MERRILLVILLE, Ind., July 2, 2015 /PRNewswire/ -- The Board of Directors of NiSource Inc. (NYSE: NI) today approved a quarterly dividend payment of 15.5 cents per share, payable August 20, 2015, to common stockholders of record at the close of business on July 31, 2015.
This payment will be the first dividend payment made following the separation of Columbia Pipeline Group, Inc. (NYSE: CPGX) from NiSource, which was completed on July 1, 2015. While the payout amount announced today is lower than prior quarters due to the separation, it is consistent with the company's intention to increase the combined (NiSource and Columbia Pipeline Group) dividend announced on May 12. As announced previously, going forward NiSource will target a dividend growth rate of 4 to 6 percent annually.
"The Board's action today delivers on one of our core commitments to shareholders following the separation," said NiSource President and Chief Executive Officer Joseph Hamrock. "Our business plan, supported by approximately $30 billion in expected long-term customer-focused system-enhancement opportunities offers a compelling growth investment proposition with significant clarity and scale, and a track record of proven execution."
About NiSource NiSource Inc. (NYSE: NI) is one of the largest fully-regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across seven states through its local Columbia Gas and NIPSCO brands. Based in Merrillville, Indiana, NiSource's more than 7,000 employees are focused on safely delivering reliable and affordable energy to our customers and communities we serve. NiSource has been designated a World's Most Ethical Company by the Ethisphere Institute since 2012 and is a member of the Dow Jones Sustainability – North America Index. Additional information about NiSource, its investments in modern infrastructure and systems, its commitments and its local brands can be found at www.nisource.com. NI-F
Forward-Looking Statements 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 NiSource'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 NiSource businesses to operate independently following the completion of the separation; weather; fluctuations in supply and demand for energy commodities; growth opportunities for NiSource's business; increased competition in deregulated energy markets; the success of regulatory and commercial initiatives; dealings with third parties over whom NiSource has no control; actual operating experience of NiSource'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 NiSource's 2014 Form 10-K filed with the Securities and Exchange Commission, many of which are beyond the control of NiSource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this news release. NiSource 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 NiSource Inc.