Chesapeake Utilities(CPK) - 2023 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2023, total operating revenues were $139.47 million, with regulated energy contributing $92.19 million and unregulated energy contributing $53.46 million[250]. - Gross margin (GAAP) for the regulated energy segment for the six months ended June 30, 2023, was $119.7 million, an increase of $9.4 million, or 8.5% compared to the same period in 2022[253]. - Gross margin (GAAP) for the unregulated energy segment for the six months ended June 30, 2023, was $40.7 million, a decrease from $43.3 million in the same period in 2022[254]. Debt and Borrowings - The company reported a carrying value of long-term debt at June 30, 2023, of approximately $666.8 million, compared to an estimated fair value of $573.3 million[257]. - As of June 30, 2023, the company had $95.8 million in short-term borrowings outstanding at a weighted average interest rate of 5.33%[261]. - The company has entered into amended Shelf Agreements with Prudential and MetLife, expanding total borrowing capacity and extending the term for an additional three years[259]. Growth Strategy - The company’s growth strategy includes optimizing earnings growth in existing businesses and pursuing additional pipeline expansions[247]. - The company is focused on expanding its Marlin Gas Services' CNG transport business and entering LNG and RNG transport markets[247]. Lease Information - The weighted-average remaining lease term for operating leases as of June 30, 2023, was 8.37 years, with a weighted-average discount rate of 3.5%[267]. - Operating cash flows from operating leases for the six months ended June 30, 2023, were $1.465 million, compared to $1.428 million for the same period in 2022[267].