On July 1, NiSource separated Columbia Pipeline Group (NYSE: CPGX) into a stand-alone publicly traded company. Each NiSource shareholder at the time of the separation received one share of Columbia Pipeline Group for each share of NiSource.
After the separation, Columbia Pipeline Group will include Columbia Gas Transmission, Columbia Gulf Transmission, Columbia Midstream Group, its ownership in Columbia Pipeline Partners (NYSE: CPPL), and other current NiSource natural gas pipeline, storage, and midstream holdings. In total, at separation, the new public company will operate more than 15,000 miles of natural gas transmission pipelines, nearly 300 billion cubic feet of underground natural gas storage working capacity, and a growing portfolio of midstream and related facilities. Columbia Pipeline Group is expected to trade on the New York Stock Exchange under the ticker symbol “CPGX.”
On June 24, Columbia Pipeline Group announced it would invest a combined $2.7 billion in new infrastructure projects, the Mountaineer XPress and the Gulf XPress, in the Marcellus and Utica shale regions, in addition to a $1.75 billion investment in the Leach XPress project.
Following the separation, NiSource will continue to be headquartered in Merrillville, Indiana, with an ongoing presence in Columbus, Ohio, and offices in each of its operating states. Columbia Pipeline Group will continue to be headquartered in Houston, Texas, with a presence in Charleston, West Virginia, and ongoing corporate support offices in Columbus, Ohio.
NiSource will remain one of the largest natural gas utility companies in the United States, serving more than 3.4 million customers in seven states under the Columbia Gas and NIPSCO brands. The company also will continue to provide electric distribution, generation, and transmission services for approximately 450,000 NIPSCO electric customers in northern Indiana.