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||$1,205.6 mil (FY2013)|
|Net income||$250.2.0 mil (FY2013)|
|Total assets||US$7.9 billion (FY2013)|
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 14,450 miles (23,260 km) of pipelines and underground storage caverns with an aggregate working gas capacity of approximately 207 billion cubic feet (Bcf) and liquids capacity of 17.6 million barrels (MMbbls). Boardwalk's pipeline system originates in the Gulf Coast region, Oklahoma and Arkansas and extend north and eat to the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio. 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, 2013, approximately 81% of revenues were derived from capacity reservation charges under firm contracts, approximately 12% of revenues were derived from charges based on actual utilization under firm contracts and approximately 7% 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 was formed in 2011, is a full-service midstream natural gas company focused on the development, optimization, and operation of its gas gathering, compression, dehyradtion, treating and processing infrastructure.
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.
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.