CALGARY, Alberta, Nov. 09, 2017 (GLOBE NEWSWIRE) — Inter Pipeline Ltd. (“Inter Pipeline”) (TSX:IPL) announced today that its board of directors has approved a 3.7 percent increase to its monthly cash dividend from $0.135 to $0.14 per share. This represents Inter Pipeline’s fifteenth consecutive dividend increase.
On an annualized basis, dividends will increase by $0.06 per share from $1.62 to $1.68. Shareholders of record as of November 22, 2017 will be eligible for Inter Pipeline’s new monthly dividend rate of $0.14 per share, with payment expected on or about December 15, 2017. Inter Pipeline’s dividend payments to shareholders are designated as “eligible dividends” for Canadian tax purposes.
“Inter Pipeline continues to provide steady and meaningful dividend growth for its shareholders, while maintaining a conservative payout ratio,” commented Christian Bayle, President and Chief Executive Officer. “This dividend increase is the result of strong financial performance across our franchises, and highlights the sustainable nature of our business even in challenging economic times.”
Since inception, Inter Pipeline has distributed approximately $4.3 billion in cash payments to investors.
Inter Pipeline Ltd.
Inter Pipeline is a major petroleum transportation, natural gas liquids processing, and bulk liquid storage business based in Calgary, Alberta, Canada. Inter Pipeline owns and operates energy infrastructure assets in western Canada and Europe. Inter Pipeline is a member of the S&P/TSX 60 Index and its common shares trade on the Toronto Stock Exchange under the symbol IPL. www.interpipeline.com