Chesapeake Utilities Corp (CPK) 2024 Q2 法說會逐字稿

Welcome to the Chesapeake Utilities Corporation second quarter 2024 earnings conference call.

歡迎參加切薩皮克公用事業公司 2024 年第二季財報電話會議。

(Operator Instructions).

（操作員說明）。

I would now like to turn the call over to Lucia Dempsey, Head of Investor Relations.

我現在想將電話轉給投資者關係主管 Lucia Dempsey。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，大家早安。

This is Lucia Dempsey, Chesapeake, Head of Investor Relations and I appreciate you joining us this morning.

我是切薩皮克投資者關係主管露西亞·登普西 (Lucia Dempsey)，感謝您今天早上加入我們。

Today's presentation can be accessed on our website under the Investors page and events and presentations subsection.

您可以在我們網站的“投資者”頁面以及“活動和演示”部分下訪問今天的演示。

After our prepared remarks, we will open up the call for questions.

在我們準備好發言後，我們將開始提問。

On slide two, we show our typical disclaimers while I remind you that matters discussed on this conference call may include forward-looking statements that involve risks and uncertainties.

在第二張投影片上，我們展示了我們典型的免責聲明，同時我提醒您，本次電話會議討論的事項可能包括涉及風險和不確定性的前瞻性陳述。

Forward-looking statements and projections could differ materially from our actual results.

前瞻性陳述和預測可能與我們的實際結果有重大差異。

The safe harbor for forward-looking statements section of our 2023 annual Report on form 10-K provides further information on the facts that could cause such statements to differ from our actual results.

我們 10-K 表格 2023 年年度報告的前瞻性陳述安全港部分提供了有關可能導致此類陳述與我們的實際結果不同的事實的進一步資訊。

Additionally, the company evaluates its performance based on certain non-GAAP measures, including adjusted gross margin, adjusted net income and adjusted earnings per share, and the information presented today includes the appropriate disclosures in accordance with the SEC's Regulation G.

此外，公司還根據某些非公認會計準則衡量標準評估其業績，包括調整後毛利率、調整後淨利潤和調整後每股收益，今天提供的資訊包括根據 SEC 法規 G 進行的適當披露。

A reconciliation of these non-GAAP measures to the related GAAP measures has been provided in the appendix of this presentation, our earnings release and our second quarter Form 10-Q.

本簡報的附錄、我們的收益報告和第二季的 10-Q 表格中提供了這些非 GAAP 衡量標準與相關 GAAP 衡量標準的調整表。

Here at Chesapeake Utilities, safety is our first priority.

在切薩皮克公用事業公司，安全是我們的首要任務。

We start all meetings with a safety moment and will do so here with a safety moment on emergency preparedness as we are already in the midst of hurricane season.

我們以安全時刻開始所有會議，並且在這裡也將以應急準備的安全時刻開始，因為我們已經處於颶風季節之中。

Our subsidiary, Florida Public Utilities, recently completed its annual hurricane preparation drill, during which our team practiced our emergency response procedures.

我們的子公司佛羅裡達公用事業公司最近完成了年度颶風準備演習，在此期間我們的團隊練習了緊急應變程序。

Lessons learned in this drill have already been put to the test during Hurricane Debby earlier this week.

這次演習中汲取的經驗教訓已在本週早些時候的黛比颶風中得到了檢驗。

Our customers have experienced minimal disruptions in service and we are grateful to team members across the organization who responded efficiently to keep us operating safely.

我們的客戶所經歷的服務中斷最小，我們感謝整個組織的團隊成員，他們做出了有效的回應，以確保我們的安全運作。

SPU overall continues to show improved reliability metrics, which can be attributed to the system strengthening work the team has done as part of the storm protection plan.

SPU 整體上繼續顯示出改進的可靠性指標，這可以歸因於團隊在風暴防護計畫中所做的系統強化工作。

This work has improved the frequency and duration of electric outages by 11.3% and 9.7%, respectively, when compared with June 2023.

與2023年6月相比，這項工作使停電頻率和持續時間分別減少了11.3%和9.7%。

On an individual level, whether you live in an area impacted by hurricanes or not, being prepared for emergencies is critical.

就個人而言，無論您是否居住在受颶風影響的地區，為緊急情況做好準備都至關重要。

In fact, putting together a disaster supplies kit is one of the safety challenges for Chesapeake team members this quarter.

事實上，組裝災難物資包是切薩皮克團隊成員本季面臨的安全挑戰之一。

FEMA recommends a personal emergency kit with food, water and supplies to last for at least 72 hours.

FEMA 建議配備個人應急包，其中包含至少可維持 72 小時的食物、水和用品。

Ready.gov has helpful guides and checklists that you can use to prepare for yourself and your loved ones.

Ready.gov 提供了有用的指南和清單，您可以使用它們為自己和您所愛的人做好準備。

I'll now introduce our presenters today.

現在我來介紹一下今天的主持人。

Jeff Householder, Chair of the Board, President and Chief Executive Officer, will provide an update on our high growth service areas, capital investment plan and business transformation efforts, including the Florida City gas integration.

董事會主席、總裁兼執行長 Jeff Householder 將提供有關我們高成長服務領域、資本投資計畫和業務轉型工作（包括佛羅裡達城天然氣整合）的最新資訊。

Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary will discuss our financial results, strong balance sheet and dividend as well as earnings growth trajectory.

執行副總裁、財務長、財務主管和助理公司秘書貝絲·庫珀 (Beth Cooper) 將討論我們的財務業績、強勁的資產負債表和股息以及盈利成長軌跡。

And Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer, will review our regulatory strategy, including key project approvals and recent company awards.

執行副總裁、總法律顧問、公司秘書兼首席政策和風險官 Jim Moriarty 將審查我們的監管策略，包括關鍵項目批准和最近的公司獎項。

With that, it's my pleasure to turn the call over to Jeff.

至此，我很高興將電話轉給傑夫。

Thank you, Lucia.

謝謝你，露西婭。

Good morning and thanks to all of you for joining our call today.

早安，感謝大家今天加入我們的電話會議。

I'll begin with slide five.

我將從第五張投影片開始。

Adjusted earnings per share this quarter was $0.86, bringing our year-to-date 2024 EPS to $2.96. Our results are well aligned with our expectations with strong contributions from our Florida City Gas and legacy operations offset by FCG operating expenses and financing costs.

本季調整後每股收益為 0.86 美元，使我們 2024 年年初至今的每股收益達到 2.96 美元。我們的業績與我們的預期非常一致，佛羅裡達城市天然氣和遺留業務的強勁貢獻被 FCG 營運費用和融資成本所抵銷。

We generated adjusted gross margin of approximately $127 million this quarter, a 27% increase over the second quarter of last year and adjusted net income of approximately $19 million, up 19% from the same period last year.

本季調整後毛利率約 1.27 億美元，比去年第二季成長 27%，調整後淨利約 1,900 萬美元，比去年同期成長 19%。

Our year-to-date earnings performance, combined with our growth expectations for the remainder of 2024 enable us to reaffirm our full year 2024 adjusted earnings per share guidance of $5.33 to $5.45. Our progress with integrating FCG, coupled with our increased level of capital projects and regulatory initiatives also enable us to reaffirm our 2025 and 2028 EPS guidance.

我們今年迄今的獲利表現，加上我們對 2024 年剩餘時間的成長預期，使我們能夠重申 2024 年全年調整後每股收益指引為 5.33 美元至 5.45 美元。我們在整合 FCG 方面取得的進展，加上資本項目和監管舉措水準的提高，也使我們能夠重申 2025 年和 2028 年每股收益指引。

As I'll discuss in more detail shortly, our 2024 capital growth plan remains on track, with $160 million invested in the first half of this year and $300 million to $360 million expected for full year 2024.

正如我稍後將更詳細討論的那樣，我們的 2024 年資本增長計劃仍在按計劃進行，今年上半年投資 1.6 億美元，預計 2024 年全年投資 3 億至 3.6 億美元。

Turning to slide six.

轉到第六張投影片。

We operate in some of the fastest growing areas of the country, which enable us to deploy sustainable capital investments to meet the needs of growing customer demand.

我們在該國一些成長最快的地區開展業務，這使我們能夠部署可持續的資本投資，以滿足不斷增長的客戶需求。

Customer growth remains strong in both Delmarva and Florida, with each area seeing a 3.7% increase in residential customers in the second quarter of this year relative to the same period last year.

德爾馬瓦和佛羅裡達州的客戶成長依然強勁，今年第二季每個地區的住宅客戶均較去年同期成長了 3.7%。

We expect strong population growth to continue in our service areas.

我們預計我們的服務區域人口將持續強勁成長。

In spite of increased interest rates, we are regularly executing contracts with builders and developers for gas service to new residential developments.

儘管利率上升，我們仍定期與建築商和開發商簽訂為新住宅開發案提供天然氣服務的合約。

Customers are looking for gas service in their new homes, and we expect to continue to add customers at significantly higher rates and have been typical for our industry.

客戶正在他們的新家尋找燃氣服務，我們預計將繼續以顯著更高的速度增加客戶，這對我們行業來說是典型的。

Cecil county is one particular example of substantial growth in our Delmarva service area.

塞西爾縣是我們德爾馬瓦服務區大幅成長的具體例子。

In 2018, Chesapeake began constructing natural gas distribution infrastructure in a key commercial quarter in Cecil County, Maryland, which is strategically located between Baltimore and Philadelphia.

2018年，切薩皮克開始在馬裡蘭州塞西爾縣的一個重要商業區建造天然氣配送基礎設施，該縣位於巴爾的摩和費城之間，地理位置優越。

The initial distribution capacity extending from our Eastern Shore pipeline attracted a number of key businesses and distribution centers to the area, including IKEA, FedEx and Amazon, driving substantial demand for additional natural gas service and infrastructure.

從我們的東岸管道延伸出來的初始配送能力吸引了許多主要企業和配送中心來到該地區，包括宜家、聯邦快遞和亞馬遜，推動了對額外天然氣服務和基礎設施的大量需求。

Since then, we've purchased the adjoining Elkton gas operation from SJI.

從那時起，我們從 SJI 購買了毗鄰的埃爾克頓天然氣業務。

They gave us a more local field operation and have installed at least 28 miles of gas distribution along I-95 to serve incremental demand growth, and we used a state energy grant to extend natural gas infrastructure to support the Cecil County library as well.

他們為我們提供了更本地化的現場運營，並沿著95 號州際公路安裝了至少28 英里的天然氣分配系統，以滿足不斷增長的需求，我們還利用州能源補助金來擴展天然氣基礎設施，以支持塞西爾縣圖書館。

Cecil County is a great example of the growth we're seeing throughout our service areas, as well as the critical role that Chesapeake's natural gas infrastructure investments play in our communities to drive critical economic development and job creation.

塞西爾縣是我們在整個服務領域看到的成長的一個很好的例子，也展示了切薩皮克的天然氣基礎設施投資在我們的社區中發揮的關鍵作用，以推動關鍵的經濟發展和創造就業機會。

The opportunity to serve significant customer growth and demand is the basis for our overall growth strategy, which in turn drives sustainable earnings growth.

服務顯著客戶成長和需求的機會是我們整體成長策略的基礎，這反過來又推動了可持續的獲利成長。

Over the past several years, we have been consistently focused on three fundamental drivers to support earnings growth, as shown on slide seven.

在過去的幾年裡，我們一直專注於支持獲利成長的三個基本驅動因素，如幻燈片七所示。

First, we work hard to identify and prudently deploy capital investment in projects that align with customer demand and enable us to continue providing safe and reliable energy delivery services to support customer growth.

首先，我們努力尋找並審慎地將資本投資部署到符合客戶需求的項目上，使我們能夠繼續提供安全可靠的能源輸送服務，以支持客戶的成長。

Our capital investment plan is primarily comprised of system expansion investments to serve new customers as well as capital to support our multiple infrastructure programs that contribute to the reliability of our systems and investments in technology that support enhanced operational efficiency and customer service.

我們的資本投資計畫主要包括為新客戶服務的系統擴展投資以及支援我們多個基礎設施計畫的資本，這些基礎設施計畫有助於提高我們系統的可靠性，以及支援提高營運效率和客戶服務的技術投資。

Second, we proactively manage our regulatory agenda to support cost recovery of our capital projects.

其次，我們積極管理監理議程，以支持資本項目的成本回收。

As the majority of our capital plan is aimed at serving new and existing customers in our regulated businesses, we're working closely with governmental agencies to secure permitting for our capital construction projects and with federal and state regulators to ensure appropriate cost recovery for these investments, which bring safe, reliable and affordable services to customers for years to come.

由於我們的大部分資本計劃旨在為受監管業務中的新客戶和現有客戶提供服務，因此我們正在與政府機構密切合作，以確保我們的基本建設項目獲得許可，並與聯邦和州監管機構密切合作，以確保這些投資的適當成本回收，在未來幾年為客戶帶來安全、可靠和實惠的服務。

And Jim will go into more detail on this shortly.

吉姆很快就會對此進行更詳細的介紹。

The third, and perhaps most important, given our recent overall enterprise growth, is continued business transformation, which focuses on our people, processes, systems and organizational structure.

第三，也許是最重要的，考慮到我們最近的整體企業成長，是持續的業務轉型，重點是我們的人員、流程、系統和組織結構。

Our continuous improvement initiatives enable us to ensure long term success in an ever-changing environment.

我們的持續改進措施使我們能夠確保在不斷變化的環境中取得長期成功。

Not only do we need to be transforming the organization given our growth, but at the same time considering and planning for where we're headed.

鑑於我們的發展，我們不僅需要對組織進行轉型，同時還要考慮和規劃我們的發展方向。

Capital deployment is our primary growth driver, and on slide eight you can see that we've already made significant progress toward identifying and initiating $1.3 billion of our five-year capital investment plan of $1.5 billion to $1.8 billion.

資本部署是我們的主要成長動力，在第八張投影片上您可以看到，我們已經在確定和啟動 15 億至 18 億美元的五年資本投資計畫中的 13 億美元方面取得了重大進展。

This includes capital for a number of ongoing infrastructure initiatives and approved projects across our regulated businesses, as well as approximately $80 million in identified technology investments thus far.

這包括我們受監管業務中許多正在進行的基礎設施計劃和已批准項目的資金，以及迄今為止已確定的約 8000 萬美元的技術投資。

While we are fundamentally a regulated utility company, we look for opportunities to leverage our related businesses in ways that might not be possible for others.

雖然我們從根本上來說是一家受監管的公用事業公司，但我們尋找機會以其他公司不可能的方式利用我們的相關業務。

Our growth plan over the next several years includes multiple examples of our business units working together to meet the needs of customers.

我們未來幾年的成長計畫包括我們的業務部門共同努力滿足客戶需求的多個例子。

Our transmission businesses will continue to expand so our distribution companies can meet increased customer supply needs.

我們的輸電業務將繼續擴大，以便我們的分銷公司能夠滿足日益增長的客戶供應需求。

Our propane unit will grow and hold customers until our natural gas systems reach new areas.

我們的丙烷裝置將持續成長並留住客戶，直到我們的天然氣系統到達新的領域。

Marlin Gas Services will increase the transport of CNG, RNG or LNG to provide market area supply to our systems, helping to meet both baseload and peaking customer needs.

馬林天然氣服務公司將增加 CNG、RNG 或 LNG 的運輸，為我們的系統提供市場區域供應，以協助滿足基本負載和高峰客戶需求。

I would also note that all of the $1.3 billion of specifically identified projects on slide eight are related to our regulated businesses.

我還要指出的是，幻燈片 8 上所有 13 億美元的具體項目都與我們受監管的業務有關。

As we make additional progress achieving our five-year capital guidance, we will identify additional regulated and non-regulated investments.

隨著我們在實現五年資本指導方面取得更多進展，我們將確定更多受監管和非監管投資。

Slide nine shows our progress toward our 2024 capital expenditure guidance of $300 million to $360 million, with approximately 48% or $160 million, invested in the first half of this year.

幻燈片九顯示了我們在實現 2024 年 3 億至 3.6 億美元資本支出指引目標方面取得的進展，其中約 48% 或 1.6 億美元是在今年上半年投資的。

Our team is focused on efficiently deploying the remaining capital in 2024 on growth opportunities and business transformation initiatives across the company, including advancing multiple growth projects that provide the basis for our FCG acquisition.

我們的團隊致力於在 2024 年有效地將剩餘資本部署到整個公司的成長機會和業務轉型計劃上，包括推進多個成長項目，為我們收購 FCG 奠定基礎。

Slide 10 provides additional detail on the major projects that are driving nearly $300 million of capital investment and over $36 million of additional adjusted gross margin in 2024 and 2025 combined.

幻燈片 10 提供了主要項目的更多詳細信息，這些項目將在 2024 年和 2025 年推動近 3 億美元的資本投資和超過 3,600 萬美元的額外調整毛利率。

This table now includes projects within both our Delmarva and Florida footprints.

該表現在包括我們德爾馬瓦和佛羅裡達足跡內的項目。

This last quarter, we've added seven new projects representing nearly $11 million of incremental adjusted gross margin in 2025.

上個季度，我們增加了 7 個新項目，到 2025 年調整後毛利率增量將接近 1,100 萬美元。

The first three new projects are St. Cloud, Lake Mattie and Plant City, which received PSC approval in May of this year.

首批三個新項目是 St. Cloud、Lake Mattie 和 Plant City，都在今年 5 月獲得 PSC 批准。

These Florida natural gas expansion projects represent $42 million in capital expenditures and will support the significant population growth in these Central Florida communities, including the second St. Cloud expansion in less than a year.

這些佛羅裡達州天然氣擴建項目的資本支出為 4,200 萬美元，將支持佛羅裡達州中部社區人口的顯著增長，包括不到一年內的第二次聖克勞德擴建項目。

The next three new projects provide renewable natural gas, or RNG, transportation infrastructure in Florida's Indian River, Brevard and Miami Dade counties, representing a combined $46 million of capital.

接下來的三個新項目將在佛羅裡達州印第安河縣、布里瓦德縣和邁阿密戴德縣提供再生天然氣（RNG）和交通基礎設施，總資本額達 4,600 萬美元。

These projects were approved by the Florida PSC last month and will benefit our customers by bringing RNG produced from local landfills into our system, while also reinforcing system reliability and sustainability.

這些項目上個月獲得了佛羅裡達州 PSC 的批准，將把當地垃圾掩埋場生產的 RNG 引入我們的系統，同時增強系統的可靠性和可持續性，從而使我們的客戶受益。

The latest addition is the Warwick extension, a transmission expansion project with an estimated capital cost of $9 million.

最新增加的是沃里克擴建項目，這是一項輸電擴建項目，預計資本成本為 900 萬美元。

This project will reinforce supply in the growing Middletown, Delaware area and enhanced capacity in the southern portion of Cecil County, Maryland to meet customer demand and support future growth.

該計畫將加強特拉華州米德爾敦地區不斷增長的供應，並增強馬裡蘭州塞西爾縣南部的產能，以滿足客戶需求並支持未來成長。

The margin of these major projects reinforces our existing 2024 and 2025 EPS guidance ranges, and I'm pleased with our team's continued execution on project development, including completing the necessary regulatory filings, obtaining regulatory approvals, and constructing projects on time and on budget.

這些重大專案的利潤強化了我們現有的 2024 年和 2025 年 EPS 指導範圍，我對我們團隊繼續執行專案開發感到滿意，包括完成必要的監管備案、獲得監管部門批准以及按時按預算建設專案。

Turning to slide 11, our third fundamental growth driver is focused on continued business transformation.

轉向投影片 11，我們的第三個基本成長動力集中於持續的業務轉型。

The FCG integration is critical here, and we remain on track with bringing the remaining transitional services in-house, optimizing operations, identifying and realizing synergies, and most importantly, accelerating capital investment opportunities to serve customers.

FCG 整合在這裡至關重要，我們將繼續致力於將剩餘的過渡服務引入內部、優化營運、識別和實現協同效應，最重要的是，加快資本投資機會以服務客戶。

We continue to implement ways to operate seamlessly as one company, and our efforts to leverage our greater footprint, optimize efficiencies and invest in growth are benefiting the whole enterprise.

我們繼續實施作為一家公司無縫運營的方法，我們為擴大業務範圍、優化效率和投資成長所做的努力正在使整個企業受益。

We also are continuing our journey to transform our customer care and field services functions to achieve world-class performance.

我們也將繼續轉變我們的客戶服務和現場服務職能，以實現世界一流的績效。

Our goal is to streamline processes and drive efficiencies within many functional areas, including customer service, billing and invoicing, and operational field services, in an effort to provide a better overall experience for our customers.

我們的目標是簡化流程並提高許多職能領域的效率，包括客戶服務、計費和發票以及營運現場服務，努力為客戶提供更好的整體體驗。

Later this month, we will go live with our SAP system implementation.

本月晚些時候，我們將開始實施 SAP 系統。

The technology system is a major step to support the operational transformation we've been working toward for the last few years.

該技術系統是支持我們過去幾年致力於的營運轉型的重要一步。

We've had a number of internal cross functional teams highly engaged with SAP, IBM and others to ensure a successful launch.

我們有許多內部跨職能團隊與 SAP、IBM 和其他公司密切合作，以確保成功啟動。

We'll also continue to implement technology upgrades across the enterprise, including transitioning FCG onto the SAP system next spring.

我們也將繼續在整個企業範圍內實施技術升級，包括明年春天將 FCG 過渡到 SAP 系統。

And with that, I'll turn to Beth to discuss our financial results in more detail

接下來，我將轉向貝絲更詳細地討論我們的財務表現

Thanks Jeff, and good morning, everyone.

謝謝傑夫，大家早安。

It is great to be with you today.

今天很高興和大家在一起。

Our financial results, as shown on slide 12, demonstrate another successful quarter with adjusted gross margin of approximately $127 million, up 27% from the second quarter of last year, driven by the addition of Florida City Gas as well as solid performance across all of our businesses.

我們的財務表現（如幻燈片12 所示）展示了另一個成功的季度，調整後的毛利率約為1.27 億美元，比去年第二季度增長27%，這得益於佛羅裡達城市天然氣公司的加入以及所有業務的穩健表現。

Operating income for the quarter increased 44% to approximately $41 million, reflecting effective cost management initiatives that added to the strong adjusted gross margin growth.

本季營業收入成長 44%，達到約 4,100 萬美元，反映出有效的成本管理措施促進了調整後毛利率的強勁成長。

Excluding transaction and transition related expenses, operating income was up approximately $14 million, or 49%, when compared with the second quarter of last year.

不包括交易和過渡相關費用，營業收入較去年第二季成長約 1,400 萬美元，即 49%。

As a result of our continued business integration, optimization and collaboration efforts, we drove much of this operating income to the bottom line, with adjusted net income up 19% to approximately $19 million for the quarter and up 26% to approximately $66 million for the first half of 2024 compared with the same periods in 2023.

由於我們持續進行業務整合、優化和協作，我們將大部分營業收入推向盈利，本季調整後淨利潤增長19%，達到約1,900 萬美元，全年調整後淨利潤增長26%，達到約6,600萬美元。

I'll now turn to slide 13 and highlight some of the key drivers of our second quarter adjusted earnings per share of $0.86. Our Florida City Gas operations contributed $0.77 in adjusted EPS, reflecting strong customer growth and seasonally consistent natural gas demand.

現在我將轉向投影片 13，重點介紹第二季調整後每股收益 0.86 美元的一些關鍵驅動因素。我們的佛羅裡達州城市燃氣業務為調整後每股收益貢獻了 0.77 美元，反映出強勁的客戶成長和季節性一致的天然氣需求。

Our legacy natural gas growth, infrastructure and transmission operations generated $0.13 of incremental EPS this quarter as we continue to see consistently strong customer demand for natural gas and incremental earnings from our capital investments placed into service in the last year.

我們的傳統天然氣成長、基礎設施和傳輸業務本季產生了 0.13 美元的增量 EPS，因為我們繼續看到客戶對天然氣的持續強勁需求以及我們去年投入服務的資本投資帶來的增量收益。

These gains were offset by a few factors, including $0.33 of operating expenses related to Florida City Gas, $0.11 of increased expenses related to payroll and related costs, insurance, depreciation and amortization, and property taxes, and approximately $0.50 related to financing the Florida City Gas acquisition.

這些收益被幾個因素抵消，包括與佛羅裡達城市燃氣相關的營運費用0.33 美元，與工資和相關成本、保險、折舊和攤提以及財產稅相關的增加費用0.11 美元，以及與佛羅裡達城市融資相關的約$0.50 天然氣收購。

Moving to slide 14.

轉到投影片 14。

Adjusted gross margin for our Regulated Energy segment was approximately $103 million this quarter, up 34% from the second quarter of last year.

本季我們的監管能源部門調整後毛利率約為 1.03 億美元，比去年第二季成長 34%。

Operating income also significantly improved, up 38% to $41 million, excluding non-recurring transaction and transition costs.

營運收入也顯著提高，成長 38%，達到 4,100 萬美元，不包括非經常性交易和轉型成本。

This improvement was primarily driven by strong earnings contribution from Florida City Gas, organic growth in our natural gas distribution operations, and incremental margins from our transmission service expansions and regulated infrastructure programs.

這一改善主要是由於佛羅裡達城市天然氣公司的強勁盈利貢獻、我們的天然氣分銷業務的有機增長以及我們的傳輸服務擴張和受監管的基礎設施計劃帶來的利潤增量。

As shown on slide 15, our Unregulated Energy segment also delivered solid improvements relative to the second quarter of last year, with adjusted gross margin up 3% to $23 million and operating income improving to $238,000 for the second quarter of 2024.

如投影片15 所示，與去年第二季相比，我們的非監管能源部門也取得了顯著改善，調整後毛利率成長3%，達到2,300 萬美元，2024 年第二季營業收入提高到238,000 美元。

As we've discussed in the past, volumes for these businesses are typically lower in the second quarter due to warmer temperatures.

正如我們過去所討論的，由於氣溫升高，這些業務的銷售通常在第二季度較低。

I'll now shift to slide 16 to review our capital structure and financing plan.

我現在將轉到投影片 16 來回顧我們的資本結構和融資計劃。

Maintaining a strong balance sheet, adequate liquidity, and access to competitively priced capital is critical to support our fundamental growth driver of prudent capital deployment.

保持強勁的資產負債表、充足的流動性以及獲得價格有競爭力的資本對於支持我們審慎資本部署的基本成長動力至關重要。

To this end, we continue to execute on a financing plan consistent with an investment grade credit profile.

為此，我們繼續執行符合投資等級信用狀況的融資計畫。

We ended the second quarter of 2024 with an equity to total capitalization ratio of 48%, up from 47% at the end of the year 2023.

截至 2024 年第二季末，我們的股本佔總資本的比率為 48%，高於 2023 年底的 47%。

We continue to target an equity to total capitalization ratio of 50% and will issue small amounts of equity over time through our existing direct stock purchase and dividend reinvestment, retirement savings and other standard equity programs, and we'll look to reestablish an ATM program at the appropriate time to move closer toward that target.

我們繼續以股本佔總資本比例為 50% 為目標，並將透過現有的直接股票購買和股息再投資、退休儲蓄和其他標準股本計劃逐步發行少量股本，並且我們將尋求重建 ATM 計劃在適當的時候，朝該目標邁進。

We also took several steps in July and August of this year to support our growth investment plan and manage our overall debt costs.

我們也在今年七月和八月採取了多項措施來支持我們的成長投資計劃並管理我們的整體債務成本。

First, we amended our revolving credit facility, upsizing it by $75 million to a total of $450 million and extending the maturity by several years.

首先，我們修改了循環信貸安排，將其規模增加了 7,500 萬美元，達到 4.5 億美元，並將期限延長了幾年。

Second, we have entered into an interest rate swap on $50 million for five years at a rate of 3.97%.

其次，我們簽訂了為期五年、利率 3.97%、金額為 5,000 萬美元的利率互換協議。

Our liquidity also remains strong with 70% or nearly $500 million of liquidity available under our revolving credit facility and private placement shelf facility.

我們的流動性也保持強勁，循環信貸安排和私募擱置安排下提供了 70% 或近 5 億美元的流動性。

We will continue to evaluate and advance our equity to total capital ratio towards our target capital structure to ensure we remain well-positioned to execute on our growth strategy over the next several years.

我們將繼續評估並提高我們的股本與總資本比率，以實現我們的目標資本結構，以確保我們在未來幾年中保持有利的地位來執行我們的成長策略。

Slide 17 shows our strong history of consistent dividend growth.

幻燈片 17 顯示了我們股息持續成長的悠久歷史。

Our 10-year dividend CAGR through 2024 is approximately 9%.

到 2024 年，我們的 10 年股利複合年增長率約為 9%。

Last quarter, we announced a significant dividend increase of $0.05 per share representing 8.5% year-over-year growth.

上季度，我們宣布大幅增加每股 0.05 美元的股息，年增 8.5%。

Yesterday, our Board approved the second quarter dividend of $0.64 per share payable on October 7, 2024 to shareholders of record as of September 16, 2024.

昨天，我們的董事會批准了每股 0.64 美元的第二季度股息，將於 2024 年 10 月 7 日支付給截至 2024 年 9 月 16 日在冊的股東。

Our dividend is a key component of our balanced capital allocation strategy and our target payout ratio of 45% to 50% is designed to return value to shareholders while also allowing for earnings reinvestment to fund future growth capital investments.

我們的股利是平衡資本配置策略的關鍵組成部分，我們的目標派息率為 45% 至 50%，旨在為股東回報價值，同時允許收益再投資為未來成長資本投資提供資金。

We believe this strategy enables our investors to benefit from long-term top quartile earnings growth, which in turn facilitates top quartile dividend growth.

我們相信，這項策略使我們的投資者能夠從長期最高四分之一的獲利成長中受益，這反過來又促進最高四分之一的股息成長。

Speaking of earnings growth, slide 18 demonstrates our consistent earnings per share performance with our 2028 EPS guidance range, reflecting a 10-year EPS CAGR of approximately 8.5%.

說到獲利成長，投影片 18 展示了我們在 2028 年 EPS 指引範圍內一致的每股盈餘表現，反映了約 8.5% 的 10 年 EPS 複合年增長率。

This growth is driven by our tireless pursuit of top quartile earnings performance, led by our fundamental growth pillars of prudent capital investment, proactive regulatory initiatives and continuous operational improvements.

這種成長是由我們對最高四分之一獲利績效的不懈追求所推動的，而審慎的資本投資、積極的監管舉措和持續的營運改善是我們的基本成長支柱。

Our year-to-date 2024 performance is in line with our expectations and I am proud of our team's hard work thus far in the year.

我們 2024 年迄今的表現符合我們的預期，我為我們團隊今年迄今為止的辛勤工作感到自豪。

We have a longstanding record of meeting our targets and will continue that trajectory.

我們有著實現目標的長期記錄，並將繼續這一軌跡。

So, we are reaffirming our 2024 adjusted EPS guidance of $5.33 to $5.45 per share, our 2025 guidance of $6.15 to $6.35 per share, and our 2028 guidance of $7.75 to $8 per share.

因此，我們重申 2024 年調整後每股收益指引為 5.33 美元至 5.45 美元，2025 年指引為每股 6.15 美元至 6.35 美元，2028 年指引為每股 7.75 美元至 8 美元。

Before I turn the call to Jim, I'd like to review our path to our 2024 EPS guidance as shown on slide 19.

在打電話給 Jim 之前，我想回顧一下我們實現 2024 年 EPS 指引的路徑，如幻燈片 19 所示。

Our confidence in achieving this guidance is driven by several key factors.

我們對實現這項指導的信心是由幾個關鍵因素所驅動的。

First, we expect incremental contributions from our legacy businesses to drive approximately $0.40 to $0.50 of incremental earnings per share.

首先，我們預期傳統業務的增量貢獻將推動每股增量收益約 0.40 至 0.50 美元。

Second, a full year of FCG operations net of interest expense related to the acquisition, financing should add roughly $0.35 to $0.45 per share.

其次，FCG 全年營運扣除與收購相關的利息費用後，每股融資應增加約 0.35 至 0.45 美元。

And third, we anticipate incremental opportunities of approximately $0.20 to $0.30 per share from our business transformation, regulatory and cost management initiatives across the enterprise.

第三，我們預期整個企業的業務轉型、監管和成本管理措施將帶來每股約 0.20 至 0.30 美元的增量機會。

These factors are partially offset by dilution of about $1 per share due to the equity issuance completed to finance the Florida City Gas acquisition.

這些因素被為收購佛羅裡達城市天然氣公司融資而完成的股票發行導致每股約 1 美元的稀釋部分抵消。

The ranges provided here on this slide are consistent with the ranges we communicated last quarter, And I'd like to reiterate our focus on driving shareholder value by delivering on the attractive opportunities throughout our enterprise.

這張投影片上提供的範圍與我們上季傳達的範圍一致，我想重申我們的重點是透過在整個企業提供有吸引力的機會來推動股東價值。

With that, it's my pleasure to turn the call over to Jim.

至此，我很高興將電話轉給吉姆。

Jim?

吉姆？

Thank you, Beth, and good morning, everyone.

謝謝你，貝絲，大家早安。

As Jeff discussed earlier, a proactive regulatory agenda is our second fundamental growth driver and I would like to share several updates in this area.

正如傑夫之前所討論的，積極主動的監管議程是我們的第二個基本成長動力，我想分享這一領域的一些最新動態。

Starting with slide 20, we now have 11 projects representing over $150 million of capital that have been approved since the fourth quarter of last year, demonstrating strong regulatory support for meeting customer needs through natural gas infrastructure expansions.

從幻燈片20 開始，自去年第四季以來，我們現在有11 個項目，資本超過1.5 億美元，這些項目已獲得批准，這表明監管機構對透過天然氣基礎設施擴建滿足客戶需求提供了強有力的支持。

Last month, the Florida PSC approved three new renewable gas transmission projects in Florida's Indian River, Brevard and Miami-Dade counties.

上個月，佛羅裡達州 PSC 批准了佛羅裡達州印第安河縣、布里瓦德縣和邁阿密戴德縣的三個新的再生天然氣輸送項目。

In addition to supporting energy sustainability, these RNG projects increase gas supply and strengthen system reliability and flexibility for these growing communities.

除了支持能源永續性之外，這些RNG計畫還為這些不斷發展的社區增加了天然氣供應並增強了系統的可靠性和靈活性。

Construction also continues on schedule for our other recently approved transmission expansion projects, including buildouts for new and growing Florida communities in Wildlife, Boynton Beach, New Smyrna Beach, Lake Mattie, Plant City and St. Cloud.

我們最近批准的其他輸電擴建項目的建設也在按計劃進行，包括為佛羅裡達州野生動物、博因頓海灘、新士麥那海灘、馬蒂湖、普蘭特城和聖克勞德等地新建和不斷發展的社區進行擴建。

Slide 21 provides an update on a project designed to support growth and resiliency in the Delmarva region, our Eastern Shore Worcester Resiliency Upgrade, or WRU, which is a liquefied natural gas storage project in Maryland.

幻燈片 21 提供了旨在支持德爾馬瓦地區增長和彈性的項目的最新信息，即我們的東岸伍斯特彈性升級 (WRU)，這是馬裡蘭州的一個液化天然氣儲存項目。

This $80 million project consists of five low profile storage tanks that can hold up to 500,000 gallons of LNG.

這個耗資 8,000 萬美元的項目由五個薄型儲槽組成，最多可容納 50 萬加侖液化天然氣。

WRU will provide critical energy service to customers during the peak winter/heating season and will protect against weather related disruptions, keeping energy prices affordable so that no one is left behind.

WRU 將在冬季/供暖季節高峰期間為客戶提供關鍵的能源服務，並防止與天氣相關的中斷，保持能源價格實惠，不讓任何人落後。

We are anticipating FERC approval by the end of 2024 and remain on track for construction to begin in the first quarter of 2025 for an in-service date in the third quarter of 2025.

我們預計 FERC 將於 2024 年底獲得批准，並繼續按計劃於 2025 年第一季開始施工，並於 2025 年第三季投入使用。

Our infrastructure programs detailed on slide 22 are an important part of our service offerings and growth strategy, particularly as they are supported by regulatory mechanisms that ensure timely cost recovery.

投影片 22 中詳述的基礎設施計畫是我們的服務產品和成長策略的重要組成部分，特別是因為它們得到了確保及時成本回收的監管機制的支持。

These programs include the Capital Cost Surcharge program for the Eastern Shore system, the SAFE and GUARD programs for natural gas infrastructure in Florida, and the Storm Protection Plan for our Florida electric operations.

這些計劃包括東岸系統的資本成本附加計劃、佛羅裡達州天然氣基礎設施的 SAFE 和 GUARD 計劃以及佛羅裡達州電力運營的風暴保護計劃。

In total, these programs represent over $350 million of capital expenditures in the next five years and approximately $12 million and $19 million of adjusted gross margin in 2024 and 2025, respectively.

總的來說，這些計畫代表未來五年超過 3.5 億美元的資本支出，以及 2024 年和 2025 年調整後毛利率分別約為 1,200 萬美元和 1,900 萬美元。

Turning to slide 23.

轉到投影片 23。

Our rate case strategy is also a key driver of effective cost recovery and return on investment. 2024 is our first full year with increased rates in Florida's natural gas operations, where we operate with allowed ROEs of 10.25% for Florida public utilities and between 8.5% and 10.5% for Florida City Gas.

我們的費率案例策略也是有效成本回收和投資回報的關鍵驅動因素。 2024 年是我們佛羅裡達州天然氣業務營運率提高的第一個全年，佛羅裡達州公用事業公司的允許 ROE 為 10.25%，佛羅裡達州城市天然氣公司允許的 ROE 為 8.5% 至 10.5%。

At the start of this year, we filed for a rate increase and updated depreciation study for our combined natural gas entities in Maryland.

今年年初，我們為馬裡蘭州的合併天然氣實體申請了升息和更新折舊研究。

We are pleased with the progress thus far in the case, which includes an approved depreciation study settlement for $1.2 million in annual depreciation expense savings retroactive to January of 2023.

我們對該案迄今為止的進展感到高興，其中包括批准的折舊研究和解協議，每年可節省 120 萬美元的折舊費用，可追溯至 2023 年 1 月。

We recently have been participating in productive settlement discussions on the remainder of the case and appreciate the constructive conversations we've had with regulators thus far.

我們最近一直在參與有關案件其餘部分的富有成效的和解討論，並對迄今為止與監管機構進行的建設性對話表示讚賞。

We are also moving forward with two additional rate cases.

我們也正在推進另外兩個費率案例。

In May, we submitted an intent to file with the Delaware PSC for our Delaware LVCs, and in June we completed a similar filing with the Florida PSC for adjusted rates for FPU Electric.

5 月，我們向特拉華州 PSC 提交了特拉華州 LVC 的意向文件，6 月，我們向佛羅裡達州 PSC 完成了類似的 FPU Electric 費率調整備案。

We expect to file both of those rate cases later this month.

我們預計將在本月稍後提交這兩起利率案件。

We also continue to move forward with innovative and sustainable investments, including our Full Circle Dairy RNG facility as shown on slide 24.

我們也持續推動創新和永續投資，包括幻燈片 24 所示的 Full Circle Dairy RNG 設施。

The facility is now in the commissioning phase and has been producing RNG for the last two months.

該工廠目前正處於調試階段，過去兩個月一直在生產 RNG。

We successfully completed initial injections of RNG into our system beginning in Yulee, Florida in June using the virtual pipeline capabilities of our Marlin Gas Services subsidiary.

6 月，我們利用 Marlin Gas Services 子公司的虛擬管道功能，成功地在佛羅裡達州尤利開始將 RNG 首次注入我們的系統。

Our RNG strategy continues to evolve as the market matures.

隨著市場的成熟，我們的 RNG 策略不斷發展。

Looking ahead, we are poised to execute on opportunities that enable us to use our existing transportation services and construction expertise to provide pathways to market for RNG producers.

展望未來，我們準備好抓住機會，利用我們現有的運輸服務和建築專業知識，為 RNG 生產商提供進入市場的途徑。

Turning now to slide 25, I would like to cover our sustainability initiatives and recent recognitions.

現在轉向投影片 25，我想介紹我們的永續發展舉措和最近的認可。

We look forward to publishing our second Micro Sustainability Report during the third quarter, which will focus on our environmental stewardship offers.

我們期待在第三季發布第二份微觀永續發展報告，將聚焦於我們的環境管理服務。

We are proud to share that two of our subsidiaries received accolades this quarter.

我們很自豪地與大家分享，我們的兩家子公司本季獲得了讚譽。

Florida City Gas was named easiest to do business with by Escalent, a data analytics and advisory firm.

佛羅裡達城市天然氣公司被數據分析和諮詢公司 Escalent 評為最容易開展業務的公司。

We're proud to have our FCG colleagues as part of our family and we celebrate this achievement.

我們很自豪 FCG 的同事成為我們大家庭的一員，並慶祝這項成就。

Our propane distribution subsidiary, Sharp Energy received the 2024 award for Best Gas Company by Metropolitan magazine.

我們的丙烷分銷子公司 Sharp Energy 榮獲《大都會》雜誌頒發的 2024 年最佳天然氣公司獎。

This recognition reflects the reader's choice for the finest business in the Delmarva region and underscores our longstanding commitment to providing our customers with high quality products and excellent service.

這項認可反映了讀者對德爾馬瓦地區最優秀企業的選擇，並強調了我們為客戶提供高品質產品和優質服務的長期承諾。

In addition, we were honored to be named Best for Corporate Governance in the US by World Finance this quarter.

此外，本季我們很榮幸被《世界金融》評為美國最佳公司治理。

This marks our second time being recognized with this prestigious award and is a credit to our team as well as the strong corporate governance principles and standards embedded throughout our organization.

這標誌著我們第二次獲得這項享有聲望的獎項，這是對我們團隊以及整個組織內強有力的公司治理原則和標準的認可。

All of these recognitions confirm our significant efforts to deliver excellence and create value for our stakeholders.

所有這些認可都證實了我們在為利害關係人提供卓越服務和創造價值方面所做的巨大努力。

Making life better for our employees, customers and the communities we serve remains paramount in everything we do.

讓我們的員工、客戶和我們所服務的社區生活得更好仍然是我們所做的一切的首要任務。

With that, I will turn the call to Jeff for concluding remarks.

接下來，我將把電話轉給傑夫進行總結發言。

Thanks, Jim.

謝謝，吉姆。

This year is a critical transition for us as we execute on integrating FCG, achieving our 2024 EPS and capital guidance, advancing the organization forward on multiple fronts to achieve the significant growth embedded in our 2025 EPS guidance, and making significant customer focused capital investments to support our long-term growth plan.

今年對我們來說是一個關鍵的轉變，因為我們將整合FCG，實現2024 年每股收益和資本指導，推動組織在多個方面向前發展，以實現2025 年每股收益指導中的顯著增長，並進行大量以客戶為中心的資本投資，以實現我們的目標。

I'm very pleased with our progress in these areas, including delivering financial results that remain in line with our full year expectations and represent top quartile earnings performance.

我對我們在這些領域取得的進展感到非常滿意，包括交付的財務表現與我們全年的預期保持一致，並代表了最高四分之一的獲利表現。

Recently, we've been described as small, but mighty by the financial community, and I think that description is accurate.

最近，我們被金融界描述為“小而強大”，我認為這個描述是準確的。

Whether we are executing on and integrating acquisitions, achieving top quartile financial results, or advancing customer focused investments, we're proud of our track record of delivering results and are focused on maintaining that record in the future.

無論我們是執行和整合收購、實現最高四分之一的財務業績，還是推進以客戶為中心的投資，我們都為我們交付成果的記錄感到自豪，並致力於在未來保持這一記錄。

Chesapeake continues to be a special place to work and remains a unique investment opportunity marked by a significant track record of superior performance, strong opportunities for growth, and top quartile long-term shareholder returns.

切薩皮克仍然是一個特殊的工作場所，並且仍然是一個獨特的投資機會，其特點是卓越的業績記錄、強勁的成長機會和最高四分之一的長期股東回報。

With that, we'll take your questions.

接下來，我們將回答您的問題。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Paul Fremont with Ladenburg

保羅·弗里蒙特與拉登堡

Great, thanks and congratulations on a good quarter.

太好了，感謝並祝賀您度過了一個美好的季度。

And I guess my first question relates to sort of the RNG investment on, including maybe starting with the full circle dairy, is that a product in the RNG project itself on owned by Chesapeake or or who is that owned by?

我想我的第一個問題與 RNG 的投資有關，包括可能從全循環乳製品開始，RNG 項目本身的產品是由切薩皮克擁有還是由誰擁有？

Good morning.

早安.

This is Jeff.

這是傑夫。

Yes, we are owning and operating through contract, the Full Circle Dairy facility.

是的，我們透過合約擁有並經營 Full Circle Dairy 工廠。

Okay.

好的。

And is that a regulated investment, or does that fall under sort of the non-regulated category?

這是受監管的投資，還是屬於非監管類別？

It's a non-regulated investment at this point.

目前這是一項不受監管的投資。

We actually own that facility through a subsidiary of one of our regulated utilities in Florida.

實際上，我們透過佛羅裡達州一家受監管公用事業公司的子公司擁有該設施。

And we are pursuing, as you may know, a variety of tariff adjustments and potentially at some point some legislative action that would allow us to move that facility into the regulated utility.

如您所知，我們正在尋求各種關稅調整，並可能在某個時候採取一些立法行動，使我們能夠將該設施納入受監管的公用事業公司。

And so, we'll see.

所以，我們拭目以待。

We don't obviously, we don't own the dairy farm or the cows, but we just have the digester and the lagoon and the operating facility that's processing the biogas and RNG.

顯然，我們不擁有乳牛場或乳牛，但我們只有消化池、潟湖以及處理沼氣和RNG的營運設施。

So, I would assume that project is going to be eligible for 45Z tax credits.

因此，我認為該項目將有資格獲得 45Z 稅收抵免。

Is that something that you would expect to realize over the course of the next three years?

您希望在未來三年內實現這一目標嗎？

We would definitely want to jump in on that one,yes

我們肯定想參與其中，是的

That's correct.

這是正確的。

We would.

我們會的。

That's something by us getting it constructed in the timeframe that we did, we would have that tax.

這是我們在規定的時間內建造的，我們將繳納該稅。

Yeah.

是的。

And is there sort of any estimate on sort of a contribution that you would expect from those tax credits?

您期望從這些稅收抵免中獲得的貢獻是否有任何估計？

We can put that out.

我們可以把它說出來。

We've not disclosed that to date.

到目前為止我們還沒有透露這一點。

This isn't a huge project overall, but we can come back to you, Paul, with that information.

總體而言，這並不是一個巨大的項目，但保羅，我們可以向您提供這些資訊。

And then the other three that you talked about, which I think are landfill projects in Florida, those are within the regulated utility.

然後你談到的其他三個項目，我認為是佛羅裡達州的垃圾掩埋場項目，這些項目屬於受監管的公用事業範圍。

Those are and again, we don't own the landfill, obviously, and we don't own the gas processing equipment even in these particular examples.

顯然，我們不擁有垃圾掩埋場，即使在這些特定的例子中，我們也不擁有氣體處理設備。

What we are doing is providing the pipeline connection between the RNG processor and our distribution facilities.

我們正在做的是提供 RNG 處理器和我們的分發設施之間的管道連接。

And in this particular case, these particular cases, all that's being done through our Peninsula pipeline transmission business, the intrastate pipe business that we own in Florida, that we are moving that gas from the processor through Peninsula pipeline into our distribution facilities.

在這個特殊情況下，這些特殊情況下，所有這些都是透過我們的半島管道傳輸業務，我們在佛羅裡達州擁有的州內管道業務來完成的，我們正在將天然氣從處理器通過半島管道轉移到我們的分配設施中。

And now Paul, on for like Jeff said, I think about this not dissimilar later, what we did with the project in Ohio with where we picked up gas at a landfill and we actually moved it through Aspire system.

現在保羅，就像傑夫所說的那樣，我後來想到的這件事並沒有什麼不同，我們在俄亥俄州的計畫中做了什麼，我們在垃圾掩埋場收集天然氣，實際上我們透過Aspire 系統將其轉移。

That's the same thing tenants pipeline is going to do with these three projects.

這與租戶管道對這三個項目所做的事情是一樣的。

Great.

偉大的。

And then my last question, I think, has to do with, you're at a 48% equity ratio now.

我認為我的最後一個問題與您現在的股本比例為 48% 有關。

What how should we think about the timing to get to your targeted 50%?

我們應該如何考慮實現 50% 目標的時機？

We are looking to do that over the next year to year and a half to move back there.

我們希望在未來一年半的時間裡做到這一點，然後搬回那裡。

Certainly, we will look at the market.

當然，我們會關注市場。

We've been monitoring that relative to interest rates and where our equity is in regards to kind of the market valuation.

我們一直在監控相對於利率的情況以及我們的股本在市場估值方面的情況。

So, you could see us move a little quicker, a little slower, but certainly we're making strides.

所以，你可以看到我們的行動更快一點，慢一點，但我們確實正在取得進展。

Our initial forecast coming out of the transaction, we didn't expect to be moving, as quickly as we have already being at 48% six months after the transaction.

我們最初的預測來自於交易，我們並沒有預料到會發生如此之快的變化，因為我們在交易後六個月就已經達到了 48%。

So, you'll consider you'll still see us move pretty quickly as long as the market cooperates.

因此，您會認為，只要市場配合，您仍然會看到我們的行動很快。

Great.Thank you so much.

太棒了，非常感謝。

Thank you.

謝謝。

Tate Sullivan with Maxim Group.

泰特·沙利文與馬克西姆集團。

Hi.

你好。

Thanks, Jeff.

謝謝，傑夫。

Following up on the renewable natural gas supply projects, I mean, in the adjusted gross margin table for '25, estimating $5.5 million incremental contributions.

我的意思是，根據再生天然氣供應項目，在 25 年調整後的毛利率表中，估計增量貢獻為 550 萬美元。

So, are all three of those projects in Florida City Gas territory, and are these the first RNG projects in those service in FCG's service territory?

那麼，這三個項目是否都位於佛羅裡達州城市天然氣 (Florida City Gas) 管轄範圍內？

They all are in Florida City Gas service territory.

它們都位於佛羅裡達州城市天然氣服務區域內。

And I believe they are the first renewable natural gas connections that FCG is doing.

我相信它們是 FCG 正在進行的第一個可再生天然氣連接項目。

And there is no existing processing equipment at the landfills and is the project time line for all three roughly a year or so based on the approval,

垃圾掩埋場沒有現有的處理設備，根據批准，這三個掩埋場的項目時間約為一年左右，

There are no processing facilities that would convert the biogas into renewable natural gas with a standard that would meet our requirements for pipeline injection.

沒有處理設施可以將沼氣轉化為符合我們管道注入要求的標準的可再生天然氣。

At this point, they're in the process.

此時，他們正在處理中。

These are three independent processing companies that are engaged in this, and they are in the process of building those facilities.

這是從事此業務的三個獨立加工公司，他們正在建造這些設施。

And they probably do, come on.

他們可能會這樣做，來吧。

I can get you the exact dates, but they are, give or take about a year out.

我可以告訴你確切的日期，但大約需要一年的時間。

We'll probably have some of the pipeline facilities in place a little before then?

在那之前我們可能會安裝一些管道設施？

And then also all three involve supply pipeline extensions to the landfills themselves, is that correct?

然後，這三個項目都涉及到垃圾掩埋場本身的供應管道延伸，對嗎？

That's correct.

這是正確的。

We're building those, as I mentioned, through our Peninsula pipeline intrastate transmission business in Florida, and they'll interconnect from the processor at the landfill back into the FCG distribution system.

正如我所提到的，我們正在透過佛羅裡達州的半島管道州內傳輸業務來建造這些設備，它們將從垃圾掩埋場的處理器互連回 FCG 分配系統。

Is this quite a scalable opportunity in Florida?

這在佛羅裡達州是一個相當可擴展的機會嗎？

I mean, was the regulating body receptive to these projects?

我的意思是，監管機構是否接受這些項目？

I mean, it seems like it could be duplicated across landfills.

我的意思是，它似乎可以在垃圾掩埋場複製。

Yes.

是的。

I mean, we will certainly look at that.

我的意思是，我們肯定會考慮這一點。

The regulator did approve the three pipeline expansions on PPC serving into our affiliate FCG.

監管機構確實批准了為我們的附屬公司 FCG 服務的 PPC 的三項管道擴建。

And any time we can find that kind of a situation and the economics make sense on the pipeline expansion, then we're certainly up for that.

每當我們發現這種情況並且管道擴建在經濟上有意義時，我們肯定會這樣做。

And we have other opportunities, I think, to engage our Marlin CNG business in transporting that gas if it doesn't make economic sense to build a pipeline.

我認為，如果建造管道沒有經濟意義，我們還有其他機會讓我們的馬林壓縮天然氣業務運輸天然氣。

Thank you very much.

非常感謝。

Thank you.

謝謝。

There are no further questions at this time.

目前沒有其他問題。

I'll turn the call back over to Jeff Householder for any closing remarks.

我會將電話轉回傑夫·豪斯霍德 (Jeff Householder)，讓其結束語。

Thank you.

謝謝。

We appreciate you joining us this morning, and we certainly appreciate your continued interest in Chesapeake Utilities, and we'll speak with you soon by continuing.

我們感謝您今天早上加入我們，我們當然也感謝您對切薩皮克公用事業公司的持續關注，我們很快就會繼續與您交談。

This concludes Chesapeake Utilities Corporation Second Quarter 2024 earnings conference call.

切薩皮克公用事業公司 2024 年第二季財報電話會議至此結束。

Please disconnect your lines at this time.

此時請斷開您的線路。

And have a wonderful day.

祝你有美好的一天。