The Board of Directors of RGC Resources at its meeting on November 26, declared a quarterly dividend of 16.5c per share on the company's common stock. The indicated annual dividend is 66c per share, a 4c or 6.5% per share increase over the prior annual level. The company has now increased the annual dividend 15 consecutive years. John D'Orazio, President and CEO of RGC Resources, Inc., stated, "The 6.5% increase reflects our solid financial performance, confidence in our business strategy and our continued commitment to deliver dividend growth to our shareholders." The dividend will be paid on February 1, 2019 to shareholders of record on January 15, 2019. This is the Company's 299th consecutive quarterly cash dividend.
Mountain Valley Pipeline, LLC, formally applied to the Federal Energy Regulatory Commission for authorization to build the MVP Southgate project, a proposed interstate natural gas transmission pipeline designed to provide reliable, cost-effective access to natural gas to meet increasing residential and commercial demand in central North Carolina. Mountain Valley Pipeline, LLC, will construct and own the proposed MVP Southgate, which is a joint venture between EQM Midstream Partners, LP (EQM); affiliates of NextEra Energy, Inc. (NEE); Consolidated Edison, Inc. (ED); and RGC Resources, Inc. (RGCO); WGL Midstream, Inc.; and PSNC Energy. EQM Midstream Partners will operate the pipeline and own the largest interest in the joint venture. Mountain Valley Pipeline, LLC, and PSNC Energy have entered into binding long-term agreements that make PSNC Energy an anchor shipper for the project, and Mountain Valley Pipeline, LLC, continues discussions with other potential customers. MVP Southgate will tie into the Mountain Valley Pipeline near Chatham, Virginia, and transport supplies of Marcellus and Utica natural gas to delivery points in Rockingham and Alamance counties in North Carolina for distribution to PSNC Energy's residential and commercial customers. As currently proposed, the MVP Southgate project is approximately 73 miles long; pending regulatory approval, construction is anticipated to begin in the first quarter 2020, with a full in-service date targeted for the fourth quarter 2020. Through this certificate application filing, the FERC is being asked to certify the public convenience and necessity of the MVP Southgate project. The FERC, together with cooperating agencies, will conduct a detailed review and evaluation of a broad number of subjects, including public safety; water resources; air quality; wildlife, soils, and vegetation; protected species; cultural and historic resources; sound levels; alternatives; and economic benefits.
BB&T Capital Markets, a division of BB&T Securities, LLC and Janney Montgomery Scott LLC are acting as joint book-running managers of the offering. Seaport Global Securities is acting as a manager of the offering.
BB&T Capital Markets, a division of BB&T Securities, LLC, and Janney Montgomery Scott LLC are acting as joint book-running managers of the offering. Seaport Global Securities is acting as a co-manager of the offering.