Boardwalk Pipeline Partners
| 200.4px | |
| Type | Public (NYSE: BWP) |
|---|---|
| Industry | Gas Pipeline |
| Founded | 2004 |
| Headquarters | Houston, Texas |
| Key people |
Directors: Stanley C. Horton Rolf A. Gafvert Thomas E. Hyland William R. Cordes Kenneth I. Siegel Arthur L. Rebell Mark L. Shapiro Andrew H. Tisch |
| Revenue |
$814.8 mil Yd 3q10 29%[1] |
| Net income |
$200.5 mil Yd 3q10120%[1] |
| Total assets | 11pxUS$6.9 billion |
| Employees | 1,110 sept'10 |
| Parent | Loews Corporation |
| Subsidiaries | Gulf South Pipeline Co.,LP |
| Website | www.bwpmlp.com |
Boardwalk Pipeline Partners, LP (NYSE: BWP) is an energy company based in Houston, Texas. It is a master limited partnership engaged through its subsidiaries in the interstate transportation and storage of natural gas. It maintains approximately 14,200 miles (22,900 km) of pipelines, directly serving customers in 12 U.S. states. In 2010, Boardwalk systems carried approximately 10% of the nation's average daily consumption of natural gas. Boardwalk's natural gas storage facilities consist of eleven underground storage fields in four states with aggregate working gas capacity of approximately 167 Bcf.
Boardwalk Pipeline's general partner, Boardwalk Pipelines Holding Corporation, owns a majority stake of the company (66% equity interest in 2010 down from 85.5% in 2005), and is a wholly owned subsidiary of Loews Corporation. Boardwalk GP, LP is the main subsidiary of Boardwalk Pipelines Holding Corp.
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, 2010, approximately 78% of revenues were derived from capacity reservation charges under firm contracts, approximately 15% 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.
In 2008 and 2009, Boardwalk completed its East Texas Pipeline, Southeast Expansion and Gulf Crossing Project, which collectively consist of approximately 700 miles of 42-inch pipeline and certain related compression facilities. Boardwalk also completed and placed in service their Fayetteville and Greenville Laterals, which together consist of approximately 260 miles of 36-inch pipeline and certain related compression facilities.
Boardwalk has three subsidiaries:
Gulf South Pipeline is located along the Gulf Coast in the states of Texas, Louisiana, Mississippi, Alabama and Florida. The on-system markets directly served by the Gulf South system are generally located in eastern Texas, Louisiana, southern Mississippi, southern Alabama, and the Florida panhandle. These markets include LDCs and municipalities located across the system, including New Orleans, Louisiana; Jackson, Mississippi; Mobile, Alabama; and Pensacola, Florida, and end-users located across the system, including the Baton Rouge to New Orleans industrial corridor and Lake Charles, Louisiana. Gulf South also has indirect access to off-system markets through numerous interconnections with unaffiliated interstate and intrastate pipelines and storage facilities. These pipeline interconnections provide access to markets throughout the northeastern and southeastern U.S.
Texas Gas Transmission originates in Louisiana, East Texas and Arkansas and runs north and east through Louisiana, Arkansas, Mississippi, Tennessee, Kentucky, Indiana, and into Ohio, with smaller diameter lines extending into Illinois. The market area directly served by Texas Gas encompasses eight states in the South and Midwest and includes the Memphis, Tennessee; Louisville, Kentucky; Cincinnati and Dayton, Ohio; and Evansville and Indianapolis, Indiana metropolitan areas. Texas Gas also has indirect market access to the Northeast through interconnections with unaffiliated pipelines. A large portion of the gas delivered by the Texas Gas system is used for heating during the winter months, resulting in higher daily requirements during winter months.
Gulf Crossing Pipeline Company LLC originates near Sherman, Texas, and proceeds to the Perryville, Louisiana area. The market areas for Gulf Crossing are in the Midwest, Northeast, Southeast and Florida through interconnections with Gulf South, Texas Gas and unaffiliated pipelines.
References
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