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.
Peoples Energy (NYSE:PGL)
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