Chesapeake Utilities Corporation (CPK) 2026 Q1 法說會逐字稿

Welcome to Chesapeake Utilities Corporation's First Quarter 2026 Earnings Conference Call.

歡迎參加切薩皮克公用事業公司（Chesapeake Utilities Corporation）2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

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

現在我想把電話會議交給投資人關係主管 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.

謝謝，各位早安。今天的簡報可在我們網站的「投資人」頁面下之「活動與簡報」子項中取得。

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

在我們的準備發言結束後，我們將開放提問。

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 productions could differ materially from our actual results. The Safe Harbor for forward-looking Statements section of our 2025 Annual Report on Form 10-K and in our first quarter, Form 10-Q, provides further information on the factors that could cause such statements to differ from our actual results.

在第 2 張投影片，我們列示一貫的免責聲明；同時提醒各位，本次電話會議所討論事項可能包含涉及風險與不確定性的前瞻性陳述。前瞻性陳述與預測可能與我們的實際結果有重大差異。我們 2025 年度 Form 10-K 年報以及第一季 Form 10-Q 中「前瞻性陳述之安全港（Safe Harbor）」章節，提供了更多可能導致此類陳述與實際結果不同的因素資訊。

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，本公司以若干非 GAAP 指標評估營運表現，包括調整後毛利、調整後淨利與調整後每股盈餘。而今天所呈現的資訊亦包含符合美國證券交易委員會（SEC）Regulation G 的適當揭露。

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 first quarter Form 10-Q.

上述非 GAAP 指標與相關 GAAP 指標之調節表，已載於本簡報附錄、我們的財報新聞稿以及第一季 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, as highlighted on slide 3.

在切薩皮克公用事業公司，安全是我們的第一優先。我們在所有會議開始時都會進行一段安全提醒，本次也不例外，如第 3 張投影片所示。

May is Electrical Safety Month and a great time to ensure we are safely using the power of electricity. Be mindful of overloaded outlets, damaged cords, and using electrical appliances near water. Also be sure to use lithium-ion batteries safely. Only use the correct charger, avoid charging on beds or couches, and never use damaged or overheating batteries. Small daily choices can prevent fires, injuries, and protect ourselves, our homes, and our loved ones.

五月是「電氣安全月」，是確保我們安全使用電力的好時機。請留意插座過載、電線損壞，以及在靠近水的地方使用電器。也請務必安全使用鋰離子電池。僅使用正確的充電器，避免在床上或沙發上充電，且切勿使用受損或過熱的電池。日常的小選擇可以預防火災與受傷，並保護我們自己、我們的家與所愛的人。

I'll now introduce our presenters today. Jeff Householder, Chair of the Board, President and Chief Executive Officer, will provide an update on this quarter's key accomplishments and our capital growth program.

接下來介紹今天的簡報人員。董事長、總裁暨執行長 Jeff Householder 將更新本季的關鍵成果與我們的資本成長計畫。

Jim Moriarty, Executive Vice President, General Counsel, Corporate Secretary and Chief Policy and Risk Officer, will discuss the Florida City Gas rate case and stakeholder engagement.

執行副總裁、總法律顧問、公司秘書暨首席政策與風險長 Jim Moriarty 將說明 Florida City Gas 的費率案件與利害關係人互動。

Jeff Sylvester, current Senior Vice President and Chief Operating Officer and incoming Chief Financial Officer, joins us today for his first earnings call. Jeff will summarize our first quarter performance and financing updates.

現任資深副總裁暨營運長、並將接任財務長的 Jeff Sylvester，今天將參與他首次的財報電話會議。Jeff 將總結我們第一季的表現與融資最新進展。

And Beth Cooper, Executive Vice President and Chief Financial Officer, who has announced her retirement at the end of June, joins us for her 71st and final earnings call. Beth will discuss dividend and earnings growth and then close with our value proposition.

此外，已宣布將於六月底退休的執行副總裁暨財務長 Beth Cooper，也將參與她第 71 次、也是最後一次的財報電話會議。Beth 將說明股利與盈餘成長，並以我們的價值主張作結。

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

接下來，我非常榮幸把電話會議交給 Jeff Householder。

Thank you, Lucia, and good morning, all. Let me start today by recognizing Beth Cooper, who announced her retirement in March following 36 years of service to the company.

謝謝你，Lucia，各位早安。我先向 Beth Cooper 致意，她在三月宣布退休，結束在公司服務 36 年的職涯。

In the last 18 years as our Chief Financial Officer, Beth's strategic and financial leadership has led to incomparable growth, including a $3 billion increase in our market capitalization, 10x growth in total assets and net income as well as a 366% increase in earnings per share.

在過去 18 年擔任財務長期間，Beth 的策略與財務領導帶來無可比擬的成長，包括公司市值增加 30 億美元、總資產與淨利成長 10 倍，以及每股盈餘增加 366%。

Most importantly, Beth embodies the best of Chesapeake Utilities. She has an authentic passion for delivering results and an impressive ability to build connections and relationships internally and externally. So thank you, Beth. It's been an honor to work alongside you.

更重要的是，Beth 體現了切薩皮克公用事業公司的最佳精神。她對達成成果懷抱真誠熱情，並具備令人印象深刻的能力，能在公司內外建立連結與關係。因此，謝謝你，Beth。能與你並肩合作是我的榮幸。

We are eternally grateful for your significant contributions to this company. I'd also like to welcome Jeff Sylvester to our call who will transition from COO to formally assume the CFO role on July 1st of this year. Jeff brings deep financial and operational knowledge of our business along with valuable expertise in data analytics and process and technology transformation, all of which are fundamental to our next stage of growth and development.

我們對你為公司所做的重大貢獻永懷感激。我也要歡迎 Jeff Sylvester 參與本次電話會議；他將由營運長轉任，並於今年 7 月 1 日正式接任財務長職務。Jeff 對我們業務具備深厚的財務與營運知識，並在資料分析、流程與科技轉型方面擁有寶貴專長，這些都是我們下一階段成長與發展的基礎。

I look forward to continuing to work closely with Jeff as we remain focused on the 3 pillars of our growth strategy prudent deployment of capital, a proactive regulatory agenda and business transformation actions that meet the energy delivery and service expectations of our customers and communities.

我期待持續與 Jeff 密切合作；我們將持續聚焦成長策略的三大支柱：審慎部署資本、積極的法規監管議程，以及推動業務轉型行動，以滿足客戶與社區對能源輸送與服務的期待。

I'll now move on to slide 5. We had a strong start to the year, reporting a 16% increase in adjusted net income and an 11% increase in adjusted earnings per share compared with the first quarter of last year.

接著我將移至第 5 張投影片。我們今年開局強勁，調整後淨利較去年第一季成長 16%，調整後每股盈餘成長 11%。

We generated an incremental $12 million of margin from transmission and infrastructure projects and $11 million of margin from distribution system growth, updated rates and increased customer usage given the much colder winter we experienced in the first quarter.

我們自輸送與基礎建設專案新增 1,200 萬美元的毛利，並自配氣系統成長、更新費率以及第一季經歷更寒冷冬季所帶動的客戶用量增加，新增 1,100 萬美元的毛利。

Slide 6 highlights the connection between growth in our service areas and our long-term growth strategy. I can continue to report a quarter of solid commercial customer growth and above-average residential customer growth, 3.3% in Delmarva 2.2% for Florida Public Utilities and 2% for Florida City Gas.

第 6 張投影片突顯我們服務區域的成長與長期成長策略之間的連結。我可以持續報告本季商業客戶穩健成長，住宅客戶成長亦高於平均水準：Delmarva 為 3.3%，Florida Public Utilities 為 2.2%，Florida City Gas 為 2%。

Increasing demand for natural gas and propane remains core to our long-term growth strategy.

天然氣與丙烷需求的增加，仍是我們長期成長策略的核心。

Population growth homebuilding and the needs of our customers continue to provide investment opportunities to upgrade and expand our energy delivery systems and invest in technology that provides safe, reliable and affordable service to our customers.

人口成長、住宅建設以及客戶需求，持續帶來投資機會，使我們得以升級與擴充能源輸送系統，並投資於可為客戶提供安全、可靠且可負擔服務的技術。

Investing in our delivery systems and continuously improving our business operations to realize meaningful service and value improvements will drive long-term earnings growth and enable us to appropriately scale the enterprise.

投資於我們的輸送系統，並持續改善營運以實現具意義的服務與價值提升，將推動長期盈餘成長，並使我們能適當擴大企業規模。

Now let's shift to slide 7. Which summarizes our 2026 projected capital program and our progress to-date. Through the end of the first quarter, we've invested $122 million of capital across the business. This is in line with our full year 2026 capital expenditure guidance of $450 million to $500 million.

現在讓我們轉到第 7 張投影片。此頁總結我們 2026 年預估資本計畫及目前進度。截至第一季末，我們已在各項業務投入 1.22 億美元資本。這與我們 2026 全年資本支出指引 4.5 億至 5 億美元一致。

Slide 8 shows additional detail on our major capital projects. We forecast these projects to contribute approximately $31 million of gross margin in 2026 and an additional $20 million in 2027.

第 8 張投影片提供主要資本專案的更多細節。我們預估這些專案在 2026 年將貢獻約 3,100 萬美元毛利，並在 2027 年再增加 2,000 萬美元。

We've made some recent updates to one of the projects on the table on Slide 9, WRU, our LNG storage facility in Bishopville, Maryland.

我們近期對第 9 張投影片表格中的其中一個專案做了一些更新：WRU，也就是我們位於馬里蘭州 Bishopville 的 LNG 儲存設施。

As you can see in the latest photos on slide 9, there has been significant construction progress at the Delmarva site. You may recall that last fall, the FERC Notice to Proceed process took a couple of months longer than we expected we had hoped to make up much of this time, but the severe winter weather in the first quarter and a few design modifications that will simplify future expansion kept us from accelerating construction.

如你在第 9 張投影片最新照片所見，Delmarva 場址的施工已有顯著進展。你可能還記得，去年秋天 FERC 的「准予開工（Notice to Proceed）」流程比我們預期多花了幾個月；我們原本希望能追回大部分時間，但第一季嚴峻的冬季天候，以及幾項可簡化未來擴建的設計修改，使我們無法加速施工。

The snow, ice and freezing temperatures we experienced in January and February significantly limited the pace of construction, the site was actually totally inaccessible for several days due to roadway travel restrictions. While the winter weather boosted usage and margins in our existing businesses, it was not helpful to the WRU construction schedule.

我們在一月與二月經歷的降雪、結冰與冰凍氣溫，顯著限制了施工進度；由於道路通行限制，工地實際上有好幾天完全無法進入。雖然冬季天候提升了我們既有業務的用量與利潤率，但對 WRU 的施工時程並無助益。

WRU is a substantial complex project that will deliver significant peak day service capabilities to Delmarva customers. The tanks and primary structural and control room facilities are in place, we're working to complete the control electronics.

WRU 是一項規模龐大且複雜的專案，將為 Delmarva 客戶提供顯著的尖峰日服務能力。儲槽以及主要結構與控制室設施已就位，我們正致力於完成控制電子系統。

On-site piping and interconnections to our Eastern Shore Natural Gas Transmission System. Coming out of this winter, I spent quite a bit of time assessing our progress and the overall project schedule.

現場管線與我們 Eastern Shore 天然氣輸送系統的互連。走出這個冬季後，我花了相當多時間評估我們的進度與整體專案時程。

I'm happy with the effort we're making to push the project to completion. I'm also realistic about where we stand today and the need to build an additional time for a FERC commissioning process that is not governed by a specific time requirement. We're engaged in a third-party pre-commissioning process, so.

我對我們為推動專案完工所付出的努力感到滿意。我也務實看待我們目前所處的位置，以及需要為 FERC 的試運轉（commissioning）流程預留額外時間；該流程並不受特定時限要求所規範。我們正參與第三方的試運轉前（pre-commissioning）流程，因此。

I don't foresee any substantive FERC issues, but we're building in additional time in the schedule. So the schedule changes mean that we expect significantly reduced margin contributions from WRU in 2026.

我不預期會有任何實質性的 FERC 議題，但我們仍在時程中納入額外緩衝時間。因此，時程變更意味著我們預期 WRU 在 2026 年的利潤貢獻將顯著降低。

This impact is partially offset by the margin benefits from weather this quarter and incremental Eastern Shore Natural Gas peaking capacity, which will be online prior to the full in-service date of WRU. However, full year EPS will be reduced by approximately $0.10.

此影響部分可由本季天候帶來的利潤效益，以及 Eastern Shore 天然氣新增尖峰供應能力所抵銷；該能力將在 WRU 全面投運日期之前上線。然而，全年 EPS 將約減少 0.10 美元。

The project is still on track to come online early next year and generate $17 million of 2027 margin. I will say that the extreme temperatures this winter only solidified the need for this project and will likely lead to a potential LNG facility expansion at the site in the near future. Increased storage at the southern end of our system will further improve reliability reduce supply costs during peak usage times and enable continued system expansion to serve customer growth in the future.

該專案仍按計畫於明年初上線，並在 2027 年帶來 1,700 萬美元的利潤。我想說的是，今年冬季的極端氣溫更凸顯此專案的必要性，並可能在不久的將來促使該場址的 LNG 設施擴建。在我們系統南端增加儲存量，將進一步提升可靠性、在尖峰用量期間降低供應成本，並使系統得以持續擴張，以因應未來客戶成長。

I'll now shift to slide 10 to highlight several projects that are in progress or on the horizon. There are a number of potential expansion opportunities ahead of us that provide significant growth potential as we serve growing demand across our service areas.

接下來我將切換到第 10 頁，重點說明幾個正在進行或即將啟動的專案。我們面前有多項潛在擴張機會；隨著我們服務區域內需求成長，這些機會提供顯著的成長潛力。

The first is the Delmarva Regional Enhancement, which we discussed on our last earnings call.

第一項是 Delmarva 區域強化（Delmarva Regional Enhancement），我們在上次法說會已討論過。

This $75 million 20 mile project expands transmission infrastructure in our Delmarva region permitting has begun and construction is expected to start next year, we are also evaluating opportunities for potential expansions of this project as demand remains high.

這項 7,500 萬美元、長 20 英里的專案將擴充我們在 Delmarva 地區的輸送基礎設施；許可申請已開始，預計明年動工。我們也在評估此專案的潛在擴建機會，因為需求仍然強勁。

We've also discussed a project to explore the potential for extending our Eastern Shore natural gas system into Accomack County, Virginia.

我們也曾討論一項專案，探討將我們 Eastern Shore 天然氣系統延伸至維吉尼亞州 Accomack 郡的可能性。

Supported by a $6.5 million grant, we're beginning feasibility and design studies to assess the opportunity to serve customers on Virginia's Eastern Shore, including the NASA Wallops Island facility.

在 650 萬美元補助支持下，我們正啟動可行性與設計研究，以評估為維吉尼亞州 Eastern Shore 的客戶提供服務的機會，其中包括 NASA Wallops Island 設施。

We also remain engaged with partners in the community at the Cape and Port of Canaveral to explore potential opportunities for LNG transportation and storage. We're continuing to identify and evaluate potential sites for storage as demand remains high for the space and cruise industries there.

我們也持續與 Cape 與卡納維拉爾港（Port of Canaveral）社區夥伴合作，探索 LNG 運輸與儲存的潛在機會。由於當地航太與郵輪產業對空間需求仍高，我們持續辨識並評估潛在儲存場址。

And lastly, we continue to evaluate multiple opportunities to expand transmission capacity into South Florida to serve the substantial population growth and energy demand in the Greater Miami area. We ultimately believe that a future expansion into this area is necessary and are evaluating numerous options to meet the growing demand in South Florida.

最後，我們持續評估多項機會，以擴增通往南佛羅里達的輸送能力，服務大邁阿密地區可觀的人口成長與能源需求。我們最終相信，未來有必要擴張至該地區，並正評估多種方案以滿足南佛羅里達日益成長的需求。

With that, I'll turn to Jim to provide regulatory and stakeholder engagement updates.

接下來，我把時間交給 Jim，請他提供法規與利害關係人互動的最新進展。

Thank you, Jeff, and good to be with all of you today. I'll start with slide 11.

謝謝你，Jeff，也很高興今天能與各位相聚。我將從第 11 頁開始。

On April 20, we filed a rate case for our Florida City Gas business, requesting a base rate increase of approximately $47 million and an ROE of 11.25%.

4 月 20 日，我們就 Florida City Gas 業務提出費率案件申請，請求基本費率調升約 4,700 萬美元，並請求 ROE 為 11.25%。

This request comes more than 3 years following FCG's last rate increase request prior to our acquisition and updates cost recovery for a number of key areas, including capital investment, operational expense, insurance, depreciation and property taxes.

此申請距離我們收購前 FCG 上一次提出調升費率申請已逾 3 年，並更新多個關鍵領域的成本回收，包括資本投資、營運費用、保險、折舊與不動產稅。

Included in our filing was a request for interim rates of $16 million, which we expect to be effective in the third quarter of this year.

我們的申請中也包含 1,600 萬美元的臨時費率（interim rates）請求，預期將於今年第三季生效。

While a full procedural schedule has not yet been set, we expect the hearing to occur in the fourth quarter of 2026 or in early 2027, with full rates expected to be effective shortly thereafter.

雖然完整的程序時程尚未訂定，我們預期聽證會將於 2026 年第四季或 2027 年初舉行，完整費率預期將在其後不久生效。

We remain conscious of the impact to our customers, so we have incorporated cost savings and efficiencies across the business into our overall assumptions wherever possible.

我們持續關注對客戶的影響，因此在可行之處，已將全公司各項成本節省與效率提升納入整體假設。

We value the opportunity to serve our FCG customers and we'll continue to work together with the Florida PSC staff and Office of Public Counsel to achieve a constructive outcome speaking of customers, I'll now turn to slide 12 to provide an update on stakeholder engagement. In March of this year, we published our 2025 Annual Report, which includes highlights of our 2025 stakeholder engagement work, including investments in our teammates customers and communities.

我們珍視為 FCG 客戶提供服務的機會，並將持續與佛羅里達州 PSC 工作人員及公共法律顧問辦公室（Office of Public Counsel）合作，以達成具建設性的結果。談到客戶，我現在切換到第 12 頁，提供利害關係人互動的最新進展。今年 3 月，我們發布了 2025 年年報，其中包含 2025 年利害關係人互動工作的重點，包括對同仁、客戶與社區的投資。

We believe that serving all stakeholders creates a virtuous and sustainable cycle of long-term performance and growth. So we remain focused on driving collaboration and value with all those we serve so that no one is left behind.

我們相信，服務所有利害關係人能創造良性且可持續的長期績效與成長循環。因此，我們仍專注於與所有服務對象推動協作並創造價值，確保不讓任何人被落下。

With that, I am very pleased to turn the call to Jeff Sylvester, who will discuss our financial results in more detail.

接下來，我非常高興把電話會議交給 Jeff Sylvester，他將更詳細說明我們的財務結果。

Thanks, Jim, and good morning, everyone. I'm excited to be here today, and I'm honored to be stepping into the Chief Financial Officer role on July 1st of this year. I started my career in finance, so I'm looking forward to reengaging in our financial operations and expanding the collaboration between our finance and operational teams, the latter of which I've led for the last 7 years.

謝謝你，Jim，各位早安。我很高興今天能在這裡，也很榮幸將於今年 7 月 1 日接任財務長（Chief Financial Officer）一職。我以財務領域起家，因此期待重新投入我們的財務營運，並擴大財務團隊與營運團隊之間的協作；後者是我過去 7 年所領導的團隊。

A top priority of mine over that period has been the implementation of our One Company approach and related operational and technological transformations.

在那段期間，我的首要重點之一是推動我們「One Company」方法的落實，以及相關的營運與科技轉型。

Slide 13 provides an overview of our business transformation themes, all of which form a stronger platform for efficient and effective operations as we become a much larger organization.

第 13 頁概述了我們的業務轉型主題；隨著我們成為規模更大的組織，這些主題共同打造更強健的平台，以支援高效率且高效能的營運。

Mike Galtman, who has served as our Chief Accounting Officer for the last seven years, has recently transitioned into a newly established Chief Transformation Officer role. His new responsibilities embed him deeply into our transformation efforts, including the One Corps project and ongoing improvements across our finance, technology and operational areas.

過去七年擔任我們首席會計長（Chief Accounting Officer）的 Mike Galtman，近期已轉任新設立的首席轉型長（Chief Transformation Officer）職務。他的新職責使其深度投入我們的轉型工作，包括 One Corps 專案，以及在財務、科技與營運領域的持續改善。

Melissa Barnes has recently joined the team as our new Chief Accounting Officer.

Melissa Barnes 近期加入團隊，擔任我們新的首席會計長。

Melissa brings a wealth of experience in technical accounting, external reporting, large-scale finance transformations and internal controls. She is already adding tremendous value, and we are excited to have her on board.

Melissa 在技術性會計、對外報導、大型財務轉型與內部控制方面具備豐富經驗。她已經帶來極大的價值，我們很高興她加入我們的團隊。

Now shifting to the results for the quarter. As shown on Slide 14, our financial results continue to demonstrate strong performance and growth across all metrics.

現在轉到本季的業績。如第14頁投影片所示，我們的財務結果在所有指標上持續展現強勁表現與成長。

Adjusted gross margin was approximately $206 million, up 13% and adjusted net income was approximately $59 million, up 16% from the first quarter of 2025. Adjusted earnings per share were $2.47 this quarter, representing an 11% increase over the first quarter of 2025.

調整後毛利約為2.06億美元，成長13%；調整後淨利約為5,900萬美元，較2025年第一季成長16%。本季調整後每股盈餘為2.47美元，較2025年第一季增加11%。

Slide 15 provides additional detail on the key drivers of our first quarter performance. Continued demand for natural gas drove $0.27 of incremental adjusted EPS, including $0.21 related to transmission capital projects and a $0.06 of distribution growth across our service areas.

第15頁投影片提供我們第一季表現之關鍵驅動因素的更多細節。天然氣需求持續強勁，帶來調整後每股盈餘增加0.27美元，其中0.21美元來自輸氣資本專案，另有0.06美元來自我們服務區域的配氣業務成長。

Margin from our infrastructure program investments contributed an additional $0.17 per share this quarter and permanent rates from our three rate cases added $0.13 in the first quarter 2026 adjusted EPS. Cold weather across our system, particularly in Delmarva region and in our Propane and Aspire businesses drove increased consumption that added $0.14 of earnings for the quarter.

本季基礎建設計畫投資所帶來的利潤，額外貢獻每股0.17美元；而我們三個費率案件的永久性費率，於2026年第一季調整後每股盈餘中增加0.13美元。我們系統各地的寒冷天氣，特別是在Delmarva地區以及我們的丙烷與Aspire業務，帶動用量增加，為本季增加0.14美元的獲利。

We also benefited from improved Aspire system performance driven by rate changes and higher gathering fees. We also had gains from off-system natural gas sales within the quarter, driving a combined $0.07 of incremental earnings per share.

我們也受惠於Aspire系統表現改善，主要由費率變動與更高的集輸費用所驅動。此外，本季亦有系統外天然氣銷售收益，合計推升每股盈餘增加0.07美元。

These gains were partially offset by a few factors, including $0.20 of higher payroll and benefit expenses, $0.29 increased operational expenses, $0.04 of higher credit collections and customer service costs.

上述增益部分被若干因素抵銷，包括薪資與福利費用增加0.20美元、營運費用增加0.29美元，以及信用催收與客戶服務成本增加0.04美元。

As I mentioned earlier, we were able to achieve a higher percentage increase in operating income and net income as compared to gross margin, demonstrating that we are effectively managing our cost structure despite the significant growth in margins.

如我先前提到的，相較於毛利，我們的營業利益與淨利能達成更高的成長幅度，顯示即使毛利顯著成長，我們仍有效管理成本結構。

We also incurred $0.05 per share of increased depreciation and amortization expense, driven by increasing levels of capital investment as we actively deploy capital.

我們也因積極投入資本、資本投資水準提高，而產生每股0.05美元的折舊與攤銷費用增加。

Lastly, financing activities included in our debt and equity issuances over the last 12 months as we return to our target capital -- structure, reduced adjusted EPS by $0.05.

最後，過去12個月為回到目標資本結構而進行的債務與股權發行等融資活動，使調整後每股盈餘減少0.05美元。

Shifting to slide 16 adjusted gross margin for our regulated segment was approximately $148 million this quarter, up 15% from the first quarter of last year. As mentioned earlier, our focus on cost management enabled similar growth in our regulated operating income, up 18% to approximately $71 million in the first quarter of 2026.

轉到第16頁投影片，本季受監管事業部門的調整後毛利約為1.48億美元，較去年第一季成長15%。如先前所述，我們對成本管理的重點使受監管營業利益亦呈現相近的成長，於2026年第一季成長18%至約7,100萬美元。

Our Unregulated Energy segment also demonstrated strong margin growth relative to the first quarter of last year, with adjusted gross margin of 8% to approximately $59 million in the first quarter of 2026.

我們的非受監管能源事業部門相較去年第一季亦展現強勁的毛利成長，2026年第一季調整後毛利成長8%至約5,900萬美元。

This incremental margin was primarily driven by higher propane consumption and strong performance in our Ohio Aspire operations much of this fell to the bottom line, enabling unregulated operating income growth of 8% to $28 million for the first quarter of this year.

這部分新增毛利主要由較高的丙烷用量以及我們在俄亥俄州Aspire營運的強勁表現所帶動，其中多數直接反映至最終獲利，使本年度第一季非受監管營業利益成長8%至2,800萬美元。

I'll now move to slide 17 to review our capital structure and financing activities.

接下來我將轉到第17頁投影片，檢視我們的資本結構與融資活動。

At March 31st our equity capitalization was 50% with 107,000 shares issued during the first 3 months of the year. We also continue to maintain strong liquidity and sufficient capacity to support growth with ability of 74% of our total debt capital of $793 million between our revolving credit facility and private placement shelf facilities as of March 31st 2026.

截至3月31日，我們的股權資本化比率為50%，且在今年前3個月發行了107,000股。我們也持續維持強勁流動性與足夠的成長支援能力；截至2026年3月31日，我們在循環信用額度與私募架上融資額度之間，對總債務資本7.93億美元具備74%的可用額度。

To support our robust capital investment program, we expect to issue $60 million of equity throughout full year 2026 using our ATM and waiver programs, we also look forward to refinancing the first tranche of debt issued during the Florida City Gas acquisition, which should generate overall interest expense savings.

為支持我們強勁的資本投資計畫，我們預期在2026年全年透過ATM與豁免計畫發行6,000萬美元的股權；我們也期待為佛羅里達City Gas收購案期間發行的第一批債務進行再融資，這應可帶來整體利息費用節省。

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

接下來，我很榮幸把電話會議交給Beth。

Thanks, Jeff and good morning, everyone. As shown on slide 18.

謝謝你，Jeff，各位早安。如第18頁投影片所示。

Yesterday, our board of directors approved a $0.20 or 7.3% increase in our annualized dividend payment from $2.74 per share to $2.94 per share. This reflects our 66th consecutive year of dividend payments and our 23rd consecutive year of dividend increases.

昨天，我們董事會核准將年化股利提高0.20美元（或7.3%），由每股2.74美元提高至每股2.94美元。這反映我們已連續第66年發放股利，並連續第23年調升股利。

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 total shareholder return, previously our board approved a dividend payout target range of 45% to 50% enabling us to deliver a long term dividend CAGR of 9%, which aligns with our long term earnings growth rate over that same 10 year time period.

配合我們的股權與債務規劃，股利政策仍是資本配置策略的關鍵組成，因為我們在投入成長型資本支出以推動獲利成長與整體股東總報酬的同時，也持續回饋股東；先前董事會核准股利發放率目標區間為45%至50%，使我們得以達成長期股利年複合成長率（CAGR）9%，並與同一10年期間的長期獲利成長率一致。

This payout ratio also enables us to retain 50% to 55% of earnings, which has been a meaningful part of our financing plan as we fund. Increasing levels of capital to drive sustainable business growth to meet increasing customer demand.

此一發放率也使我們能保留50%至55%的盈餘，這一直是我們融資計畫的重要部分，因為我們投入。逐步提高的資本水準，以推動可持續的業務成長，滿足不斷增加的客戶需求。

Slide 19 demonstrates our track record of strong and consistent earnings growth over the last approximate 19 years, most of which made up my tenure as CFO. We remain committed to a long-term earnings per share compounded annual growth rate of 8% through 2028 and are reaffirming our 2028 earnings per share guidance of $7.75 to $8 per share.

第19頁投影片展示我們在過去約19年中強勁且一致的獲利成長紀錄，其中大部分正是我擔任財務長（CFO）的任期。我們仍致力於至2028年每股盈餘年複合成長率8%的長期目標，並重申2028年每股盈餘指引為每股7.75至8.00美元。

As we mentioned on previous calls. We expect to revisit our capital guidance range by February 2027, given the progress we have made in the last 2 years, coupled with our expectations for capital investment in 2026.

如我們在先前的電話會議中提到。鑑於過去兩年所取得的進展，以及我們對2026年資本投資的預期，我們預計在2027年2月前後重新檢視我們的資本指引區間。

Moving to slide 20 there is no better way to close our call than to summarize what an amazing and wonderful place to work Chesapeake has been for me over the last 36 years, I am extremely grateful to have served as CFO for the last 18 years during such pivotal growth.

轉到第20頁投影片，沒有比總結Chesapeake在過去36年對我而言是一個多麼令人驚嘆且美好的工作場所，更適合作為本次電話會議的結尾；我非常感激能在如此關鍵的成長期間擔任財務長（CFO）長達18年。

Much of what has made my experience so special are the key drivers that often make Chesapeake a differentiated investments, Delivering on our promises and taking our commitment seriously has never wavered. We have driven significant growth over the last several decades, and I have complete confidence in the team's ability to continue this track record for years to come. Our talented team focused on our growth strategy is capable of great things.

讓我的經歷如此特別的，很大一部分來自那些關鍵驅動因素，這些因素也常使Chesapeake成為具差異化的投資標的；我們從未動搖對承諾的履行與對承諾的重視。過去數十年我們推動了顯著成長，而我完全有信心團隊能在未來多年延續這項紀錄。我們才華洋溢、專注於成長策略的團隊，具備成就非凡的能力。

While these 3 pillars have been formalized in the last few years, they have always been core to our operations. We invest wisely, manage our regulatory agenda and continue to find new and better ways of working each and every year, especially near and dear to me is our financial discipline.

雖然這三大支柱是在近幾年才正式化，但它們一直是我們營運的核心。我們明智投資、管理監管議程，並持續年復一年尋找更新、更好的工作方式；對我而言尤其重要的是我們的財務紀律。

I participated in more than 20 acquisitions and over $2.5 billion of equity and debt raises across the last 3 decades and can assure you that each transaction is carefully planned and executed. We recognize the value of long-term relationships with our financial partners and prioritize our financial health, diligent financial planning and analysis as well as strategic alignment in all we do.

在過去三十年中，我參與了超過20起併購，以及超過25億美元的股權與債務募資；我可以向各位保證，每一筆交易都經過周密規劃並確實執行。我們重視與金融合作夥伴的長期關係，並將財務健全、嚴謹的財務規劃與分析，以及所有作為中的策略一致性，列為優先事項。

And lastly, we are powered by our stakeholders, each and every one of you, our investors, our bankers, our partners, our teammates and our customers, we are nothing without our dedicated teammates growing customers close knit communities and trusted partners.

最後，我們也仰賴我們的利害關係人所賦能——在座每一位：投資人、往來銀行、合作夥伴、團隊同仁與客戶。沒有我們敬業的同仁、持續成長的客戶、緊密的社群以及值得信賴的合作夥伴，我們什麼都不是。

The bottom line is that the relationships we've built, both internally and externally are what matter the most.

歸根結底，我們在內部與外部所建立的關係，才是最重要的。

I will forever treasure the valuable connections I've made and will carry them with me as I embark on my next adventures. Thank you for your personal support and encouragement of me over the years. I have been humbled by the outreach of so many wonderful colleagues and friends and I remain committed to Chesapeake's and sincerely appreciate your continued interest, support and investment in the company as well.

我將永遠珍惜我所建立的寶貴連結，並在展開下一段旅程時把它們帶在身邊。感謝各位多年來對我個人的支持與鼓勵。許多優秀的同事與朋友主動聯繫關懷，讓我深感謙卑；我也仍然致力於 Chesapeake 的發展，並由衷感謝各位持續關注、支持並投資本公司。

Thank you all. With that, we'll take your questions. Operator?

謝謝大家。接下來我們開始回答各位的提問。接線員？

Tate Sullivan with Maxim Group.

Maxim Group 的 Tate Sullivan。

Thank you very much and congratulations, Beth, on all your achievements over the years at CPK and a pleasure working with you.

非常感謝，也恭喜 Beth 在 CPK 多年來的各項成就；很高興能與你共事。

Thank you very much. And moving to some of the comments from. From the call. Jeff, did you mention a new LNG storage exploration project in Florida, in the Cape, or have you mentioned that before? And is it for LNG delivery and not regasification of that matter?

非常感謝。接著談幾點評論。來自本次電話會議。Jeff，你有提到佛州在 Cape（卡納維爾角）有一個新的 LNG 儲存／開發專案嗎？還是你之前就提過？另外，那是用於 LNG 交付而不是再氣化（regasification）嗎？

Yeah, we've been looking today that the opportunity, certainly subsequent to our acquisition of Florida City Gas and the inclusion of that service territory around Cape Canaveral and the Port of Canaveral. Lots of cruise ships coming and going. They're already fueling with liquefied natural gas, many of them.

是的，我們一直在評估這個機會，特別是在我們收購 Florida City Gas 之後，服務區域涵蓋了 Cape Canaveral 與 Canaveral 港周邊。那裡有大量郵輪進出。其中許多郵輪已經在使用液化天然氣作為燃料。

Most of that gas is being barged in from Jacksonville. And there are certainly, there's a limit to the capacity that the LNG facility in Jacksonville can provide. And folks keep launching rockets from the spaceport there, utilizing LNG, and they'd like to expand that. Had the possibility of working potentially with someone else to develop an LNG facility at the Cape that would provide service to both of those industries, and we continue to do that.

目前大部分的 LNG 是從傑克遜維爾以駁船運入。而傑克遜維爾的 LNG 設施可供應的產能確實有限。另外，太空港那邊也不斷發射火箭並使用 LNG，他們希望擴大相關供應。因此我們有可能與其他夥伴合作，在 Cape 開發一座 LNG 設施，同時服務這兩個產業，我們也會持續推進。

We have been looking at property up and down the intercoastal and even some inland sites. I thought we had probably the best.

我們一直在沿著內陸水道（intercoastal）上下尋找土地，甚至也看過一些內陸地點。我原本認為我們可能找到了最理想的。

Location is a facility that's on the canal that runs down to the Port of Canaveral, pursued that for some period of time. The port has other designs on that property, which is certainly fine. That would have been the easiest, simplest, cheapest facility location. But there are many others that we're looking at, and we're pretty confident that we'll find something and develop that project.

地點是一處位於通往 Canaveral 港的運河旁的設施用地，我們追蹤了一段時間。但港務單位對那塊土地另有規劃，這當然也沒問題。那原本會是最容易、最簡單、成本最低的設施選址。不過我們也在看許多其他選項，相當有信心能找到合適地點並推動該專案開發。

Just want to follow-up on that. Is Marlin currently delivering LNG in Florida?

我想追問一下。Marlin 目前有在佛州交付 LNG 嗎？

No, not certainly not any quantities. We have some capability to move LNG with Marlin tankers, but we certainly haven't been serving either the port or the spaceport. Those are coming. Like I said, principally on the cruise ship side, down the Intercoastal being barged in from Jacksonville, and then truck deliveries from a variety of places into the spaceport.

沒有，當然沒有任何顯著的量。我們透過 Marlin 的運輸船確實具備運送 LNG 的一些能力，但目前並未為港口或太空港提供服務。那些需求正在出現。如我所說，主要在郵輪端，是沿著內陸水道由傑克遜維爾以駁船運入；而太空港則是由多個地點以卡車運送。

Thank you. And one more, I may add the customer growth rate, still an impressive growth rate, but the annual growth compared to the fourth quarter was down. A little bit is that I mean should I read into that in terms of where the range may fall in the EPS guide, EPS for 2028 or or was that just a quarter week?

謝謝。再一個問題：客戶成長率仍然很亮眼，但與第四季相比，年增幅有所下降。這是否代表 2028 年 EPS 指引區間可能落在較低端，還是只是單季偏弱？

No I think that's probably as much weather as it is anything else especially in Delmarva and we see those kinds of fluctuations seasonally in Florida so I you know we we have a lot of home building activity. On the books and certainly a lot of the builder and developer agreements that we've executed for many thousands of residences, both on the peninsula of Florida and the peninsula of Delmarva. So we're not signaling anything other than just the usual sort of seasonal fluctuations in building activity.

不，我認為那更多是天氣因素，而不是其他原因，尤其是在 Delmarva；而在佛州我們也會季節性地看到這類波動。所以你知道，我們目前有大量住宅建案在案。我們也已與建商與開發商簽署協議，涵蓋數千戶住宅，分布在佛州半島以及 Delmarva 半島。因此我們沒有要釋放任何訊號，這只是建築活動一如往常的季節性波動。

Okay, thank you and congratulations, Beth. Thanks all.

好的，謝謝，也恭喜你，Beth。謝謝大家。

Thank you, Kate. I appreciate it. It's been great working with you.

謝謝你，Kate。我很感激。和你共事很愉快。

JC Vidales with Landenberg.

Landenberg 的 JC Vidales。

Hey, team. Thanks for taking my question. And Beth, congratulations. It's been great to work with you.

嗨，各位團隊成員。謝謝讓我提問。Beth，恭喜你。能與你共事很棒。

Thank you, JC. It's been great with you as well.

謝謝你，JC。我也很高興能與你合作。

So just a couple of questions. So I think this is the first time we've kind of seen some equity guidance for the year. In terms of the total CapEx plan that you all have, are you all able to give us some color in terms of your equity assumptions for that plan?

我有幾個問題。我想這是我們第一次看到公司對今年的股權（equity）有一些指引。就你們整體的資本支出（CapEx）計畫而言，能否提供一些關於該計畫之股權假設的說明？

So I mean, in terms of the total capital budget of $450 million to $500 million for the year, you'll recall that we have a substantial portion of our earnings that are getting reinvested because of our dividend payout policy, and so above and beyond that right now, just given the level of CapEx range that's out there, we've indicated that we expect to issue, about $60 million plus. It could be a little bit more than that. But generally, that's a good area right now to assume. And, it's a small amount that we'll, be able to manage through our ATM and our traditional waiver program.

就全年 4.5 億至 5 億美元的總資本預算而言，你會記得，因為我們的股利配發政策，我們有相當大一部分盈餘會再投入。基於目前的 CapEx 區間水準，除此之外我們已表示預期將發行約 6,000 萬美元以上的股權。可能會略高一些。但一般而言，目前以這個區間作為假設是合理的。而且這是一個我們可以透過 ATM（隨市發行）以及傳統的股利再投資／放棄現金（waiver）方案來管理的小額規模。

And then just to follow-up, in terms of a go-forward for, I think you gave guidance through '28 in CapEx, is that a good assumption to use in terms of sizing of equity needs for the following years?

再追問一下：就未來而言，我想你們提供了到 2028 年的 CapEx 指引；在估算後續年度的股權需求規模時，這是否是一個好的假設基礎？

Well, as we've indicated, we're going to be readdressing the entire guidance range in February of 2027, given our progress and where we've actually been from an actual standpoint through 2025. And our guidance right now for 2026, If you were to look at what the run rate is in the base CapEx guidance range that is out there, it would be slightly less than this amount because the CapEx, the average, CapEx that's assumed, on an annual basis is lower than the $450 million to $500 million.

如我們所指出的，鑑於我們的進度，以及截至 2025 年實際執行情況，我們將在 2027 年 2 月重新檢視整體指引區間。而就我們目前對 2026 年的指引來看，如果你去看既有 CapEx 指引區間所隱含的執行節奏（run rate），會略低於這個金額，因為假設的年度平均 CapEx 低於 4.5 億至 5 億美元。

Okay, great. And then just one last question for me. Should we expect or do you all expect to potentially issue '26 EPS guidance following a decision on your interim rates here in Florida? I know maybe the depreciation ruling kind of. Potentially made you all not issue guidance for this year, but should we expect a change once you get an order on interim rates?

好的，很好。最後一個問題：你們是否預期在佛州臨時費率（interim rates）有了裁定之後，可能會發布 2026 年 EPS 指引？我知道折舊（depreciation）的裁決可能讓你們今年沒有發布指引，但一旦拿到臨時費率的命令（order），我們是否應該預期會有變化？

What we have typically done, we've given annual guidance only really one time in our history to-date. We've been a long-term guidance company putting out long-term CAGRs, because as you, have seen as you've looked at our past, we have some fairly, large transmission projects that don't necessarily make our earnings per share.

我們過去通常的做法是，到目前為止在我們的歷史上其實只真正提供過一次年度指引。我們一直是一家提供長期指引的公司，發布長期的複合年成長率（CAGR），因為如同各位從我們過往表現所看到的，我們有一些相當大型的輸電專案，這些專案不一定會反映在我們的每股盈餘上。

CAGRs a straight line as you look at it from year-to-year, but over the long-term, have generated that 8% plus from an EPS growth standpoint. What you will see us put out this year would be additional margin information if there were to be a final rate case settlement this year. And we've already provided some indication about our expectations with information that we know, but it's certainly subject to being fine-tuned on the interim rate side.

從逐年來看，CAGR 是一條直線，但從長期來看，從每股盈餘成長的角度，確實帶來了 8% 以上的成長。今年如果最終的費率案件能達成和解，你們會看到我們發布更多的利潤率資訊。我們已就我們所掌握的資訊，對我們的預期提供了一些指引，但在臨時費率方面，當然仍可能需要進一步微調。

So we build a lot of our earnings estimates, in through the margin table, just given again those large projects, those large initiatives that we have underway.

因此，考量到我們正在推進的那些大型專案與大型計畫，我們會透過利潤率表來建立許多獲利預估。

Awesome. Great. Well, that's it for me. Beth, once again, congrats.

太棒了。很好。那我這邊就到此為止。Beth，再次恭喜。

Thank you. Same here.

謝謝。我也是。

Thank you very much.

非常感謝。

Alex Tania with BTIG. Your line is now open.

BTIG 的 Alex Tania。您的線路現在已開通。

Great. Thanks. Again, congrats, Beth. And good luck to Jeff and Jeff in the aftermath of Beth departing.

很好。謝謝。再次恭喜你，Beth。也祝 Jeff 和 Jeff 在 Beth 離任後一切順利。

So just maybe two questions just on some projects. First might just be on thinking about the example of kind of the small project in Ohio with respect to kind of the large load data center. Do you kind of see any other opportunities like that evolving across the system?

我可能有兩個關於一些專案的問題。第一個是關於俄亥俄州那個相對較小的專案例子，涉及大型負載的資料中心。你們是否看到在整個系統中還有其他類似的機會正在形成？

I mean, we hope to see that. Certainly, we're actively pursuing those opportunities. In the areas that we currently serve. Ohio is certainly a place of interest to us. We have, as facilities there and the AEP agreement that we announced here recently.

我的意思是，我們希望能看到。當然，我們正積極追求這些機會。在我們目前服務的區域內。俄亥俄州確實是我們感興趣的地方。我們在那裡有設施，以及我們最近宣布的 AEP 協議。

And it's an area that seems to be of great interest from a data center perspective. And so, as you might imagine, we are actively interested in doing what we do to extend gas service to. To those data centers. So I have nothing to report today, but we have great interest in that service area. And there are other things going on, other places. I mean, it's interesting to see some of the potential activity in Florida.

而且從資料中心的角度來看，那是一個似乎非常受關注的區域。因此，如你所想像，我們正積極投入，做我們擅長的事，也就是延伸天然氣服務。提供給那些資料中心。所以我今天沒有可報告的內容，但我們對那個服務區域非常有興趣。而且其他地方也有其他事情在進行。我的意思是，看到佛羅里達州一些潛在活動也很有意思。

And we've certainly had some interest in data center locations on the Delmarva Peninsula. So we'll see where all that goes. We're as interested in that as everybody else in the country is at this point. So we're, I think, positioned well in the service areas that we're currently in.

我們在德爾馬瓦半島的資料中心選址方面也確實收到一些關注。所以我們會看看接下來會如何發展。就目前而言，我們對此的興趣不亞於全國其他任何人。因此，我認為在我們目前所在的服務區域，我們的布局相當不錯。

Okay, great. That's helpful. And then just on the, if the South Florida capacity expansion, are there any, I'm thinking maybe kind of further downstream is in terms of. What events or catalysts you might be wanting to keep in mind to see, to assess kind of the potential progress of that project and maybe just to confirm to the extent that there, do you see an opportunity, would that be kind of be treated as an intrastate project rather than having to go through a FERC process?

好的，很好。這很有幫助。另外關於南佛羅里達的擴容專案，我在想也許在更下游的層面。有哪些事件或催化因素是你們希望我們留意的，以便觀察並評估該專案的潛在進展？另外也想確認一下：若確實有機會，你們是否認為它會被視為州內（intrastate）專案，而不需要走 FERC 的流程？

Yeah, I'll take that in reverse order. I do think that that for us would be of interest as an intrastate pipeline. We have tested. Significantly in intrastate pipes in Florida. One of the things that was interesting to us about Florida City Gas and that acquisition was the full knowledge that there were capacity constraints in South Florida.

是的，我倒過來回答。我確實認為，對我們而言，作為一條州內管線（intrastate pipeline）會是有吸引力的。我們已經測試過。在佛羅里達州的州內管線上做了大量測試。佛羅里達市燃氣（Florida City Gas）以及那次收購對我們而言有趣的一點是：我們完全清楚南佛羅里達存在容量限制。

And certainly, Florida City Gas is not the only entity that serves in South Florida that's experiencing that. So I think the growth in population, the growth in customers, and the growth in demand requires that at some point we find a way to increase capacity capabilities in the South Florida area.

而且，佛羅里達市燃氣並不是南佛羅里達唯一一家正在面臨這種情況的服務業者。因此，我認為人口成長、客戶成長以及需求成長，意味著在某個時間點，我們必須找到方法提升南佛羅里達地區的輸送容量能力。

Again, we're in a very nice position, I think, to be able to do that. We serve facilities. In the West Palm Beach area, close to interstate transmission interconnections, and we believe that there are possibilities to, again, expand the capacity all the way down to South Florida. So I look forward to someday, hopefully, being able to talk about a project that gets more gas down to that growing load center.

再說一次，我認為我們處於非常有利的位置，能夠做到這一點。我們在西棕櫚灘（West Palm Beach）地區有服務設施，靠近州際輸氣管線的互聯點，我們相信有可能。再次強調，將容量一路擴增到南佛羅里達。所以我希望有一天能談到一個專案，讓更多天然氣能送到那個正在成長的負載中心。

Great, that's helpful. Thanks so much.

很好，這很有幫助。非常感謝。

Thank you. At this time, there are no further questions in queue. I will now turn the meeting back to Jeff Householder.

謝謝。目前問題隊列中沒有其他提問。我現在把會議交回給 Jeff Householder。

Thank you. We appreciate your continued interest in Chesapeake Utilities, so thank you for joining the call today. We look forward to seeing many of you here in a week or two in Scottsdale at the AJA Financial Forum.

謝謝。我們感謝各位持續關注 Chesapeake Utilities，因此謝謝各位今天加入電話會議。我們期待在一到兩週後於斯科茨代爾（Scottsdale）的 AJA Financial Forum 與許多各位見面。

I'll end just by continuing to congratulate Beth on her. Very long years of service with Chesapeake Utilities. It's been a remarkable run. She's been a great colleague and a great friend. And I'll leave you with one last statistic.

最後我想再次祝賀 Beth。她在 Chesapeake Utilities 服務了非常長的歲月。這是一段非凡的歷程。她一直是很棒的同事，也是很好的朋友。最後我再分享一個統計數字。

She served as CFO in our company for 18 years, and every one of those years we had record earnings. I'll see you all in Arizona.

她在我們公司擔任財務長（CFO）18 年，而這 18 年中每一年我們都創下獲利新高。亞利桑那州見。

Goodbye.

再見。

Thank you. This concludes Chesapeake Utilities Corporation's first quarter 2026 earnings conference call.

謝謝。以上為 Chesapeake Utilities Corporation 2026 年第一季財報電話會議。

Please disconnect your line at this time and have a wonderful day.

請於此時掛斷您的線路，祝您有美好的一天。