Boardwalk Announces Fourth Quarter 2012 Results

Capital Program

Growth capital expenditures were $147.1 million and maintenance capital expenditures were $79.8 million for the year ended December 31, 2012.

Conference Call

The Partnership has scheduled a conference call for February 11, 2013, at 9:00 a.m. Eastern time to review the fourth quarter and annual results. The earnings call may be accessed via the Boardwalk website at www.bwpmlp.com. Please go to the website at least 10 minutes before the event begins to register and download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial [phone] for callers in the U.S. or [phone] for callers outside the U.S. The PIN number to access the call is 56922529.

Replay

An online replay will be available on the Boardwalk website immediately following the call.

Historical Financial Information

On December 1, 2011, HP Storage, a joint venture between the Partnership and an affiliate of its general partner, acquired the assets of Petal Gas Storage, LLC (Petal), and Hattiesburg Gas Storage Company, LLC (Hattiesburg). In the first quarter 2012, the Partnership acquired the remaining equity ownership interest from an affiliate of its general partner. The transaction was accounted for as a transaction between entities under common control, therefore, the Partnership's 2011 financial statements have been recast as though the Partnership had fully consolidated HP Storage from the date of acquisition.

Non-GAAP Financial Measures - EBITDA and Distributable Cash Flow

The Partnership uses non-GAAP measures to evaluate its business and performance, including EBITDA and Distributable Cash Flow. EBITDA is used as a supplemental financial measure by management and by external users of the Partnership's financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the Partnership's operating and financial performance, ability to generate cash and return on invested capital as compared to those of other companies in the natural gas transportation, gathering and storage business. Distributable Cash Flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements to assess the Partnership's ability to make cash distributions to its unitholders and general partner.

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