Boardwalk Pipeline Partners

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Boardwalk Pipeline Partners, LP
Public
Traded as NYSEBWP
Industry Energy
Founded 2005
Headquarters Houston, Texas, U.S.
Key people
Stanley C. Horton, President and CEO
Products Natural gas and natural gas liquids
Revenue $1,249.2 mil (FY2015)
$220.0 mil (FY2015)
Total assets SteadyUS$8.3 billion (FY2015)
Number of employees
1,260 dec'15
Parent Loews Corporation
Website www.bwpmlp.com

Boardwalk Pipeline Partners, LP is an energy company based in Houston, Texas. It is a master limited partnership operating in the midstream portion of the natural gas and natural gas liquids (NGLs) industry, providing transportation, storage, gathering and processing services for those commodities. Boardwalk owns approximately 14,525 miles (23,376 km) of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 205 billion cubic feet (Bcf) of working natural gas and 24.0 million barrels (MMbbls) of NGLs. Boardwalk's pipeline system originates in the Gulf Coast region, Oklahoma and Arkansas and extends north and east 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 Stock 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.

Operations[edit]

Boardwalk serves a broad mix of customers, including producers of natural gas, local distribution companies (LDCs), marketers, electric power generators, industrial users and interstate and intrastate pipelines. 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, 2015, approximately 79% 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 9% of revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.

Boardwalk has the following operating subsidiaries:

  • Texas Gas Transmission, LLC
  • Gulf South Pipeline Pipeline Company, LP
  • Gulf Crossing Pipeline Company, LLC
  • Boardwalk Louisiana Midstream, LLC
  • Boardwalk Petrochemical Pipeline, LLC
  • Boardwalk Field Services, LLC

History[edit]

Loews Corporation (NYSE: L) bought Texas Gas Transmission, LLC in May 2003 and Gulf South Pipeline Company, LP in December 2004. These two interstate natural gas pipeline companies were consolidated into a new entity – Boardwalk Pipeline Partners, LP – which went public in November 2005. Boardwalk placed into service a third interstate natural gas pipeline company, Gulf Crossing Pipeline Company LLC, in 2009. In December 2011, Boardwalk acquired the Petal and Hattiesburg natural gas storage companies, which were rolled into Gulf South on January 1, 2015. In October 2012, Boardwalk acquired Boardwalk Louisiana Midstream, LLC (formerly PL Midstream, LLC), which diversified Boardwalk's operations into the natural gas liquids businesses, serving petrochemical markets in southern Louisiana. In October 2014, Boardwalk acquired Evangeline ethylene pipeline system, further expanding Boardwalk's service offerings to petrochemical customers. Boardwalk Field Services, LLC develops and operates gas gathering, compression, dehydration, treating, and processing infrastructure, and in June 2013 placed its processing plant into service.

Governance[edit]

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, Peter W. Keegan, Mark L. Shapiro, Kenneth I. Siegel and Andrew H. Tish.