RGC Resources, Inc. Raises Annual Dividend to $0.80 per Share

Rhea-AI Summary

RGC Resources, Inc. (NASDAQ: RGCO) declares a quarterly dividend of $0.20 per share, with an indicated annual dividend of $0.80 per share. The 1.3% increase marks the 20th consecutive annual increase. CEO Paul Nester highlights the company's solid operational and financial performance, with the completion of the MVP in 2024 anticipated to further drive shareholder value.

ROANOKE, Va., Nov. 28, 2023 (GLOBE NEWSWIRE) -- The Board of Directors of RGC Resources, Inc. (NASDAQ: RGCO), at its meeting on November 27, 2023, declared a quarterly dividend of $0.20 per share on the Company’s common stock. The indicated annual dividend is $0.80 per share, a $0.01 or 1.3% per share increase over the prior annual level. The Company has now increased the annual dividend 20 consecutive years. Paul Nester, CEO of RGC Resources, Inc., stated, “The Roanoke Gas utility continues to deliver solid operational and financial performance. Further, we look forward to seeing the MVP completed in 2024. This dividend increase, our 20^th annual increase, reflects our commitment to deliver long-term shareholder value.” The dividend will be paid on February 1, 2024 to shareholders of record on January 17, 2024. This is the Company’s 319th consecutive quarterly cash dividend.

RGC Resources, Inc. provides energy and related products and services to customers in Virginia through its operating subsidiaries including Roanoke Gas Company and RGC Midstream, L.L.C.

The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause the Company’s actual results and experience to differ materially from any expectations expressed in the Company’s forward-looking statements, regarding customer growth, infrastructure investment and margins. These risks and uncertainties include gas prices and supply, geopolitical considerations and regulatory and legal challenges and those set forth in the Company’s Form 10-Q for the quarter ended June 30, 2023 and Item 1-A in the Company’s fiscal 2022 10-K. Forward-looking statements reflect the Company’s current expectations only as of the date they are made. The Company assumes no duty to update these statements should expectations change or actual results differ from current expectations except as required by applicable laws and regulations.

Past performance is not necessarily a predictor of future results.

Contact:	Timothy J. Mulvaney
	Interim CFO and Treasurer
Telephone:	540-777-3997

FAQ

What is the dividend declared by RGC Resources, Inc. (NASDAQ: RGCO)?

RGC Resources, Inc. declared a quarterly dividend of $0.20 per share, with an indicated annual dividend of $0.80 per share.

How much is the increase in the annual dividend of RGC Resources, Inc. (NASDAQ: RGCO)?

The annual dividend has increased by $0.01 or 1.3% per share over the prior annual level.

How many consecutive years has RGC Resources, Inc. (NASDAQ: RGCO) increased its annual dividend?

RGC Resources, Inc. has increased the annual dividend for 20 consecutive years.

What subsidiaries does RGC Resources, Inc. (NASDAQ: RGCO) operate?

RGC Resources, Inc. operates subsidiaries including Roanoke Gas Company and RGC Midstream, L.L.C.

When will the dividend be paid to shareholders of RGC Resources, Inc. (NASDAQ: RGCO)?

The dividend will be paid on February 1, 2024, to shareholders of record on January 17, 2024.