The board of directors of Dominion (NYSE: D) established a 2017 dividend rate of $3.02 per share of common stock, up from $2.80 per share in 2016, or a 7.9 percent increase. Subject to board declaration in January, the first quarterly dividend of 75.5 cents per share will be payable in March 2017. The expected 2017 dividend increase would mark the 14th consecutive year in which the annual dividend rate rose from the previous year’s rate.
Thomas F. Farrell II, chairman, president and chief executive officer, said: “Through our board’s action today, Dominion remains steadfast that our long-term growth strategy will provide to our company’s owners annual 8 percent increases in our dividend rate through the end of this decade.”
Dominion is one of the nation’s largest producers and transporters of energy, with a portfolio of approximately 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric transmission lines. Dominion operates one of the nation’s largest natural gas storage systems with 1 trillion cubic feet of storage capacity and serves more than 6 million utility and retail energy customers. For more information about Dominion, visit the company’s website at www.dom.com.
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