Chesapeake Utilities Corp (CPK) 2025 Q2 法說會逐字稿

(Operator Instructions)

（操作員指示）

Welcome to Chesapeake Utilities Corporation's second-quarter 2025 earnings conference call. (Operator Instructions). I would now like to turn the call over to Lucia Dempsey, Head of Investor Relations.

歡迎參加切薩皮克公用事業公司 2025 年第二季財報電話會議。（操作員指令）。現在我想將電話轉給投資者關係主管 Lucia Dempsey。

Thank you, and good morning, everyone. Today's presentation can be accessed on our website under the Investors page and Events and Presentations subsection. After our prepared remarks, we will open up the call for questions. On slide 2, 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. Forward-looking statements and projections could differ materially from our actual results.

謝謝大家，早安。您可以在我們網站的「投資者」頁面和「活動和簡報」子部分中查看今天的簡報。在我們準備好發言之後，我們將開始提問。在第 2 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。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 2024 annual report on Form 10-K and on our second quarter Form 10-Q provide further information on the factors that could cause such statements to differ from our actual results. 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 today includes the appropriate disclosures in accordance with the SEC's Regulation G.

我們 2024 年年度報告 10-K 表和第二季報告 10-Q 表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因素的更多資​​訊。此外，該公司根據某些非公認會計準則指標評估其業績，包括調整後的毛利率、調整後的淨收入和調整後的每股收益，並且今天的資訊包括根據美國證券交易委員會 G 條例進行的適當披露。

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. Here at Chesapeake Utilities, safety is our first priority. We start all meetings with a safety moment, and we'll do so here with a moment on digging safely as highlighted on slide 3.

本簡報的附錄、我們的收益報告和第二季 10-Q 表已提供這些非 GAAP 指標與相關 GAAP 指標的對帳。在切薩皮克公用事業公司，安全是我們的首要任務。我們所有的會議都是以安全時刻開始的，在這裡我們將以安全挖掘時刻開始，如幻燈片 3 中突出顯示的那樣。

Monday, August 11, is National 811 Day when utilities across the nation remind customers to call before they dig to prevent dangerous and costly damage to underground infrastructure, including natural gas pipelines, electric distribution lines and water pipes, among others. Whether installing a small mailbox or excavating a large stump, dial 811 before breaking ground to request local utilities to mark all underground lines, ensuring you can safely dig and complete your project.

8 月 11 日星期一是全國 811 日，全國各地的公用事業單位提醒客戶在挖掘前打電話，以防止對地下基礎設施造成危險且代價高昂的損壞，其中包括天然氣管道、配電線和水管等。無論是安裝小型郵箱還是挖掘大型樹樁，在破土動工之前請撥打 811，要求當地公用事業公司標記所有地下管線，確保您可以安全地挖掘並完成專案。

I'll now introduce our presenters today. Jeff Householder, Chair of the Board, President and Chief Executive Officer, will provide an update on our key accomplishments and highlights since our last earnings call, our quarterly and year-to-date performance, our full year guidance metrics and our capital growth program.

現在我來介紹我們今天的主持人。董事會主席、總裁兼執行長 Jeff Householder 將介紹我們自上次財報電話會議以來取得的主要成就和亮點、本季度和年初至今的業績、全年指導指標以及資本增長計劃。

Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer, will summarize our progress on multiple regulatory initiatives, our ongoing business transformation efforts and our stakeholder engagement. And Beth Cooper, Executive Vice President, Chief Financial Officer, Treasurer and Assistant Corporate Secretary, will discuss our financial results, financing updates and investment highlights.

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 將總結我們在多項監管舉措、我們正在進行的業務轉型努力以及我們的利益相關者參與方面取得的進展。執行副總裁、財務長、財務主管兼助理公司秘書 Beth Cooper 將討論我們的財務表現、融資更新和投資亮點。

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

說完這些，我很高興將電話轉給傑夫。

Thank you, Lucia. Good morning. We appreciate you joining our discussion today. The highlights on slide 5 demonstrate how we've continued to deliver with purpose over the last few months. Our growth trajectory continues as we've expanded our capital investment program, achieved regulatory success and maintained a strong balance sheet while financing future growth.

謝謝你，露西亞。早安.感謝您今天參加我們的討論。幻燈片 5 上的重點展示了我們在過去幾個月中如何繼續實現目標。我們的成長軌跡仍在繼續，因為我們擴大了資本投資計劃，取得了監管上的成功，並在為未來成長提供資金的同時保持了強勁的資產負債表。

As shown on slide 6, we reported adjusted earnings per share of $1.04 for the second quarter of 2025, up 21% from the second quarter of 2024. This marks the fourth consecutive quarterly increase in earnings relative to the prior year period following the Florida City Gas acquisition, driven by continued growth in our service areas, successful integration of FCG and consistent focus on operational excellence.

如投影片 6 所示，我們報告 2025 年第二季調整後每股收益為 1.04 美元，較 2024 年第二季成長 21%。這是自收購佛羅裡達城市燃氣公司以來，公司盈利相對於去年同期連續第四個季度增長，這得益於我們服務領域的持續增長、FCG 的成功整合以及對卓越運營的持續關注。

Our second quarter performance, coupled with a strong start to the year, is driving double-digit growth in adjusted gross margin, operating income and adjusted net income for the first half of 2025 relative to the same period last year. These results are in line with our expectations, so we continue to reaffirm our full year 2025 EPS guidance of $6.15 to $6.35 per share, as shown on slide 7.

我們第二季的業績，加上今年的強勁開局，推動 2025 年上半年調整後毛利率、營業收入和調整後淨收入相對於去年同期實現兩位數成長。這些結果符合我們的預期，因此我們繼續重申 2025 年全年每股收益指引，即每股 6.15 美元至 6.35 美元，如幻燈片 7 所示。

This range does assume a successful outcome in 2025 on the Florida City Gas depreciation study, which was filed with the Florida Public Service Commission at the start of this year, and Jim will provide an update on this filing later on the call. On the capital investment side, growing demand for natural gas from residential, commercial and industrial customers continues to drive our robust capital program with $213 million already invested in the first six months of this year.

這一範圍確實假設了佛羅裡達城市燃氣折舊研究在 2025 年取得成功的結果，該研究於今年年初提交給佛羅裡達州公共服務委員會，Jim 將在稍後的電話會議上提供有關此文件的最新情況。在資本投資方面，住宅、商業和工業客戶對天然氣日益增長的需求繼續推動我們強勁的資本計劃，今年前六個月已投資 2.13 億美元。

Given this pace of investment and our expectations for the second half of the year, we are increasing our 2025 full year capital expenditure guidance to $375 million to $425 million, a $50 million increase over our prior range. A significant amount of our total capital spend this year will drive margin growth in 2026 and beyond, supporting our EPS guidance through 2028.

鑑於這種投資速度以及我們對下半年的預期，我們將 2025 年全年資本支出預期上調至 3.75 億美元至 4.25 億美元，比之前的範圍增加 5,000 萬美元。我們今年總資本支出的很大一部分將推動 2026 年及以後的利潤率成長，從而支持我們到 2028 年的每股盈餘預期。

I'll now shift to slide 8 to discuss the increasing demand for natural gas, as we strategically invest in some of the fastest-growing regions of the country. Both of our core service areas generated another quarter of above-average customer growth, leading to year- to-date residential customer growth of 4.2% in Delmarva and 3% in Florida compared with the first half of last year.

現在，我將轉到第 8 張投影片來討論隨著我們對該國一些發展最快的地區進行戰略投資，對天然氣的需求不斷增長。我們的兩個核心服務區域都實現了高於平均水平的客戶成長，與去年上半年相比，今年迄今為止德瑪瓦的住宅客戶成長了 4.2%，佛羅裡達州的住宅客戶成長了 3%。

We're seeing a number of multifamily developments opt to add natural gas instead of the typical all-electric buildouts and a number of business park developers in Delaware are leveraging state funding to install natural gas infrastructure, which attracts additional small business and manufacturing customers. We also continue to expand natural gas service to new developments across Florida.

我們看到許多多戶型開發案選擇添加天然氣而不是典型的全電動建設，特拉華州的許多商業園區開發商正在利用國家資金安裝天然氣基礎設施，從而吸引了更多的小型企業和製造業客戶。我們也將繼續向佛羅裡達州的新開發案擴展天然氣服務。

One recent example is Newfield in Palm City, a new farm-to-table community that combines housing, sustainable farming and a vibrant town center, where we're installing natural gas infrastructure to serve homes, schools, businesses and agricultural work. The opportunities we have to serve increasing customer demand and improved system reliability are the basis for our overall growth strategy, which in turn drives sustainable earnings.

最近的一個例子是棕櫚城的紐菲爾德，這是一個新的從農場到餐桌的社區，結合了住房、永續農業和充滿活力的城鎮中心，我們正在那裡安裝天然氣基礎設施，為家庭、學校、企業和農業工作提供服務。我們滿足日益增長的客戶需求和提高系統可靠性的機會是我們整體成長策略的基礎，進而推動永續獲利。

We remain committed to increasing shareholder value by focusing on the three pillars of our growth strategy, as shown on slide 9, which I'm certain you have memorized by now. In short, we are consistently focused on identifying and prudently deploying capital, proactively managing our regulatory agenda and continually transforming our business operations.

我們仍然致力於透過專注於成長策略的三大支柱來提高股東價值，如投影片 9 所示，我相信您現在已經記住了。簡而言之，我們始終專注於識別和審慎部署資本，積極管理我們的監管議程並不斷轉變我們的業務運營。

We believe that successful execution of these three pillars will enable us to maintain top quartile growth and total shareholder return. slide 10 provides some highlights of our 2025 capital program. We were pleased to bring six major capital projects online within the first half of the year, supported in some cases by interim service from our Marlin Virtual Pipeline operations.

我們相信，成功執行這三大支柱將使我們能夠維持最高四分位的成長和股東總回報。幻燈片 10 提供了我們 2025 年資本計劃的一些亮點。我們很高興在今年上半年上線了六個主要資本項目，在某些情況下，我們的 Marlin 虛擬管道營運提供了臨時服務支援。

Boynton Beach came online in the first quarter, and New Smyrna Beach, St. Cloud Expansion Project, and the three RNG transportation projects were brought online in the second quarter of this year. Altogether, projects placed in service thus far in the year generated $2.5 million in the second quarter and are expected to generate $9.8 million for full year 2025. All other construction projects remain on track and on budget.

博因頓海灘計畫於今年第一季投入使用，新士麥那海灘計畫、聖克勞德擴建計畫以及三個 RNG 運輸計畫於第二季投入使用。總體而言，今年迄今投入使用的項目在第二季創造了 250 萬美元的收入，預計 2025 年將全年創造 980 萬美元的收入。所有其他建設項目均按計劃進行並符合預算。

We also have a number of incremental investments that are driving the $50 million increase in our full year capital expenditure guidance. We expect to spend approximately $20 million on additional infrastructure replacement and reliability projects through our GUARD and SAFE programs.

我們也進行了一些增量投資，推動全年資本支出預期增加 5,000 萬美元。我們預計將透過 GUARD 和 SAFE 計劃在額外的基礎設施更換和可靠性項目上投入約 2000 萬美元。

About half or $10 million of the incremental capital investment for the Worcester Resiliency Upgrade, or WRU, will be spent this year as well as an additional $10 million to meet increased demand for our Marlin Virtual Pipeline services and $10 million as we build out infrastructure to support the rapid growth in our Port St. Lucie, Florida area.

伍斯特彈性升級 (WRU) 的增量資本投資中約有一半或 1000 萬美元將於今年投入，另外還將投入 1000 萬美元以滿足我們對馬林虛擬管道服務日益增長的需求，以及 1000 萬美元用於建設基礎設施，以支持佛羅裡達州聖露西港地區的快速增長。

We were particularly excited to announce our first data center-related project, Duncan Plains outside of Columbus, Ohio. We've entered into an agreement with American Electric Power to construct and operate an intrastate natural gas pipeline to power our new AEP fuel cell facility that will serve a data center. This $10 million capital project is expected to be online in the first half of 2027.

我們非常高興地宣布我們的第一個資料中心相關項目，位於俄亥俄州哥倫布市郊外的鄧肯平原。我們已與美國電力公司達成協議，建造和營運一條州內天然氣管道，為我們的新 AEP 燃料電池設施提供動力，該設施將為資料中心提供服務。這個投資1000萬美元的項目預計將於2027年上半年上線。

I'll now provide additional details on WRU, our LNG storage facility in Bishopville, Maryland, as shown on slide 11. Last quarter, we shared that cost increases drove the total capital investment for the project to approximately $100 million and shifted the expected in- service date to the first half of 2026.

我現在將提供有關我們位於馬裡蘭州畢曉普維爾的液化天然氣儲存設施 WRU 的更多詳細信息，如幻燈片 11 所示。上個季度，我們表示成本增加導致該專案的總資本投資達到約 1 億美元，並將預計投入使用日期推遲到 2026 年上半年。

We subsequently requested updated rates, and at the end of last month, received FERC approval to recover this incremental capital investment, which results in an additional $3.9 million of full year margin contribution upon project completion. In June, we took delivery of the storage tanks and are pleased to report that we now have all five tanks safely on site. In July, we formally mobilized our contractor and received an initial notice to proceed from FERC, enabling us to begin site preparation and construction.

我們隨後要求更新費率，並於上個月底獲得聯邦能源管理委員會的批准，收回這筆增量資本投資，這將導致項目完成後全年額外貢獻 390 萬美元的利潤。六月，我們接收了儲罐，很高興地報告，現在所有五個儲罐都已安全運抵現場。7 月份，我們正式調動了承包商，並收到了聯邦能源管理委員會的初步通知，使我們能夠開始場地準備和施工。

This project remains the lowest cost project to support affordable energy and protect against weather- related disruptions for growing populations in Southern Delaware and Maryland. We look forward to having the project fully in service in the first half of 2026. As shown in detail on slide 12, all of our major capital projects are advancing as expected with more than half now in service. We forecast these projects to contribute approximately $23 million of gross margin in 2025 and $45 million in 2026.

該項目仍然是支持廉價能源並保護南特拉華州和馬裡蘭州不斷增長的人口免受天氣相關幹擾的成本最低的項目。我們期待此計畫於2026年上半年全面投入使用。如投影片 12 詳細顯示，我們所有的主要資本項目都在預期推進，目前已有一半以上投入使用。我們預測這些項目將在 2025 年貢獻約 2,300 萬美元的毛利，在 2026 年貢獻 4,500 萬美元的毛利。

As summarized on slide 13, our regulated capital program benefits from multiple sources of investment, not just the new transmission projects, but also infrastructure projects that support reliability and resiliency. Our capital investment under our four regulated infrastructure programs are expected to generate gross margin of $27 million in 2025 and approximately $38 million in 2026.

正如投影片 13 所總結的，我們的受監管資本計畫受益於多種投資來源，不僅是新的輸電項目，還有支援可靠性和彈性的基礎設施項目。我們在四個受監管的基礎設施項目下的資本投資預計將在 2025 年產生 2,700 萬美元的毛利，並在 2026 年產生約 3,800 萬美元的毛利。

Shifting to slide 14. All of these projects support our five-year capital investment plan of $1.5 billion to $1.8 billion, of which we've already identified and initiated at least $1.4 billion. Most importantly, approximately 70% of that investment requires no additional regulatory approval or support. Not yet included in this forecast are a number of projects still under exploration and development, several of which are highlighted on slide 15.

轉到投影片 14。所有這些項目都支持我們 15 億至 18 億美元的五年資本投資計劃，其中我們已經確定並啟動了至少 14 億美元的投資計劃。最重要的是，大約 70% 的投資不需要額外的監管批准或支持。本預測中尚未包括許多仍在勘探和開發中的項目，其中幾個項目在第 15 張投影片中重點介紹了。

We have a number of potential expansion opportunities ahead of us, including serving the space industries in Virginia and Florida, expanding our systems in the southern part of Delmarva and Florida and meeting incremental demand for our Marlin Virtual Pipeline services to transport RNG, CNG and LNG.

我們面臨著許多潛在的擴張機會，包括為弗吉尼亞州和佛羅裡達州的航太工業提供服務、擴展我們在德瑪瓦南部和佛羅裡達州的系統以及滿足我們對運輸 RNG、CNG 和 LNG 的 Marlin 虛擬管道服務的增量需求。

As we determine the likelihood, size and timing of these potential projects alongside our upcoming strategic planning process, we will evaluate updates to our five-year capital expenditure guidance.

在我們確定這些潛在項目的可能性、規模和時間以及我們即將進行的策略規劃過程時，​​我們將評估我們五年資本支出指南的更新。

With that, I'll turn to Jim to discuss our regulatory strategy and business transformation initiatives.

接下來，我將與吉姆討論我們的監管策略和業務轉型舉措。

Thank you, Jeff, and glad to speak with everyone this morning. I'd like to start with an update on our rate cases, as shown on slide 16. I'm pleased to report that we've now received final orders on all three rate cases that have been active over the last year. The final order for our Maryland rate case was effective in April and approved an annual revenue increase of $3.5 million.

謝謝你，傑夫，很高興今天早上和大家交談。我想先介紹一下我們的費率案例的最新情況，如投影片 16 所示。我很高興地報告，我們現在已經收到了過去一年中所有三起利率案件的最終判決。我們馬裡蘭州稅率案件的最終命令於四月生效，並批准每年增加 350 萬美元的收入。

In June, we received a final order for our Delaware rate case, approving the previously settled $6.1 million annual revenue increase. And in early July, the Florida PSC issued a final order for our Florida electric rate case, approving the $8.6 million annual revenue increase that was previously settled.

6 月份，我們收到了特拉華州利率案的最終裁決，批准了先前達成的 610 萬美元年度收入成長。7 月初，佛羅裡達州公共服務委員會對我們的佛羅裡達州電費案發布了最終命令，批准了先前 860 萬美元的年度收入增加。

Following recovery of interim rates in the second quarter, permanent rates for each of these cases are now in place for the second half of the year. We are grateful for the constructive relationships we've maintained with our regulators across all three states that supported us achieving final conclusions for these filings.

繼第二季恢復臨時費率後，這些案件的固定費率現已在下半年實施。我們感謝與三個州的監管機構保持的建設性關係，這些關係支持我們完成這些申請的最終結論。

slide 17 provides additional detail on our traditional depreciation study filing for Florida City Gas, which included updated asset lives that reduced annualized depreciation expense by approximately $1 million and also included a two-year amortization of an excess depreciation reserve.

第 17 張幻燈片提供了有關我們為佛羅裡達城市燃氣公司提交的傳統折舊研究文件的更多詳細信息，其中包括更新後的資產壽命，使年度折舊費用減少了約 100 萬美元，還包括兩年的超額折舊準備金攤銷。

Through our normal discovery process, the excess depreciation amount was updated to $22.4 million. In April, the Office of Public Counsel filed a motion for reconsideration and subsequently filed a motion to dismiss the case. The Florida PSC staff is in agreement with the company and has recommended denial of the motion for reconsideration.

透過我們的正常發現程序，超額折舊金額更新為 2,240 萬美元。4月，公共律師辦公室提出重新考慮動議，隨後又提出駁回此案的動議。佛羅裡達州公共服務委員會工作人員同意該公司的意見，並建議駁回該動議並重新考慮。

A commission hearing on both motions is expected in September 2025, and a final order on this filing is still expected in the fourth quarter of this year. We continue to expect to reach a successful outcome on the depreciation study and will provide updates as available. I'll now turn to slide 18 to provide a few updates on our business transformation efforts that support our long-term growth.

預計委員會將於 2025 年 9 月對這兩項動議進行聽證，並預計在今年第四季對此案作出最終命令。我們繼續期待折舊研究成功的結果，並將及時提供更新資訊。現在，我將翻到第 18 張投影片，介紹一些支持我們長期成長的業務轉型工作的最新情況。

We are moving forward on the next steps of our multiyear enterprise resource plan, or ERP, which will build upon our SAP platform that consolidated our utility billing systems, further enabling us to operate as one company, enhance process efficiency and expand reporting and analytics across functions, including finance, procurement, human resources, customer care and field service management.

我們正在推進多年期企業資源計劃（ERP）的後續步驟，該計劃將以整合了公用事業計費系統的 SAP 平台為基礎，進一步使我們能夠作為一家公司運營，提高流程效率並擴展跨職能部門的報告和分析，包括財務、採購、人力資源、客戶服務和現場服務管理。

In June, we were excited to welcome Abhi Bhatwadekar to our team as our new Chief Information Officer. Abhi brings a wealth of industry experience and technology expertise, which will be valuable as we strengthen our innovation technology team and better align technology initiatives with our business objectives, strength and growth.

六月，我們很高興歡迎 Abhi Bhatwadekar 加入我們的團隊，擔任我們的新資訊長。Abhi 帶來了豐富的行業經驗和技術專長，這對於我們加強創新技術團隊並使技術計劃更好地與我們的業務目標、實力和成長保持一致非常有價值。

And in July, we concluded the transition services agreement with NextEra Energy that had been in place since the Florida City Gas acquisition. This represents one of the last milestones in the FCG integration process as we bring all operations fully under the Chesapeake Utilities management.

7 月份，我們與 NextEra Energy 簽訂了自收購佛羅裡達城市天然氣公司以來一直生效的過渡服務協議。這是 FCG 整合過程中的最後一個里程碑，我們將所有業務完全納入切薩皮克公用事業公司的管理之下。

slide 19 provides a couple of updates on our engagement with stakeholders. In May, we published our third micro sustainability report, which highlights the ways we have invested in our employee, customer and community relationships throughout 2023 and 2024. These efforts have continued into 2025.

幻燈片 19 提供了我們與利害關係人合作的一些最新情況。今年 5 月，我們發布了第三份微型永續發展報告，重點介紹了我們在 2023 年和 2024 年期間對員工、客戶和社區關係的投資方式。這些努力將持續到2025年。

Through June, we have contributed over $350,000 in charitable donations and corporate sponsorship for organizations and events across our service areas. In addition, more than 360 employees have volunteered over 1,000 hours throughout the first half of the year, supporting many organizations and causes near and dear to their hearts.

截至 6 月份，我們已為服務區域內的組織和活動捐贈了超過 35 萬美元的慈善捐款和企業贊助。此外，今年上半年，超過 360 名員工自願奉獻了超過 1,000 小時的時間，並支持了許多他們所關心的組織和事業。

We were also honored to be named Best in the US for Corporate Governance by World News Media in July of this year. This is our third year receiving this award. We are grateful for the recognition of our commitment to earning trust, upholding accountability and fostering a values-driven culture, which is central to our mission to deliver energy that makes life better for the people and communities we serve.

今年 7 月，我們也很榮幸能被世界新聞媒體評為美國最佳公司治理企業。這是我們第三年獲得該獎項。我們非常感謝大家對我們致力於贏得信任、堅持責任和培育價值觀驅動文化的認可，這對我們的使命至關重要，即為我們所服務的人民和社區提供更美好生活的能源。

With that, I will turn the call to Beth for a more detailed discussion of our financial results.

說完這些，我將把電話轉給貝絲，讓她更詳細地討論我們的財務結果。

Thanks, Jim, and good morning, everyone. Our financial results for the second quarter of 2025 continue to demonstrate steady growth and advancement toward our 2025 EPS guidance range as shown on slide 20. Adjusted gross margin was approximately $143 million, up 13% from the second quarter of 2024.

謝謝，吉姆，大家早安。如投影片 20 所示，我們的 2025 年第二季財務業績持續呈現穩定成長，並朝著 2025 年每股收益指引範圍邁進。調整後的毛利率約為 1.43 億美元，較 2024 年第二季成長 13%。

Margin growth from investments in transmission and distribution infrastructure, organic growth and regulatory initiatives, coupled with operational efficiencies led to adjusted net income of approximately $24 million, up 26% from the second quarter of 2024. And even with a higher share count than a year ago, we reported double-digit growth in adjusted earnings per share, up $0.18 to $1.04, a 21% increase over the second quarter of 2024.

輸配電基礎設施投資、有機成長和監管措施帶來的利潤成長，加上營運效率的提高，使調整後的淨收入達到約 2,400 萬美元，較 2024 年第二季成長 26%。儘管股票數量比一年前有所增加，但我們報告的調整後每股收益仍實現了兩位數增長，上漲 0.18 美元至 1.04 美元，比 2024 年第二季度增長 21%。

This performance reflects our commitment to executing on our growth strategy as well as our focus on operational excellence, particularly as we achieved this growth without the benefit of $2.3 million of reduced depreciation expense that was recognized under the Florida City Gas RSAM mechanism in the second quarter of last year.

這項業績體現了我們對執行成長策略的承諾以及對卓越營運的關注，特別是因為我們實現了這一成長，而沒有受益於去年第二季度根據佛羅裡達城市燃氣 RSAM 機制確認的 230 萬美元減少折舊費用。

I'll now highlight some of the key drivers of our second quarter performance, as shown on the adjusted EPS bridge on slide 21. Continued demand for natural gas drove $0.18 of incremental EPS, including $0.12 related to transmission capital projects and $0.06 of distribution growth across our service areas.

現在，我將重點介紹我們第二季業績的一些關鍵驅動因素，如幻燈片 21 上的調整後每股收益橋所示。對天然氣的持續需求推動每股收益增加 0.18 美元，其中包括與輸電資本項目相關的 0.12 美元和我們服務區域內的分銷增長 0.06 美元。

Updated rates from our three rate cases contributed an additional $0.13 in adjusted EPS this quarter, and margin from our infrastructure program investments contributed $0.11 per share. Our unregulated businesses generated net incremental margin of $0.08, largely driven by increased Marlin Virtual Pipeline transportation services as well as margin from our Full Circle Dairy RNG production facility.

本季度，我們三個利率案例的更新利率為調整後的每股收益貢獻了額外的 0.13 美元，而我們基礎設施計劃投資的利潤則貢獻了每股 0.11 美元。我們的非監管業務產生了 0.08 美元的淨增量利潤，主要得益於 Marlin Virtual Pipeline 運輸服務的增加以及我們的 Full Circle Dairy RNG 生產設施的利潤。

These gains were partially offset by a few factors, including $0.14 per share of increased depreciation and amortization expense, as this quarter had no RSAM related depreciation expense reduction compared with an $0.08 benefit in the second quarter of last year. We also incurred additional operating expenses of $0.09 per share this quarter as higher facilities, operations and maintenance expenses were only partially offset by lower payroll, benefits and employee expenses.

這些收益被一些因素部分抵消，包括每股增加 0.14 美元的折舊和攤銷費用，因為本季度沒有與 RSAM 相關的折舊費用減少，而去年第二季度的收益為 0.08 美元。本季度我們還產生了每股 0.09 美元的額外營運費用，因為更高的設施、營運和維護費用僅被更低的工資、福利和員工費用部分抵消。

Lastly, financing activity, including our debt issuance in November 2024, and additional equity issuances in the latter half of 2024 and the first half of 2025, reduced adjusted EPS by $0.08. Shifting to slide 22. Adjusted gross margin for our Regulated segment was approximately $118 million this quarter, up 14% from the second quarter of last year.

最後，融資活動（包括我們於2024年11月發行的債券以及2024年下半年和2025年上半年發行的額外股票）導致調整後每股收益減少0.08美元。請移至第22張投影片。本季度，我們受監管部門的調整後毛利率約為 1.18 億美元，較去年第二季成長 14%。

As just discussed, this improvement was driven by organic transmission and distribution growth in our natural gas distribution operations and increased rates following the conclusion of our 3 rate cases. Our focus on cost management drove an even larger increase in regulated operating income, up 28% to approximately $52 million in the second quarter of 2025.

正如剛才所討論的，這項改善是由我們的天然氣分銷業務的有機輸送和分銷增長以及我們的 3 個費率案例結束後的費率提高所推動的。我們對成本管理的關注推動了受監管營業收入的更大成長，到 2025 年第二季成長了 28%，達到約 5,200 萬美元。

Our Unregulated Energy segment also demonstrated growth relative to the second quarter of last year, as shown on slide 23. Adjusted gross margin was up 7% to approximately $25 million in the second quarter of 2025. Our Marlin Gas Services business continues to serve incremental demand for virtual pipeline transportation services, driving $3.5 million of additional gross margin when combined with the incremental contribution from Full Circle Dairy in the second quarter of 2025.

如投影片 23 所示，我們的非管制能源部門也相對於去年第二季實現了成長。2025 年第二季調整後毛利率成長 7%，達到約 2,500 萬美元。我們的 Marlin Gas Services 業務繼續滿足虛擬管道運輸服務的增量需求，與 2025 年第二季度 Full Circle Dairy 的增量貢獻相結合，將帶來 350 萬美元的額外毛利率。

This growth was partially offset by a $2.3 million reduction in propane margins, driven by lower consumption and higher commodity costs in this quarter. I'll now move to slide 24 to review our capital structure and financing activities. I'm excited to report that at the end of the quarter, we reached our equity capitalization target of 50%, as we've issued $66.2 million of equity throughout the first half of this year.

由於本季消費量下降和商品成本上升，丙烷利潤減少 230 萬美元，部分抵消了這一增長。我現在轉到第 24 張投影片來回顧我們的資本結構和融資活動。我很高興地報告，在本季末，我們達到了 50% 的股權資本化目標，因為我們在今年上半年發行了 6,620 萬美元的股權。

With this level of equity, our total book capitalization has exceeded $3 billion for the first time, an important milestone as we continue our transformation to a mid-cap company. We've also made several advances to enhance our overall debt capacity to fund our capital investments. In June, we amended and extended our long-term shelf agreement with MetLife, one of our key debt holders, allowing us to secure up to $200 million of new long-term debt through June 2030.

憑藉這一股權水平，我們的總帳面資本首次超過 30 億美元，這是我們繼續向中型公司轉型的重要里程碑。我們也採取了多項措施來提高我們的整體債務能力，為我們的資本投資提供資金。6 月份，我們修改並延長了與主要債務持有人之一大都會人壽的長期擱置協議，使我們能夠在 2030 年 6 月之前獲得高達 2 億美元的新長期債務。

At the end of July, we also took advantage of the favorable rate environment to commit to issue $200 million of new long-term unsecured senior notes in the private placement debt market. $150 million of this new debt was funded on August 1, 2025, with the remaining $50 million being funded in mid-September.

7月底，我們也利用有利的利率環境，承諾在私募債務市場發行2億美元新的長期無擔保優先票據。其中1.5億美元將於2025年8月1日到位，剩餘5,000萬美元將於9月中旬到位。

We issued the debt at a blended 5.04% coupon, including $60 million of 4.88% three-year notes, $50 million of 5.02% five-year notes and $90 million of 5.16% six-year notes. Subsequent to locking in this financing, we met with Fitch and were subsequently notified that they had rated all of these new notes as an A- credit as we had initially targeted. Lastly, in early August, we also renewed our 364-day revolving credit facility for another year at the same terms and conditions.

我們以 5.04% 的混合票面利率發行了債務，其中包括 6000 萬美元的 4.88% 三年期票據、5000 萬美元的 5.02% 五年期票據和 9000 萬美元的 5.16% 六年期票據。在鎖定這筆融資之後，我們與惠譽會面，隨後獲悉，他們已將所有這些新票據的信用評級定為 A-，正如我們最初的目標一樣。最後，8 月初，我們也以相同的條款和條件將 364 天循環信貸額度續約一年。

As you can see, we also continue to maintain strong liquidity and sufficient capacity to support growth with 64% of our revolving credit facility and private placement shelf facilities available at the end of June 2025. With the new long-term debt financings just executed in August and upcoming September, this availability will increase to 92%.

如您所見，我們也持續保持強勁的流動性和足夠的能力來支持成長，到 2025 年 6 月底，我們的 64% 的循環信貸額度和私募儲備額度可用。隨著8月份和9月份剛實施的新的長期債務融資，這個可用率將上升至92%。

Alongside our equity and debt plans, our dividend policy continues to be a key component of our capital allocation strategy as we fund growth capital investment to drive earnings growth and overall shareholder return. As shown on slide 25, our annualized dividend per share of $2.74 reflects a 7% annual increase from 2024 and supports a long-term dividend CAGR of 9%.

除了我們的股權和債務計劃之外，我們的股息政策仍然是我們資本配置策略的關鍵組成部分，因為我們為成長資本投資提供資金以推動獲利成長和整體股東回報。如幻燈片 25 所示，我們的每股年度股息為 2.74 美元，從 2024 年開始每年增長 7%，並支持 9% 的長期股息複合年增長率。

We will continue to support long-term dividend growth while reinvesting significant earnings back into the company, enabling our investors to benefit from both long-term top quartile earnings and strong dividend growth. As we have discussed many times, we are committed to our long-term earnings per share growth of 8% through 2028 to drive top quartile shareholder returns as shown on slide 26.

我們將繼續支持長期股息成長，同時將大量收益重新投資於公司，使我們的投資者能夠從長期最高四分位數收益和強勁的股息成長中受益。正如我們多次討論的那樣，我們致力於在 2028 年實現每股收益長期增長 8%，以推動上四分位股東回報，如幻燈片 26 所示。

Our second quarter 2025 growth supports our trajectory toward our full year 2025 adjusted EPS guidance of $6.15 to $6.35 per share, inclusive of a successful outcome on the Florida City Gas depreciation study, as Jeff discussed earlier. Before we shift to Q&A, I'd like to remind you of the unique differentiators shown on slide 27 that enable us to drive shareholder value in 2025 and for years to come. We remain committed to delivering on our promises.

正如 Jeff 先前所討論的，我們 2025 年第二季的成長支持我們實現 2025 年全年調整後每股收益指引 6.15 美元至 6.35 美元的目標，其中包括佛羅裡達城市燃氣折舊研究的成功結果。在我們進入問答環節之前，我想提醒大家注意投影片 27 上顯示的獨特差異化因素，這些因素使我們能夠在 2025 年及未來幾年推動股東價值。我們將繼續致力於兌現我們的承諾。

We recognize that our consistent track record has driven expectations for continued strong growth, both in terms of performance and valuation. We will continue to execute on our three pillars of growth, enabled by continued infrastructure reliability improvements and growing demand for natural gas throughout our service areas and supported by our increased 2025 capital guidance range of $375 million to $425 million.

我們認識到，我們一貫的業績記錄推動了對業績和估值持續強勁增長的預期。我們將繼續執行我們的三大成長支柱，這得益於我們服務區域內基礎設施可靠性的持續改善和對天然氣日益增長的需求，以及我們將 2025 年資本指導範圍提高至 3.75 億美元至 4.25 億美元。

We will maintain our disciplined approach to financing, including ensuring balance sheet strength, upholding investment-grade credit metrics and sustaining our target capital structure, so that we remain well positioned to address market volatility as we fund our growth plan. That disciplined approach resulted in us achieving our target capital structure by the end of June and increasing our debt capacity meaningfully by our recent actions.

我們將保持嚴謹的融資方式，包括確保資產負債表實力、維護投資等級信用指標和維持目標資本結構，以便我們在為成長計畫提供資金的同時，能夠更好地應對市場波動。這種嚴謹的方法使我們在 6 月底實現了目標資本結構，並透過最近的行動顯著提高了我們的債務能力。

All of these elements drive our ability to reach new heights, both in 2025 and beyond. We look forward to delivering with purpose and driving long-term value for all stakeholders and appreciate your continued interest, support and investment in our company. With that, we'll take your questions. Operator?

所有這些因素都將推動我們在 2025 年及以後達到新的高度。我們期待為所有利害關係人提供有針對性並推動長期價值的服務，並感謝您對我們公司的持續關注、支持和投資。這樣，我們就可以回答您的問題了。操作員？

(Operator Instructions)

（操作員指示）

Nicholas Campanella, Barclays.

巴克萊銀行的尼古拉斯·坎帕內拉。

How are you? This is Michael Brown for Nicholas Campanello. First question is, was the successful outcome in the FCG depreciation study assumed in the $6.25 midpoint guidance for 2025 when you originally gave it? And what are the levers you have to offset it if you do not achieve a successful outcome?

你好嗎？我是尼古拉斯·坎帕內洛 (Nicholas Campanello) 的邁克爾·布朗 (Michael Brown)。第一個問題是，您最初給出的 2025 年 6.25 美元中​​點指導中是否假設了 FCG 折舊研究的成功結果？如果沒有成功的結果，您有什麼辦法可以抵消它？

So good morning, Michael, this is Beth. And yes, considered within the full guidance range was a successful outcome on the Florida City Gas depreciation study. So what we're trying to -- since there's been a lot of questions, we really tried to hone in, in this call and point out that, that full band reflects a successful outcome on that filing.

早安，麥可，我是貝絲。是的，在完整的指導範圍內，佛羅裡達城市燃氣折舊研究取得了成功的結果。因此，我們試圖——因為存在許多問題，我們真的試圖在這次電話會議中深入探討，並指出，完整的樂團反映了該申請的成功結果。

Okay. Second question is, how do you plan to fund the additional CapEx for this year?

好的。第二個問題是，您計劃如何為今年的額外資本支出提供資金？

Sure. Great question. So we talked about quite a few things. Number one, where we sit on a year-to-date basis through at the end of June, we have reached our target capital structure, as we mentioned, at 50%. The long-term debt placements that we've done have opened up capacity on our revolver to the point that our revolver will probably be at the lowest level it's been in many, many years.

當然。好問題。所以我們談了很多事情。第一，截至 6 月底，我們的年初至今的資本結構已達到我們所提到的目標 50%。我們進行的長期債務配置已經釋放了我們的循環信貸額度，以至於我們的循環信貸額度可能處於多年來的最低水平。

Our goal is to continue to stay at our target capital structure, but the timing and construction of some of those projects that are longer term may result in us better aligning some of the equity with the in-service dates, but you're not going to see us vary significantly from our target capital structure, maybe a little bit like I mentioned, for those longer-term projects.

我們的目標是繼續保持我們的目標資本結構，但一些長期專案的時間和建設可能會導致我們更好地將部分股權與投入使用日期相結合，但你不會看到我們與我們的目標資本結構有顯著差異，也許有點像我提到的，對於那些長期專案。

So we'll continue to pursue a capital structure that is around 50%-plus equity to total capitalization. It may be slightly less than that at times because of bigger projects. And we have availability now with the revolver to have significant capacity. And again, we've accessed the long-term debt markets and expect to as we continue to move forward. So no different plan. Just certainly, we'll execute it in line with the timing of some of our projects from an equity perspective.

因此，我們將繼續追求股權佔總資本約 50% 以上的資本結構。由於項目較大，有時可能會略低於這個數字。現在，我們已經擁有容量龐大的左輪手槍。再次，我們已經進入長期債務市場，並期望繼續前進。所以沒有不同的計劃。當然，從公平角度來看，我們會按照我們一些專案的時間來執行。

Okay, thank you. My last question. When do you anticipate like a full refresh of your key guidance next year?

好的，謝謝。我的最後一個問題。您預計明年何時會全面更新您的關鍵指導？

We have our guidance, as you know, Michael, out through 2028. And so we're still second year into that. As always, we have an update on our strategic plan. I think likely, you'll see us continue to evaluate and come out with our new capital guidance for 2026 in February of next year.

如你所知，邁克爾，我們的指導方針是到 2028 年。所以我們仍處於第二年。像往常一樣，我們對戰略計劃進行了更新。我認為，您很可能會看到我們繼續評估並在明年 2 月推出 2026 年的新資本指引。

I think as we continue to execute on our strategic plan, we will look at the appropriateness of that range and decide whether a refresh is needed in any part or an extension at some potential time. But right now, we're really only into year two, and that's kind of typically how we've approached it. If you look back in the past, we get a couple of years well into our guidance range before we provide a refresh.

我認為，隨著我們繼續執行我們的策略計劃，我們將考慮該範圍的適當性，並決定是否需要在任何部分進行更新或在某個潛在時間進行擴展。但目前，我們實際上才進入第二年，而這正是我們通常採取的方式。如果回顧過去，我們會發現，在提供更新之前，我們已經在指導範圍內度過了幾年的時間。

Okay. Thank you, that was my last question. Thank you, Beth.

好的。謝謝，這是我的最後一個問題。謝謝你，貝絲。

Thank you. Great questions. I appreciate your questions this morning.

謝謝。很好的問題。我很感謝您今天早上提出的問題。

Michael Gaugler, Janney Montgomery Scott.

麥可高格勒、珍妮蒙哥馬利史考特。

Morning, everyone.

大家早安。

Good morning.

早安.

We've noticed a couple of gas companies in our coverage universe with Pennsylvania operations indicating this quarter, they're under NDAs for new projects for hyperscalers in the state. I know your exposure in Pennsylvania is limited. But with Eastern Shore and the Ohio assets, wondering if you're in discussions with anyone.

我們注意到，在我們涵蓋的範圍內，有幾家在賓州開展業務的天然氣公司本季表示，他們正在為該州的超大規模企業簽署新項目的保密協議。我知道你在賓州的曝光率有限。但對於東岸和俄亥俄州的資產，想知道您是否正在與任何人進行討論。

Well, Michael, I mean, as you know, I mean, Chesapeake, and I'll certainly turn it to Jeff for any additional commentary, but as you know, we're constantly -- our business development group is looking at projects across our different service territories. And at the point that any type of project like that might be finalized with us having executed an agreement, we would certainly disclose it.

好吧，邁克爾，我的意思是，正如你所知，我的意思是，切薩皮克，我肯定會把它交給傑夫以獲得任何額外的評論，但正如你所知，我們一直在 - 我們的業務發展小組正在研究我們不同服務領域的項目。當我們簽署協議並最終完成任何此類項目時，我們肯定會披露它。

We're continuing -- you saw us actually introduce this new project in Ohio because that contract had been executed. So again, we are always looking at things, but we don't have anything at this point that we could disclose around any other particular projects. Jeff, I don't know if there's anything else you might want to add.

我們正在繼續——您看到我們實際上在俄亥俄州推出了這個新項目，因為該合約已經執行。所以，我們一直在關注這些事情，但目前我們還沒有任何可以透露的其他特定項目的資訊。傑夫，我不知道您是否還有什麼要補充的。

No, I think that is exactly right. I mean we see the same things that you're seeing in Pennsylvania and certainly in other places. And we have a continued interest in those sorts of opportunities, much as we announced the pipeline to the fuel cell that AEP is developing for a data center in Ohio. So those things continue to be intriguing, and we continue to pursue them.

不，我認為完全正確。我的意思是，我們看到的事情和你在賓州以及其他地方看到的一樣。我們一直對這類機會感興趣，就像我們宣布 AEP 正在為俄亥俄州的資料中心開發燃料電池管道一樣。因此這些事情仍然令人著迷，我們將繼續追求它們。

Appreciate the color. And then just one other question. The recent PJM power auction, certainly interesting. I'm wondering if you're seeing greater incoming calls for natural gas service, given what looks like going to be higher electric prices for the next few years, probably out through 2031.

欣賞顏色。還有一個問題。最近的 PJM 電力拍賣確實很有趣。我想知道，考慮到未來幾年（可能到 2031 年）電價似乎還會上漲，您是否會看到對天然氣服務的呼入量增加。

I don't know that we have any direct relationship there that we're discerning in the market, although you can, as you just did, presume that people are thinking about options and one of the options clearly is direct natural gas service. And so we are certainly talking to a number of larger commercial and industrial customers across our service territory outside of PJM, frankly, into Florida as well that are looking for increasing their natural gas capabilities. And so we continue to find that. Again, an opportunity for us to grow the business, and we're seeing those things pop up all over the place.

我不知道我們與市場之間是否存在任何直接的關係，儘管你可以像你剛才那樣假設人們正在考慮各種選擇，而其中一個選擇顯然是直接天然氣服務。因此，我們當然正在與 PJM 以外的服務區域內（坦白說，還包括佛羅裡達州）的許多大型商業和工業客戶進行洽談，他們也在尋求提高天然氣產能。因此我們繼續發現這一點。這對我們來說又是一個發展業務的機會，我們看到這些事情正在各地湧現。

All right, that's all the questions I had. I thank you all for your time.

好的，這就是我所有的問題。感謝大家抽出時間。

Thank you.

謝謝。

Paul Fremont, Ladenburg.

保羅‧弗里蒙特，拉登堡。

Thank you so much. My question has to do with, I guess, the schedule in the depreciation case. My understanding is, and I think it's next week that staff is supposed to come out with or file a third-party consultant report in the cases. Is that correct? And I guess, do you have any expectations with respect to what they are going to file?

太感謝了。我的問題與折舊案例中的時間表有關。我的理解是，我認為下週工作人員應該會針對這些案件提出或提交第三方顧問報告。對嗎？我想，您對他們要提交的文件有什麼期望嗎？

So I would just say -- go ahead. I was just actually going to ask Jim. Jim, would you like to take this?

所以我只想說——繼續吧。我實際上正要問吉姆。吉姆，你想拿這個嗎？

Yes. Thank you, Beth. Paul, as you probably know, the staff has been supportive of our approach here and in fact, has opposed an OPC motion to dismiss the proceeding. So we're expecting staff to make a recommendation in September and base that on their review of our filing, and we're confident that the filing will be received and be successful.

是的。謝謝你，貝絲。保羅，你可能知道，工作人員一直支持我們的做法，事實上，他們反對 OPC 提出的駁回訴訟的動議。因此，我們預計工作人員將在 9 月根據對我們文件的審查提出建議，我們相信該文件將會被收到並獲得成功。

Great. And so what is it that -- is there anything on the schedule for them to do next week?

偉大的。那麼，下週他們有什麼安排嗎？

No, not the commission, Paul.

不，不是委員會，保羅。

Okay. Great. That's it for me. Thank you so much.

好的。偉大的。對我來說就是這樣。太感謝了。

Thank you.

謝謝。

It appears we have no further questions at this time. I will now turn the program back over to Jeff Householder for any additional or closing remarks.

目前看來我們沒有其他問題。現在我將節目交還給 Jeff Householder，請他發表任何補充或結束語。

Thank you for joining us today. As always, we appreciate the continued interest in the company, and we look forward to updating you again next quarter. Goodbye.

感謝您今天加入我們。像往常一樣，我們感謝您對公司的持續關注，並期待下個季度再次向您更新最新情況。再見。

Thank you. This concludes Chesapeake Utilities Corporation's second-quarter 2025 earnings conference call. Please disconnect your line at this time and have a wonderful day.

謝謝。切薩皮克公用事業公司 2025 年第二季財報電話會議到此結束。請此時斷開您的線路並祝您有美好的一天。