Chesapeake Utilities (CPK) 8 Nov 242024 Q3 Earnings call transcript

Welcome to Chesapeake Utilities Corporation's Third Quarter 2024 Earnings Conference Call. [Operator Instructions] I'd like to turn the call over to Lucia Dempsey, Head of Investor Relations. Please go ahead.

Thank you, and good morning, everyone. Today's presentation can be accessed on our website under the Investors page and Events and Presentations subsection. on we we the while involve show you matters remarks, questions. On up I risks prepared may that X, call Slide our discussed and our uncertainties. will statements call open for remind include After forward-looking conference that this typical disclaimers,

statements Forward-looking projections information could on report Form materially provides further could differ from safe that actual results. The to annual statements for our forward-looking actual such XXXX the our and on cause factors harbor statements differ results. our section from of XX-K

to Additionally, appendix GAAP non-GAAP in presented the in the been provided earnings margin, this income has of our the on XX-Q. appropriate company evaluates related information its earnings A accordance SEC's third non-GAAP adjusted includes today performance adjusted measures, Regulation based certain in G. release the measures in per and reconciliation presentation the disclosures our of Form and gross including quarter And the share. adjusted with measures these net

presenters the increased ensure our sheet transformation of Vice earnings now affairs opportunity more slippery roads affects Vice check Cooper, Utilities, change on in Secretary, Chesapeake exercise President, business Officer, Financial and on today. first safety, the President, updates. With will X. moment it's all investment including holiday wet an Officer, General an seen traffic with do safety our government at changes or Treasurer oil the windshield highlighted turn [ and Florida the Moriarty, Risk our visibility vehicle integration. Policy our change ] Chief growing Slide of provide time President yet, results, my Corporate Beth efforts time an Here discuss other into shift Executive around regulatory travel. I'll supplies dividend and balance as and update though Gas and temperatures, we evening Officer, City review and plan start to on so haven't [ emergency on are how on our service trajectory. and we'll moment And motor a ], us be demand wipers, with company and capital around provides The update efforts, fluid Jim priority. Assistant meetings and update cooler Board, that Jeff a safety and will and We areas, morning introduce Executive Chair over Householder, roadside here Chief and strategy, levels, that, growth caution and is schedule. Also strong and quite and call Corporate Chief to Counsel pleasure Secretary and to financial Executive Jeff. will aware

for earnings Lucia. our this you Thank bringing $X.XX. thanks Good share with our XXXX year-to-date Slide call begin per morning, you, I'll to $X.XX, today. X. joining and Adjusted per was quarter earnings of all to share

are Florida gas results aligned from with with and our operations. expectations, well contributions Our natural core City Gas our strong both

guidance year-to-date us year our of adjusted earnings $X.XX remainder reaffirm to earnings combined growth for share performance, $X.XX. our expectations full enable per of Our XXXX to with XXXX,

$XXX this full year more million in the on Continued and XXXX expectations reaffirm capital as XXXX in detail capital I'll X initiatives, to our EPS million along ranges. And, value demand shortly, first our $XXX projects plan discuss million invested customer year with of remains and regulatory to enable for $XXX of expected with of XXXX drive growth, us our track growth and pipeline guidance months XXXX. strong and

which Helene are and I'd Milton, we like with Turning a Hurricanes grateful. Slide season. hurricane on short X. fared to well through start update Overall, systems for to our Debby,

hours. I'm teams enabled power. and impacted which restoring quickly lose quality of and were to resiliency for practice able been pleased first our and majority we systems, respond to of to response work have restore infrastructure the of with and with number emergency us a their power our XX the customers improve our have and effectively procedures did doing in the communicating during power within Helene, we electric While customers Hurricane our the customers

both continues areas. Our exploring integration of of track opportunities areas are we we to with on additional the growth operate year as engaging with X.X% on standardizing serve provides of in the in increase some to progress fastest-growing relative country, in Florida third quarter the the our X to enabling same again growth on as this investments to additional customers in teammates to needs customer of and City new another us Gas meet period also operations, and growing last sustainable year. this outstanding detail make area deploy Florida, investment residential in significant the fortunate service Slide each of had capital quarter of Delmarva growth demand. We a customer experiencing the

development of will homes, early-stage earnings strong growth, on Customers to continue in expect drives focused both serve X. on our shown communities Florida, earnings achieve areas, To a new service growth, expect we in the several the continue number next We so and to to remain for population or which support Slide our as growth by projects growth. years. fundamental planned to gas growth natural overall their over strong demand in we substantial sustainable is basis support turn on these X this drivers as Delmarva increasing in customer customer residential strategy, want growth. The opportunity evidenced service consistently

delivery projects to prudently and First, and services. safe identify that providing us we enable with work in deploy align reliable to continue demand customer capital investment hard and energy

support projects. our regulatory capital manage cost recovery Second, we of our to agenda proactively

is particular important, transformation, in primary as improvement success ensure is enterprise this that or business requires support. and prioritizes environment. Capital future $X.X additional nearly significant made continuous X, and of capital ever-changing initiatives billion on long-term toward Of note, growth regulatory investment we've billion growth at Slide recent $X.X you initiating deployment us $X.X approval billion. enable And billion of capital overall our that to identifying our of no can least see progress given which an X-year $X driver. equally plan and our to Third, identified

opportunities regulated the fundamentally company, we our utility of a work are businesses While to to to related needs look for we customers. meet together leverage

million, Although our projects identifying of investment, complementary are reflect regulated forward including and progress quarter significant the expenditure beyond. Slide XXXX of excellent year, in guidance investments $XXX $XXX capital alone. to and September we identified spent on XXXX shows $XXX in are toward our of third nonregulated current million additional invested this regulated moving making $XXX million through slate million XX approximately with we

projects expansion projects advancing efficiently technology the capital capital Loop. on FCG remaining this managing these construction transformation. Slide transportation on were 'XX our projects driving the and progress our nearly focused All and the quarter, Public the major multiple Inner Service approval over of Company focus Peninsula new Commission balance projects investment of system Referred our note Pipeline through undertaking infrastructure Florida Miami that the of we new safely XXXX Miami distribution Florida the will filed previously across service a on drivers approved, that supports $XX XX growth Florida. that is growth provides detail team to additional agreement for in projects and project through of and of projects XX, acquisition, series deploying $XXX business million and to in in of September, investments year, additional Our Delmarva including capital effectively. I'd Number connection City system the FCG's area. margin In on like and are as with one million support as for transportation track collectively adjusted Loop, Miami enhance points. Gas in ongoing the implementing remain this gross Inner

Slide to XX. Turning

a seeing Our few which and been billing over operational In major third This last system. to we has support operated step well with past company-wide our business driver field the X long-term a benefits successfully new enterprise months. system, fundamental of August, the a continual we're for transformation transformation implemented years, efficiencies new towards, the number SAP growth already is is and services to and support working growth. we've

SAP that, to implement assessing our results next FCG enterprise, also process turn will system improvements system Beth across We with in I'll across additional to detail. and discuss upgrades spring upgrades to organization. And financial continue including transitioning onto address more technology the to the the additional

good and you is today. It to great here everyone. with be Jeff, morning, Thanks,

Our compared growth, margin million for approximately with drove months up financial of growth net well income, of for demonstrate period Slide businesses. Strong from quarter up million, of $XXX coupled third strong significant to quarter of $XX approximately as performance of of million same XXXX. all margin XX% XX, to as in last addition another $XX across X XX% in to shown XX% XXXX by approximately and quarter efficiencies results, up the operational City gross first the the the growth on as solid Gas driven with the adjusted year, Florida our adjusted

$X.XX quarter, XXXX XX% in of highlight We strong adjusted Slide Gas customer reported also up now of growth. third and third contributed some EPS, the to this Florida reflecting another adjusted $X.XX, quarter adjusted EPS. $X.XX per growth our key City a to of strong operations increase drivers of earnings turn XXXX. I'll quarter XX quarter over the share in

gas in of for demand additional growth, margin gas XXXX. infrastructure natural this infrastructure natural projects incremental quarter, transmission operations $X.XX generated completed and strong driven Our from by legacy and EPS

new few of of $X.XX related benefit and as acquisition. quarter an related offerings we Florida were expenses per City related offset to additional an third partially the pipeline Our Gas These quarter. financing $X.XX gains City existing per share and this in added by Florida payroll delivered expanded $X.XX and XXXX to gas natural customers. share Increased primarily operating of our consumption including distribution virtual Marlin insurance expenses for services Gas, expenses, additional increased $X.XX $X.XX approximately in of the to factors, business a

from City substantially, quarter Regulated last income was Operating organic Slide costs. This finally, and margin to for and strong $XX Florida regulated transaction transmission transition distribution to expansions XX% third our growth million, from gross secondly, million by: nonrecurring year. Adjusted Gas; and Energy natural Moving contribution XX% up gas was also operations; first, programs. earnings up grew our our service approximately margins the in from this excluding primarily infrastructure segment XX. improvement quarter, $XXX of incremental driven

for As the relative quarter third approximately with $XX Slide delivered last Energy third solid XXXX. quarter to Unregulated shown to X% million up the also our improvement margin gross of adjusted on of segment year, XX,

plan grow discussed, market. I'll drove this unregulated upon an As to the continuing quarter, to now Marlin financing our look we support virtual to we our capital critical in with in sheet, financing improvement to capital investment-grade Slide see the and to our access we to the a is shift plan. execute on capital continue review Maintaining forward increase based a this priced to and just liquidity plan. demand structure investment strong the consistent services end, majority adequate pipeline of business balance and our XX To increasing that an profile. business credit in competitively

which we've dividend XX%, as including total XXXX, remained reinvestment approximately our XX% of purchase total cusp capitalization We end of strong placement this end is available quarter private our nearly direct in the of with credit million equity capitalization up plan. of to Our equity programs, stock of XX% revolving third target via the to and liquidity equity to our of this facility at through with at also year, $XX the the already September an XXXX range September. shelf primarily from of of the issued quarter equity and facilities ratio XX%, ended on existing XX%

we XXXX, XXXX growth dividend Lastly, sheet million notes history of X, consistent plan. Slide balance capital strong to our due on XX $XXX X.XX% support growth November strengthen approximately October our of our and further shows issued senior X%. of

of investment. this shareholders, believe to growth. balanced component ratio our and benefit growth strategy from allocation investors long-term strategy our and value capital earnings Our future dividend while designed key also for our is fund earnings payout quartile enables to is to current allowing capital top return target a to dividend reinvestment We

reflecting XXXX with CAGR of EPS X.X%. earnings guidance growth, approximately a range growth Speaking our Slide share performance per consistent EPS XX of XX-year earnings our demonstrates

of reaffirming our reaffirm our to $X.XX of share, with guidance our line our $X.XX our year-to-date us $X.XX capital XXXX guidance XXXX enabling performance adjusted we Similarly, to XXXX Our target structure. per range in XXXX of share. and share the acceleration EPS to guidance to also $X per expectations, is are $X.XX $X.XX towards including per

my over on business offset our path legacy XXXX EPS contributions impacts of year shows our XX and of track to Gas, the Slide full from range call from it's We Finally, to acquisition remain the turn only guidance $X.XX acquisition that, strong pleasure to by to the Jim. Florida with $X.XX. financing. With City our

Thank you, Beth, and good morning, everyone.

XX. agenda growth updates discussed like earlier, share and this on a Slide to our would as fundamental I Jeff is shown proactive area, in several As regulatory second driver,

For we incorporating filed ROE a $X.X rate million into an proceeding XXXX, our determine Maryland XXth, we a On Xth, customer $XX.X this proposing a rate and XX.X%. Delaware November On for our for we filed schedule in jurisdiction, revenue received case rates. increase in September approval a a X August jurisdiction, increase. million to increase Phase of

rate effective proposing our which That filing a rate conversations date order effective on approved requested $X.X with case in for the $X.X of of also included an interim with August a increase XXXX. rates, an to in million, rates filed filings look Florida also of constructive relief approved XX, rate regulators XXnd, implement we first our half operations, forward We electric XX.X% of was We an November million $XX.X were date and XXXX. a October ROE. to interim X, with for request updated these million in XXXX. On which

to We with reached sustainable on XX. as forward investments shown and also Slide continue recently an facility, milestone Dairy our Circle move Full RNG at important

construction approval pathways of the which million pleased quality WRU of storage our or on track natural team tanks. in have to the a generate and market RIN Full LNG Upgrade, Eastern the Dairy production by Marlin with ceremony captured remains production an Circle will June, regarded to system producers. Slide hosted RINS enabled date. Overall, overall. We project mark ribbon-cutting we qualified first services monetize on which manufacturer resiliency of us FERC and RNG to support test and and and We XXXX. operations. Since the XXXX Full This of and RNG start allows on opportunities existing or Circle designed RNG for services of the to strategy South Full full received region. provides evaluate evolve Q-RINS, pipeline to the will RNG transportation Shore use and our to Circle production continue RINS. DX to organization been XX additional expertise to by of site us injected In for capabilities. the in-service have an as to the of Production to of third schedule, Dairy for quarter X week in of Resiliency our low-profile the liquefied $XX reached dekatherms efficiency meet and Florida it start virtual into our also operations when our market highly at to generate update and the qualification on date the The all provide team September, the an growth traveled week commissioning that last production in historical Delmarva was quarter of an begin remain XX,XXX XXXX Worcester Korea gas matures, in end Yulee, our project, is members the anticipate enable for construction the status, to nearly at completed the milestone with last

On maintaining energy. to customers to front, focused governing federal consistent remain the affordable, levels an domestic of and further and our reliable relationships demands on and the in legislative the expand with dialogue local, at state ensure and bodies strengthen we deliver understanding serve we order the of communities and

Congress, state in legislative in We next local the to leadership and as January. political the are new along administration begin with work preparing with the sessions

policy, what no and a delivery one that and behind. affordable, is the offering opportunities and work gas the our advocate on continued so domestic seek, elected we communities do natural left to customers reliable energy expect our representatives that educate of We for efficient focus tax and while on

like to our environmental Turning September, report, published Slide our would and I which initiatives sustainability community recent micro to second engagements. XX. In cover sustainability stewardship now we our efforts. on focuses

emissions X a providing communities, emissions to reduction and reduction information XXXX. reported from in and commitments our Scope addition to XXXX XXXX environmental to greenhouse XX% In Scope our additional gas on we X a in XX% since

value hurricanes remarks. customers, call Our released and investments provide and continue across to driving communities customers stakeholders and vital be need. consider I will support efforts the donated turn $XX,XXX us serving to the growth will utility early which communities Hurricanes foundation our with all Jeff company shareholders focus areas. We the for our impacted in in come. With success, aftermath for for of our essential will that, to by XXXX. recovery enabling and Milton, DEI in to companies community to impact, X services to for third those people, for the Delivering and heavily it report, Helene on micro concluding our years to in is affected excellence the organizations stand initiatives long-term and In fellow

year and achieve the FCG, Jim. been has critical and and our Thanks, deliver EPS ability This to growth capital XXXX guidance regulatory demonstrate significant to integrate position point ranges the we through investments initiatives. our meaningful embedded as acquisition on a of in organization the turning capital our EPS XXXX guidance

plan past results with We have on earnings line year expectations performance. that continued to this full including delivering in and represent execute our top financial remain our quarter, quartile

weather year and on beyond. With Operator? we questions. take favorable provided growth you began less remain forward and pillars as accomplishments to the look that, a fourth the backdrop XXXX remainder our and throughout your quarter, X on goals the of While focused will forward-looking we'll our key full for we updating has XXXX

Tate [Operator first Sullivan our Instructions] coming Maxim And with Group. question from is

hardening that but base future will does the in to this something do I'm ] Or rate infrastructure your the related increase But the that? of rate you cases you spending the sorry from help is missed [ covered on to amount in can help increase it, you ongoing impact I short-term hurricanes. there the if service storm future work? territories

you, Thank Tate.

very service we we're serving minimal primarily say were was our the would state. impact in I in off, that fortunate areas First to There the operations. that

Jeff talked that And out we about so, less call, a had the little customers were for we service as than XX mentioned, on of hours.

X. protection see continue. and terms terms storm What becoming our the we'll and hurricanes. and or continue that we the in case to and plans, these did Nothing doing see certainly of because in more and system improvement those resilient, of plans is we're really of our So, CapEx what reliable was and with changed more has is that accelerated

City Should look with of Jeff, And Florida just of it, higher increased very City growth on natural gas average you we customer there pockets to Florida customer different at the opportunity quarter-over-quarter. growth are the can customers comment the count, the I is Gas? Gas Florida mean, set distribution growth? general? Or in similar

I in City significant I -- in Gas's Lucie similar. a the growth that Port on substantial seeing population are little the in migrate general, kind to continues think think of area. an South mean as I to Florida very farther St. of activity continues north. that's they certainly We're system area be

see and But customer residential Although growth Miami in is happy -- from the in County in we're well. with the of St. driver perspective. as a areas what we certainly big probably Lucie Brevard

FBU's lots if industrial, the Now move Miami significant on opportunities to Central those classes. you our relative look seeing And to in little again, commercial development in territory Florida a in and customer areas. Florida, We're of around things area bit.

leaps So growing seeing almost and up into Wildlight bounds. we're the by Nassau development Georgia, still County, in

what we see. pretty happy with we're So

continuing future. rate reporting growth about into X.X% frankly see the been we've think I we customers, residential that in a and

take will next Paul our question from we Fremont with And Ladenburg.

first up possible to I Congratulations. in has advance RSAM? quarter -- guess of My taking of on Florida action Supreme regulatory in decision with, any are first coming Court that's in you a 'XX question just the do my

it -- that participating talked I as currently tranche proceeding, in hearing is there's with pursue at the legacy depreciation -- that, a relates will thinking a from and to be we've happens the what able we and have if there about about that approached RSAM, we'll And RSAM Well, perspective. -- we've it in there past, discussed with Paul, would say, mind, certainly realm, in of study certainly the depreciation that. Chesapeake scheduled what rest as we will is and certainly, second we're this keep to proceeding. But historically where whole

under traditional pursue same or whether mechanism it's whether RSAM opportunity or looked a study. more like as to dollars type of that So out bucket we it there, at depreciation an of would is

following how opportunities very given that depreciation we've we're again, historically studies. So see proceeding But pursued closely. we

about talking ] We're [ --

was [indiscernible] to to Jim ask going comment. I also

helping Florida forward Court, the decision oral others looking are to Service of Florida and Supreme the Commission. We argument the the be XXth December on Public defend we'll of

thinking imagine, mean. As do and what means could you of it can that lot we about what a

our Beth and we'll stated, not, issue, fully on we're in, bring make as if to we're looking outcome. So, a back under it positive the engaged for approach. sure But depreciation

I any until answer, Supreme your the I think fair? action? that issues decision its So mean, Court wait going initiating Is before final it regulatory by you're to

We not are evaluating or we will -- whether that. await

any decision. announce we looking still been made at will We Certainly, haven't it, down go final closely. it if we're to But very path. following that decide Paul. we We've

Republican control guess, potential impact either [ opportunities might investment level business adding have Also, the LNG that in pipeline does your or your Great. ]? to -- LNG regasification how on a you I federal

a as it's think Paul, and evaluating one question, very we're I that good well.

FERC time all front continue had approach. any, stakeholders we've we'll protests we relationship had work end, regulators a a always [ very any were with closely that and at And constructive our federal with few, And to would that propose. we have on if so elsewhere. what the the We there favorable project ]

I little a project doors think our past. opening we're Worcester on Eastern did the Resiliency a But in lot is Shore. they excited you'll the what maybe about than find very of quicker

the in as go from try industry resources a we're So, sure that domestically. at the here this forward we continues of all have going benefit and make generally country and wind backs to see I we think energy to lot our

for question last then And me.

franchises? will the Maryland proceeding, the X that In of with X of terms also Phase deal unification the

now in, the yesterday and then will Phase weigh made Paul. on all plan, the And parties we'll We before X. be other ALJ. filing That's the the

we Shank. And with take question Ellinghaus [Operator our Williams next from will Siebert Chris Instructions]

anything Jeff, were is operations either there -- about point investment that or what expecting? learned the incremental you you've that at through FCG that not opportunities integration this were about

think pretty I good happy Gas reporting, to a seeing we're than higher little synergies look the we're that opportunity got level probably of our of before beginning with. some We're at we we were harvest, call to what there has we XX/X bit that in unit. also, operational been but a City also is certainly from outrageously had potential things, growth emergency expecting a what the a increased response center, Nothing frankly. They at like had that number areas. able operations leverage we've other been there

sort And synergies probably are of growth that, that we're the so that. were anticipated. They opportunities things find than we had hoping there think are the a originally bit little a seeing to we like promote along I robust that more variety of with

been I you it's speaking, So unit. It's to that. if favorable -- shocks anything we say. to the more acquiring haven't know so from -- that I generally system any would have particular far, don't add it's had Beth, to

No, I agree. would

I already those projects. RNG X think you've seen

program You've entities best are made We've what for that million. of actually other in SAFE gone increase $XX by seen take the doing. investment that. some filings both We've the

we've where opposite is say, negatively don't no, -- true. more is overall, I may were I the there -- Chris, be that think, anything would you So think I seen. going,

we a call that on We now, assumed is be like this #XX... I to example million That's project. would of $XX had about think, project we're able project Yes. Loop the that do The talking -- But a Miami good things Beth, Miami probably is that. think I the Loop, Loop Inner a we're project, that. Inner project

yes. right, That's

expansions. that the PSC A certainly the small-scale Miami That we in surrounding Florida area. of filed transmission with lot for

And into we Florida. so try gas projects to I a delivery additional of provide like more that South robust as think we'll capacity for see began to

I What's Okay. about the Yes, you line ask Loop the time wanted Great. project. to for that? Inner

filed we ago... what handful of -- Jim, a weeks that,

Yes.

would head. will top the that we've next recently. hopefully, begin date and the projects, I year. It's at off my I X guess, to fairly have don't next of QX in fairly expect exact set construction, X I as months, a commission the we or significant of sometime over described. of look the

And especially at are service what will do Miami, so, Florida, that to into seeing a of and some the seeing into the where and industry, like -- that especially production we'll places days we're of coming opportunity, the in reshoring it which trying partially South onshoring manufacturing growth put least year. in gas country. in we're and seeing of to things we improve And the to is next begin we're service back into deliverability in Florida exactly lot do, these across South cement of

And industrial we take Florida have into opportunities to and increase South those deliverability so, advantage of increases.

we're do. what to trying that's So

and what on you've sort showing been this stand that Okay. where year. in -- XX, you've Great. color any additional On so what of bucket bucket Slide one us of far? opportunities been the for provide reaping you Can you

Chris, Florida in So look that, as have we the across Delmarva both, that enterprise. we opportunities in on includes and

perspective. savings there. we're infrastructure costs example, programs that of doing, happening there for the some from again, and room things are it the to management of and are those we're as doing There that So are control some things relates and that a

already. lot a seeing You're

which If capitalization billing look in our some we're look operations, that happening. our efficiencies at went things, our in as only implementing increased for just are you I on we business expenses at of our we Project increased has costs the year-to-date created and seeing X of two, our that Number that some synergies, not it's legacy how utility in the XCX -- really live quarter, mentioned. with but transformation In and third Number do things technology. continue. you're one, quarter system, also there's it those basis, efforts a there's

So we're then, successful. move things, list -- pushback, been but front in kind been I of and at We've very jurisdictions. down regulatory little other as various timing some a you there active in successful of that the we've those is on the and Maryland. look know

we where with able most of so, that those were things, place And coupled all debt. recent even and the placement with debt to

So things to that help working just we see on there's things us within that -- enterprise, there's across positively you're of year-end, range. as stay to a going out are that are many going guidance lay lot this

Okay. quarter? That helps. improvement was One in more involved what thing. Can in the any you give color us the Marlin on

really and a within that Marlin in talked out focus year, real projects of a we've focus team types our So the there's a to been last management there's who's terms over contracts been there of had the about and really into. -- it the we're shout entering

we're like in one, that can't recur let's you longer-term more and contracts contracts. are focused ensure type contracts So number not onetime, that we're locking on, emergency look

first So thing. the that's been

second that's Jeff, about, and been there's transportation. hearing services The taking providing on us [ that hold want kind on to projects talk role happening, our of else anything and We're in more and you'd that RNG we're I services. And like if thing ] there. add more we're having don't you're know

at has a commercial so Maybe last could amount unit the years of has gas renewable just actually We've from moved base handful a a Stankiewicz spent operations of been done that in the asset a one look Justin And that into that, the commercial our while. guy, have role, of view time fair more that Marlin building we we whole comment. marketplace. He over for that view. also the point and of we've running

Marlin and out satisfy market needed and people now come And tanks the and that and has to in interested and that and in. now so, the the take the looking pass, at to there are for got we've other everything, opportunity the come to we have business that assets going out together orders the between actually actually all that to and trucks compressors equipment getting begin we marriage it it,

so going with business to the try to And seeing a of kind you're that the forward asset the balance occurring and of of that seeing of lot commercialization we'll that going. success we're continue business the and needs keep progress and

remarks. this are And I Jeff will you. to appears turn no time. further program Householder it Thank that questions closing over there now the at for

thank you much Thanksgiving, hope the Well, Utilities. have I joining interest we'll talk great to Chesapeake for appreciate very always us. soon. you We and in a you

XXXX day. Conference and a Quarter disconnect Earnings concludes Call. This wonderful your have Chesapeake Please at you. Third Thank line Corporation's this Utilities time,