Peoples Energy Declares Quarterly Dividend; Quarterly Rate Maintained at 54 1/2 cents per share
31 Janeiro 2006 - 2:08PM
Business Wire
The Board of Directors of Peoples Energy (NYSE:PGL) today declared
a regular quarterly dividend of 54 1/2 cents per share. On an
annualized basis, the Company's dividend rate remains equivalent to
$2.18 per share. Peoples Energy has a 69 year history of
uninterrupted dividend payments. "Peoples Energy's cash dividend
continues to be among the strongest and most consistent in the
energy industry," said Thomas M. Patrick, chairman, president and
CEO. "Considering the transitional aspects of fiscal 2006 for the
Company, we are maintaining the dividend at its current rate at
this time. Assuming reasonable rate relief from our upcoming rate
case filings at Peoples Gas and North Shore Gas, we believe the
current dividend level is sustainable on a long-term basis, and we
are committed to that objective." The first payment at the new
level will be made April 13 to shareholders of record at the close
of business on March 22. Peoples Energy, a member of the S&P
500, is a diversified energy company comprised of four primary
business segments: Gas Distribution, Oil and Gas Production, Energy
Marketing, and Energy Assets. The Gas Distribution business serves
about one million retail customers in Chicago and northeastern
Illinois. Visit the Peoples Energy web site at PeoplesEnergy.com.
Forward-Looking Information. This press release contains
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Generally, the words "may", "could", "project",
"believe", "anticipate", "estimate", "plan", "forecast", "will be",
and similar words identify forward-looking statements. Actual
results could differ materially from such expectations because of
many uncertainties, including, but not limited to: adverse
decisions in proceedings before the Illinois Commerce Commission
concerning the prudence review of the utility subsidiaries' gas
purchases; failure by the Illinois Commerce Commission to approve
the gas charge proceedings settlement agreement between the Company
and certain intervenors concerning such proceedings; the future
health of the United States and Illinois economies; the timing and
extent of changes in interest rates and energy commodity prices,
including but not limited to the effect of gas prices on cost of
gas supplies, accounts receivable and the provision for
uncollectible accounts, interest expense and earnings from the oil
and gas production segment; adverse resolution of material
litigation; effectiveness of the Company's risk management policies
and the creditworthiness of customers and counterparties;
regulatory developments in the United States, Illinois and other
states where the Company does business; changes in the nature of
the Company's competition resulting from industry consolidation,
legislative change, regulatory change and other factors, as well as
action taken by particular competitors; operational factors
affecting the Company's gas distribution, energy assets and oil and
gas production segments; Aquila Inc.'s financial ability to perform
under its power sales agreements with Elwood Energy LLC; drilling
and production risks and the inherent uncertainty of oil and gas
reserve estimates; weather related energy demand; the application
of, or changes in, accounting rules or interpretations; and
terrorist activities. Also, projections to future periods of the
effectiveness of internal control over financial reporting are
subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate. Some of the uncertainties
that may affect future results are discussed in more detail in
Peoples Energy's most recent Form 10-K/A filed with the SEC under
Item 1 - Business, Item 1A - Risk Factors and Item 7 - Management's
Discussion and Analysis, as such information may be updated by
subsequent filings under the Securities Exchange Act of 1934. All
forward-looking statements included in this press release are based
upon information presently available, and Peoples Energy assumes no
obligation to update any forward-looking statements.
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