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.
This will be the first dividend payment made by CPG following the company's separation from NiSource Inc. (NYSE: 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.
This news release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements are subject to various risks and uncertainties. Examples of forward-looking statements in this release include statements and expectations regarding CPG's business, performance and growth following the separation. Factors that could cause actual results to differ materially from the projections, forecasts, estimates and expectations discussed in this release include, among other things; disruption to operations as a result of the separation; the inability of one or more of the businesses to operate independently following the completion of the separation; weather; fluctuations in supply and demand for energy commodities; our ability to complete internal growth projects on time and on budget; competition from the same and alternative energy sources; the success of regulatory and commercial initiatives; dealings with third parties over whom CPG has no control; actual operating experience of CPG's assets; the regulatory process; regulatory and legislative changes; changes in general economic, capital and commodity market conditions; and counter-party credit risk, and the matters set forth in the "Risk Factors" section in CPG's Registration Statement on Form 10 filed with the Securities and Exchange Commission, many of which are beyond the control of CPG. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. CPG expressly disclaims any obligation to update, amend or clarify any of the forward-looking statements contained in this release to reflect events, new information or circumstances occurring after the date of this release except as required by applicable law.
SOURCE Columbia Pipeline Group, Inc.