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Boardwalk Announces Fourth Quarter 2012 Results

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 February 28, 2013, to unitholders of record as of February 21, 2013.

The Partnership also announced its results for the fourth quarter and year ended December 31, 2012, which included the following items:
  • Operating revenues of $325.7 million for the quarter and $1,185.0 million for the year ended December 31, 2012, an 8% and 4% increase from $301.0 million and $1,142.9 million in the comparable 2011 periods;
  • Net income of $90.1 million for the quarter and $306.0 million for the year ended December 31, 2012, a 26% and 41% increase from $71.6 million and $217.0 million in the comparable 2011 periods;
  • Earnings before interest, taxes, depreciation and amortization (EBITDA) of $197.8 million for the quarter and $726.5 million for the year ended December 31, 2012, a 16% and 18% increase from $170.4 million and $617.4 million in the comparable 2011 periods; and
  • Distributable cash flow of $143.3 million for the quarter and $499.6 million for the year ended December 31, 2012, a 2% and 19% increase from $140.1 million and $418.7 million in the comparable 2011 periods.

Operating revenues for the fourth quarter of 2012 increased $24.7 million compared to the fourth quarter of 2011, driven by $25.6 million of revenues contributed from the Partnership's recent acquisitions, Boardwalk Louisiana Midstream, LLC (Louisiana Midstream) and Boardwalk HP Storage Company, LLC (HP Storage). Operating expenses increased $6.2 million, primarily as a result of the acquisitions of Louisiana Midstream and HP Storage.

Operating results on a year-to-date basis were impacted by the revenue and expense factors discussed above. The 2011 operating expenses included a $28.8 million material and supplies impairment, a $5.0 million charge related to a fire at a compressor station near Carthage, Texas, and $9.2 million of gains from the sale of storage gas.

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