CHESAPEAKE UTILITIES CORPORATION REPORTS FISCAL YEAR 2023 RESULTS
-
Full Year 2023 earnings per share ("EPS")* was
$4.73 , including transaction-related expenses attributable to the acquisition ofFlorida City Gas ("FCG") of$0.58 per share, compared to$5.04 per share in 2022 -
Adjusted EPS**, which excludes the transaction-related expenses, was
$5.31 for the year ended 2023, or an increase of 5.4 percent over 2022 -
EPS for the fourth quarter of 2023 was
$1.26 , including transaction-related expenses of$0.38 per share, versus$1.47 per share for the fourth quarter of 2022 -
Adjusted EPS** for the fourth quarter of 2023 increased by 12 percent to
$1.64 compared to the fourth quarter of 2022 -
Adjusted gross margin** increased by
$33.9 million during the year driven by regulatory initiatives, natural gas organic growth and continued pipeline expansion projects, increased propane margins and fees and incremental margin from FCG -
Significantly warmer than normal temperatures impacted customer consumption throughout 2023, lowering both EPS and Adjusted EPS by approximately
$0.54 per share for the full year and$0.14 for the fourth quarter
For 2023, adjusted net income**, which excludes transaction-related expenses related to the acquisition of FCG, was
Full year earnings were driven by contributions from the Company's regulatory initiatives, organic growth in the Company's natural gas distribution businesses and continued pipeline expansion projects, increased propane margins and fees, and contributions from FCG. These improvements were partially offset by significantly warmer weather in some of our service territories throughout the year, increased interest expense attributable to higher rates on our short-term borrowings, and the impact of new senior notes and common shares issued in connection with the FCG acquisition.
In the fourth quarter of 2023, the Company's adjusted net income was
Earnings for the fourth quarter of 2023 were primarily driven by the factors discussed for the full year, with enhanced margin contributions during the quarter partially offset by reduced customer consumption compared to the prior-year period and lower adjusted gross margin from virtual pipeline services.
"In 2023,
"Our performance in 2023, coupled with the expected contribution of FCG and validation of our financial models for 2024, reinforces our commitment to achieving our 2025 guidance of
On
In
Because of the significance of the FCG acquisition, the Company is providing annual guidance for 2024, the first full year as a combined company. The Company expects to generate EPS of
From a longer-term EPS perspective, the Company is also reaffirming its 2025 EPS guidance range of
The Company continues to support its previously introduced capital expenditure guidance for the five-year period ended 2028 that will range from
*Unless otherwise noted, EPS and Adjusted EPS information is presented on a diluted basis.
Non-GAAP Financial Measures
**This press release including the tables herein, include references to both Generally Accepted Accounting Principles ("GAAP") and non-GAAP financial measures, including Adjusted Gross Margin, Adjusted Net Income 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 Adjusted Gross Margin by deducting the purchased cost of natural gas, propane and electricity and the cost of labor spent on direct revenue-producing activities from operating revenues. The costs included in Adjusted Gross Margin exclude depreciation and amortization and certain costs presented in operations and maintenance expenses in accordance with regulatory requirements. The Company calculates Adjusted Net Income and Adjusted EPS by deducting costs and expenses associated with significant acquisitions that may affect the comparison of period-over-period results. These non-GAAP financial measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute for, the comparable GAAP measures. The Company believes that these non-GAAP measures are useful and meaningful to investors as a basis for making investment decisions, and provide investors with information that demonstrates the profitability achieved by the Company under allowed rates for regulated energy operations and under the Company's competitive pricing structures for unregulated energy operations. The Company's management uses these non-GAAP financial measures in assessing a business unit's and the overall Company performance. Other companies may calculate these non-GAAP financial measures in a different manner.
The following tables reconcile Gross Margin, Net Income, and EPS, all as defined under GAAP, to our non-GAAP measures of Adjusted Gross Margin, Adjusted Net Income and Adjusted EPS for each of the periods presented.
Adjusted Gross Margin |
||||||||
|
||||||||
|
|
For the Year Ended |
||||||
(in thousands) |
|
Regulated |
|
Unregulated |
|
Other and |
|
Total |
Operating Revenues |
|
$ 473,595 |
|
$ 223,148 |
|
$ (26,139) |
|
$ 670,604 |
Cost of Sales: |
|
|
|
|
|
|
|
|
Natural gas, propane and electric costs |
|
(140,008) |
|
(102,492) |
|
26,019 |
|
(216,481) |
Depreciation & amortization |
|
(48,162) |
|
(17,347) |
|
8 |
|
(65,501) |
Operations & maintenance expenses (1) |
|
(27,485) |
|
(31,507) |
|
343 |
|
(58,649) |
Gross Margin (GAAP) |
|
257,940 |
|
71,802 |
|
231 |
|
329,973 |
Operations & maintenance expenses (1) |
|
27,485 |
|
31,507 |
|
(343) |
|
58,649 |
Depreciation & amortization |
|
48,162 |
|
17,347 |
|
(8) |
|
65,501 |
Adjusted Gross Margin (Non-GAAP) |
|
$ 333,587 |
|
$ 120,656 |
|
$ (120) |
|
$ 454,123 |
|
|
For the Year Ended |
||||||
(in thousands) |
|
Regulated |
|
Unregulated |
|
Other and |
|
Total |
Operating Revenues |
|
$ 429,424 |
|
$ 280,750 |
|
$ (29,470) |
|
$ 680,704 |
Cost of Sales: |
|
|
|
|
|
|
|
|
Natural gas, propane and electric costs |
|
(127,172) |
|
(162,683) |
|
29,349 |
|
(260,506) |
Depreciation & amortization |
|
(52,707) |
|
(16,257) |
|
(9) |
|
(68,973) |
Operations & maintenance expenses (1) |
|
(35,472) |
|
(29,825) |
|
9 |
|
(65,288) |
Gross Margin (GAAP) |
|
214,073 |
|
71,985 |
|
(121) |
|
285,937 |
Operations & maintenance expenses (1) |
|
35,472 |
|
29,825 |
|
(9) |
|
65,288 |
Depreciation & amortization |
|
52,707 |
|
16,257 |
|
9 |
|
68,973 |
Adjusted Gross Margin (Non-GAAP) |
|
$ 302,252 |
|
$ 118,067 |
|
$ (121) |
|
$ 420,198 |
|
|
For the Three Months Ended |
||||||
(in thousands) |
|
Regulated |
|
Unregulated |
|
Other and |
|
Total |
Operating Revenues |
|
$ 127,774 |
|
$ 64,262 |
|
$ (6,701) |
|
$ 185,335 |
Cost of Sales: |
|
|
|
|
|
|
|
|
Natural gas, propane and electric costs |
|
(34,316) |
|
(27,424) |
|
6,736 |
|
(55,004) |
Depreciation & amortization |
|
(8,982) |
|
(4,424) |
|
2 |
|
(13,404) |
Operations & maintenance expense (1) |
|
(3,868) |
|
(7,573) |
|
46 |
|
(11,395) |
Gross Margin (GAAP) |
|
80,608 |
|
24,841 |
|
83 |
|
105,532 |
Operations & maintenance expenses (1) |
|
3,868 |
|
7,573 |
|
(46) |
|
11,395 |
Depreciation & amortization |
|
8,982 |
|
4,424 |
|
(2) |
|
13,404 |
Adjusted Gross Margin (Non-GAAP) |
|
$ 93,458 |
|
$ 36,838 |
|
$ 35 |
|
$ 130,331 |
|
|
For the Three Months Ended |
||||||
(in thousands) |
|
Regulated |
|
Unregulated |
|
Other and |
|
Total |
Operating Revenues |
|
$ 118,360 |
|
$ 78,081 |
|
$ (9,141) |
|
$ 187,300 |
Cost of Sales: |
|
|
|
|
|
|
|
|
Natural gas, propane and electric costs |
|
(38,908) |
|
(42,207) |
|
9,112 |
|
(72,003) |
Depreciation & amortization |
|
(13,211) |
|
(4,232) |
|
2 |
|
(17,441) |
Operations & maintenance expenses (1) |
|
(9,779) |
|
(8,114) |
|
304 |
|
(17,589) |
Gross Margin (GAAP) |
|
56,462 |
|
23,528 |
|
277 |
|
80,267 |
Operations & maintenance expense (1) |
|
9,779 |
|
8,114 |
|
(304) |
|
17,589 |
Depreciation & amortization |
|
13,211 |
|
4,232 |
|
(2) |
|
17,441 |
Adjusted Gross Margin (Non-GAAP) |
|
$ 79,452 |
|
$ 35,874 |
|
$ (29) |
|
$ 115,297 |
|
(1) Operations & maintenance expenses within the Consolidated Statements of Income are presented in accordance with regulatory requirements and to provide comparability within the industry. Operations & maintenance expenses which are deemed to be directly attributable to revenue producing activities have been separately presented above in order to calculate Gross Margin as defined under US GAAP. |
Adjusted Net Income and Adjusted EPS |
||||||||
|
||||||||
|
|
Year Ended |
|
Three Months Ended |
||||
|
|
|
|
|
||||
(in thousands, except shares and per share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net Income (GAAP) |
|
$ 87,212 |
|
$ 89,796 |
|
$ 25,328 |
|
$ 26,150 |
FCG transaction-related expenses, net (1) |
|
10,625 |
|
— |
|
7,727 |
|
— |
Adjusted Net Income (Non-GAAP) |
|
$ 97,837 |
|
$ 89,796 |
|
$ 33,055 |
|
$ 26,150 |
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - diluted |
|
18,434,857 |
|
17,804,294 |
|
20,178,402 |
|
17,825,935 |
|
|
|
|
|
|
|
|
|
Earnings Per Share - Diluted (GAAP) |
|
$ 4.73 |
|
$ 5.04 |
|
$ 1.26 |
|
$ 1.47 |
FCG transaction-related expenses, net (1) |
|
0.58 |
|
— |
|
0.38 |
|
— |
Adjusted Earnings Per Share - Diluted (Non-GAAP) |
|
$ 5.31 |
|
$ 5.04 |
|
$ 1.64 |
|
$ 1.47 |
|
(1)
Transaction-related expenses for the year ended |
Operating Results for the Years Ended
Consolidated Results |
|||||||
|
|||||||
|
Year Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 454,123 |
|
$ 420,198 |
|
$ 33,925 |
|
8.1 % |
Depreciation, amortization and property taxes |
91,180 |
|
91,795 |
|
(615) |
|
(0.7) % |
FCG transaction-related expenses |
10,355 |
|
— |
|
10,355 |
|
N/A |
Other operating expenses |
201,785 |
|
185,470 |
|
16,315 |
|
8.8 % |
Operating income |
$ 150,803 |
|
$ 142,933 |
|
$ 7,870 |
|
5.5 % |
Operating income during 2023 was
Regulated Energy Segment |
|||||||
|
|||||||
|
Year Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 333,587 |
|
$ 302,252 |
|
$ 31,335 |
|
10.4 % |
Depreciation, amortization and property taxes |
71,653 |
|
73,961 |
|
(2,308) |
|
(3.1) % |
FCG transaction-related expenses |
10,355 |
|
— |
|
10,355 |
|
N/A |
Other operating expenses |
125,380 |
|
112,974 |
|
12,406 |
|
11.0 % |
Operating income |
$ 126,199 |
|
$ 115,317 |
|
$ 10,882 |
|
9.4 % |
The key components of the increase in adjusted gross margin** are shown below:
(in thousands) |
|
Rate changes associated with the |
$ 13,361 |
Contribution from the acquisition of FCG |
8,687 |
Natural gas growth including conversions (excluding service expansions) |
6,214 |
Natural gas transmission service expansions |
4,812 |
Contributions from regulated infrastructure programs |
2,597 |
Changes in customer consumption, driven by significantly warmer temperatures |
(5,096) |
Other variances |
760 |
Year-over-year increase in adjusted gross margin** |
$ 31,335 |
|
(1) Includes adjusted gross margin contributions from interim rates and permanent base rates that became effective in |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|
Payroll, benefits and other employee-related expenses |
$ 5,054 |
FCG operating expenses |
4,190 |
Facilities expenses, maintenance costs and outside services |
1,416 |
Customer service related costs |
764 |
Regulatory expenses |
658 |
Other variances |
324 |
Year-over-year increase in other operating expenses |
$ 12,406 |
Unregulated Energy Segment |
|||||||
|
|||||||
|
Year Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 120,656 |
|
$ 118,067 |
|
$ 2,589 |
|
2.2 % |
Depreciation, amortization and property taxes |
19,525 |
|
17,809 |
|
1,716 |
|
9.6 % |
Other operating expenses |
76,705 |
|
72,908 |
|
3,797 |
|
5.2 % |
Operating income |
$ 24,426 |
|
$ 27,350 |
|
$ (2,924) |
|
(10.7) % |
The major components of the change in adjusted gross margin** are shown below:
(in thousands) |
|
|
Propane Operations |
|
|
Increased propane margins and fees |
|
$ 8,821 |
Propane customer consumption - primarily weather related |
|
(8,235) |
Decreased customer consumption due to conversion of customers to our natural gas system |
|
(793) |
Aspire Energy |
|
|
Increase in gathering margin |
|
1,141 |
Increased customer consumption |
|
496 |
Eight Flags |
|
|
Increased electric generation margin |
|
1,018 |
Other variances |
|
141 |
Year-over-year increase in adjusted gross margin** |
|
$ 2,589 |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|
|
Increased payroll, benefits and other employee-related expenses |
|
$ 3,959 |
Other variances |
|
(162) |
Year-over-year increase in other operating expenses |
|
$ 3,797 |
Operating Results for the Quarters Ended
Consolidated Results |
|||||||
|
|||||||
|
Three Months Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 130,331 |
|
$ 115,297 |
|
$ 15,034 |
|
13.0 % |
Depreciation, amortization and property taxes |
20,262 |
|
23,274 |
|
(3,012) |
|
(12.9) % |
FCG transaction-related expenses |
6,456 |
|
— |
|
6,456 |
|
N/A |
Other operating expenses |
56,298 |
|
49,071 |
|
7,227 |
|
14.7 % |
Operating income |
$ 47,315 |
|
$ 42,952 |
|
$ 4,363 |
|
10.2 % |
Operating income for the fourth quarter of 2023 was
Regulated Energy Segment |
|||||||
|
|||||||
|
Three Months Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 93,458 |
|
$ 79,452 |
|
$ 14,006 |
|
17.6 % |
Depreciation, amortization and property taxes |
15,238 |
|
18,736 |
|
(3,498) |
|
(18.7) % |
FCG transaction-related expenses |
6,456 |
|
— |
|
6,456 |
|
N/A |
Other operating expenses |
37,393 |
|
29,601 |
|
7,792 |
|
26.3 % |
Operating income |
$ 34,371 |
|
$ 31,115 |
|
$ 3,256 |
|
10.5 % |
The key components of the increase in adjusted gross margin** are shown below:
(in thousands) |
|
Contribution from the acquisition of FCG |
$ 8,687 |
Rate changes associated with the |
1,921 |
Natural gas transmission service expansions |
1,836 |
Natural gas growth including conversions (excluding transmission service expansions) |
1,536 |
Contributions from regulated infrastructure programs |
841 |
Changes in customer consumption - primarily related to weather |
(1,824) |
Other variances |
1,009 |
Period-over-period increase in adjusted gross margin** |
$ 14,006 |
|
(1) Includes adjusted gross margin contributions from permanent base rates that became effective in |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|
FCG operating expenses |
$ 4,190 |
Payroll, benefits and other employee-related expenses |
2,753 |
Other variances |
849 |
Period-over-period increase in other operating expenses |
$ 7,792 |
Unregulated Energy Segment |
|||||||
|
|||||||
|
Three Months Ended |
|
|
|
|
||
(in thousands) |
2023 |
|
2022 |
|
Change |
|
Percent |
Adjusted gross margin** |
$ 36,838 |
|
$ 35,874 |
|
$ 964 |
|
2.7 % |
Depreciation, amortization and property taxes |
5,025 |
|
4,540 |
|
485 |
|
10.7 % |
Other operating expenses |
18,916 |
|
19,541 |
|
(625) |
|
(3.2) % |
Operating income |
$ 12,897 |
|
$ 11,793 |
|
$ 1,104 |
|
9.4 % |
The major components of the change in adjusted gross margin** are shown below:
(in thousands) |
|
|
Propane Operations |
|
|
Reduced propane customer consumption |
|
$ (2,652) |
Increased propane margins and service fees |
|
2,432 |
Decreased customer consumption due to conversion of customers to our natural gas system |
|
(137) |
CNG/RNG/LNG Transportation and Infrastructure |
|
|
Lower level of virtual pipeline services |
|
(1,258) |
Aspire Energy |
|
|
Increased gathering margins |
|
1,646 |
Increased customer consumption |
|
750 |
Other variances |
|
183 |
Quarter-over-quarter increase in adjusted gross margin** |
|
$ 964 |
The major components of the increase in other operating expenses are as follows:
(in thousands) |
|
|
Increased payroll, benefits and other employee-related expenses |
|
$ 356 |
Decreased facilities expenses, maintenance costs and outside services |
|
(613) |
Other variances |
|
(368) |
Quarter-over-quarter increase in other operating expenses |
|
$ (625) |
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 2023 Annual Report on Form 10-K for further information on the risks and uncertainties related to the Company's forward-looking statements.
Conference Call
Toll-free: 800.267.6316
International: 203.518.9848
Conference ID: CPKQ423
A replay of the presentation will be made available on the previously noted website following the conclusion of the call.
About
Please note that
For more information, contact:
Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary
302.734.6022
Senior Vice President and Chief Accounting Officer
302.217.7036
Financial Summary (in thousands, except shares and per-share data) |
|||||||
|
|||||||
|
Year Ended |
|
Three months ended |
||||
|
|
|
|
||||
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Adjusted Gross Margin |
|
|
|
|
|
|
|
Regulated Energy segment |
$ 333,587 |
|
$ 302,252 |
|
$ 93,458 |
|
$ 79,452 |
Unregulated Energy segment |
120,656 |
|
118,067 |
|
36,838 |
|
35,874 |
Other businesses and eliminations |
(120) |
|
(121) |
|
35 |
|
(29) |
Total Adjusted Gross Margin** |
$ 454,123 |
|
$ 420,198 |
|
$ 130,331 |
|
$ 115,297 |
|
|
|
|
|
|
|
|
Operating Income |
|
|
|
|
|
|
|
Regulated Energy segment |
$ 126,199 |
|
$ 115,317 |
|
$ 34,371 |
|
$ 31,115 |
Unregulated Energy segment |
24,426 |
|
27,350 |
|
12,897 |
|
11,793 |
Other businesses and eliminations |
178 |
|
266 |
|
47 |
|
44 |
Total Operating Income |
150,803 |
|
142,933 |
|
47,315 |
|
42,952 |
Other income, net |
1,438 |
|
5,051 |
|
402 |
|
597 |
Interest charges |
36,951 |
|
24,356 |
|
15,679 |
|
6,952 |
Income Before Income Taxes |
115,290 |
|
123,628 |
|
32,038 |
|
36,597 |
Income taxes |
28,078 |
|
33,832 |
|
6,710 |
|
10,447 |
Net Income |
$ 87,212 |
|
$ 89,796 |
|
$ 25,328 |
|
$ 26,150 |
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock |
|
|
|
|
|
|
|
Basic |
$ 4.75 |
|
$ 5.07 |
|
$ 1.26 |
|
$ 1.47 |
Diluted |
$ 4.73 |
|
$ 5.04 |
|
$ 1.26 |
|
$ 1.47 |
|
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted Earnings Per Share |
|
|
|
|
|
|
|
Net Income (GAAP) |
$ 87,212 |
|
$ 89,796 |
|
$ 25,328 |
|
$ 26,150 |
FCG transaction-related-expenses, net (1) |
10,625 |
|
— |
|
7,727 |
|
— |
Adjusted Net Income (Non-GAAP)** |
$ 97,837 |
|
$ 89,796 |
|
$ 33,055 |
|
$ 26,150 |
|
|
|
|
|
|
|
|
Weighted average common shares outstanding - diluted |
18,434,857 |
|
17,804,294 |
|
20,178,402 |
|
17,825,935 |
|
|
|
|
|
|
|
|
Earnings Per Share - Diluted (GAAP) |
$ 4.73 |
|
$ 5.04 |
|
$ 1.26 |
|
$ 1.47 |
FCG transaction-related-expenses, net (1) |
0.58 |
|
— |
|
0.38 |
|
— |
Adjusted Earnings Per Share - Diluted (Non-GAAP)** |
$ 5.31 |
|
$ 5.04 |
|
$ 1.64 |
|
$ 1.47 |
|
(1) Transaction-related expenses for the year and quarter ended |
Financial Summary Highlights
Key variances in operations between 2022 and 2023 included:
(in thousands, except per share data) |
|
Pre-tax Income |
|
Net Income |
|
Earnings Per Share |
Year ended |
|
$ 123,628 |
|
$ 89,796 |
|
$ 5.04 |
|
|
|
|
|
|
|
Non-recurring Items: |
|
|
|
|
|
|
One-time benefit associated with reduction in state tax rate |
|
— |
|
2,469 |
|
0.13 |
Absence of interest income from federal income tax refund |
|
(826) |
|
(600) |
|
(0.03) |
Absence of gain from sales of assets |
|
(1,902) |
|
(1,382) |
|
(0.07) |
|
|
(2,728) |
|
487 |
|
0.03 |
|
|
|
|
|
|
|
Increased (Decreased) Adjusted Gross Margins: |
|
|
|
|
|
|
Contribution from rate changes associated with |
|
13,361 |
|
9,820 |
|
0.53 |
Increased propane margins per gallon and fees |
|
8,821 |
|
6,483 |
|
0.34 |
Contribution from the acquisition of FCG |
|
8,687 |
|
6,385 |
|
0.35 |
Natural gas growth (excluding service expansions) |
|
6,214 |
|
4,567 |
|
0.25 |
Natural gas transmission service expansions* |
|
4,812 |
|
3,537 |
|
0.19 |
Contributions from regulated infrastructure programs* |
|
2,597 |
|
1,909 |
|
0.10 |
Increased margins from Aspire Energy |
|
1,141 |
|
839 |
|
0.05 |
Increased adjusted gross margin from off-system natural gas capacity sales |
|
960 |
|
706 |
|
0.04 |
Customer consumption primarily resulting from weather |
|
(13,627) |
|
(10,016) |
|
(0.54) |
|
|
32,966 |
|
24,230 |
|
1.31 |
|
|
|
|
|
|
|
(Increased) Decreased Operating Expenses ( |
|
|
|
|
|
|
Payroll, benefits and other employee-related expenses |
|
(9,013) |
|
(6,625) |
|
(0.36) |
FCG operating expenses |
|
(4,190) |
|
(3,080) |
|
(0.17) |
Facilities expenses, maintenance costs and outside services |
|
(1,756) |
|
(1,290) |
|
(0.07) |
Customer service related costs |
|
(820) |
|
(603) |
|
(0.03) |
Regulatory expenses |
|
(658) |
|
(484) |
|
(0.03) |
Depreciation, amortization and property tax costs |
|
615 |
|
452 |
|
0.02 |
Decreased vehicle expenses |
|
577 |
|
424 |
|
0.02 |
|
|
(15,245) |
|
(11,206) |
|
(0.62) |
|
|
|
|
|
|
|
Interest charges |
|
(8,494) |
|
(6,243) |
|
(0.34) |
Change in pension expense |
|
(1,453) |
|
(1,068) |
|
(0.06) |
Increase in shares outstanding due to 2023 and 2022 equity offerings |
|
— |
|
— |
|
(0.17) |
Net other changes |
|
1,070 |
|
1,841 |
|
0.12 |
|
|
(8,877) |
|
(5,470) |
|
(0.45) |
Year ended |
|
$ 129,744 |
|
$ 97,837 |
|
$ 5.31 |
|
* Refer to Major Projects and Initiatives Table for additional information. |
** Transaction-related expenses attributable to the acquisition of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See previous tables for a reconciliation of these items against the related GAAP measures. |
Key variances between the fourth quarter of 2022 and the fourth quarter of 2023 included:
(in thousands, except per share data) |
|
Pre-tax Income |
|
Net Income |
|
Earnings Per Share |
Fourth quarter of 2022 Adjusted Results** |
|
|
|
|
|
$ 1.47 |
|
|
|
|
|
|
|
Non-recurring Items: |
|
|
|
|
|
|
One-time benefit associated with reduction in state tax rate |
|
— |
|
1,185 |
|
0.06 |
Absence of interest income from federal income tax refund |
|
(197) |
|
(141) |
|
(0.01) |
|
|
(197) |
|
1,044 |
|
0.05 |
|
|
|
|
|
|
|
Increased (Decreased) Adjusted Gross Margins: |
|
|
|
|
|
|
Contribution from the acquisition of FCG |
|
8,687 |
|
6,547 |
|
0.32 |
Increased propane margins and fees |
|
2,432 |
|
1,833 |
|
0.09 |
Contribution from rate changes associated with |
|
1,921 |
|
1,448 |
|
0.07 |
Natural gas transmission service expansions |
|
1,836 |
|
1,384 |
|
0.07 |
Increased margins from Aspire Energy |
|
1,646 |
|
1,240 |
|
0.06 |
Natural gas growth including conversions (excluding service expansions) |
|
1,536 |
|
1,157 |
|
0.06 |
Contributions from regulated infrastructure programs |
|
841 |
|
634 |
|
0.03 |
Customer consumption primarily resulting from weather |
|
(3,862) |
|
(2,911) |
|
(0.14) |
Reduced demand for CNG/RNG/LNG services |
|
(1,258) |
|
(948) |
|
(0.05) |
|
|
13,779 |
|
10,384 |
|
0.51 |
|
|
|
|
|
|
|
(Increased) Decreased Operating Expenses ( |
|
|
|
|
|
|
FCG operating expenses |
|
(4,190) |
|
(3,158) |
|
(0.16) |
Payroll, benefits and other employee-related expenses |
|
(3,109) |
|
(2,343) |
|
(0.12) |
Depreciation, amortization and property tax costs |
|
3,012 |
|
2,270 |
|
0.11 |
Facilities expenses, maintenance costs and outside services |
|
277 |
|
209 |
|
0.01 |
|
|
(4,010) |
|
(3,022) |
|
(0.16) |
|
|
|
|
|
|
|
Interest charges |
|
(4,627) |
|
(3,487) |
|
(0.17) |
Increase in shares outstanding due to 2023 equity offering |
|
— |
|
— |
|
(0.17) |
Net other changes |
|
1,051 |
|
1,986 |
|
0.11 |
|
|
(3,576) |
|
(1,501) |
|
(0.23) |
Fourth quarter of 2023 Adjusted Results** |
|
|
|
|
|
$ 1.64 |
|
** Transaction-related expenses attributable to the acquisition of FCG have been excluded from the Company's non-GAAP measures of adjusted net income and adjusted EPS. See previous tables for a reconciliation of these items against the related GAAP measures. |
Recently Completed and Ongoing Major Projects and Initiatives
The Company constantly pursues and develops additional projects and initiatives to serve existing and new customers, further grow its businesses and earnings, and increase shareholder value. The following table includes the major projects and initiatives recently completed and currently underway. Major projects and initiatives that have generated consistent year-over-year adjusted gross margin contributions are removed from the table at the beginning of the next calendar year. The discussion of the Company's major projects accompanying this table, includes those projects which began generating adjusted gross margin in the current year, or those which are expected to contribute adjusted gross margin beginning in future years. A comprehensive discussion of all projects reflected below can be found in the Company's 2023 Annual Report on Form 10-K. The Company's practice is to add new projects and initiatives to this table once negotiations or details are substantially final and/or the associated earnings can be estimated.
|
Adjusted Gross Margin** |
||||||
|
Year Ended |
|
Estimate for Calendar Year |
||||
(in thousands) |
2022 |
|
2023 |
|
2024 |
|
2025 |
Pipeline Expansions: |
|
|
|
|
|
|
|
|
$ 1,377 |
|
$ 1,478 |
|
$ 1,482 |
|
$ 1,478 |
Southern Expansion |
— |
|
586 |
|
2,344 |
|
2,344 |
Winter Haven Expansion |
260 |
|
637 |
|
626 |
|
626 |
Beachside Pipeline Expansion |
— |
|
1,810 |
|
2,451 |
|
2,414 |
North Ocean City Connector |
— |
|
— |
|
— |
|
494 |
|
— |
|
264 |
|
584 |
|
584 |
Clean Energy (1) |
126 |
|
1,064 |
|
1,009 |
|
1,079 |
Wildlight |
— |
|
471 |
|
2,000 |
|
2,038 |
|
— |
|
265 |
|
454 |
|
454 |
|
— |
|
— |
|
862 |
|
2,585 |
Total Pipeline Expansions |
1,763 |
|
6,575 |
|
11,812 |
|
14,096 |
|
|
|
|
|
|
|
|
CNG/RNG/LNG Transportation and Infrastructure |
11,100 |
|
11,181 |
|
12,500 |
|
13,969 |
|
|
|
|
|
|
|
|
Regulatory Initiatives: |
|
|
|
|
|
|
|
Florida GUARD Program |
— |
|
353 |
|
2,421 |
|
5,136 |
FCG SAFE Program |
— |
|
— |
|
2,683 |
|
5,293 |
Capital Cost Surcharge Programs |
2,001 |
|
2,829 |
|
3,979 |
|
4,374 |
Florida Rate Case Proceeding (2) |
2,474 |
|
15,835 |
|
17,153 |
|
17,153 |
|
— |
|
— |
|
TBD |
|
TBD |
Electric Storm Protection Plan |
486 |
|
1,326 |
|
2,433 |
|
3,951 |
Total Regulatory Initiatives |
4,961 |
|
20,343 |
|
28,669 |
|
35,907 |
|
|
|
|
|
|
|
|
Total |
$ 17,824 |
|
$ 38,099 |
|
$ 52,981 |
|
$ 63,972 |
|
(1) Includes adjusted gross margin generated from interim services through the project in-service date in |
(2) Includes adjusted gross margin during 2023 comprised of both interim rates and permanent base rates which became effective in |
(3) Rate case application filed with the Maryland PSC in |
Discussion of Major Projects and Initiatives
Pipeline Expansions
Southern Expansion
Beachside Pipeline Expansion
In
North Ocean City Connector
During the second quarter of 2022, the Company began construction of an extension of service into
In
Wildlight Expansion
In
In
In
Worcester Resiliency Upgrade
In
East Coast Reinforcement Projects
In
Central Florida Reinforcement Projects
In
CNG/RNG/LNG Transportation and Infrastructure
The Company has made a commitment to meet customer demand for CNG, RNG and LNG in the markets we serve. This has included making investments within Marlin Gas Services to be able to transport these products through its virtual pipeline fleet to customers. To date, the Company has also made an infrastructure investment in
The Company is also involved in various other projects, all at various stages and all with different opportunities to participate across the energy value chain. In many of these projects, Marlin will play a key role in ensuring the RNG is transported to one of the Company's many pipeline systems where it will be injected. The Company includes its RNG transportation services and infrastructure related adjusted gross margin from across the organization in combination with CNG and LNG projects.
As new projects are finalized, we will provide additional detail on those projects at that time. Discussed below is a current project in which we are in the construction phase:
In
Regulatory Initiatives
Florida Gas Utility Access and Replacement Directive ("GUARD") Program
In
FCG SAFE Program
In
Maryland Natural Gas Rate Case
In
Other Major Factors Influencing Adjusted Gross Margin
Weather and Consumption
Weather had a significant impact on adjusted gross margin during 2023, driven largely by significantly warmer weather in some of the Company's service territories resulting in reduced consumption. This resulted in adjusted gross margin being negatively impacted by approximately
The following table summarizes HDD and CDD variances from the 10-year average HDD/CDD ("Normal") for the year and quarter-to-date periods ended
HDD and CDD Information
|
Year Ended |
|
|
|
Quarter Ended |
|
|
||||
|
|
|
|
|
|
|
|
||||
|
2023 |
|
2022 |
|
Variance |
|
2023 |
|
2022 |
|
Variance |
Delmarva |
|
|
|
|
|
|
|
|
|
|
|
Actual HDD |
3,416 |
|
4,088 |
|
(672) |
|
1,347 |
|
1,485 |
|
(138) |
10-Year Average HDD ("Normal") |
4,161 |
|
4,147 |
|
14 |
|
1,430 |
|
1,437 |
|
(7) |
Variance from Normal |
(745) |
|
(59) |
|
|
|
(83) |
|
48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual HDD |
664 |
|
836 |
|
(172) |
|
293 |
|
301 |
|
(8) |
10-Year Average HDD ("Normal") |
826 |
|
828 |
|
(2) |
|
276 |
|
285 |
|
(9) |
Variance from Normal |
(162) |
|
8 |
|
|
|
17 |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual HDD |
5,043 |
|
5,532 |
|
(489) |
|
1,895 |
|
1,918 |
|
(23) |
10-Year Average HDD ("Normal") |
5,594 |
|
5,557 |
|
37 |
|
1,933 |
|
1,943 |
|
(10) |
Variance from Normal |
(551) |
|
(25) |
|
|
|
(38) |
|
(25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual CDD |
3,101 |
|
2,826 |
|
275 |
|
308 |
|
340 |
|
(32) |
10-Year Average CDD ("Normal") |
2,934 |
|
2,929 |
|
5 |
|
399 |
|
394 |
|
5 |
Variance from Normal |
167 |
|
(103) |
|
|
|
(91) |
|
(54) |
|
|
Natural Gas Distribution Growth
The average number of residential customers served on the
On the
|
Adjusted Gross Margin** |
||
|
For the Year Ended |
||
(in thousands) |
Delmarva |
|
|
Customer growth: |
|
|
|
Residential |
$ 1,895 |
|
$ 1,599 |
Commercial and industrial |
589 |
|
2,131 |
Total customer growth |
$ 2,484 |
|
$ 3,730 |
|
(1) Customer growth amounts for our legacy |
Capital Investment Growth and Capital Structure Updates
The Company's capital expenditures were
|
|
For the Year Ended |
(in thousands) |
|
|
Regulated Energy: |
|
|
Natural gas distribution |
|
$ 109,245 |
Natural gas transmission |
|
40,179 |
Electric distribution |
|
19,745 |
Total Regulated Energy |
|
169,169 |
Unregulated Energy: |
|
|
Propane distribution |
|
14,287 |
Energy transmission |
|
5,469 |
Other unregulated energy |
|
20,508 |
Total Unregulated Energy |
|
40,264 |
Other: |
|
|
Corporate and other businesses |
|
1,762 |
Total Other |
|
1,762 |
Legacy capital expenditures |
|
211,195 |
FCG Acquisition (1) |
|
926,702 |
Total 2023 Capital Expenditures |
|
$ 1,137,897 |
|
(1) Includes amounts for the acquisition of FCG net of cash acquired and their capital expenditures from the date of the acquisition through |
The following table shows a range of the forecasted 2024 capital expenditures by segment and by business line:
|
2024 |
||
(in thousands) |
Low |
|
High |
Regulated Energy: |
|
|
|
Natural gas distribution |
$ 150,000 |
|
$ 170,000 |
Natural gas transmission |
90,000 |
|
120,000 |
Electric distribution |
25,000 |
|
28,000 |
Total Regulated Energy |
265,000 |
|
318,000 |
Unregulated Energy: |
|
|
|
Propane distribution |
13,000 |
|
15,000 |
Energy transmission |
5,000 |
|
6,000 |
Other unregulated energy |
13,000 |
|
15,000 |
Total Unregulated Energy |
31,000 |
|
36,000 |
Other: |
|
|
|
Corporate and other businesses |
4,000 |
|
6,000 |
Total 2024 Forecasted Capital Expenditures |
$ 300,000 |
|
$ 360,000 |
The capital expenditure projection 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, supply chain disruptions, capital delays that are greater than currently anticipated, customer growth in existing areas, regulation, new growth and availability of capital. Historically, actual capital expenditures have typically lagged behind the forecasted amounts. See "
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 approximately 47 percent as of
Condensed Consolidated Statements of Income (Unaudited) |
||||||||
|
||||||||
|
|
Year Ended |
|
Three months ended |
||||
|
|
|
|
|
||||
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
(in thousands, except shares and per share data) |
|
|
|
|
|
|
|
|
Operating Revenues |
|
|
|
|
|
|
|
|
Regulated Energy |
|
$ 473,595 |
|
$ 429,424 |
|
$ 127,774 |
|
$ 118,360 |
Unregulated Energy |
|
223,148 |
|
280,750 |
|
64,262 |
|
78,081 |
Other businesses and eliminations |
|
(26,139) |
|
(29,470) |
|
(6,701) |
|
(9,141) |
Total Operating Revenues |
|
670,604 |
|
680,704 |
|
185,335 |
|
187,300 |
Operating Expenses |
|
|
|
|
|
|
|
|
Natural gas and electricity costs |
|
140,008 |
|
127,172 |
|
34,316 |
|
38,908 |
Propane and natural gas costs |
|
76,474 |
|
133,334 |
|
20,688 |
|
33,095 |
Operations |
|
178,437 |
|
164,505 |
|
50,290 |
|
43,526 |
Transaction-related expenses |
|
10,355 |
|
— |
|
6,456 |
|
— |
Maintenance |
|
20,401 |
|
18,176 |
|
4,914 |
|
4,903 |
Depreciation and amortization |
|
65,501 |
|
68,973 |
|
13,405 |
|
17,441 |
Other taxes |
|
28,625 |
|
25,611 |
|
7,951 |
|
6,475 |
Total operating expenses |
|
519,801 |
|
537,771 |
|
138,020 |
|
144,348 |
Operating Income |
|
150,803 |
|
142,933 |
|
47,315 |
|
42,952 |
Other income, net |
|
1,438 |
|
5,051 |
|
402 |
|
597 |
Interest charges |
|
36,951 |
|
24,356 |
|
15,679 |
|
6,952 |
Income Before Income Taxes |
|
115,290 |
|
123,628 |
|
32,038 |
|
36,597 |
Income Taxes |
|
28,078 |
|
33,832 |
|
6,710 |
|
10,447 |
Net Income |
|
$ 87,212 |
|
$ 89,796 |
|
$ 25,328 |
|
$ 26,150 |
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
18,370,758 |
|
17,722,227 |
|
20,112,530 |
|
17,741,166 |
Diluted |
|
18,434,857 |
|
17,804,294 |
|
20,178,402 |
|
17,825,935 |
|
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
|
Basic |
|
$ 4.75 |
|
$ 5.07 |
|
$ 1.26 |
|
$ 1.47 |
Diluted |
|
$ 4.73 |
|
$ 5.04 |
|
$ 1.26 |
|
$ 1.47 |
|
|
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted Earnings Per Share |
|
|
|
|
|
|
|
|
Net Income (GAAP) |
|
$ 87,212 |
|
$ 89,796 |
|
$ 25,328 |
|
$ 26,150 |
Transaction-related expenses, net (1) |
|
10,625 |
|
— |
|
7,727 |
|
— |
Adjusted Net Income (Non-GAAP)** |
|
$ 97,837 |
|
$ 89,796 |
|
$ 33,055 |
|
$ 26,150 |
|
|
|
|
|
|
|
|
|
Earnings Per Share - Diluted (GAAP) |
|
$ 4.73 |
|
$ 5.04 |
|
$ 1.26 |
|
$ 1.47 |
Transaction-related expenses, net (1) |
|
0.58 |
|
— |
|
0.38 |
|
— |
Adjusted Earnings Per Share - Diluted (Non-GAAP)** |
|
$ 5.31 |
|
$ 5.04 |
|
$ 1.64 |
|
$ 1.47 |
|
(1) Transaction-related expenses for the year and quarter ended |
Consolidated Balance Sheets (Unaudited) |
||||
|
||||
|
|
As of |
||
Assets |
|
2023 |
|
2022 |
(in thousands, except shares and per share data) |
|
|
|
|
Property, Plant and Equipment |
|
|
|
|
Regulated Energy |
|
$ 2,418,494 |
|
$ 1,802,999 |
Unregulated Energy |
|
410,807 |
|
393,215 |
Other businesses and eliminations |
|
30,310 |
|
29,890 |
Total property, plant and equipment |
|
2,859,611 |
|
2,226,104 |
Less: Accumulated depreciation and amortization |
|
(516,429) |
|
(462,926) |
Plus: Construction work in progress |
|
113,192 |
|
47,295 |
Net property, plant and equipment |
|
2,456,374 |
|
1,810,473 |
Current Assets |
|
|
|
|
Cash and cash equivalents |
|
4,904 |
|
6,204 |
Trade and other receivables |
|
74,485 |
|
65,758 |
Less: Allowance for credit losses |
|
(2,699) |
|
(2,877) |
Trade receivables, net |
|
71,786 |
|
62,881 |
Accrued revenue |
|
32,597 |
|
29,206 |
Propane inventory, at average cost |
|
9,313 |
|
9,365 |
Other inventory, at average cost |
|
19,912 |
|
16,896 |
Regulatory assets |
|
19,506 |
|
41,439 |
Storage gas prepayments |
|
4,695 |
|
6,364 |
Income taxes receivable |
|
3,829 |
|
2,541 |
Prepaid expenses |
|
15,407 |
|
15,865 |
Derivative assets, at fair value |
|
1,027 |
|
2,787 |
Other current assets |
|
2,723 |
|
428 |
Total current assets |
|
185,699 |
|
193,976 |
Deferred Charges and Other Assets |
|
|
|
|
|
|
508,174 |
|
46,213 |
Other intangible assets, net |
|
16,865 |
|
17,859 |
Investments, at fair value |
|
12,282 |
|
10,576 |
Derivative assets, at fair value |
|
40 |
|
982 |
Operating lease right-of-use assets |
|
12,426 |
|
14,421 |
Regulatory assets |
|
96,396 |
|
108,214 |
Receivables and other deferred charges |
|
16,448 |
|
12,323 |
Total deferred charges and other assets |
|
662,631 |
|
210,588 |
Total Assets |
|
$ 3,304,704 |
|
$ 2,215,037 |
Consolidated Balance Sheets (Unaudited) |
||||
|
||||
|
|
As of |
||
Capitalization and Liabilities |
|
2023 |
|
2022 |
(in thousands, except shares and per share data) |
|
|
|
|
Capitalization |
|
|
|
|
Stockholders' equity |
|
|
|
|
Preferred stock, par value |
|
$ — |
|
$ — |
Common stock, par value |
|
10,823 |
|
8,635 |
Additional paid-in capital |
|
749,356 |
|
380,036 |
Retained earnings |
|
488,663 |
|
445,509 |
Accumulated other comprehensive loss |
|
(2,738) |
|
(1,379) |
Deferred compensation obligation |
|
9,050 |
|
7,060 |
|
|
(9,050) |
|
(7,060) |
Total stockholders' equity |
|
1,246,104 |
|
832,801 |
Long-term debt, net of current maturities |
|
1,187,075 |
|
578,388 |
Total capitalization |
|
2,433,179 |
|
1,411,189 |
Current Liabilities |
|
|
|
|
Current portion of long-term debt |
|
18,505 |
|
21,483 |
Short-term borrowing |
|
179,853 |
|
202,157 |
Accounts payable |
|
77,481 |
|
61,496 |
Customer deposits and refunds |
|
46,427 |
|
37,152 |
Accrued interest |
|
7,020 |
|
3,349 |
Dividends payable |
|
13,119 |
|
9,492 |
Accrued compensation |
|
16,544 |
|
14,660 |
Regulatory liabilities |
|
13,719 |
|
5,031 |
Derivative liabilities, at fair value |
|
354 |
|
585 |
Other accrued liabilities |
|
13,362 |
|
13,618 |
Total current liabilities |
|
386,384 |
|
369,023 |
Deferred Credits and Other Liabilities |
|
|
|
|
Deferred income taxes |
|
259,082 |
|
256,167 |
Regulatory liabilities |
|
195,279 |
|
142,989 |
Environmental liabilities |
|
2,607 |
|
3,272 |
Other pension and benefit costs |
|
15,330 |
|
16,965 |
Derivative liabilities at fair value |
|
927 |
|
1,630 |
Operating lease - liabilities |
|
10,550 |
|
12,392 |
Deferred investment tax credits and other liabilities |
|
1,366 |
|
1,410 |
Total deferred credits and other liabilities |
|
485,141 |
|
434,825 |
Environmental and other commitments and contingencies (1) |
|
|
|
|
Total Capitalization and Liabilities |
|
$ 3,304,704 |
|
$ 2,215,037 |
|
(1) Refer to Note 19 and 20 in the Company's Annual Report on Form 10-K for the year ended |
Distribution Utility Statistical Data (Unaudited) |
||||||||||||||
|
||||||||||||||
|
|
For Three Months Ended |
|
For the Three Months Ended |
||||||||||
|
|
Delmarva NG |
|
|
|
Florida City |
|
|
|
Delmarva NG |
|
|
|
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
||||
Residential |
|
$ 20,148 |
|
$ 12,246 |
|
$ 5,042 |
|
$ 10,195 |
|
$ 21,643 |
|
$ 12,265 |
|
$ 8,417 |
Commercial and Industrial |
|
12,625 |
|
28,413 |
|
5,872 |
|
12,134 |
|
14,005 |
|
25,895 |
|
9,758 |
Other (3) |
|
5,697 |
|
2,255 |
|
1,159 |
|
(1,310) |
|
7,569 |
|
6,154 |
|
(1,054) |
Total Operating Revenues |
|
$ 38,470 |
|
$ 42,914 |
|
$ 12,073 |
|
$ 21,019 |
|
$ 43,217 |
|
$ 44,314 |
|
$ 17,121 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (in Dts for natural gas and MWHs for electric) |
|
|
|
|
|
|
|
|
|
|||||
Residential |
|
1,087,809 |
|
529,697 |
|
157,884 |
|
62,067 |
|
1,052,182 |
|
513,623 |
|
62,252 |
Commercial and Industrial |
|
2,707,601 |
|
10,451,908 |
|
940,028 |
|
144,801 |
|
2,648,324 |
|
8,447,631 |
|
76,298 |
Other |
|
79,586 |
|
— |
|
549,132 |
|
— |
|
76,384 |
|
944,334 |
|
— |
Total |
|
3,874,996 |
|
10,981,605 |
|
1,647,044 |
|
206,868 |
|
3,776,890 |
|
9,905,588 |
|
138,550 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Customers |
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential |
|
98,974 |
|
89,383 |
|
112,585 |
|
25,722 |
|
94,535 |
|
86,304 |
|
25,563 |
Commercial and Industrial |
|
8,256 |
|
8,434 |
|
8,587 |
|
7,370 |
|
8,130 |
|
8,360 |
|
7,369 |
Other |
|
23 |
|
6 |
|
6 |
|
— |
|
4 |
|
6 |
|
— |
Total |
|
107,253 |
|
97,823 |
|
121,178 |
|
33,092 |
|
102,669 |
|
94,670 |
|
32,932 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Twelve Months Ended |
|
For the Twelve Months Ended |
||||||||||
|
|
Delmarva NG |
|
|
|
|
|
|
|
Delmarva NG |
|
|
|
|
Operating Revenues |
|
|
|
|
|
|
|
|
|
|
||||
Residential |
|
$ 87,709 |
|
$ 50,792 |
|
$ 5,042 |
|
$ 49,542 |
|
$ 83,373 |
|
$ 46,824 |
|
$ 38,954 |
Commercial and Industrial |
|
54,261 |
|
108,913 |
|
5,872 |
|
52,047 |
|
53,083 |
|
98,419 |
|
40,110 |
Other (3) |
|
(997) |
|
8,655 |
|
1,159 |
|
(2,115) |
|
2,803 |
|
10,627 |
|
2,650 |
Total Operating Revenues |
|
$ 140,973 |
|
$ 168,360 |
|
$ 12,073 |
|
$ 99,474 |
|
$ 139,259 |
|
$ 155,870 |
|
$ 81,714 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Volumes (in Dts for natural gas and MWHs for electric) |
|
|
|
|
|
|
|
|||||||
Residential |
|
4,389,934 |
|
2,081,045 |
|
157,884 |
|
300,118 |
|
4,645,336 |
|
2,086,597 |
|
305,593 |
Commercial and Industrial |
|
10,230,662 |
|
41,498,921 |
|
940,028 |
|
384,306 |
|
10,402,091 |
|
37,902,801 |
|
325,785 |
Other |
|
293,186 |
|
627,934 |
|
549,132 |
|
— |
|
307,397 |
|
3,418,788 |
|
5,978 |
Total |
|
14,913,782 |
|
44,207,900 |
|
1,647,044 |
|
684,424 |
|
15,354,824 |
|
43,408,186 |
|
637,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Customers |
|
|
|
|
|
|
|
|
|
|
|
|
||
Residential |
|
97,666 |
|
88,384 |
|
112,585 |
|
25,719 |
|
92,694 |
|
85,074 |
|
25,516 |
Commercial and Industrial |
|
8,246 |
|
8,415 |
|
8,587 |
|
7,372 |
|
8,121 |
|
8,322 |
|
7,351 |
Other |
|
23 |
|
6 |
|
6 |
|
— |
|
4 |
|
6 |
|
— |
Total |
|
105,935 |
|
96,805 |
|
121,178 |
|
33,091 |
|
100,819 |
|
93,402 |
|
32,867 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In accordance with the Florida PSC approval of our natural gas base rate proceeding, effective |
(2) Operating revenues and volumes for FCG include amounts from the acquisition date. Customer totals for FCG reflect actual amounts at |
(3) 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:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-reports-fiscal-year-2023-results-302068039.html
SOURCE