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Slide #18. Chesapeake Utilities Corporation — Eastern Shore Gas Company / Eastern Shore Propane Company
Chesapeake Utilities Corporation (NYSE:CPK)
Eastern Shore Gas Company / Eastern Shore Propane Company
Chesapeake Utilities Corporation announced that it has completed the acquisition of the operating assets of Eastern Shore Gas Company ("ESG") and its affiliate, Eastern Shore Propane Company ("ESP"), which are located in Worcester County, Maryland. Chesapeake's wholly-owned subsidiaries, Sandpiper Energy, Inc. and Sharpgas, Inc., acquired and will operate the ESG and ESP assets, respectively. The transaction was consummated on May 31, 2013. Management expects the transaction to be earnings accretive in the first full year of operations. The acquisition was financed through unsecured short-term debt. Chesapeake and ESG obtained the necessary approvals and consents to close the transaction, including approval of the Maryland Public Service Commission ("MPSC"), on May 29, 2013.
Chesapeake Utilities is an energy delivery company. Co. operates in the Mid-Atlantic region, Florida and Ohio. Co.'s segments are: Regulated Energy and Unregulated Energy. Co.'s regulated energy businesses consist of: regulated natural gas distribution operations; regulated natural gas transmission operations; and regulated electric distribution operations. Co.'s unregulated energy businesses include: propane operations; its unregulated natural gas transmission/supply operation; its combined heat and power plant that generates electricity and steam; and its subsidiary that provides compressed natural gas and pipeline solutions, mainly to utilities and pipelines throughout the eastern U.S.
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Hold (2.00 out of 4)