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Chesapeake Utilities

cpk · NYSE Utilities
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Ticker cpk
Exchange NYSE
Sector Utilities
Industry Regulated Gas
Employees 501-1000
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FY2024 Annual Report · Chesapeake Utilities
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2 0 2 4  A N N U A L  R E P O R T 
DELIVERING
WITH PURPOSE 
 REACHING NEW HEIGHTS

Joining the Chesapeake Utilities Corporation team 
from Florida City Gas has been a rewarding choice — 
both personally and professionally. The Company’s 
rapid growth, diverse opportunities and close-knit 
culture have not only expanded my own horizon 
but also enabled me to advance my career.” 
—MARJORIE MACHUCA, MARKETING COMMUNICATIONS MANAGER

2024 ANNUAL REPORT    |
1
LETTER FROM THE 
CHAIR OF THE BOARD, 
PRESIDENT AND CEO

As 2023 came to a close, we embarked 
on our next phase of transformation: 
we had just completed the acquisition 
of Florida City Gas (FCG), a transaction 
that grew our asset base by nearly 
50%. What excited us most about this 
transaction was the ability to extend our 
foundation of operational excellence 
to meet the growing demand in FCG’s 
markets, including shortfalls in natural 
gas capacity in southern Florida. While 
we saw many opportunities ahead of 
us, we remained equally focused on the present: meeting the 
expectations of shareholders, regulators, employees and most 
importantly, the new and existing communities we serve.
In many companies, integrating such a large acquisition would 
have been the single largest priority for the year, but not here 
at Chesapeake Utilities. This acquisition only solidified our 
strategic intentions for 2024 — integrating FCG (operationally, 
as well as culturally) and moving forward immediately as One 
Company to sustain top-quartile performance and advance the 
three pillars of our core business strategy: prudent allocation of 
capital, proactive management of our regulatory strategy and 
continual transformation of our business operations.
Our theme for the 2024 annual report – Delivering with 
Purpose, Reaching New Heights – captures how we operate 
every day, at all levels across the Company. Whether delivering
energy or top-quartile financial results, we start each year 
with high expectations from our stakeholders and ourselves. 
Then we move forward by managing a multitude of initiatives 
to better serve our expanding service areas and growing 
customer demand, while generating industry-leading 
shareholder returns.
 
Dear Fellow Shareholders,
2024 was an exciting, pivotal year for 
Chesapeake Utilities. We remained 
unwavering in our mission to deliver 
energy that makes life better for 
the communities we serve, and 
we successfully repositioned the 
Company as a much larger, more 
scalable enterprise. 
Delivering with 
purpose, reaching 
new heights isn’t just 
a marketing phrase;  
it’s the embodiment 
of how we operate 
each and every day at 
all levels across the 
company. In 2024, we 
invested in our service 
areas, strengthened 
regulatory collaboration 
and drove continuous 
improvements to 
meet the needs of 
our customers and 
growing organization.” 
~50%
INCREASE IN
ASSET BASE
with FCG 
acquisition
JEFF HOUSEHOLDER

 |    CHESAPEAKE UTILITIES CORPORATION 
2
DELIVERING WITH PURPOSE…
Our foundation of operational excellence underlies every action 
we take across the Company. By effectively transporting and 
delivering energy, we are able to meet growing customer 
demand, add new customers, expand our transportation 
capacity and extend our infrastructure to new service areas 
and for new purposes. We are a trusted partner in helping to 
promote economic development and employment opportunities 
in the states and communities we serve.  
OUR FLORIDA NATURAL GAS DISTRIBUTION 
BUSINESS GREW SUBSTANTIALLY IN 2024, 
ADDING MORE THAN 6,700 NEW CUSTOMERS 
ACROSS THE STATE.
…REACHING NEW HEIGHTS
Over the years, you may have heard us say we are beneficiaries 
of our geography. This is a privilege that we take very seriously, 
as our customers rely on us every day to operate safely and 
deliver energy to their homes and businesses. We are excited 
and grateful for the opportunity to meet the significant demand 
and customer growth across the communities we serve. 
In our Delmarva Peninsula operations, which includes 
transmission and distribution service to industrial, commercial 
and residential customers primarily in Maryland and Delaware, 
we have seen significant customer growth, adding 4,480 
new customers throughout 2024 and delivering an additional 
430,000 Dth of natural gas above 2023 levels. Over the 
last year, we have expanded 65 miles of transportation 
infrastructure to serve industrial growth in the manufacturing, 
distribution and sales sectors, and continue to transition 
customers from propane community gas systems to natural gas 
service. We have also expanded service to a number of new 
residential communities throughout Delaware. 
In Florida, above-average customer growth and demand for 
natural gas enabled us to expand distribution in our existing 
service areas and invest in our newly-acquired FCG service 
areas. Across the state, we have added 6,700 new customers 
throughout 2024, including 227 commercial and industrial 
customers ­— nearly 39% of that growth has been related 
to FCG. We also initiated or advanced 12 projects to extend 
natural gas service to new residential communities across the 
state, including completing the next phase of expansion in 
Newberry and breaking ground on projects in St. Cloud, Lake 
Wales, Lake Mattie and Plant City in Central Florida. Along 
the coast, we began construction on projects to serve new 
customers in New Smyrna Beach, Port St. Lucie and Boynton 
Beach, along with continuing to build out the growing Wildlight 
community near our corporate office in Fernandina Beach. 
Safety is always at the 
forefront of our operational 
excellence mindset. This year, 
we have been particularly 
focused on enhancing a 
culture of operational safety 
and risk mitigation and on 
implementing systems that 
collect, assess and promptly 
address safety opportunities 
and incidents. At the start 
of 2024, we implemented 
a Safety Data Management 
System (SDMS), which 
included incident reporting 
workflow and near-miss 
reporting capabilities. 
This system was rolled 
out alongside an updated 
Enterprise Safety Incentive 
Program that combined 
monthly educational 
programming with interactive 
safety challenges designed 
to improve all teammates’ 
understanding of, and 
focus on, personal and 
operational safety.
Ensuring safety for our teammates and 
communities, serving our customers, 
strengthening our systems and 
prudently managing expenses is the 
foundation for everything we do.

2024 ANNUAL REPORT    |
3
SAFETY FIRST: 
Colleen Kennedy, Integrity Tech I at Eastern Shore 
Natural Gas (ESNG), conducts critical procedures 
like cathodic protection surveys and right-of-way 
patrols—ensuring precision, documentation and the 
protection of ESNG’s infrastructure.
MARLIN GAS SERVICES SUPPORTS BUSINESSES    
AND UTILITIES WITH NATURAL GAS PEAKING 
SERVICES AND VIRTUAL PIPELINE SOLUTIONS.
Demand for compressed natural gas 
(CNG) transportation through our Marlin 
Gas Services virtual pipeline was also 
a key highlight in 2024. In addition to 
delivering renewable natural gas (RNG), 
liquefied natural gas (LNG) and hydrogen, 
Marlin delivered 244,000 Dth of CNG to 
22 customers, a 44% increase over 2023 
that generated an additional $4.5 million 
in adjusted gross margin in 2024. We’ll 
continue to leverage Marlin Gas Services 
to meet CNG, RNG and LNG demand 
growth and provide interim service as 
a bridge to meet customer needs for 
delivery of energy through construction 
of natural gas infrastructure.
44%
INCREASE 
IN CNG 
DELIVERY

 |    CHESAPEAKE UTILITIES CORPORATION 
4
PRUDENT CAPITAL DEPLOYMENT
If you have heard me speak even once this past year, you will recall 
that when I talk about our growth strategy, I always come back to 
our three pillars. The first, prudent capital deployment, is driven by 
numerous growth opportunities.
In 2024, we invested $356 million of capital — a record level of 
organic capital investment at the upper end of our initial annual 
guidance of $300 - $360 million for the year, and well on the 
way toward our five-year capital forecast of $1.5 - $1.8 billion. 
Our regulated businesses accounted for 90% of total capital 
spend as we invested in our Florida and Delmarva transmission 
and distribution systems and upgraded technology systems 
across the enterprise.
On the infrastructure side, we invested nearly $66 million under 
GUARD and SAFE, which are 10-year programs that enhance 
safety, reliability and accessibility for our Florida Public Utilities 
(FPU) and FCG systems. We also invested approximately $37 
million in system-strengthening projects under the Eastern Shore 
Natural Gas (ESNG) Capital Surcharge program and Storm 
Protection Projects for our Florida electric system. Beyond 
increased system performance and resiliency, these programs 
operate under approved regulatory mechanisms, which provide 
timely recovery for investments, contributing over $13 million of 
2024 adjusted gross margin from GUARD and SAFE.
THE FULL CIRCLE DAIRY RNG PRODUCTION 
FACILITY WAS COMPLETED IN OCTOBER 2024 
AND IS EXPECTED TO PRODUCE 100,000 DTH 
ANNUALLY, REDIRECTING MORE THAN 1,100 
METRIC TONS OF METHANE.
$356M
CAPITAL INVESTMENT, 
OF WHICH 90% WAS 
REGULATED INVESTMENT
13 
MAJOR CAPITAL PROJECTS
 FILED AND APPROVED
SINCE Q1 2024 
PILLAR 1
In October 2024, we celebrated the completion of Full Circle Dairy, 
a $28 million facility, which converts dairy manure to pipeline-quality 
RNG. This project leverages our pipeline and Marlin Gas Services 
businesses, as we transport pipeline-quality RNG to our customers, 
and aligns with our vision to contribute to a more sustainable future 
and generate value for the local community. 
Throughout 2024, we also received approval from the Florida 
Public Service Commission (PSC) for 11 new transmission 
infrastructure projects within our Peninsula Pipeline Company 
(PPC) subsidiary, totaling approximately $165 million in capital 
investment. Many of these projects were driven by our newly-
acquired FCG service areas, including three RNG transportation 
projects that total $46 million of capital investment and demand 
growth driven by several new residential communities. 
We also requested Florida PSC approval for the Miami Inner Loop 
project in September 2024, a new $40 million project to leverage 
capacity within the Miami metro region, and received approval in 
February 2025. This project is the next step toward building out 
additional natural gas transmission infrastructure to address current 
constraints and customer demand in that region.
We made significant progress on permitting, easements and 
engineering design for our Worcester Resiliency Upgrade (WRU) 
project, an $80 million liquefied natural gas storage facility at the 
southern end of our service area in Maryland. In January 2025, 
we received unanimous Federal Energy Regulatory Commission 
(FERC) approval of the project; we expect the system to be 
in service by Q3 2025 to meet critical demand and moderate 
customer prices during winter heating peaks. 

2024 ANNUAL REPORT    |
5
PROACTIVE REGULATORY STRATEGY
Our second pillar, strategic regulatory management, ensures that we are able to engage in cost-effective 
system improvements that meet growing customer demand for safe, reliable and affordable energy.
We consider rate case filings to be just one of many levers within our regulatory strategy, and for many 
years — or decades, in some cases ­— we managed increases in cost of service through demand growth. 
However, as we enter new and transformative stages of growth, updating rates has been essential to 
support increased investments and maintain high-quality service.
Following the successful completion of our FPU natural gas rate case in 2023, we filed three distribution 
rate cases in 2024 to bring rates in all regulatory jurisdictions up to date.
5
RATE CASES AND 
DEPRECIATION STUDIES 
FILED IN 2024
$50M
ADDITIONAL INVESTMENT 
DOLLARS
APPROVED BY 
THE FLORIDA PSC FOR 
FCG’S SAFE PROGRAM
PILLAR 2
FPU’S GUARD PROGRAM AND FCG’S SAFE PROGRAM 
enhance the safety, reliability and accessibility of our 
natural gas distribution system through replacement 
of mains and service lines and the maintenance and 
replacement of equipment and system reliability projects.
 
J In January, we requested updated rates for our Maryland 
utilities, the first rate case for that jurisdiction since 2018. 
In addition to several tariff changes, we proposed the 
consolidation of our three Maryland natural gas entities. 
Following positive settlement discussions, we received 
approval of a $1.2 million depreciation expense decrease and 
a $2.6 million rate adjustment. We expect these incremental 
rates to go into effect in the first half of 2025, pursuant to a 
joint rate case filing currently underway.
 
J In August, we filed two rate cases — the first for our Delaware 
jurisdiction (the first in seven years), and the second for our 
Florida Electric jurisdiction. We were pleased to receive over $4 
million in interim rate relief across both cases in late 2024 and 
expect final rates for both cases to be effective in mid-2025.
At the start of 2024, we also aligned FCG’s SAFE Program with 
FPU’s GUARD Program, resulting in a request for an additional 
$50 million of SAFE Program investment. In September 2024, 
the Florida PSC approved this request, authorizing cumulative 
investment under these programs of at least $460 million over 
the next 10 years.
Across the organization, we raised the bar for regulatory 
activity, managing multiple cases and filing for approval of 13 
transmission projects throughout the year. This is a testament to 
the diligence and innovation of our regulatory team that remains 
relentlessly focused on constructive relationships with our 
regulators and cost-effective service for our customers. 

 |    CHESAPEAKE UTILITIES CORPORATION 
6
 
J We began the year focused on welcoming 
178 Florida City Gas teammates into the 
Chesapeake Utilities family and operating 
as One Company. We also continued our 
leadership development, succession planning 
and employee satisfaction initiatives. I am consistently inspired by our teammates’ 
engagement with one another and in the communities in which we live and work, 
and am grateful for their daily dedication to our stakeholders.
 
J Our teams are encouraged and empowered to identify and implement 
operational changes that improve accuracy, efficiency and effectiveness.  
In the last year, we have implemented improvements, both big and small, related 
to capital project operations, forecasting/budgeting, information technology 
controls and enterprise health and safety, to name a few. In addition, we have 
fundamentally restructured our billing, call center, customer account and field 
service functions as part of the 1CX implementation discussed below.
 
J In August, we implemented 1CX, a year-long process to upgrade our regulated 
distribution customer information and field service management systems into one 
consolidated SAP-hosted system. Through this Companywide cross-functional effort, 
we consolidated operations across our footprints and standardized customer service and 
emergency response procedures. I’m proud of our teams that worked together to design 
and implement this system and look forward to extending 1CX to our FCG operations and 
seeing the additional benefits this implementation will bring in 2025 and beyond.   
 
J In addition to 1CX, we have been improving our organizational structure to enable 
increased operational effectiveness as we continue to grow. During 2024, we
consolidated and centralized several key functions, including customer care, 
construction and operational services and business development, improving 
our ability to efficiently meet our customers’ needs and execute on our growth 
trajectory. We see additional consolidation and optimization opportunities across 
the organization and will leverage our successes into additional areas in 2025.
PEOPLE
SYSTEMS
PROCESS
STRUCTURE
CONTINUOUS BUSINESS TRANSFORMATION
As demonstrated by progress in our capital investment and 
regulatory strategy pillars, 2024 was a year of significant growth 
and transformation for Chesapeake Utilities. However, as I said in 
last year’s letter, “transformational growth requires transformational 
capabilities.” This growth, along with all future progress, is only 
possible with continual and substantial improvements in our 
workforce, operational processes, technological systems and 
organizational structure.
Continual business transformation remains a key pillar within 
our growth strategy as we continue to build and refine systems 
and processes to support us through our ongoing growth 
transformation, and for years to come.
178
FCG TEAM MEMBERS 
INTEGRATED AS ONE COMPANY

1CX
IMPLEMENTATION 
SAP-HOSTED CUSTOMER 
INFORMATION/FIELD SERVICE 
MANAGEMENT SYSTEM

2024 ANNUAL REPORT    |
7

 |    CHESAPEAKE UTILITIES CORPORATION 
8
BALANCE SHEET STRENGTH AND 
INDUSTRY-LEADING SHAREHOLDER VALUE
For many companies, transformational years come at a cost to 
balance sheet strength or financial performance. However, the 
opposite is true for us, as we never let growth hamper our ability 
to meet or exceed our targets.
We generated $121.5 million of Adjusted Net Income, or $5.39 in 
Adjusted Diluted Earnings per Share, in 2024, squarely within our 
guidance range and representing 24% growth in Adjusted Net 
Income over 2023. We are proud to continue our track record 
of hitting our targets and record our 18th year of consecutive 
earnings growth. This translates to nearly an 8% compounded 
annual growth rate since 2018.
In addition to strong earnings growth, we increased our dividend 
by 20 cents in 2024, resulting in an annualized dividend of $2.56 
and a 9.6% compounded annual growth rate since 2018. While 
we continued our 64-year history of consecutive annual dividend 
payments, we also remain committed to reinvesting at least 50% 
of our retained earnings back into the business to support our 
growing capital investment program, earnings growth and our 
commitment to industry-leading total shareholder return.
Amidst our multiple operational priorities in 2024, we also 
strengthened our balance sheet. In the third quarter, we upsized 
and extended our revolving credit facilities to $450 million, with 
$200 of this available through 2029. We finished the year with 
72% of our debt capacity available, including $250 million of 
available short-term borrowing capacity under the revolving 
credit facilities and an additional $255 million of available long-
term debt capacity under two shelf agreements.
We also improved our capital structure by issuing approximately 
$80 million of new equity throughout the year, bringing our 
equity-to-total capitalization ratio to over 48%. We have 
committed to return to our target equity-to-total capitalization 
range by the end of 2025 and the additional equity issued in 
2024 moved us closer toward this target.
In the fourth quarter, we issued $100 million of five-year senior 
notes and announced a $100 million at-the-market equity 
offering program, additional examples of our execution and 
commitment to a strong balance sheet to support future growth. 
The combination of financial performance, 
balance sheet stability and above-average 
growth opportunities continues to drive 
top-quartile shareholder return. 
For full-year 2024, we saw a 15% increase in our share price, 
resulting in a 17% total shareholder return. Investors in 
the November 2023 equity issuance to help fund the FCG 
acquisition have experienced an even greater return — 50% 
as of February 28, 2025. We remain committed to accessing 
competitively-priced capital to ensure we successfully finance 
the Company’s continued growth.
18th
YEAR 
CONSECUTIVE 
EARNINGS GROWTH1
9.6%
COMPOUNDED ANNUAL 
DIVIDEND GROWTH RATE 
64
CONSECUTIVE YEARS 
OF DIVIDEND PAYMENTS
17%
TOTAL SHAREHOLDER 
RETURN 
IN 2024
DYLAN TEARLE, FCG GAS UTILITY WORKER
1 Utilizing adjusted EPS.

2024 ANNUAL REPORT    |
9
WE’RE JUST GETTING STARTED 
When I wrote to you a year ago to reflect on our 
2023 performance, I discussed our prior periods 
of significant growth: between 2010 and 2019, we 
doubled the company twice, and then doubled it again 
between 2019 and 2023. However, I didn’t see this 
trajectory changing anytime soon, and I ended last 
year’s letter with “I think we’re just getting started.” 
One year later, as I consider how much we 
accomplished in 2024, I cannot imagine a better start 
to our next phase of growth. I am more committed to 
this business than ever and am excited for the years 
to come. We continue to maintain our commitment 
to our long-term capital investment and earnings 
guidance through 2028, representing $1.5-$1.8 billion 
and an 8% EPS compound annual growth rate. Our 
continued confidence in achieving this guidance is 
grounded in the opportunities 
we see ahead of us. Our service 
areas continue to provide 
substantial opportunities for 
growth, from critical natural 
gas infrastructure projects and 
medium-scale RNG transmission 
projects to large-scale LNG 
transportation and storage 
opportunities. We’ll continue to 
work with regulators to ensure 
cost-effective and safe energy 
delivery for all customers. And we’ll keep investing in 
our people, processes, systems and structure to ensure 
our organization is capable of maintaining operational 
excellence as we grow.
Growing demand for energy delivery is the force that 
drives and guides our capital deployment, regulatory 
strategy and business transformation efforts. Serving 
this demand has been a key driver of our strong 
performance over the last year and will be the basis 
for our ability to deliver with purpose and reach new 
heights in 2025 and beyond.
Thank you for your continued support of, and trust in, 
Chesapeake Utilities Corporation.
Sincerely,



Jeff Householder
Chair of the Board, President and CEO
25%
GROWTH IN 
ADJUSTED 
GROSS MARGIN 
OVER 2023
WABASSO CAUSEWAY BRIDGE, 
INDIAN RIVER COUNTY, FLORIDA

 |    CHESAPEAKE UTILITIES CORPORATION 
10
 |    CHESAPEAKE UTILITIES CORPORATION 
10
FLORIDA OPERATIONS 
HEADQUARTERS

2024 ANNUAL REPORT    |
11
Our 2024 results again demonstrated exceptional operational 
and financial performance as we focused on the three pillars 
of our growth strategy. Prudently deploying capital is the first 
pillar, and in 2024, we reached record levels of investment, 
with $356 million of capital expenditures as we improved the 
reliability of our existing systems and expanded to serve new 
areas. We also accelerated our return toward our target capital 
structure while maintaining a strong balance sheet, preparing 
us to finance our next stages of growth.”
—BETH W. COOPER, EXECUTIVE VICE PRESIDENT, CHIEF FINANCIAL OFFICER, 
TREASURER AND ASSISTANT CORPORATE SECRETARY
A proactive regulatory agenda is the second pillar of our strategy. 
In 2024, we filed three rate cases and two depreciation studies. In 
addition, we secured approval for over a dozen projects across our 
service territories, including receiving unanimous FERC approval 
for our Worcester Resiliency Upgrade project. We also made 
several filings to enhance our infrastructure reliability and energy 
conservation programs. Throughout, we remain focused on delivering 
excellence for all stakeholders in a manner consistent with long-
term growth and success. We will continue to meet the needs of 
our customers and the communities we proudly serve by delivering 
affordable and reliable energy, so that no one is left behind.”
—JAMES F. MORIARTY, EXECUTIVE VICE PRESIDENT, GENERAL COUNSEL, 
CORPORATE SECRETARY AND CHIEF POLICY AND RISK OFFICER
In 2024, we significantly enhanced our scalability by 
acquiring FCG and implementing the 1CX customer 
billing system. These strategic moves allowed us to 
streamline and standardize various internal functions, 
including customer care, construction services, enterprise 
health and safety and business information systems. 
This transformation has positioned us to operate more 
effectively and efficiently as we continue to grow.”
—JEFFREY S. SYLVESTER, SENIOR VICE PRESIDENT 
AND CHIEF OPERATING OFFICER

 |    CHESAPEAKE UTILITIES CORPORATION 
12
4  Amounts exclude transaction and transition-related costs associated with Florida City Gas (FCG) acquisition.
2024
2023
2024/2023 
% CHANGE
2022
2023/2022 
% CHANGE
ADJUSTED GROSS MARGIN1
 $    567.4 
$   454.1 
25%
 $    420.2 
8%
OPERATING INCOME
 $    228.2 
 $    150.8 
51%
 $    142.9 
6%
NET INCOME
 $    118.6 
 $      87.2 
36%
 $       89.8 
-3%
ADJUSTED NET INCOME2
 $    121.5 
 $      97.8 
24%
$       89.8 
9%
DILUTED EARNINGS PER SHARE
GAAP
 $      5.26
$      4.73 
11%
$       5.04
-6%
Adjusted  2
 $      5.39 
$       5.31 
2%
$       5.04
5%
ANNUALIZED DIVIDENDS PER SHARE
 $      2.56
$      2.36 
8%
$       2.14 
10%
TOTAL ASSETS
 $ 3,577.0 
 $ 3,304.7 
8%
 $ 2,215.0 
49%
STOCKHOLDERS' EQUITY
 $ 1,390.2 
 $ 1,246.1 
12%
 $    832.8 
50%
OTHER
EMPLOYEES AT YEAR-END
 1,237 
 1,281 
-3%
 1,034 
24%
SHARES OUTSTANDING AT YEAR-END
 22,898,833 
 22,235,337 
3%
 17,741,418 
25%
AVERAGE DISTRIBUTION CUSTOMERS3
 451,805 
 441,895 
2%
 309,915 
43%
 1  Adjusted Gross Margin is a non-GAAP (Generally Accepted Accounting Principles) measure.
2  Amounts exclude transaction and transition-related costs associated with Florida City Gas (FCG) acquisition.
3 Customer totals for FCG reflect actual amounts at December 31, 2023 since the period from the acquisition covered only one month.
Dollars in millions, 
except per share data.
FINANCIAL HIGHLIGHTS
2020
2021
2022
2023
2024
$4.21
$4.73
$5.04
$5.31
$5.39
ADJUSTED DILUTED EARNINGS PER SHARE
4
+12.4%
+6.6%
+5.4%
+1.5%
18 Years of Consecutive Earnings Growth
2020
2021
2022
2023
2024
$1.76
$1.92
$2.14
$2.36
$2.56
ANNUALIZED DIVIDENDS PER SHARE
+9.1%
+11.5%
+10.3%
+8.5%
Strong Earnings Growth Drives Strong Dividend Growth
7.7% 5-Year CAGR
9.6% 5-Year CAGR
21 Consecutive Years Increasing Dividend Payments

2024 ANNUAL REPORT    |
13
5  Values as of Dec. 31 for the corresponding year. 
6  Price-to-Earnings Ratio sourced from FactSet and is based on analyst consensus estimates for the next twelve months earnings. 
7  Acquisition of Florida City Gas on November 30, 2023.
FIVE-YEAR COMPOUND ANNUAL 
SHAREHOLDER RETURN
6.8%
3.7%
-0.6%
-2.5%
CPK
PEER GROUP 
 75th PERCENTILE
PEER GROUP 
MEDIAN
PEER GROUP 
25TH PERCENTILE
 
 CPK       
 PEER GROUP MEDIAN 
PRICE-TO-EARNINGS RATIO
6
CPK Performance Driving Premium Valuation
2019
2020
2021
2022
2023
2024
15.7x
15.6x
19.4x
19.4x
21.8x
28.6x
24.0x
24.0x
18.1x
17.9x
17.8x
22.5x
ADJUSTED EPS AND DIVIDEND PAYOUT
2025
LOW       HIGH
2028
LOW       HIGH
$8.00
$7.75
$6.35
$6.15
CPK Guidance – 45-50% Dividend Payout
CPK Guidance
$1.5-1.8B
CAPITAL EXPENDITURES
2013-
2017
2018-
2022
2023
2009-
2012
2024
2025
2026
2028
2027
$81M
$1.1B
$210M
$153M
MARKET CAPITALIZATION
5
2024
2018
$1.3B
$2.8B
+108.7%
Continued Growth in the Company
 REGULATED   
 UNREGULATED   
 ACQUISITIONS
CAPITAL EXPENDITURES
$1.1B
$356M
$141M
$228M
$196M
$199M
Strong Organic Growth Alongside Strategic Acquisitions
2019
2020
2021
2022
2023
2024
TOP
Performance Relative 
to Peer Group
8.4-8.7%
10-year EPS CAGR 
2018 to 2028
$2.2B
Cap Expenditures 
2019–2024
Average Annual CapEx
8%
EPS  
CAGR
Guidance 
FCG $923M7

 |    CHESAPEAKE UTILITIES CORPORATION 
14
SAFETY
TEAM
SERVICE
IMPROVE
GROW
 
J Care: We put people first.
 
J Integrity: We tell the truth.
 
J Excellence: We achieve great things together.
We deliver energy that makes life better for 
the people and communities we serve.
We will be a leader in delivering energy 
that contributes to a sustainable future. 
M A G A Z I N E
Florida City Gas Named 
Easiest to Do Business 
With in 2024
by Escalent
Sharp Energy 
Recognized as Best Gas 
Company in 2024
by Metropolitan 
Magazine
Chesapeake Utilities 
Named Champion of 
Board Diversity in 2024

by The Forum of 
Executive Women
ORGANIZATIONAL IMPERATIVES
The Company has identified five organizational 
imperatives that are key to operational excellence 
and future success. These imperatives guide day-
to-day work as well as medium- and long-term 
goal setting and growth strategy. 
AWARDS AND ACCOLADES
OUR MISSION
OUR VISION
OUR VALUES
Chesapeake Utilities
Corporation Receives 
Torch Award for Ethics 
in 2024

by Better 
Business Bureau
Chesapeake Utilities 
& Sharp Energy 
Recognized Among 
2024 Stars of Delaware
by Stars of Delaware
Florida City Gas 
Named 2024 
Residential Utility 
Customer Champion
by Escalent
Sharp Energy
Voted Best 
Propane Provider 
in 2024
by Coastal Style
To demonstrate our internal focus on these 
imperatives, the next few pages will review 
our 2024 accomplishments within each of the 
following five imperatives: safety, team, service, 
improve and grow.
Chesapeake Utilities 
Named Best for 
Corporate Governance 
in 2024
by World Finance 
Magazine
NORTHERN OPERATIONS 
HEADQUARTERS

2024 ANNUAL REPORT    |
15
SAFETY

Chesapeake Utilities has been 
safely and reliably delivering 
energy for more than 160 years. 
There is nothing more important than the safety of our 
team, our customers and our communities. We’re continually 
focused on establishing and maintaining the highest 
safety standards across our organization and championing 
the well-being of colleagues and those we serve. 
To achieve these standards, we have intentionally built a culture of 
safety across our organization, ensuring that safe business practices 
are ingrained in all policies, procedures, rules and regulations, 
supported by continuous monitoring and enhancement efforts.

WHAT GETS MEASURED GETS DONE
In 2024, we launched our new Safety Data Management System 
(SDMS), which enables the seamless collection of safety data 
throughout our operations, empowering us to efficiently handle, 
monitor and report information in a timely fashion. The prompt 
dissemination of safety metrics fosters in-depth discussions, 
facilitating the formulation of actionable strategies.  
Wallet cards and QR code decals were given to all employees, 
providing additional ease of access to the SDMS. As part of the roll-
out, all employees, regardless of position, were required to complete 
user training in our learning management system. We have also 
automated our safety metric dashboards as part of a continuous 
improvement effort, making safety analytics more accessible and 
enabling data-driven decisions across the organization.
IN FEBRUARY 2024, WE BROKE GROUND FOR OUR SAFETY 
TOWN FACILITY IN DEBARY, FLORIDA. The facility is modeled after 
Chesapeake Utilities’ Safety Town training facility in Dover, Delaware, 
and will serve as a resource for training employees who build, 
maintain and operate the Company’s energy infrastructure, as well 
as regional first responders. Construction was completed in Q1 2025.
 
J All workplace incidents can 
be prevented.  
 
J All workplace hazardous 
exposures can be controlled.  
 
J Company leadership is 
responsible for safety 
performance. 
 
J All employees and 
contractors are committed to 
working safely.  
 
J Continuous assessment and 
improvement are essential.  
 
J We are committed to a 
culture of safety 24/7.
CHESAPEAKE UTILITIES
SAFETY VALUES
KYLE MOORE - DIRECTOR, OHIO OPERATIONS

 |    CHESAPEAKE UTILITIES CORPORATION 
16
TEAM

Uniting as One Company 
As we continue to grow, we remain focused on fostering a 
culture of belonging and inclusion across the Company. We 
believe that attracting, nurturing and retaining talent requires 
a unified, cohesive culture that values and rewards the 
contributions of each employee. When we work together, as 
One Company, we strengthen our ability to deliver affordable, 
reliable energy to our customers.
After an incredible first year together, our success integrating 
the FCG team into the Chesapeake Utilities family has 
strengthened our ability to safely deliver energy to customers 
across one of the fastest-growing states in the country.
Since the acquisition, our team has successfully achieved 
operational synergies by consolidating processes and 
resources. We have accelerated investment opportunities 
by moving forward on regulatory approvals to support 
service area growth and improve infrastructure — all of this 
while retaining 90% of FCG employees one year after the 
acquisition. As One Company, our team is positioned to take 
Chesapeake Utilities to new heights. 
EMPLOYEE RESOURCE 
GROUPS EXPAND 
TEAMMATE ENGAGEMENT
Our employee resource groups 
(ERGs) are more than just 
a network of employee-led 
organizations; they are vibrant 
communities that encourage 
inclusivity and belonging 
while nurturing innovation, 
leadership and growth. ERGs 
strengthen our organizational 
culture, support business goals 
and support overall company 
success. In 2024, we added two 
new ERGs: HOLA and SHIFT.
When Florida City Gas joined Chesapeake Utilities, the corporate 
management team really showed the Company value of caring for us 
as new employees. They made us feel at home and welcome coming 
on board — like old friends, instead of strangers.”
—RON SANDRIDGE, GAS OPERATIONS SUPERVISOR, FCG
I appreciate the stability of my job and the opportunity to work directly 
with our customers. Since Florida City Gas joined Chesapeake Utilities, 
that stability has continued, and I’m grateful to grow in a job I love.”
—HOLLY SCHNEIDER, DISTRIBUTION TECH II, FCG
This year, I transitioned to a new role with FCG as a safety coordinator, and 
a new challenge was to help design and construct a mobile electric safety 
training unit. I’ve learned so much through this project, and I’m excited to help 
save lives of first responders through the essential training it will provide.”
—BRIAN WILKERSON, SAFETY COORDINATOR II, FCG
Our ‘best of both’ approach allows us to optimize our operations and 
implement efficiencies across Florida. Throughout it all, we welcomed 
FCG employees into the Chesapeake Utilities family — and as a result we 
retained 90% of FCG employees a year after the acquisition.” 
—WILL HAFFECKE, AVP FLORIDA OPERATIONS
SOCIETY HONORING • IGNITION 
• FUEL TECHNOLOGY

2024 ANNUAL REPORT    |
17
SERVICE

Engaging with Our Communities 
Through Service  
At the core of our mission is a commitment to serving others—
dedicating our time, talents and resources to the communities 
where we live and work. We actively contribute to the growth 
and well-being of these communities through charitable 
donations, economic development investments and partnerships 
with organizations that reflect our values and align with our 
focus areas of giving.
SAFETY AND 
HEALTH
COMMUNITY
DEVELOPMENT
EDUCATION
ENVIRONMENTAL 
STEWARDSHIP
 
J Fighting Food Insecurity – During 2024, Chesapeake Utilities team members 
contributed more than 1,000 hours of service to food banks and organizations 
committed to conquering food insecurity. Honoring that commitment, on Dec. 3, 
the Company announced a Giving Tuesday donation of $50,000 to food banks, 
food pantries and soup kitchens in the communities we serve.
 
J Scholarship Support – Prioritizing the value of educational opportunities for our team 
members and the communities we serve, the Company awarded more than $30,000 
in academic scholarships in 2024. The Aspiring Scholars scholarship is awarded 
annually to children of Chesapeake Utilities Corporation employees, while both the 
Black History Month and the Women in Energy STEM scholarships are sponsored by 
our employee resource groups, the Black Employee Network and Women in Energy.
 
J Nature Conservancy – Supporting the conservation and protection of our 
natural resources improves the lives of our neighbors and adds to the strength 
and stability of our communities. We continue our long-standing relationships 
with The Nature Conservancy (TNC), both through employee volunteerism and 
corporate donations. In 2024, we contributed $50,000 to two TNC chapters in 
our service territories.
CHESAPEAKE UTILITIES’
FOCUS AREAS OF GIVING
In 2024, Chesapeake Utilities contributed nearly $575,000 in 
donations and sponsorships that supported more than 75 
nonprofit and community organizations. Collectively, our team 
members Companywide completed more than 6,800 volunteer 
hours, benefiting organizations across our service territories.
Some highlights of our service and philanthropy in 2024 included: 
 
J Hurricane Relief Support – The Company gave $50,000 in donations to support 
affected communities in our service areas during the aftermath of Hurricanes 
Helene and Milton, including $30,000 to American Red Cross, $10,000 to 
Volunteer Florida – The Florida Disaster Fund and $10,000 to Samaritan’s Purse – 
Hurricane Relief Fund.

 |    CHESAPEAKE UTILITIES CORPORATION 
18
IMPROVE

Leading Customer Service and 
Business Transformation Through 1CX 
Central to Chesapeake Utilities’ business transformation is an ongoing commitment to evaluating 
operations and implementing improvements that ensure sustained success and adaptability. With 
goals of providing exceptional customer service and enhanced operational efficiencies, Chesapeake 
Utilities implemented phase one of 1CX in August 2024. The Company’s most ambitious technology-
driven business transformation project to date, the new customer information system on the SAP 
platform is designed to improve service for our over 360,000 regulated utility customers.  
CONTINUOUS INFRASTRUCTURE IMPROVEMENT 
Our two Florida natural gas distribution subsidiaries, Florida Public Utilities (FPU) and Florida City Gas (FCG), 
are actively implementing infrastructure improvement programs to enhance safety, reliability and accessibility. 
 
J FPU’s Gas Utility Access and Replacement Directive (GUARD) Program: Launched in 2023, this 10-year 
initiative relocates mains and service lines from rear easements to street fronts, replaces problematic 
pipes and enhances system reliability. 
 
J FCG’s Safety, Access and Facility Enhancement (SAFE) Program: Extended in 2023 through 2035, 
SAFE focuses on relocating rear lot mains, addressing obsolete pipes and reducing damage risks. In 
2024, the program was aligned with GUARD to accelerate pipe remediation.

Both programs, backed by independent risk assessments, represent a $460 million investment over 
the next decade to enhance safety, reliability and environmental performance by replacing leak-prone 
pipes. The 10-year timelines are expected to yield cost savings on construction, materials and labor while 
reducing long-term operations and maintenance expenses. 
REDUCING THE IMPACT OF SEVERE WEATHER
Storm hardening efforts continue for our electric distribution operations. FPU’s Storm Protection Plan 
(SPP) is designed to meet the objectives of Florida‘s legislative mandate to reduce restoration costs 
and outage times associated with extreme weather events while also enhancing reliability. The SPP is a 
combination of programs and initiatives grounded on a methodology of resiliency risk scores across 
FPU’s distribution system.
CUSTOMER DATA 
MANAGEMENT
SERVICE ORDERS 
& WORKFLOW 
MANAGEMENT
BILLING & 
INVOICING
METER DATA ​
MANAGEMENT
Through collaboration with 
SAP and IBM, the large-scale 
technology transformation 
replaced and consolidated 
two legacy billing systems 
for our Florida Public Utilities 
and Chesapeake Utilities 
subsidiaries with a state-of-
the-art customer solution. 
The new customer information system has enhanced service 
delivery, streamlined processes and improved efficiency across 
key operational areas: customer data management, billing and 
invoicing, meter data management and service orders and 
workflow management.
Phase two of the 1CX project is scheduled to be completed by 
Q2 2025 and will incorporate Florida City Gas (FCG) and its 
systems into the consolidated platform.
SAP AWARD
Chesapeake Utilities was 
recognized by SAP as the 
Mid-Size Utility of the Year 
at the SAP4U Conference on 
Sept. 10, 2024, showcasing 
the Company’s achievements 
in harnessing the power of 
SAP technology to better 
serve customers.  

2024 ANNUAL REPORT    |
19
GROW

Capital Investment Drives Long-Term Business Growth 
Chesapeake Utilities invested $356 million of capital throughout 2024, with approximately 90% 
of that spent on regulated transmission and distribution systems, and upgraded technology.
RESIDENTIAL 
CUSTOMER
GROWTH
FY 2024 VS FY 2023
DELMARVA
FLORIDA
4.0%
3.9%
WORCESTER RESILIENCE UPGRADE (WRU)
In 2024, Chesapeake Utilities began work on an $80 million liquefied natural gas storage facility in Bishopville, 
Maryland. Consisting of five low-profile horizontal storage tanks allowing for 500,000 gallons of storage, the 
project will supply critical energy service to customers during winter heating season demand peaks. 
In January 2025, the Company received FERC approval of the project, enabling construction to begin in Q1 
2025 and the project to be in-service by Q3 2025, ahead of winter heating demand.
This project is an important asset for extending and strengthening service in the southern-most part of our 
Delmarva Peninsula service area.
The foundation that underlies our core business strategy is 
operational excellence in our high-growth service areas. We are 
the beneficiaries of our geography, which is a privilege that we 
take very seriously as our customers rely on us to operate safely, 
fuel their homes and power their businesses every single day. 
Throughout 2024, we continue to see rapid growth across our 
regulated businesses.
We continued to see population growth in Delaware and Maryland 
as new communities are developed to serve demand from retirees 
and families looking for additional space while remaining close to 
the metro areas of Philadelphia, Baltimore and Washington, D.C.
In Florida, the story is largely the same, as Florida continues to 
lead the nation in population growth. Above-average customer 
growth and demand for natural gas enabled us to expand 
distribution service in our existing areas and invest in our newly 
acquired FCG service areas.
THE CHESAPEAKE UTILITIES TEAM INSPECTS 
THE MANUFACTURING OF A LIQUIFIED NATURAL 
GAS TANK TO BE INSTALLED AS PART OF OUR 
WORCHESTER RESILIENCY UPGRADE PROJECT.
FPU Service Territories
NEWBERRY EXPANSION
BOYNTON BEACH
WILDLIGHT PHASE 1 & 2
FCG Service Territories
Pipeline Expansions
RNG Projects
INDIAN RIVER RNG
BREVARD RNG
MEDLEY RNG
MIAMI INNER LOOP
NEW SMYRNA BEACH
ST. CLOUD EXPANSION
LAKE MATTIE
PLANT CITY
FPU Service Territories
FCG Service Territories
Pipeline Expansions
RNG Projects

 |    CHESAPEAKE UTILITIES CORPORATION 
20
SUSTAINABILITY
Chesapeake Utilities is committed to leveraging 
its expertise across the entire energy delivery value 
chain to continue building a more sustainable future. 
We believe that communities, consumers and businesses are best positioned to thrive when they have 
access to reliable, resilient and affordable sources of energy. The Company has a long track record of 
innovative approaches to renewable natural gas and hydrogen and remains committed to delivering 
energy that makes life better for the people and communities we serve, while remaining a leader in 
building a sustainable future. ​
DELIVERING FLORIDA-PRODUCED RENEWABLE 
NATURAL GAS (RNG) TO FLORIDIANS
Leveraging our unique energy delivery expertise—from production 
to virtual pipeline transportation, injection, transmission and 
distribution—Chesapeake Utilities achieved a company first in 
2024: delivering Florida-produced RNG to Floridians. 
In late 2024, the Company commissioned Full Circle Dairy, a full-
scale dairy manure-to-pipeline-quality RNG facility. The project 
is expected to produce an average of 100,000 Dth annually, 
capturing and redirecting more than 1,100 metric tons of methane 
per year into a renewable energy source—an emission reduction 
equivalent to powering 3,500 homes for a year. Through our 
subsidiary, Marlin Gas Services, RNG is transported via a virtual 
pipeline to an injection point in Yulee, Florida, to be delivered to 
customers in Nassau County. 
THE FIRST INJECTIONS OF RNG FROM THE 
COMPANY’S RNG FACILITY AT FULL CIRCLE 
DAIRY WERE RECEIVED AT A NEW INJECTION 
POINT IN YULEE, FLORIDA, IN JUNE 2024.
MICRO-SUSTAINABILITY REPORT ON 
ENVIRONMENTAL STEWARDSHIP ISSUED 
IN SEPTEMBER 2024.
DELAWARE ENERGY EFFICIENCY PROGRAMS
In April 2024, the Delaware PSC approved the establishment 
of a portfolio of natural gas energy efficiency programs, the 
first of its kind to be offered in the state. Chesapeake Utilities 
is partnering with the Delaware Sustainable Energy Utility 
to deliver these programs, which facilitate home energy 
assessments and identify energy-efficiency opportunities to 
drive cost savings, particularly for lower-income customers. 
PLANET FOUND ENERGY DEVELOPMENT (PFED)
PFED, acquired in October 2022, develops energy technologies 
to generate biogas from poultry litter. In Q3 2024, the Company 
enhanced its facility to convert biogas into pipeline-quality RNG, 
which will be transported by Marlin Gas Services to the Eastern 
Shore Natural Gas Bridgeville, Delaware, interconnect location. As 
the first U.S. producer of RNG from poultry litter, PFED is working 
to qualify for Transportation Fuel Renewable Identification Number 
(RIN) credits used to track and promote the production and use of 
renewable fuels under the U.S. Renewable Fuel Standard program. 

2024 ANNUAL REPORT    |
21
JEFF HOUSEHOLDER
Chair of the Board, President 
and Chief Executive Officer, 
Investment Committee Chair 
DENNIS S. HUDSON, III
Corporate Governance 
Committee Chair, 
Audit Committee Member 
LISA G. BISACCIA
Compensation Committee 
Chair, Corporate Governance 
Committee Member 
STEPHANIE N. GARY
Audit Committee Member
THOMAS J. BRESNAN
Independent Lead Director of the 
Board, Audit Committee Chair, 
Investment Committee Member 
RONALD G. FORSYTHE, JR.
Audit Committee Member, 
Compensation Committee 
Member 
PAUL L. MADDOCK, JR.*
Compensation Committee 
Member, Corporate Governance 
Committee Member
SHEREE M. PETRONE
Compensation Committee 
Member, Investment 
Committee Member
BOARD OF DIRECTORS
Chesapeake Utilities Corporation’s Board of Directors provides guidance 
and insight for the entire Company, leveraging their diverse experiences and 
leadership expertise to strengthen our business and long-term strategic focus.
*Paul L. Maddock, Jr. 
has significantly 
contributed to the 
Company’s growth 
and success. He 
is retiring in May 
2025, following the 
Annual Meeting of 
Stockholders.  
PAUL L. 
MADDOCK, JR.  
 
J More than 
15 years of service
 
J Member, 
Corporate
Governance 
Committee, 
2009-2013 and 
2017-2025  
 
J Member, 
Audit Committee, 
2013-2016  
 
J Member, 
Compensation 
Committee, 
2022-2025 
 
J Prior to joining the 
Company’s Board 
of Directors, Mr. 
Maddock served on 
the Florida Public 
Utilities Company’s 
Board of Directors for 
more than 11 years. 
LILA A. JABER
Corporate Governance 
Committee Member, 
Investment Committee Member


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Fiscal Year Ended: December 31, 2024
□
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number: 001-11590
CHESAPEAKE UTILITIES CORPORATION
(Exact name of registrant as specified in its charter)
State of Delaware
51-0064146
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
500 Energy Lane, Dover, Delaware 19901
(Address of principal executive offices, including zip code)
302-734-6799
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Common Stock—par value per share $0.4867
CPK
New York Stock Exchange, Inc.
Securities registered pursuant to Section 12(g) of the Act:
None
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒No □
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes □No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes ☒No □
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405
of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit
such files). Yes ☒No □
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ″emerging
growth company″ in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
□
Non-accelerated filer
□
Smaller reporting company
□
Emerging growth company
□
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in
the filing reflect the correction of an error to previously issued financial statements. □
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). □
Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes □No ☒
The aggregate market value of the common shares held by non-affiliates of Chesapeake Utilities Corporation as of June 30, 2024, the last business
day of its most recently completed second fiscal quarter, based on the last sale price on that date, as reported by the New York Stock Exchange, was
approximately $2.3 billion.
The number of shares of Chesapeake Utilities Corporation’s common stock outstanding as of February 24, 2025 was 22,982,417.
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Chesapeake Utilities Corporation Proxy Statement for the 2025 Annual Meeting of Stockholders are incorporated by reference in Part
II and Part III hereof.

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