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Boardwalk Announces Third 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 November 15, 2012, to unitholders of record as of November 8, 2012.

The Partnership also announced its results for the third quarter and nine months ended September 30, 2012, which included the following items:

  • Operating revenues of $270.6 million for the quarter and $859.3 million for the nine months ended September 30, 2012, a 1% and 2% increase from $268.9 million and $841.9 million in the comparable 2011 periods;
  • Net income of $59.0 million for the quarter and $216.7 million for the nine months ended September 30, 2012, a 25% and 49% increase from $47.2 million and $145.4 million in the comparable 2011 periods;
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) of $162.8 million for the quarter and $529.5 million for the nine months ended September 30, 2012, a 10% and 18% increase from $148.4 million and $447.0 million in the comparable 2011 periods; and
  • Distributable cash flow of $98.0 million for the quarter and $354.2 million for the nine months ended September 30, 2012, a 53% and 34% increase from $64.1 million and $265.0 million in the comparable 2011 periods.

Operating revenues for the third quarter of 2012 increased $1.7 million compared to the third quarter of 2011, driven by $12.2 million of revenues contributed by Boardwalk HP Storage Company, LLC (HP Storage) which was acquired in the first quarter of 2012, and an increase in parking and lending and storage revenues of $5.4 million. The increases in operating revenues were offset by the effects of lower natural gas prices on fuel revenues and lower interruptible transportation service revenues from decreases in basis spreads between locations on the pipelines. Including expenses from HP Storage, operating expenses for the quarter were favorable by $8.6 million compared to the 2011 period mainly due to lower fuel expenses from lower natural gas prices, lower maintenance project costs mainly due to timing and lower general and administrative expenses due to cost management activities. The 2011 period was favorably impacted by $6.2 million of gains from the sale of storage gas.

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