For example, a CEO may decide that the following goals are essential: Increasing products or pipeline, improving distribution channels, making cost structures flexible to cyclicality, accelerating quality improvement, and establishing market leadership in a given segment or geography.

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"We've hired 100 people to work 100 percent on pipeline safety in our distribution system over the last two years, " he said.

WSJ: Report: Michigan a leader in outdated gas lines

Importantly, the latest payout marks the 29th consecutive quarterly distribution hike by the pipeline operator, of which 24 increases have been 10% or more year over year.

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CMS's Consumers Energy unit has 626 miles of cast- and wrought-iron pipeline in its gas system, or about 2.4 percent of the utility's total distribution system.

WSJ: Report: Michigan a leader in outdated gas lines