)
Net gain, net of tax of $28, $10, $83 and $95, respectively80 34 240 275 
Cash Flow Hedges, net of tax:
Unrealized gain on commodity contract cash flow hedges, net of tax of $282, $152, $935 and $496, respectively740 324 2,450 1,193 
Unrealized loss (gain) on interest rate swap cash flow hedges, net of tax of $10, $0, $(4) and $0, respectively27 — (10)— 
Total Other Comprehensive Income, net of tax833 344 2,638 1,425 
Comprehensive Income$10,094 $5,965 $51,784 $44,014 
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)
 
AssetsSeptember 30,
2020
December 31,
2019
(in thousands, except shares and per share data)  
Property, Plant and Equipment
Regulated Energy$1,564,420 $1,441,473 
Unregulated Energy278,897 265,209 
Other businesses and eliminations30,365 39,850 
Total property, plant and equipment1,873,682 1,746,532 
Less: Accumulated depreciation and amortization(358,851)(336,876)
Plus: Construction work in progress52,519 54,141 
Net property, plant and equipment1,567,350 1,463,797 
Current Assets
Cash and cash equivalents3,056 6,985 
Trade and other receivables 53,132 50,899 
Less: Allowance for credit losses(4,130)(1,337)
Trade receivables, net49,002 49,562 
Accrued revenue11,545 20,846 
Propane inventory, at average cost4,099 5,824 
Other inventory, at average cost5,583 6,067 
Regulatory assets10,372 5,144 
Storage gas prepayments2,971 3,541 
Income taxes receivable15,156 20,050 
Prepaid expenses14,817 13,928 
Derivative assets, at fair value1,967  
Other current assets753 2,879 
Total current assets119,321 134,826 
Deferred Charges and Other Assets
Goodwill36,930 32,668 
Other intangible assets, net7,215 8,129 
Investments, at fair value9,680 9,229 
Operating lease right-of-use assets 11,077 11,563 
Regulatory assets112,650 73,407 
       Receivables and other deferred charges23,865 49,579 
Total deferred charges and other assets201,417 184,575 
Total Assets$1,888,088 $1,783,198 
 
The accompanying notes are an integral part of these financial statements.

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Table of Contents
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
 
Capitalization and LiabilitiesSeptember 30,
2020
December 31,
2019
(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)8,126 7,984 
Additional paid-in capital283,836 259,253 
Retained earnings328,357 300,607 
Accumulated other comprehensive loss(3,629)(6,267)
Deferred compensation obligation5,634 4,543 
Treasury stock(5,634)(4,543)
Total stockholders’ equity616,690 561,577 
Long-term debt, net of current maturities519,971 440,168 
Total capitalization1,136,661 1,001,745 
Current Liabilities
Current portion of long-term debt15,600 45,600 
Short-term borrowing216,388 247,371 
Accounts payable46,492 54,068 
Customer deposits and refunds32,635 30,939 
Accrued interest5,231 2,554 
Dividends payable7,293 6,644 
Accrued compensation10,903 16,236 
Regulatory liabilities6,460 5,991 
Derivative liabilities, at fair value439 1,844 
Other accrued liabilities18,531 12,077 
Total current liabilities359,972 423,324 
Deferred Credits and Other Liabilities
Deferred income taxes202,649 180,656 
Regulatory liabilities142,280 127,744 
Environmental liabilities4,447 6,468 
Other pension and benefit costs27,462 30,569 
Operating lease - liabilities 9,681 9,896 
Deferred investment tax credits and other liabilities4,936 2,796 
Total deferred credits and other liabilities391,455 358,129 
Environmental and other commitments and contingencies (Notes 6 and 7)
Total Capitalization and Liabilities$1,888,088 $1,783,198 
The accompanying notes are an integral part of these financial statements.


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Table of Contents
Chesapeake Utilities Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended
September 30,
20202019
(in thousands)  
Operating Activities
Net income$49,146 $42,589 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization42,793 34,049 
Depreciation and accretion included in other costs7,062 6,380 
Deferred income taxes22,184 8,789 
Gain on sale of discontinued operations(200) 
Realized gain on commodity contracts and sale of assets(4,876)(1,087)
Unrealized gain on investments/commodity contracts(432)(1,025)
Employee benefits and compensation32 1,163 
Share-based compensation3,654 2,305 
Changes in assets and liabilities:
Accounts receivable and accrued revenue10,255 51,997 
Propane inventory, storage gas and other inventory2,824 7,996 
Regulatory assets/liabilities, net(2,284)(7,160)
Prepaid expenses and other current assets1,135 13,959 
Accounts payable and other accrued liabilities(924)(51,550)
Income taxes (payable) receivable(6,809)4,200 
Customer deposits and refunds1,572 (2,992)
Accrued compensation(5,506)(3,747)
Other assets and liabilities, net(3,746)(1,927)
Net cash provided by operating activities115,880 103,939 
Investing Activities
Property, plant and equipment expenditures(123,421)(139,315)
Proceeds from sale of assets4,320 327 
Acquisitions, net of cash acquired(15,629) 
Proceeds from the sale of discontinued operations200  
Environmental expenditures(2,021)(925)
Net cash used in investing activities(136,551)(139,913)
Financing Activities
Common stock dividends(20,044)(18,235)
Issuance (repurchase) of stock under equity issuance plans, net of offering fees19,731 (536)
Tax withholding payments related to net settled stock compensation(977)(692)
Change in cash overdrafts due to outstanding checks(2,310)(2,406)
Net repayments under line of credit agreements(29,385)(67,308)
Proceeds from issuance of long-term debt, net of offering fees89,827 129,817 
Repayment of long-term debt and capital lease obligation(40,100)(6,435)
Net cash provided by financing activities16,742 34,205 
Net Decrease in Cash and Cash Equivalents(3,929)(1,769)
Cash and Cash Equivalents—Beginning of Period6,985 6,089 
Cash and Cash Equivalents—End of Period$3,056 $4,320 
The accompanying notes are an integral part of these financial statements.

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Table of Contents
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
Loss
Deferred
Compensation
Treasury
Stock
Total
Balance at June 30, 201916,403,776 $7,984 $256,385 $285,762 $(5,747)$4,694 $(4,694)$544,384 
Net income— — — 5,621 — — — 5,621 
Other comprehensive loss— — — — 344 — — 344 
Dividend declared ($0.4050 per share)— — — (6,689)— — — (6,689)
Dividend reinvestment plan— — (1)— — — — (1)
Share-based compensation and tax benefit (3)(4)
  1,052 — — — — 1,052 
Treasury stock activities— — — — — (189)189 — 
Balance at September 30, 201916,403,776 $7,984 $257,436 $284,694 $(5,403)$4,505 $(4,505)$544,711 
Balance at December 31, 201816,378,545 $7,971 $255,651 $261,530 $(6,713)$3,854 $(