Operating results on a year-to-date basis were impacted by the revenue and expense factors discussed above. The 2011 period included a $7.4 million loss on the early extinguishment of debt and a $5.0 million charge related to a fire at a compressor station near Carthage, Texas.

Capital Program

Growth capital expenditures were $54.5 million and maintenance capital expenditures were $36.4 million for the six months ended June 30, 2012.

Conference Call

The Partnership has scheduled a conference call for July 30, 2012, at 9:00 a.m. Eastern time to review the second quarter and six months' 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 (800) 237-9752 for callers in the U.S. or (617) 847-8706 for callers outside the U.S. The PIN number to access the call is 97546722.


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

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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