切萨皮克气业 2025年季度报告

EXCHANGE ACT OF 1934 company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.☒Acceleratedfiler Non-accelerated filer☐SmallerreportingcompanyEmerging growth company PART I—FINANCIAL INFORMATION FINANCIAL STATEMENTS ITEM2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS PART II—OTHER INFORMATION LEGAL PROCEEDINGSITEM1A.RISK FACTORS DEFAULTS UPON SENIOR SECURITIES OTHER INFORMATION EXHIBITS SIGNATURES Adjusted Gross Margin:A non-GAAP measure calculated by deducting the purchased cost of natural gas, propane and electricity andthe 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 withregulatory requirements Aspire Energy:Aspire Energy of Ohio, LLC, a wholly-owned subsidiary of Chesapeake Utilities Aspire Energy Express:Aspire Energy Express, LLC, a wholly-owned subsidiary of Chesapeake Utilities ASU:Accounting Standards Update issued by the FASBATM:At-the-market CDD:Cooling Degree-Day Chesapeake, Chesapeake Utilities or Company:Chesapeake Utilities Corporation, individually or collectively with its divisions andsubsidiaries, as appropriate in the context of the disclosure CHP:Combined Heat and Power Plant CNG:Compressed natural gasDegree-day:Measure of the variation in the weather based on the extent to which the average daily temperature reaches above (CDD) Delmarva Peninsula:A peninsula on the east coast of the U.S. comprised of Delaware and portions of Maryland and Virginia DRIP:Dividend Reinvestment and Direct Stock Purchase Plan Dts/d:Dekatherms per day Eastern Shore:Eastern Shore Natural Gas Company, a wholly-owned subsidiary of Chesapeake Utilities Eight Flags:Eight Flags Energy, LLC, a wholly-owned subsidiary of Chesapeake Utilities Elkton Gas: Elkton Gas Company, a wholly-owned subsidiary of Chesapeake Utilities FASB:Financial Accounting Standards Board FCG or Florida City Gas: Pivotal Utility Holdings, Inc, doing business as Florida City Gas, a wholly-owned subsidiary ofChesapeake Utilities that was acquired from Florida Power & Light Company on November 30, 2023 FERC:Federal Energy Regulatory CommissionFGT:Florida Gas Transmission Company Florida Natural Gas:Refers to the Company's legacy Florida natural gas distribution operations (excluding FCG) that wereconsolidated under FPU, for both rate-making and operations purposes Florida OPC:The Office of Public Counsel, an agency established by the Florida legislature who advocates on behalf of Florida's FPU:Florida Public Utilities Company, a wholly-owned subsidiary of Chesapeake Utilities GAAP:Generally Accepted Accounting Principles Gross Margin:a term which is the excess of sales over costs of goods sold Gulfstream:Gulfstream Natural Gas System, LLC, an unaffiliated pipeline network that supplies natural gas to FPU HDD:Heating Degree-Day LNG:Liquefied natural gas Marlin Gas Services:Marlin Gas Services, LLC, a wholly-owned subsidiary of Chesapeake Utilities Maryland's utility consumers prior to actions or rule changes.MetLife:MetLife Investment Advisors, an institutional debt investment management firm, with which we have previously issued Senior Notes and which is a party to the current MetLife Shelf Agreement, as amendedMGP:Manufactured gas plant, which is a site where coal was previously used to manufacture gaseous fuel for industrial, commercial Peninsula Pipeline:Peninsula Pipeline Company, Inc., a wholly-owned subsidiary of Chesapeake Utilities Prudential:Prudential Investment Management Inc., an institutional investment management firm, with which we have previously PSC:Public Service Commission, which is the state agency that regulates utility rates and/or services in certain of our jurisdictions Revolver:Our $450.0 million unsecured revolving credit facility with certain lenders RNG:Renewable natural gas RSAM:Reserve surplus amortization mechanism which has been approved by the Florida PSC and is applicable to FCG Sandpiper Energy:Sandpiper Energy, Inc., a wholly-owned subsidiary of Chesapeake UtilitiesSAFE:Safety, Access, and Facility Enhancement, a program to enhance the safety, reliability and accessibility of portions of FCG'snatural gas distribution system has been included in the Condensed Consolidated Statements of Stockholders’ Equity.Includes126thousand,114thousand,111thousand, and108thousand shares at March31, 2025, December31, 2024, March31, 2024 and December 31, 2023, Includes amounts for shares issued for directors’ compensation.The shares issued under the SICP are net of shares withheld for employee taxes. For the three months ended March 31, 2025 and 2024, we withheld8thousand The accompanying notes are an integral part of these condensed consolidated financial statements. 6 1.Summary of Accounting Policies Chesapeake Utilities C