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Chesapeake Utilities Corporation Reports First Quarter 2021 Results
"The Company generated strong financial results during the first quarter, with margin increasing more than
In
Operating Results for the Quarters Ended
Consolidated Results
Three Months Ended |
||||||||||||||
|
||||||||||||||
(in thousands) |
2021 |
2020 |
Change |
Percent |
||||||||||
Gross margin |
$ |
116,890 |
$ |
99,820 |
$ |
17,070 |
17.1 |
% |
||||||
Depreciation, amortization and property taxes |
20,710 |
17,035 |
3,675 |
21.6 |
% |
|||||||||
Other operating expenses |
44,583 |
40,651 |
3,932 |
9.7 |
% |
|||||||||
Operating income |
$ |
51,597 |
$ |
42,134 |
$ |
9,463 |
22.5 |
% |
Operating income during the first quarter of 2021 was
Regulated Energy Segment
Three Months Ended |
||||||||||||||
|
||||||||||||||
(in thousands) |
2021 |
2020 |
Change |
Percent |
||||||||||
Gross margin |
$ |
78,154 |
$ |
68,123 |
$ |
10,031 |
14.7 |
% |
||||||
Depreciation, amortization and property taxes |
16,924 |
13,758 |
3,166 |
23.0 |
% |
|||||||||
Other operating expenses |
28,366 |
26,477 |
1,889 |
7.1 |
% |
|||||||||
Operating income |
$ |
32,864 |
$ |
27,888 |
$ |
4,976 |
17.8 |
% |
Operating income for the Regulated Energy segment for the first quarter of 2021 was
The key components of the increase in gross margin are shown below:
(in thousands) |
|||
|
$ |
2,749 |
|
Margin contribution from Hurricane Michael regulatory proceeding settlement |
2,575 |
||
Increased customer consumption - primarily weather related |
1,641 |
||
Margin contribution from the |
1,312 |
||
Natural gas growth (excluding service expansions) |
939 |
||
Florida GRIP |
370 |
||
Other variances |
445 |
||
Quarter-over-quarter increase in gross margin |
$ |
10,031 |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|||
Facilities and maintenance costs and outside services |
$ |
885 |
|
Payroll, benefits and other employee-related expenses due to growth |
802 |
||
Operating expenses from the |
524 |
||
Other variances |
(322) |
||
Quarter-over-quarter increase in other operating expenses |
$ |
1,889 |
Unregulated Energy Segment
Three Months Ended |
||||||||||||||
|
||||||||||||||
(in thousands) |
2021 |
2020 |
Change |
Percent |
||||||||||
Gross margin |
$ |
38,776 |
$ |
31,782 |
$ |
6,994 |
22.0 |
% |
||||||
Depreciation, amortization and property taxes |
3,769 |
3,240 |
529 |
16.3 |
% |
|||||||||
Other operating expenses |
15,902 |
14,680 |
1,222 |
8.3 |
% |
|||||||||
Operating income |
$ |
19,105 |
$ |
13,862 |
$ |
5,243 |
37.8 |
% |
Operating income for the Unregulated Energy segment for the first quarter of 2021 was
The major components of the increase in gross margin are shown below:
(in thousands) |
||||
Propane Operations |
||||
Increased customer consumption - primarily weather related |
$ |
3,847 |
||
Increased retail propane margins per gallon driven by favorable supply costs |
1,340 |
|||
|
550 |
|||
Marlin Gas Services |
||||
Increased demand for CNG services |
731 |
|||
Aspire Energy |
||||
Increased customer consumption - primarily weather related |
942 |
|||
Other variances |
(416) |
|||
Quarter-over-quarter increase in gross margin |
$ |
6,994 |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|||
Payroll, benefits and other employee-related expenses due to growth |
$ |
506 |
|
Operating expenses from the |
338 |
||
Facilities and maintenance costs |
251 |
||
Other variances |
127 |
||
Quarter-over-quarter increase in other operating expenses |
$ |
1,222 |
*Unless otherwise noted, EPS information is presented on a diluted basis.
**This press release includes references to non-Generally Accepted Accounting Principles ("GAAP") financial measures, including gross margin. 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.
Forward-Looking Statements
Matters included 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 2020 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.
Conference Call
About
Please note that
For more information, contact:
Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary
302.734.6799
Financial Summary |
|||||||
(in thousands, except per share data) |
|||||||
Three Months Ended |
|||||||
|
|||||||
2021 |
2020 |
||||||
Gross Margin |
|||||||
Regulated Energy segment |
$ |
78,154 |
$ |
68,123 |
|||
Unregulated Energy segment |
38,776 |
31,782 |
|||||
Other businesses and eliminations |
(40) |
(85) |
|||||
Total Gross Margin |
$ |
116,890 |
$ |
99,820 |
|||
Operating Income |
|||||||
Regulated Energy segment |
$ |
32,864 |
$ |
27,888 |
|||
Unregulated Energy segment |
19,105 |
13,862 |
|||||
Other businesses and eliminations |
(372) |
384 |
|||||
Total Operating Income |
51,597 |
42,134 |
|||||
Other income, net |
385 |
3,319 |
|||||
Interest Charges |
5,105 |
5,814 |
|||||
Income from Continuing Operations Before Income Taxes |
46,877 |
39,639 |
|||||
Income Taxes on Continuing Operations |
12,405 |
10,598 |
|||||
Income from Continuing Operations |
34,472 |
29,041 |
|||||
Loss from Discontinued Operations, Net of Tax |
(6) |
(111) |
|||||
Net Income |
$ |
34,466 |
$ |
28,930 |
|||
Basic Earnings Per Share of Common Stock |
|||||||
Earnings from Continuing Operations |
$ |
1.97 |
$ |
1.77 |
|||
Loss from Discontinued Operations |
— |
(0.01) |
|||||
Basic Earnings Per Share of Common Stock |
$ |
1.97 |
$ |
1.76 |
|||
Diluted Earnings Per Share of Common Stock |
|||||||
Earnings from Continuing Operations |
$ |
1.96 |
$ |
1.77 |
|||
Loss from Discontinued Operations |
— |
(0.01) |
|||||
Diluted Earnings Per Share of Common Stock |
$ |
1.96 |
$ |
1.76 |
Financial Summary Highlights |
||||||||||||
Key variances in continuing operations, between the first quarter of 2021 and the first quarter of 2020, included: |
||||||||||||
(in thousands, except per share data) |
Pre-tax Income |
Net Income |
Earnings Per Share |
|||||||||
First Quarter of 2020 Reported Results from Continuing Operations |
$ |
39,639 |
$ |
29,041 |
$ |
1.77 |
||||||
Adjusting for Unusual Items: |
||||||||||||
Gain from sales of assets in the first quarter of 2020 |
(3,162) |
(2,317) |
(0.14) |
|||||||||
Increased (Decreased) Gross Margins: |
||||||||||||
Increased customer consumption - primarily weather related |
6,430 |
4,728 |
0.26 |
|||||||||
|
2,749 |
2,022 |
0.11 |
|||||||||
Hurricane Michael Settlement margin impact * |
2,575 |
1,894 |
0.11 |
|||||||||
Margin contributions from |
1,862 |
1,369 |
0.08 |
|||||||||
Increased retail propane margins per gallon |
1,340 |
986 |
0.06 |
|||||||||
Natural gas growth (excluding service expansions) |
939 |
691 |
0.04 |
|||||||||
Increased gross margin from demand for Marlin Gas Services * |
731 |
537 |
0.03 |
|||||||||
Florida GRIP* |
370 |
272 |
0.02 |
|||||||||
16,996 |
12,499 |
0.71 |
||||||||||
(Increased) Decreased Operating Expenses (Excluding Cost of Sales): |
||||||||||||
Payroll, Benefits and other employee-related expenses due to growth |
(1,995) |
(1,467) |
(0.08) |
|||||||||
Hurricane Michael settlement agreement - depreciation and amortization |
(1,776) |
(1,306) |
(0.07) |
|||||||||
Depreciation, amortization and property tax costs due to new capital |
(1,733) |
(1,274) |
(0.07) |
|||||||||
Facilities, maintenance and outside services costs |
(1,130) |
(831) |
(0.05) |
|||||||||
Operating expenses for |
(1,029) |
(757) |
(0.04) |
|||||||||
(7,663) |
(5,635) |
(0.31) |
||||||||||
Interest charges (1) |
709 |
521 |
0.03 |
|||||||||
Net other changes |
358 |
363 |
0.02 |
|||||||||
Change in shares outstanding due to 2020 and 2021 equity offerings |
— |
— |
(0.12) |
|||||||||
1,067 |
884 |
(0.07) |
||||||||||
First Quarter of 2021 Reported Results from Continuing Operations |
$ |
46,877 |
$ |
34,472 |
$ |
1.96 |
*See the Major Projects and Initiatives table. |
(1) Interest charges includes amortization of a regulatory liability of |
Recently Completed and Ongoing Major Projects and Initiatives
The Company constantly pursues and develops additional projects and initiatives to serve existing and new customers, and to further grow its businesses and earnings, with the intention to increase shareholder value. The following represent the major projects/initiatives recently completed and currently underway. Major projects and initiatives that have generated consistent year-over-year margin contributions are removed from the table. In the future, the Company will add new projects and initiatives to this table once negotiations are substantially final and the associated earnings can be estimated.
Gross Margin for the Period |
||||||||||||||||||||
Three Months Ended |
Year Ended |
Estimate for |
||||||||||||||||||
Project/Initiative |
|
|
Fiscal |
|||||||||||||||||
in thousands |
2021 |
2020 |
2020 |
2021 |
2022 |
|||||||||||||||
Pipeline Expansions: |
||||||||||||||||||||
|
$ |
1,167 |
$ |
1,000 |
$ |
4,167 |
$ |
4,984 |
$ |
5,227 |
||||||||||
Del-Mar Energy Pathway (1) (2) |
884 |
189 |
2,462 |
4,134 |
6,708 |
|||||||||||||||
Callahan Intrastate Pipeline (2) |
1,887 |
— |
3,851 |
7,564 |
7,598 |
|||||||||||||||
|
47 |
— |
— |
514 |
1,486 |
|||||||||||||||
Total Pipeline Expansions |
3,985 |
1,189 |
10,480 |
17,196 |
21,019 |
|||||||||||||||
CNG Transportation |
2,077 |
1,347 |
7,231 |
7,900 |
8,500 |
|||||||||||||||
|
— |
— |
— |
150 |
1,000 |
|||||||||||||||
Acquisitions: |
||||||||||||||||||||
|
1,312 |
— |
1,344 |
3,992 |
4,200 |
|||||||||||||||
|
550 |
— |
389 |
1,800 |
1,854 |
|||||||||||||||
Total Acquisitions |
1,862 |
— |
1,733 |
5,792 |
6,054 |
|||||||||||||||
Regulatory Initiatives: |
||||||||||||||||||||
Florida GRIP |
4,065 |
3,695 |
15,178 |
16,739 |
17,712 |
|||||||||||||||
Hurricane Michael regulatory proceeding |
2,575 |
— |
10,864 |
11,014 |
11,014 |
|||||||||||||||
Capital Cost Surcharge Programs |
136 |
133 |
523 |
1,350 |
2,350 |
|||||||||||||||
Total Regulatory Initiatives |
6,776 |
3,828 |
26,565 |
29,103 |
31,076 |
|||||||||||||||
Total |
$ |
14,700 |
$ |
6,364 |
$ |
46,009 |
$ |
60,141 |
$ |
67,649 |
(1) Includes gross margin generated from interim services. |
(2) Includes gross margin from natural gas distribution services. |
Detailed Discussion of Major Projects and Initiatives
Pipeline Expansions
West
Peninsula Pipeline is constructing four transmission lines to bring additional natural gas to the Company's distribution system in
Del-Mar Energy Pathway
In
Callahan Intrastate Pipeline
Peninsula Pipeline completed the construction of a jointly owned intrastate transmission pipeline with Seacoast Gas Transmission in
CNG Transportation
Marlin Gas Services provides CNG temporary hold services, contracted pipeline integrity services, emergency services for damaged pipelines and specialized gas services for customers who have unique requirements. For the three months ended
RNG Transportation
In
Bioenergy DevCo
In
The renewable natural gas resource created from organic material at BDC's anaerobic digestion facilities in Delaware, will be processed by the Company's Delmarva natural gas operations. Marlin Gas Services will transport the sustainable fuel from BDC facility to an
In
At the present time, the Company expects to generate
Acquisitions
In
In
Regulatory Initiatives
Florida GRIP
Florida GRIP is a natural gas pipe replacement program approved by the Florida PSC that allows automatic recovery, through rates, of costs associated with the replacement of mains and services. Since the program's inception in
Hurricane Michael
In
In
In
In
Three Months Ended |
|||
(in thousands) |
|
||
Gross Margin |
$ |
2,575 |
|
Depreciation |
(303) |
||
Amortization of regulatory assets |
2,079 |
||
Operating income |
799 |
||
Amortization of liability associated with interest expense |
(327) |
||
Pre-tax income |
1,126 |
||
Income tax expense |
298 |
||
Net income |
$ |
828 |
|
Capital Cost Surcharge Programs
In
Other major factors influencing gross margin
Weather and Consumption
Weather conditions accounted for a
Three Months Ended |
||||||||
|
||||||||
2021 |
2020 |
Variance |
||||||
|
||||||||
Actual HDD |
2,186 |
1,859 |
327 |
|||||
10-Year Average HDD ("Normal") |
2,280 |
2,349 |
(69) |
|||||
Variance from Normal |
(94) |
(490) |
||||||
|
||||||||
Actual HDD |
503 |
369 |
134 |
|||||
10-Year Average HDD ("Normal") |
506 |
570 |
(64) |
|||||
Variance from Normal |
(3) |
(201) |
||||||
|
||||||||
Actual HDD |
2,772 |
2,496 |
276 |
|||||
10-Year Average HDD ("Normal") |
2,959 |
3,019 |
(60) |
|||||
Variance from Normal |
(187) |
(523) |
||||||
|
||||||||
Actual CDD |
184 |
323 |
(139) |
|||||
10-Year Average CDD ("Normal") |
195 |
168 |
27 |
|||||
Variance from Normal |
(11) |
155 |
Natural Gas Distribution Margin Growth
Customer growth for the Company's natural gas distribution operations, as a result of the addition of new customers (excluding acquisitions) and the conversion of customers from alternative fuel sources to natural gas service, generated
Three Months Ended |
||||||||
|
||||||||
(in thousands) |
|
|
||||||
Customer Growth: |
||||||||
Residential |
$ |
490 |
$ |
307 |
||||
Commercial and industrial |
70 |
72 |
||||||
Total Customer Growth |
$ |
560 |
$ |
379 |
Capital Investment Growth and Associated Financing Plans
The Company's capital expenditures were
2021 |
|||||||
(dollars in thousands) |
Low |
High |
|||||
Regulated Energy: |
|||||||
Natural gas distribution |
$ |
79,000 |
$ |
85,000 |
|||
Natural gas transmission |
55,000 |
60,000 |
|||||
Electric distribution |
9,000 |
13,000 |
|||||
Total Regulated Energy |
143,000 |
158,000 |
|||||
Unregulated Energy: |
|||||||
Propane distribution |
9,000 |
12,000 |
|||||
Energy transmission |
14,000 |
15,000 |
|||||
Other unregulated energy |
8,000 |
12,000 |
|||||
Total Unregulated Energy |
31,000 |
39,000 |
|||||
Other: |
|||||||
Corporate and other businesses |
1,000 |
3,000 |
|||||
Total Other |
1,000 |
3,000 |
|||||
Total 2021 Forecasted Capital Expenditures |
$ |
175,000 |
$ |
200,000 |
The capital expenditure forecast is subject to continuous review and modification. Actual capital requirements may vary from the above estimates due to a number of factors, including changing economic conditions, capital delays because of COVID-19 that are greater than currently anticipated, customer growth in existing areas, regulation, new growth or acquisition opportunities and availability of capital. Historically, actual capital expenditures have typically lagged behind the forecasted amounts.
The Company's target ratio of equity to total capitalization, including short-term borrowings, is between 50 and 60 percent. The Company's equity to total capitalization ratio, including short-term borrowings, was 52 percent as of
The Company may utilize more temporary short-term debt, when the financing cost is attractive, as a bridge to the permanent long-term financing, or if the equity markets are more volatile. The Company utilizes its
In terms of equity capital, the Company maintains an effective shelf registration statement with the
Depending on the Company's capital needs and subject to market conditions, in addition to other debt and equity offerings, the Company may consider, as necessary in the future, issuing additional shares under the direct stock purchase component of the DRIP, the ATM program, or pursuant to its shelf registration statement. More information about financing activities is included in the Company's Annual Report on Form 10-K for the year ended
|
|||||||
Condensed Consolidated Statements of Income (Unaudited) |
|||||||
(in thousands, except shares and per share data) |
|||||||
Three Months Ended |
|||||||
|
|||||||
2021 |
2020 |
||||||
Operating Revenues |
|||||||
Regulated Energy |
$ |
121,197 |
$ |
102,955 |
|||
Unregulated Energy and other |
69,990 |
49,735 |
|||||
Total Operating Revenues |
191,187 |
152,690 |
|||||
Operating Expenses |
|||||||
Regulated Energy cost of sales |
43,043 |
34,832 |
|||||
Unregulated Energy and other cost of sales |
31,254 |
18,038 |
|||||
Operations |
39,437 |
35,951 |
|||||
Maintenance |
4,042 |
3,836 |
|||||
Depreciation and amortization |
15,365 |
12,252 |
|||||
Other taxes |
6,449 |
5,647 |
|||||
Total operating expenses |
139,590 |
110,556 |
|||||
Operating Income |
51,597 |
42,134 |
|||||
Other income, net |
385 |
3,319 |
|||||
Interest charges |
5,105 |
5,814 |
|||||
Income from Continuing Operations Before Income Taxes |
46,877 |
39,639 |
|||||
Income Taxes on Continuing Operations |
12,405 |
10,598 |
|||||
Income from Continuing Operations |
34,472 |
29,041 |
|||||
Loss from Discontinued Operations, Net of Tax |
(6) |
(111) |
|||||
Net Income |
$ |
34,466 |
$ |
28,930 |
|||
Weighted Average Common Shares Outstanding: |
|||||||
Basic |
17,485,866 |
16,414,773 |
|||||
Diluted |
17,553,167 |
16,471,827 |
|||||
Basic Earnings Per Share of Common Stock: |
|||||||
Earnings from Continuing Operations |
$ |
1.97 |
$ |
1.77 |
|||
Loss from Discontinued Operations |
— |
(0.01) |
|||||
Basic Earnings Per Share of Common Stock |
$ |
1.97 |
$ |
1.76 |
|||
Diluted Earnings Per Share of Common Stock: |
|||||||
Earnings from Continuing Operations |
$ |
1.96 |
$ |
1.77 |
|||
Loss from Discontinued Operations |
— |
(0.01) |
|||||
Diluted Earnings Per Share of Common Stock |
$ |
1.96 |
$ |
1.76 |
|
||||||||
Condensed Consolidated Balance Sheets (Unaudited) |
||||||||
Assets |
|
|
||||||
(in thousands, except shares and per share data) |
||||||||
Property, Plant and Equipment |
||||||||
Regulated Energy |
$ |
1,595,744 |
$ |
1,577,576 |
||||
Unregulated Energy |
306,291 |
300,647 |
||||||
Other businesses and eliminations |
34,439 |
30,769 |
||||||
Total property, plant and equipment |
1,936,474 |
1,908,992 |
||||||
Less: Accumulated depreciation and amortization |
(380,839) |
(368,743) |
||||||
Plus: Construction work in progress |
80,061 |
60,929 |
||||||
Net property, plant and equipment |
1,635,696 |
1,601,178 |
||||||
Current Assets |
||||||||
Cash and cash equivalents |
5,575 |
3,499 |
||||||
Trade and other receivables |
62,309 |
61,675 |
||||||
Less: Allowance for credit losses |
(4,243) |
(4,785) |
||||||
Trade and other receivables, net |
58,066 |
56,890 |
||||||
Accrued revenue |
20,835 |
21,527 |
||||||
Propane inventory, at average cost |
6,229 |
5,906 |
||||||
Other inventory, at average cost |
5,884 |
5,539 |
||||||
Regulatory assets |
9,145 |
10,786 |
||||||
Storage gas prepayments |
417 |
2,455 |
||||||
Income taxes receivable |
6,792 |
12,885 |
||||||
Prepaid expenses |
11,512 |
13,239 |
||||||
Derivative assets, at fair value |
3,462 |
3,269 |
||||||
Other current assets |
635 |
436 |
||||||
Total current assets |
128,552 |
136,431 |
||||||
Deferred Charges and Other Assets |
||||||||
|
38,731 |
38,731 |
||||||
Other intangible assets, net |
7,958 |
8,292 |
||||||
Investments, at fair value |
10,883 |
10,776 |
||||||
Operating lease right-of-use assets |
10,510 |
11,194 |
||||||
Regulatory assets |
111,566 |
113,806 |
||||||
Receivables and other deferred charges |
10,054 |
12,079 |
||||||
Total deferred charges and other assets |
189,702 |
194,878 |
||||||
Total Assets |
$ |
1,953,950 |
$ |
1,932,487 |
|
||||||||
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 |
8,528 |
8,499 |
||||||
Additional paid-in capital |
350,875 |
348,482 |
||||||
Retained earnings |
369,623 |
342,969 |
||||||
Accumulated other comprehensive loss |
(2,638) |
(2,865) |
||||||
Deferred compensation obligation |
6,992 |
5,679 |
||||||
Treasury stock |
(6,992) |
(5,679) |
||||||
Total stockholders' equity |
726,388 |
697,085 |
||||||
Long-term debt, net of current maturities |
508,525 |
508,499 |
||||||
Total capitalization |
1,234,913 |
1,205,584 |
||||||
Current Liabilities |
||||||||
Current portion of long-term debt |
13,600 |
13,600 |
||||||
Short-term borrowing |
156,123 |
175,644 |
||||||
Accounts payable |
58,167 |
60,253 |
||||||
Customer deposits and refunds |
32,455 |
33,302 |
||||||
Accrued interest |
4,837 |
2,905 |
||||||
Dividends payable |
7,709 |
7,683 |
||||||
Accrued compensation |
8,990 |
13,994 |
||||||
Regulatory liabilities |
19,677 |
6,284 |
||||||
Derivative liabilities, at fair value |
84 |
127 |
||||||
Other accrued liabilities |
14,360 |
15,240 |
||||||
Total current liabilities |
316,002 |
329,032 |
||||||
Deferred Credits and Other Liabilities |
||||||||
Deferred income taxes |
211,801 |
205,388 |
||||||
Regulatory liabilities |
143,291 |
142,736 |
||||||
Environmental liabilities |
4,052 |
4,299 |
||||||
Other pension and benefit costs |
29,856 |
30,673 |
||||||
Operating lease - liabilities |
9,125 |
9,872 |
||||||
Deferred investment tax credits and other liabilities |
4,910 |
4,903 |
||||||
Total deferred credits and other liabilities |
403,035 |
397,871 |
||||||
Environmental and other commitments and contingencies (1) |
||||||||
Total Capitalization and Liabilities |
$ |
1,953,950 |
$ |
1,932,487 |
(1)Refer to Note 6 and 7 in the Company's Quarterly Report on Form 10-Q for further information. |
|
||||||||||||||||||||||||||||||||
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 |
$ |
36,207 |
$ |
2,045 |
$ |
12,462 |
$ |
9,612 |
$ |
28,878 |
$ |
1,861 |
$ |
11,198 |
$ |
7,227 |
||||||||||||||||
Commercial |
15,348 |
2,159 |
8,278 |
7,740 |
12,239 |
1,784 |
7,972 |
6,948 |
||||||||||||||||||||||||
Industrial |
2,470 |
3,892 |
8,086 |
488 |
2,396 |
3,338 |
7,669 |
64 |
||||||||||||||||||||||||
Other (1) |
419 |
860 |
(1,965) |
711 |
(1,517) |
1,494 |
(1,395) |
(19) |
||||||||||||||||||||||||
Total Operating |
$ |
54,444 |
$ |
8,956 |
$ |
26,861 |
$ |
18,551 |
$ |
41,996 |
$ |
8,477 |
$ |
25,444 |
$ |
14,220 |
||||||||||||||||
Volume (in Dts for natural gas and KWHs for electric) |
||||||||||||||||||||||||||||||||
Residential |
2,597,840 |
139,696 |
615,115 |
76,247 |
1,909,131 |
139,189 |
516,933 |
64,947 |
||||||||||||||||||||||||
Commercial |
1,885,890 |
1,265,484 |
494,090 |
64,775 |
1,540,111 |
1,199,123 |
519,583 |
64,679 |
||||||||||||||||||||||||
Industrial |
1,673,133 |
7,456,945 |
1,304,160 |
5,100 |
1,324,409 |
7,714,393 |
1,363,365 |
11,612 |
||||||||||||||||||||||||
Other |
88,582 |
— |
777,815 |
— |
76,914 |
— |
588,813 |
— |
||||||||||||||||||||||||
Total |
6,245,445 |
8,862,125 |
3,191,180 |
146,122 |
4,850,565 |
9,052,705 |
2,988,694 |
141,238 |
||||||||||||||||||||||||
Average Customers |
||||||||||||||||||||||||||||||||
Residential |
86,672 |
18,558 |
61,872 |
25,251 |
76,870 |
17,661 |
58,937 |
24,893 |
||||||||||||||||||||||||
Commercial |
7,859 |
1,600 |
4,106 |
7,318 |
7,244 |
1,581 |
3,981 |
7,260 |
||||||||||||||||||||||||
Industrial |
207 |
16 |
2,485 |
2 |
173 |
16 |
2,498 |
2 |
||||||||||||||||||||||||
Other |
6 |
— |
6 |
— |
18 |
— |
14 |
— |
||||||||||||||||||||||||
Total |
94,744 |
20,174 |
68,469 |
32,571 |
84,305 |
19,258 |
65,430 |
32,155 |
||||||||||||||||||||||||
(1) |
Operating Revenues from "Other" sources include unbilled revenue, under (over) recoveries of fuel cost, conservation revenue, other miscellaneous charges, fees for billing services provided to third parties, and adjustments for pass-through taxes. |
View original content:http://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-first-quarter-2021-results-301283809.html
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