Chesapeake Utilities is a mid-sized regulated natural gas utility serving customers in the Mid-Atlantic and Florida. The core business is delivering natural gas to residential, commercial, and industrial customers through local distribution pipelines, with rates set by state public service commissions or FERC. Chesapeake Utilities operates two primary geographic markets: the Delmarva Peninsula, where it serves roughly 114,000 natural gas customers, and Florida, its larger and faster-growing market, where it serves roughly 229,000 customers following the 2023 acquisition of Florida City Gas. The company also owns natural gas transmission pipelines — Eastern Shore Natural Gas on the Delmarva Peninsula and Peninsula Pipeline in Florida — that move gas from interstate pipelines to local distribution systems. Beyond regulated gas, Chesapeake Utilities operates a small regulated electric utility in Florida and several unregulated businesses, including propane distribution (~92,000 customers across the Mid-Atlantic, Carolinas, and Florida), an unregulated gas supply business in rural Ohio, and Marlin Gas Services, a mobile CNG/LNG transport business. Chesapeake Utilities' earnings model centers on growing its rate base through capital investment in new and existing infrastructure, with regulators allowing a return on that capital. The company is targeting $1.5B–$1.8B in capital spending through 2028, driven by customer growth in Florida and Delmarva, transmission expansions, and new market opportunities including data center gas infrastructure and RNG projects.