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 16^th 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 20^th 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

View original content:https://www.prnewswire.com/news-releases/chesapeake-utilities-corporation-raises-dividend-by-10-3-percent-301814918.html

SOURCE Chesapeake Utilities Corporation

Chesapeake Utilities Corporation Raises Dividend by 10.3 Percent