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Chesapeake Utilities Corporation Reports First Quarter 2018 Results
Higher earnings for the first quarter of 2018 reflect continued growth in the regulated natural gas and electric operations, pipeline expansion and favorable regulatory initiatives. Increased profitability and growth from propane delivery operations and
"We begin 2018 with strong first quarter financial results, which reflect the strength of our natural gas and propane operations under more normal weather conditions and the superior performance of the Company's investments and growth-oriented initiatives led by our dedicated team," stated
Significant Item Impacting Earnings
Results for the first quarter of 2018 were impacted by the following significant item:
For the quarter ended |
Net Income |
EPS | |||
(in thousands, except per share data) |
|||||
Reported (GAAP) Earnings |
$ |
26,855 |
$ |
1.64 | |
Less: Realized Mark-to-Market ("MTM") gain |
(4,008) |
(0.24) | |||
Adjusted (Non-GAAP) Earnings* |
$ |
22,847 |
$ |
1.40 |
Excluding the realized MTM gain, that corresponds to the MTM unrealized loss recorded in the prior quarter (fourth quarter of 2017), earnings for the first quarter would have been
*This press release includes references to non-Generally Accepted Accounting Principles ("GAAP") financial measures, including gross margin, adjusted earnings and Adjusted EPS. A "non-GAAP financial measure" is generally defined as a numerical measure of a company's historical or future performance that includes or excludes amounts, or that is subject to adjustments, so as to be different from the most directly comparable measure calculated or presented in accordance with GAAP. Our management believes certain non-GAAP financial measures, when considered together with GAAP financial measures, provide information that is useful to investors in understanding period-over-period operating results separate and apart from items that may, or could, have a disproportionately positive or negative impact on results in any particular period.
The Company calculates "gross margin" by deducting the cost of sales from operating revenue. Cost of sales includes the 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. Other companies may calculate gross margin in a different manner. Gross margin should not be considered an alternative to operating income or net income, both of which are determined in accordance with GAAP. The Company believes that gross margin, although a non-GAAP measure, is useful and meaningful to investors as a basis for making investment decisions. It provides investors with information that demonstrates the profitability achieved by the Company under its allowed rates for regulated operations and under its competitive pricing structures for unregulated businesses. The Company's management uses gross margin in measuring its business units' performance. This press release also includes gross margin that excludes the impact of unusual items, such as one-time impact from the enactment of the TCJA. The Company calculates "adjusted earnings" by adjusting reported (GAAP) earnings to exclude the impact of certain significant non-cash items, including the impact of realized MTM gains (losses) and calculates "adjusted EPS" by dividing adjusted earnings by the weighted average common shares outstanding.
Operating Results for the Quarters Ended
(in thousands) |
|
|
Change |
Percent | ||||||
Gross margin before the TCJA impact |
$ |
94,454 |
$ |
84,162 |
$ |
10,292 |
12.2% | |||
Impact of the TCJA reserves for customer refunds |
(3,155) |
— |
(3,155) |
N/A | ||||||
Gross margin |
91,299 |
84,162 |
7,137 |
8.5% | ||||||
Depreciation, amortization and property taxes |
13,697 |
12,483 |
1,214 |
9.7% | ||||||
Other operating expenses |
37,196 |
36,580 |
616 |
1.7% | ||||||
Operating income |
$ |
40,406 |
$ |
35,099 |
$ |
5,307 |
15.1% |
Operating income during the first quarter of 2018 increased by
Regulated Energy Segment
(in thousands) |
|
|
Change |
Percent | ||||||
Gross margin before the TCJA impact |
$ |
64,317 |
$ |
57,410 |
$ |
6,907 |
12.0% | |||
Impact of the TCJA reserves for customer refunds |
(3,155) |
— |
(3,155) |
N/A | ||||||
Gross margin |
61,162 |
57,410 |
3,752 |
6.5% | ||||||
Depreciation, amortization and property taxes |
11,156 |
10,190 |
966 |
9.5% | ||||||
Other operating expenses |
23,295 |
23,825 |
(530) |
(2.2)% | ||||||
Operating income |
$ |
26,711 |
$ |
23,395 |
$ |
3,316 |
14.2% |
As a result of continued system expansions, customer growth across our regulated operations and more normal weather conditions, operating income for the Regulated Energy segment increased by
The significant components of the increase in gross margin are shown below:
(in thousands) |
Margin Impact | |
Implementation of |
$ |
2,843 |
Return to more normal weather |
1,017 | |
Customer consumption (non-weather) |
949 | |
Natural gas growth (excluding service expansions) |
802 | |
Service expansions |
565 | |
|
372 | |
Gas Reliability and Infrastructure Program ("GRIP") in |
298 | |
Sandpiper's margin from an industrial customer and natural gas conversions |
257 | |
Other |
(196) | |
Total |
6,907 | |
Less: TCJA reserve impact for regulated entities* |
(3,155) | |
Quarter over quarter increase in gross margin |
$ |
3,752 |
*As a result of the TCJA, a preliminary reserve of
The significant components of the increase in other operating expenses are as follows:
(in thousands) |
Other | |
Higher depreciation, amortization and property taxes associated with recent capital projects |
$ |
966 |
Higher staffing costs for additional personnel to support growth |
589 | |
Lower outside services and facilities and maintenance costs |
(667) | |
Lower benefits and employee-related costs |
(413) | |
Other |
(39) | |
Quarter over quarter increase in other operating expenses |
$ |
436 |
Unregulated Energy Segment
(in thousands) |
|
|
Change |
Percent | ||||||
Gross margin |
$ |
30,301 |
$ |
26,819 |
$ |
3,482 |
13.0% | |||
Depreciation, amortization and property taxes |
2,505 |
2,250 |
255 |
11.3% | ||||||
Other operating expenses |
14,112 |
12,994 |
1,118 |
8.6% | ||||||
Operating income |
$ |
13,684 |
$ |
11,575 |
$ |
2,109 |
18.2% |
Operating income for the Unregulated Energy segment increased by
The significant components of the increase in gross margin are shown below:
(in thousands) |
Margin Impact | |
PESCO's net margin (see the discussion included later for the margin drivers) |
$ |
(2,292) |
Propane delivery operations - additional customer consumption related to weather |
1,956 | |
Propane delivery operations - increased margin driven by growth and other factors |
1,392 | |
Aspire Energy - higher customer consumption related to weather |
941 | |
Growth in wholesale propane margins and sales |
379 | |
Aspire Energy - increased margin driven by growth and other factors |
319 | |
Other |
787 | |
Quarter over quarter increase in gross margin |
$ |
3,482 |
The significant components of the increase in other operating expenses are as follows:
(in thousands) |
Other | |
Higher staffing costs for additional personnel to support growth |
$ |
969 |
Higher depreciation, amortization and property taxes associated with recent capital investments |
255 | |
Higher benefits and employee-related costs |
174 | |
Other |
(25) | |
Quarter over quarter increase in other operating expenses |
$ |
1,373 |
Matters discussed in this release may include forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements. Please refer to the Safe Harbor for Forward-Looking Statements in the Company's 2017 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.
Unless otherwise noted, earnings per share are presented on a diluted basis.
Conference Call
About
Please note that
For more information, contact:
Senior Vice President & Chief Financial Officer
302.734.6799
Financial Summary | |||||
(in thousands, except per share data) | |||||
Three Months Ended | |||||
| |||||
2018 |
2017 | ||||
Gross Margin |
|||||
Regulated Energy segment |
$ |
61,162 |
$ |
57,410 | |
Unregulated Energy segment |
30,301 |
26,819 | |||
Other businesses and eliminations |
(164) |
(67) | |||
Total Gross Margin |
$ |
91,299 |
$ |
84,162 | |
Operating Income |
|||||
Regulated Energy segment |
$ |
26,711 |
$ |
23,395 | |
Unregulated Energy segment |
13,684 |
11,575 | |||
Other businesses and eliminations |
11 |
129 | |||
Total Operating Income |
40,406 |
35,099 | |||
Other Income (Expense), net |
68 |
(700) | |||
Interest Charges |
3,664 |
2,739 | |||
Pre-tax Income |
36,810 |
31,660 | |||
Income Taxes |
9,955 |
12,516 | |||
Net Income |
$ |
26,855 |
$ |
19,144 | |
Earnings Per Share of Common Stock |
|||||
Basic |
$ |
1.64 |
$ |
1.17 | |
Diluted |
$ |
1.64 |
$ |
1.17 |
Financial Summary Highlights | |||||||||
Key variances, between the three months ended | |||||||||
(in thousands, except per share data) |
Pre-tax |
Net |
Earnings | ||||||
First Quarter of 2017 Reported Results |
$ |
31,660 |
$ |
19,144 |
$ |
1.17 | |||
Increased Gross Margins: |
|||||||||
Return to more normal weather |
3,914 |
2,855 |
0.17 | ||||||
TCJA impact - estimated refunds to ratepayers (1) |
(3,155) |
(2,302) |
(0.14) | ||||||
Implementation of |
2,843 |
2,074 |
0.13 | ||||||
PESCO |
(2,292) |
(1,672) |
(0.10) | ||||||
Unregulated Energy customer consumption (non-weather) |
1,682 |
1,227 |
0.07 | ||||||
Regulated Energy customer consumption (non-weather) |
949 |
692 |
0.04 | ||||||
Natural gas growth (excluding service expansions) |
802 |
585 |
0.04 | ||||||
Service expansions* |
565 |
412 |
0.03 | ||||||
|
372 |
272 |
0.02 | ||||||
GRIP* |
298 |
217 |
0.01 | ||||||
Sandpiper's margin from an industrial customer and natural gas conversions |
257 |
188 |
0.01 | ||||||
6,235 |
4,548 |
0.28 | |||||||
Decreased (Increased) Other Operating Expenses: |
|||||||||
Higher payroll expense |
(1,559) |
(1,137) |
(0.07) | ||||||
Higher depreciation, asset removal and property tax costs due to new capital |
(1,216) |
(887) |
(0.05) | ||||||
Absence of |
697 |
508 |
0.03 | ||||||
Lower outside services and facilities maintenance costs |
665 |
485 |
0.03 | ||||||
Lower regulatory expenses |
242 |
177 |
0.01 | ||||||
Lower benefit and other employee-related expenses |
240 |
175 |
0.01 | ||||||
(931) |
(679) |
(0.04) | |||||||
Interest charges |
(926) |
(675) |
(0.04) | ||||||
Income taxes - TCJA impact - decreased effective tax rate |
— |
4,594 |
0.28 | ||||||
Net other changes |
772 |
(77) |
(0.01) | ||||||
(154) |
3,842 |
0.23 | |||||||
First Quarter of 2018 Reported Results |
$ |
36,810 |
$ |
26,855 |
$ |
1.64 | |||
(1) Offset for the reserve to ratepayers is shown within this table under "Income taxes." | |||||||||
(2) The Company reserved an estimated | |||||||||
*See the Major Projects and Initiatives table later in this press release. |
Recently Completed and Ongoing Major Projects and Initiatives | ||||||||||||||
The Company constantly seeks and develops additional projects and initiatives in order to further increase shareholder value and serve its customers. The following represent the major projects currently underway. In the future, the Company will add new projects to this table as projects are initiated. | ||||||||||||||
Gross Margin for the Period (1) | ||||||||||||||
(in thousands) |
Quarter |
Quarter |
Fiscal 2017 |
Fiscal 2018 |
Fiscal 2019 | |||||||||
Florida GRIP |
$ |
3,565 |
$ |
3,267 |
$ |
13,454 |
$ |
14,287 |
$ |
14,370 | ||||
Eastern |
2,843 |
— |
3,693 |
9,800 |
9,800 | |||||||||
Florida Electric Reliability/Modernization Program |
372 |
— |
94 |
1,558 |
1,558 | |||||||||
|
352 |
— |
235 |
1,409 |
1,409 | |||||||||
2017 |
1,040 |
— |
433 |
7,446 |
15,799 | |||||||||
|
— |
— |
— |
3,484 |
6,032 | |||||||||
( |
— |
— |
— |
635 |
1,131 | |||||||||
Total |
$ |
8,172 |
$ |
3,267 |
$ |
17,909 |
$ |
38,619 |
$ |
50,099 | ||||
(1) Gross margin amounts included in this table have not been adjusted to reflect the impact of TCJA. Any reductions implemented would be offset by lower Federal income taxes due to the TCJA. |
Ongoing Growth Initiatives
GRIP
GRIP is a natural gas pipe replacement program, approved by the
Regulatory Proceedings
Eastern
In
Florida Electric Reliability/Modernization Program
In
Major Projects and Initiatives Currently Underway
In the fourth quarter of 2017, the Company started construction of a 14-mile transmission pipeline that interconnects with
2017
The Company expects to invest approximately
Peninsula Pipeline and the Company's
(
Peninsula Pipeline is constructing a pipeline that will interconnect with FGT's pipeline and bring gas directly to FPU's distribution system in
Other major factors influencing gross margin
Weather and Consumption
Gross margin increased by
The following table summarizes heating degree-days ("HDD") and cooling degree-days ("CDD") variances from the 10-year average HDD/CDD ("Normal") for the three months ended
HDD and CDD Information | |||||
Three Months Ended |
|||||
|
|||||
2018 |
2017 |
Variance | |||
Delmarva |
|||||
Actual HDD |
2,295 |
1,958 |
337 | ||
10-Year Average HDD ("Delmarva Normal") |
2,354 |
2,403 |
(49) | ||
Variance from Delmarva Normal |
(59) |
(445) |
|||
|
|||||
Actual HDD |
490 |
285 |
205 | ||
10-Year Average HDD ("Florida Normal") |
517 |
536 |
(19) | ||
Variance from Florida Normal |
(27) |
(251) |
|||
|
|||||
Actual HDD |
2,991 |
2,484 |
507 | ||
10-Year Average HDD ("Ohio Normal") |
3,069 |
3,137 |
(68) | ||
Variance from Ohio Normal |
(78) |
(653) |
|||
|
|||||
Actual CDD |
139 |
145 |
(6) | ||
10-Year Average CDD ("Florida CDD Normal") |
89 |
82 |
7 | ||
Variance from Florida CDD Normal |
50 |
63 |
Natural Gas Distribution Customer Growth
Customer growth for the Company's
The Company's
Propane Operations
The Company's
These operations generated
PESCO
PESCO markets and sells natural gas to wholesale, industrial and commercial customers and manages natural gas storage and transportation assets in several market areas. PESCO also provides management of storage and transportation assets for natural gas producers and regulated utilities. These management transactions typically involve the release of storage and/or transportation capacity in combination with an obligation to purchase and/or deliver natural gas. In
In conjunction with the active management of these contracts, PESCO generates financial margin by identifying market opportunities and simultaneously entering into natural gas purchase/sale, storage or transportation contracts and/or financial derivatives contracts. The financial derivatives contracts consist primarily of exchange-traded futures that are used to manage volatility in natural gas market prices. Volatility in PESCO's recorded gross margin and operating income can occur over periods of time due to changes in the value of financial derivatives contracts prior to the time of the settlement of the financial derivatives and the purchase or sale of the underlying physical commodity. Derivatives accounting has no impact on economic gains or losses of the purchase or sale contracts. PESCO's results may also fluctuate based on the actual demand of its customers relative to its initial estimates of their demand, and PESCO's ability to manage its supply portfolio, considering weather and other factors, including pipeline constraints.
For the three months ended
(in thousands) |
Margin Impact | |
PESCO First Quarter 2017 Margin |
$ |
3,467 |
Reversal of fourth quarter 2017 unrealized MTM loss |
5,713 | |
Margin from 2017 customer Supply Agreement that was not renewed |
(2,124) | |
Net impact for the Mid-Atlantic wholesale portfolio from extraordinary costs associated with the 2018 Bomb Cyclone |
(3,284) | |
Loss for the Mid-Atlantic retail portfolio caused by capacity constraints in January and warm weather in February |
(2,261) | |
Other |
(336) | |
PESCO First Quarter 2018 Margin |
$ |
1,175 |
- Reversal of MTM loss recorded during the fourth quarter of 2017 as contracts settled, as well as
$300,000 of unrealized gains at the end ofMarch 31, 2018 ; - Absence of revenues from a supplier agreement in the first quarter of 2017, which was not renewed; and
- Extraordinary costs of meeting demand requirements in the Mid-Atlantic region due to pipeline capacity constraints experienced due to the 2018 Bomb Cyclone, followed by unseasonably warm weather in February.
The 2018 Bomb Cyclone refers to the early January high intensity winter storms that impacted the Company's Mid-Atlantic service territory and which had a residual impact on the Company's businesses through the month. The early days of January experienced higher levels of wintry precipitation (snow and wind) and an extended period of anomalously cold weather. The extraordinary weather conditions created by the 2018 Bomb Cyclone generated incremental margin for the Company's natural gas transmission and natural gas and propane distribution businesses. However, the exceedingly high demand and associated pipeline capacity and gas supply in the
Capital Investment Growth and Financing Plan
The Company's capital expenditures were
2018 | ||
(dollars in thousands) |
||
Regulated Energy: |
||
Natural gas distribution |
$ |
53,899 |
Natural gas transmission |
92,562 | |
Electric distribution |
7,972 | |
Total Regulated Energy |
154,433 | |
Unregulated Energy: |
||
Propane distribution |
11,235 | |
Other unregulated energy |
5,827 | |
Total Unregulated Energy |
17,062 | |
Other: |
||
Corporate and other businesses |
10,097 | |
Total Other |
10,097 | |
Total 2018 Budgeted Capital Expenditures |
$ |
181,592 |
In 2017, the Company refinanced
| |||||
Condensed Consolidated Statements of Income (Unaudited) | |||||
(in thousands, except shares and per share data) | |||||
Three Months Ended | |||||
| |||||
2018 |
2017 | ||||
Operating Revenues |
|||||
Regulated Energy |
$ |
109,393 |
$ |
97,654 | |
Unregulated Energy and other |
129,963 |
87,506 | |||
Total Operating Revenues |
239,356 |
185,160 | |||
Operating Expenses |
|||||
Regulated Energy cost of sales |
48,231 |
40,244 | |||
Unregulated Energy and other cost of sales |
99,826 |
60,754 | |||
Operations |
32,702 |
32,490 | |||
Maintenance |
3,593 |
3,231 | |||
Depreciation and amortization |
9,704 |
8,812 | |||
Other taxes |
4,894 |
4,530 | |||
Total operating expenses |
198,950 |
150,061 | |||
Operating Income |
40,406 |
35,099 | |||
Other income (expense), net |
68 |
(700) | |||
Interest charges |
3,664 |
2,739 | |||
Income Before Income Taxes |
36,810 |
31,660 | |||
Income taxes |
9,955 |
12,516 | |||
Net Income |
$ |
26,855 |
$ |
19,144 | |
Weighted Average Common Shares Outstanding: |
|||||
Basic |
16,351,338 |
16,317,224 | |||
Diluted |
16,402,985 |
16,363,796 | |||
Earnings Per Share of Common Stock: |
|||||
Basic |
$ |
1.64 |
$ |
1.17 | |
Diluted |
$ |
1.64 |
$ |
1.17 |
| ||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||
Assets |
|
| ||||
(in thousands, except shares and per share data) |
||||||
Property, Plant and Equipment |
||||||
Regulated Energy |
$ |
1,083,004 |
$ |
1,073,736 | ||
Unregulated Energy |
213,803 |
210,682 | ||||
Other businesses and eliminations |
27,892 |
27,699 | ||||
Total property, plant and equipment |
1,324,699 |
1,312,117 | ||||
Less: Accumulated depreciation and amortization |
(279,802) |
(270,599) | ||||
Plus: Construction work in progress |
131,640 |
84,509 | ||||
Net property, plant and equipment |
1,176,537 |
1,126,027 | ||||
Current Assets |
||||||
Cash and cash equivalents |
5,996 |
5,614 | ||||
Trade and other receivables (less allowance for uncollectible accounts of |
69,447 |
77,223 | ||||
Accrued revenue |
18,907 |
22,279 | ||||
Propane inventory, at average cost |
7,345 |
8,324 | ||||
Other inventory, at average cost |
4,607 |
12,022 | ||||
Regulatory assets |
10,833 |
10,930 | ||||
Storage gas prepayments |
1,197 |
5,250 | ||||
Income taxes receivable |
4,378 |
14,778 | ||||
Prepaid expenses |
8,199 |
13,621 | ||||
Mark-to-market energy assets |
208 |
1,286 | ||||
Other current assets |
6,717 |
7,260 | ||||
Total current assets |
137,834 |
178,587 | ||||
Deferred Charges and Other Assets |
||||||
|
22,104 |
22,104 | ||||
Other intangible assets, net |
4,482 |
4,686 | ||||
Investments, at fair value |
6,641 |
6,756 | ||||
Regulatory assets |
75,536 |
75,575 | ||||
Other assets |
4,316 |
3,699 | ||||
Total deferred charges and other assets |
113,079 |
112,820 | ||||
Total Assets |
$ |
1,427,450 |
$ |
1,417,434 |
| ||||||
Condensed Consolidated Balance Sheets (Unaudited) | ||||||
Capitalization and Liabilities |
|
| ||||
(in thousands, except shares and per share data) |
||||||
Capitalization |
||||||
Stockholders' equity |
||||||
Preferred stock, par value |
$ |
— |
$ |
— | ||
Common stock, par value |
7,964 |
7,955 | ||||
Additional paid-in capital |
254,126 |
253,470 | ||||
Retained earnings |
250,024 |
229,141 | ||||
Accumulated other comprehensive loss |
(6,873) |
(4,272) | ||||
Deferred compensation obligation |
3,573 |
3,395 | ||||
Treasury stock |
(3,573) |
(3,395) | ||||
Total stockholders' equity |
505,241 |
486,294 | ||||
Long-term debt, net of current maturities |
222,014 |
197,395 | ||||
Total capitalization |
727,255 |
683,689 | ||||
Current Liabilities |
||||||
Current portion of long-term debt |
9,389 |
9,421 | ||||
Short-term borrowing |
229,108 |
250,969 | ||||
Accounts payable |
57,457 |
74,688 | ||||
Customer deposits and refunds |
34,795 |
34,751 | ||||
Accrued interest |
3,256 |
1,742 | ||||
Dividends payable |
5,318 |
5,312 | ||||
Accrued compensation |
5,444 |
13,112 | ||||
Regulatory liabilities |
18,503 |
6,485 | ||||
Mark-to-market energy liabilities |
2,359 |
6,247 | ||||
Other accrued liabilities |
8,694 |
10,273 | ||||
Total current liabilities |
374,323 |
413,000 | ||||
Deferred Credits and Other Liabilities |
||||||
Deferred income taxes |
141,484 |
135,850 | ||||
Regulatory liabilities |
141,346 |
140,978 | ||||
Environmental liabilities |
8,215 |
8,263 | ||||
Other pension and benefit costs |
28,981 |
29,699 | ||||
Deferred investment tax credits and other liabilities |
5,846 |
5,955 | ||||
Total deferred credits and other liabilities |
325,872 |
320,745 | ||||
Total Capitalization and Liabilities |
$ |
1,427,450 |
$ |
1,417,434 |
| ||||||||||||||||||||||||
Distribution Utility Statistical Data (Unaudited) | ||||||||||||||||||||||||
For the Three Months Ended |
For the Three Months Ended | |||||||||||||||||||||||
Delmarva NG |
Chesapeake |
FPU NG |
|
Delmarva NG |
Chesapeake |
FPU NG |
| |||||||||||||||||
Operating Revenues | ||||||||||||||||||||||||
(in thousands) |
||||||||||||||||||||||||
Residential |
$ |
35,314 |
$ |
1,761 |
$ |
11,182 |
$ |
11,533 |
$ |
25,710 |
$ |
1,552 |
$ |
10,768 |
$ |
9,327 | ||||||||
Commercial |
15,830 |
1,722 |
8,331 |
9,157 |
11,412 |
1,523 |
9,594 |
9,414 | ||||||||||||||||
Industrial |
2,306 |
1,871 |
6,536 |
400 |
1,834 |
1,759 |
5,927 |
471 | ||||||||||||||||
Other (1) |
(1,743) |
510 |
(2,836) |
(2,349) |
1,458 |
900 |
(2,785) |
(1,589) | ||||||||||||||||
Total Operating Revenues |
$ |
51,707 |
$ |
5,864 |
$ |
23,213 |
$ |
18,741 |
$ |
40,414 |
$ |
5,734 |
$ |
23,504 |
$ |
17,623 | ||||||||
Volume (in Dts for natural gas and MWHs for electric) |
||||||||||||||||||||||||
Residential |
2,240,555 |
140,759 |
523,062 |
78,528 |
1,807,900 |
123,275 |
470,811 |
61,326 | ||||||||||||||||
Commercial |
1,705,426 |
1,239,936 |
535,544 |
67,740 |
1,381,408 |
2,957,716 |
601,203 |
65,862 | ||||||||||||||||
Industrial |
1,509,039 |
2,334,243 |
1,304,530 |
4,520 |
1,373,798 |
1,767,430 |
1,189,263 |
3,160 | ||||||||||||||||
Other |
12,533 |
— |
468,556 |
1,896 |
10,538 |
— |
487,910 |
1,873 | ||||||||||||||||
Total |
5,467,553 |
3,714,938 |
2,831,692 |
152,684 |
4,573,644 |
4,848,421 |
2,749,187 |
132,221 | ||||||||||||||||
Average Customers |
||||||||||||||||||||||||
Residential |
71,233 |
16,223 |
55,280 |
24,644 |
68,701 |
15,664 |
54,041 |
24,437 | ||||||||||||||||
Commercial(2) |
7,024 |
1,460 |
3,927 |
7,481 |
6,910 |
1,409 |
4,892 |
7,446 | ||||||||||||||||
Industrial(2) |
153 |
73 |
2,251 |
2 |
142 |
75 |
1,109 |
2 | ||||||||||||||||
Other |
6 |
— |
17 |
— |
5 |
— |
— |
— | ||||||||||||||||
Total |
78,416 |
17,756 |
61,475 |
32,127 |
75,758 |
17,148 |
60,042 |
31,885 |
(1) |
Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees |
(2) |
Certain commercial and industrial customers have been reclassified when compared to the prior year. |
View original content:http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-first-quarter-2018-results-300645002.html
SOURCE
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