Boardwalk Pipeline Partners
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|Traded as||NYSE: BWP|
|Key people||Stanley C. Horton, President and CEO|
|Products||Natural gas and natural gas liquids|
|Revenue||$1,185.0 mil (FY2012)|
|Net income||$306.0 mil (FY2012)|
|Total assets||US$7.9 billion (FY2012)|
Boardwalk Pipeline Partners, LP is an energy company based in Houston, Texas. It is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids to its customers. Through its subsidiaries, Boardwalk operates approximately 14,410 miles (23,190 km) of pipelines and underground storage caverns with an aggregate working gas capacity of approximately 201 billion cubic feet (Bcf) and liquids capacity of approximately 18 million barrels. In 2012, Boardwalk systems carried approximately 12% of the nation's average daily consumption of natural gas, directly serving customers in 13 U.S. states. Boardwalk's common units are traded under the symbol "BWP" on the New York Storck Exchange (NYSE).
The general partner for Boardwalk Pipeline Partners is Boardwalk GP, LP, which is indirectly owned by Loews Corporation for 100 percent. The common units, class B and general partner interest indirectly owned by Loews Corporation represent approximately 53 percent of the equity interests, excluding the incentive distribution rights.
Boardwalk serves a broad mix of customers, including marketers, local distribution companies, producers, electric power generators, interstate and intrastate pipelines and direct industrial users. Boardwalk provides a significant portion of pipeline transportation and storage services through firm contracts under which customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). Other charges are based on actual utilization of the capacity under firm contracts and contracts for interruptible services. For the twelve months ended December 31, 2012, approximately 83% of revenues were derived from capacity reservation charges under firm contracts, approximately 11% of revenues were derived from charges based on actual utilization under firm contracts and approximately 6% of revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
Boardwalk has six operating subsidiaries:
- Texas Gas Transmission, LLC
- Gulf South Pipeline Pipeline Company, LP
- Gulf Crossing Pipeline Company, LLC
- Petal Gas Storage, LLC
- Boardwalk Field Services, LLC
- Boardwalk Louisiana Midstream, LLC
Loews Corporation (NYSE:L) bought Texas Gas Transmission, LLC in May 2003 and Gulf South Pipeline Company, LP in December 2004. These two companies were consolidated into a new entity--Boardwalk Pipeline Partners, LP--which went public on November 15, 2005.
A third interstate natural gas pipeline company, Gulf Crossing Pipeline Company, LLC went into service in 2009.
Boardwalk Field Services, LLC, which is a full-service midstream company focused on constructing, acquiring, owning, and operating gas gathering, compression, dehydration, treating, and processing infrastructure, announced its first project in October 2011.
Boardwalk acquired Petal Gas Storage, LLC and Hattiesburg Gas Sales, LLC natural gas storage companies in December 2011 and formed Boardwalk HP Storage Company, which was renamed Petal Gas Storage, LLC in May 2013.
In October 2012, Boardwalk acquired Boardwalk Louisiana Midstream, LLC (formerly PL Midstream, LLC), which expanded Boardwalk's operations into the natural gas liquids business.
In 2009 Boardwalk Pipeline Partners, Southern Company and Kinder Morgan were involved in an explosion that killed one person and injured three people in Sylvarena, Mississippi. Boardwalk Pipeline Partners and the Williams Companies were fined $2.4 million for 18 incidents that took place between 2006 and 2013 that include failing to monitor corrosion and waiting to repair a natural gas line showing metal loss in Kentucky. The Kentucky Pipeline Safety Trust analyzed incidents among 21 companies regulated by the pipeline safety administration and found that Williams' companies had the ninth-lowest rate of incidents per mile of pipeline and Boardwalk Pipeline Partners had the fifth-highest rate of incidents per mile of pipeline from 2006 to 2011. Boardwalk Pipeline Partners is a major supporter of the Bluegrass Pipeline.
The current members of the board of directors for Boardwalk Pipeline Partners, LP are William R. Cordes, Stanley C. Horton, Thomas E. Hyland, Arthur L. Rebell, Mark L. Shapiro, Kenneth I. Siegel and Andrew H. Tish.
- "Pipeline explosion kills 1, injures 3 in Smith county". MS News. Retrieved 23 January 2014.
- "Safety history of Bluegrass Pipeline companies at issue in Kentucky debate". WDRB. Retrieved 23 January 2013.