DOVER, Del., Aug. 8, 2017 /PRNewswire/ -- On August 1, 2017, Peninsula Energy Services Company
(PESCO), a subsidiary of Chesapeake Utilities Corporation (NYSE:
CPK) acquired certain commercial and industrial marketing assets --
specifically located in Western
Pennsylvania -- from ARM Energy Management, LLC (AEM), a
subsidiary of ARM Energy. PESCO is Chesapeake Utilities'
non-regulated energy marketing business that provides energy
services to commercial and industrial customers in the Southeast,
Mid-Atlantic and Mid-West regions.
The transaction mutually benefits PESCO and AEM as the acquired
assets complement PESCO's current portfolio and will expand PESCO'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. ARM Energy and AEM, on
the other hand, will continue to expand their thriving physical
marketing and financial hedging advisory services as well as other
midstream solutions throughout the U.S. and Canada.
Taylor Tipton, President of AEM, noted, "We have successfully
built a strong retail book in the Western
Pennsylvania region and we are fully confident that it will
continue to grow under PESCO's care. That being said, the sale
grants ARM Energy and AEM the additional flexibility to focus its
attention on the ever increasing opportunities presented in the
physical marketing and financial hedging advisory services space in
other regions as well as the midstream sector."
About ARM Energy
ARM is a producer services company
operating in the physical marketing, trading and midstream sectors.
ARM Energy also operates a crude oil gathering and natural gas
gathering and processing system in the STACK play of Oklahoma. Additionally, ARM provides hedging
advisory services to over 130 upstream companies.
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 the
Company's 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:
Note to Editors: This is a clarification with additional
details relating to the press release from Chesapeake Utilities
Corporation (Chesapeake Utilities) in connection with the purchase
of certain assets of ARM Energy Management, LLC (AEM), dated
August 3, 2017. Specific to the
clarification, the transaction involved only certain commercial and
industrial marketing assets located only in Western
Pennsylvania.
Mike Stock
Senior Director, Corporate Communications
Chesapeake Utilities Corporation
mstock@chpk.com
302.736.7808
View original
content:http://www.prnewswire.com/news-releases/peninsula-energy-services-company-a-subsidiary-of-chesapeake-utilities-corporation-expands-its-retail-market-area-into-western-pennsylvania-300501605.html
SOURCE Chesapeake Utilities Corporation