19745--3/9/2009--CHESAPEAKE_UTILITIES

related topics

{condition, economic, financial}

{gas, price, oil}

{operation, natural, condition}

{cost, contract, operation}

{competitive, industry, competition}

{loss, insurance, financial}

{debt, indebtedness, cash}

{capital, credit, financial}

{cost, regulation, environmental}

{cost, operation, labor}

Difficult conditions in the financial services markets have materially and adversely affected the business and results of operations of many financial institutions, and we do not know when and if these conditions may improve in the near future. The unsoundness of financial institutions could adversely affect the Company. A downgrade in our credit rating could adversely affect our access to capital markets. Debt covenant obligations, if triggered, may affect our financial condition. The continuation of recent economic conditions could adversely affect our customers and negatively impact our financial results. Further changes in economic conditions and interest rates may adversely affect our results of operations and cash flows. Inflation may impact our results of operations, cash flows and financial position. Current market conditions have had a negative impact on the return on plan assets for our pension plan, which may require additional funding and negatively affect our cash flows. Our operations are exposed to market risks, beyond our control, which could adversely affect our financial results and capital requirements. Fluctuations in weather may adversely affect our results of operations, cash flows and financial condition. The amount and availability of natural gas and propane supplies are difficult to predict; a substantial reduction in available supplies could reduce our earnings in those segments. We rely on having access to interstate natural gas pipelines transportation and storage capacity; a substantial disruption or lack of growth in these services may impair our ability to meet customers existing and future requirements. Natural gas and propane commodity price changes may affect the operating costs and competitive positions of our natural gas and propane distribution operations, which may adversely affect our results of operations, cash flows and financial condition. Our propane inventory is subject to inventory risk, which may adversely affect our results of operations and financial condition. Operating events affecting public safety and the reliability of Chesapeake s natural gas distribution system could adversely affect the results of operations, financial condition and cash flows. Because we operate in a competitive environment, we may lose customers to competitors. Changes in technology may adversely affect our advanced information services segment s results of operations, cash flows and financial condition. Our energy marketing subsidiaries have credit risk and credit requirements that may adversely affect our results of operations, cash flows and financial condition. Our use of derivative instruments may adversely affect our results of operations. Changes in customer growth may affect earnings and cash flows. Chesapeake s businesses are capital intensive, and the costs of capital projects may be significant. Chesapeake s facilities and operations could be targets of acts of terrorism. The risk of terrorism and political unrest and the current hostilities in the Middle East may adversely affect the economy and the price and availability of propane, refined fuels and natural gas. Operational interruptions to our gas transmission and distribution activities, caused by accidents, malfunctions, severe weather (such as a major hurricane), a pandemic or acts of terrorism, could adversely impact earnings. Unionization campaigns could adversely affect our results of operations. Regulation of the Company, including changes in the regulatory environment, may adversely affect our results of operations, cash flows and financial condition. We are dependent upon construction of new facilities to support future growth in earnings in our natural gas distribution and interstate pipeline operations. We are subject to operating and litigation risks that may not be fully covered by insurance. Costs of compliance with environmental laws may be significant

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19745--3/9/2009--CHESAPEAKE_UTILITIES_CORP