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Boardwalk Announces Second Quarter 2012 Results

Stocks in this article: BWP

Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.5325 ($2.13 annualized) payable on August 16, 2012, to unitholders of record as of August 9, 2012.

The Partnership also announced its results for the second quarter and six months ended June 30, 2012, which included the following items:

  • Operating revenues of $275.8 million for the quarter and $588.7 million for the six months ended June 30, 2012, a 5% and 3% increase from $262.0 million and $573.0 million in the comparable 2011 periods;
  • Net income of $65.1 million for the quarter and $157.7 million for the six months ended June 30, 2012, a 328% and 61% increase from $15.2 million and $98.2 million in the comparable 2011 periods;
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) of $169.3 million for the quarter and $366.7 million for the six months ended June 30, 2012, a 52% and 23% increase from $111.4 million and $298.6 million in the comparable 2011 periods; and
  • Distributable cash flow of $130.2 million, for the quarter and $257.4 million for the six months ended June 30, 2012, a 47% and 27% increase from $88.4 million and $202.3 million in the comparable 2011 periods.

Operating revenues for the second quarter of 2012 increased $13.8 million compared to the second quarter of 2011, driven by $12.6 million of revenues contributed by Boardwalk HP Storage Company, LLC (HP Storage) which was acquired in the first quarter of 2012, an increase in firm transportation revenues, excluding fuel, of $7.5 million and an increase in parking and lending and storage revenues of $4.6 million. The increases in operating revenues were partially offset by the effects of lower natural gas prices on fuel revenues. Operating expenses for the quarter were favorable by $40.1 million as compared with the 2011 period mainly due to a $28.5 million impairment charge related to materials and supplies which impacted the 2011 period. In addition, operating expenses were lower due to favorable fuel expenses from lower natural gas prices and lower general and administrative expenses, partly offset by the operating expenses of HP Storage.

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