DOVER,
Del., May 3, 2023 /PRNewswire/ -- At their
meeting held today, the Board of Directors of Chesapeake Utilities
Corporation (NYSE: CPK) voted to increase the quarterly cash
dividend on the Company's common stock from $0.535 per share to $0.59 per share. The Board's action raises the
2023 annualized dividend by $0.22
from $2.14 to $2.36 per share, a 10.3 percent increase. The
$0.59 per share dividend will be
payable July 5, 2023 to all
shareholders of record at the close of business on June 15, 2023.
"In 2022, Chesapeake Utilities celebrated its 16th
consecutive year of earnings growth, while navigating through the
macroeconomic and regulatory headwinds impacting utilities all
across the nation," commented Jeff
Householder, president and CEO. "Our diversified portfolio
of underlying businesses, proven growth strategy, and strong
financial position allows us to prudently allocate capital and
maximize shareholder value."
"Looking forward, we remain well positioned to invest in our
business and our people, capitalize on our growth strategy to
achieve our earnings and capital expenditure targets, and
consistently return capital to our shareholders," added
Householder. "Our Board's decision to increase the annualized
dividend rate to $2.36 per share
marks our 20th consecutive year with increased
dividends. At 10.3 percent, our five-year dividend growth nicely
aligns with our five-year earnings growth. We remain focused on
driving dividend growth supported by earnings growth to further
long-term value creation for our shareholders."
Chesapeake has paid dividends to its shareholders without
interruption for 62 years and has increased its annualized dividend
every year since 2004.
About Chesapeake Utilities Corporation:
Chesapeake
Utilities Corporation is a diversified energy delivery company,
listed on the New York Stock Exchange. Chesapeake Utilities
Corporation offers sustainable energy solutions through its natural
gas transmission and distribution, electricity generation and
distribution, propane gas distribution, mobile compressed natural
gas utility services and solutions, and other businesses. For more
information, visit www.chpk.com.
Please note that Chesapeake Utilities Corporation has no
affiliation with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
For more information, contact:
Alex Whitelam
Head of Investor Relations
awhitelam@chpk.com
215.872.2507
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SOURCE Chesapeake Utilities Corporation