First day of trading for NI's spinoff CPGX. And a dividend declared.
Columbia Pipeline Group Declares Quarterly Common Dividend
Columbia Pipeline Group, Inc.2 hours ago
HOUSTON, July 2, 2015 /PRNewswire/ -- The Board of Directors of Columbia Pipeline Group, Inc. (CPG) (NYSE:CPGX) today approved a quarterly dividend payment of 12.5 cents per share, payable August 20, 2015, to common stockholders of record at the close of business July 31, 2015.
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This will be the first dividend payment made by CPG following the company's separation from NiSource Inc. ( NI), which was completed on July 1, 2015, and is consistent with the company's intention to increase the combined dividend announced on May 12.
"Today's announcement delivers on one of our core separation commitments as an independent pipeline, midstream and storage company," CPG Chairman and Chief Executive Officer Robert C. Skaggs, Jr. said. "As we outlined in our May 14 webcast, we have a clear line of sight on a robust project backlog that is built to deliver enhanced shareholder value through consistent EBITDA and dividend growth. Through 2020, we expect a 15 percent annual average growth rate for our dividend."
About Columbia Pipeline Group
Columbia Pipeline Group operates approximately 15,000 miles of strategically located interstate pipeline, gathering and processing assets extending from New York to the Gulf of Mexico, including an extensive footprint in the Marcellus and Utica Shale production areas. CPG also operates one of the nation's largest underground natural gas storage systems. CPG is listed on the NYSE under the ticker symbol CPGX. Additional information can be found at www.cpg.com. |
