DOVER, Del., Aug. 3, 2017 /PRNewswire/ -- Chesapeake
Utilities Corporation (NYSE: CPK) (Chesapeake Utilities) announced
today that its wholly-owned subsidiary, Peninsula Energy Services
Company (PESCO), has acquired the assets of ARM Energy Management
(AEM), a natural gas marketing company servicing commercial and
industrial customers in Western
Pennsylvania. PESCO is the Company's non-regulated energy
marketing business that has been providing energy services to
commercial and industrial customers in the Southeast, Mid-Atlantic
and Mid-West regions.
"AEM's services are an excellent strategic fit for PESCO and
Chesapeake Utilities," said Michael P.
McMasters, President and Chief Executive Officer of
Chesapeake Utilities Corporation. "This acquisition
will allow us to extend our regional footprint and
deepen our commercial relationships with natural gas producers and
end-users as we pursue new growth opportunities for the Company
that generate value for our customers, employees, investors and the
communities we serve."
The acquired assets complement PESCO's current portfolio and
will expand the Company's retail demand in a market where it has
existing pipeline capacity and wholesale liquidity. In addition,
the acquisition will generate opportunities for PESCO to execute
its strategy of aggregating supply and providing associated
services. This strategy is similar to the strategy the
Company has executed with producers served by its Aspire Energy
subsidiary, throughout the Appalachian region of the United
States.
About Peninsula Energy Services Company
Peninsula
Energy Services Company provides natural gas supply and supply
management services to more than 3,000 customers in the Southeast,
Mid-Atlantic and Mid-West regions. PESCO provides natural gas
producer services, asset management, transportation and storage
coordination, structured wholesale transactions, risk management,
wholesale supply and retail supply.
About Chesapeake Utilities Corporation
Chesapeake
Utilities Corporation is a diversified energy company engaged in
natural gas distribution, transmission, gathering and processing,
and marketing; electricity generation and distribution; propane gas
distribution; and other businesses. Information about Chesapeake
Utilities Corporation's businesses is available at www.chpk.com or
through our IR App.
Please note that Chesapeake Utilities Corporation is not
affiliated with Chesapeake Energy, an oil and natural gas
exploration company headquartered in Oklahoma City, Oklahoma.
Cautionary Note Regarding Forward-Looking Statements:
Statements in this release that are not historical are
forward-looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Words such as "expect," "likely," "outlook," "forecast," "would,"
"could," "should," "can," "will," "project," "intend," "plan,"
"goal," "target," "continue," "sustain," "believe," "seek,"
"estimate," "anticipate," "may," "possible," "assume," variations
of such words and similar expressions are intended to identify such
forward-looking statements. These forward-looking statements are
not guarantees of future performance and are subject to risks,
uncertainties and assumptions that could cause actual results to
vary materially from those indicated, including the factors
described in Item 1A (Risk Factors) of our most recent Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, each of
which is incorporated herein by reference, and in other documents
that we file or furnish with the Securities and Exchange
Commission. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated or
anticipated by such forward-looking statements. Accordingly, you
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date they are made. Except
to the extent required by law, the Company does not undertake, and
expressly disclaims, any duty or obligation to update publicly any
forward-looking statement after the date of this release, whether
as a result of new information, future events, changes in
assumptions or otherwise.
For more information, contact:
Elaine Bittner
Senior Vice President of Strategic Development
Chesapeake Utilities Corporation
ebittner@chpk.com
302.734.6799
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SOURCE Chesapeake Utilities Corporation