Boardwalk Pipeline Partners, LP
Company Summary
Description
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that transports and stores natural gas and liquids for its customers.Website
http://www.bwpmlp.com/Financial Data:
NYSE:BWP from Google FinanceTickers:
-
BWP - New York Stock Exchange
Related Entities
Recent news
- 2/12/2024 - Boardwalk Pipeline... (subscriber access)
- 8/5/2020 - Boardwalk Pipeline... (subscriber access)
- 3/19/2018 - Boardwalk PIpeline... (subscriber access)
- 10/31/2017 - Boardwalk Sold Flag City... (subscriber access)
- 10/31/2017 - Boardwalk Pipeline... (subscriber access)
Investor Presentations
- June 2016 Investor Presentation
- 2016 Morgan Stanley MLP Conference (subscriber access)
- 2016 Citi field trip (subscriber access)
Company Transactions
Date: 5/6/2017
Type: Acquisition
REGIONS:
Eagle Ford
News & Press Releases
Criterion News
- 2/12/2024 - Boardwalk Pipeline... (subscriber access)
- 8/5/2020 - Boardwalk Pipeline... (subscriber access)
- 3/19/2018 - Boardwalk PIpeline... (subscriber access)
- 10/31/2017 - Boardwalk Sold Flag City... (subscriber access)
- 10/31/2017 - Boardwalk Pipeline... (subscriber access)
- 10/2/2017 - Texas Gas Transmission... (subscriber access)
- 10/2/2017 - Southwestern Energy Renegotiates Fayetteville Firm Transport Agreement with Boardwalk Pipeline Partners
- 7/31/2017 - Boardwalk Pipeline... (subscriber access)
- 5/1/2017 - Boardwalk Pipeline... (subscriber access)
- 2/6/2017 - Boardwalk Pipeline Partners Reports 4Q16 Revenues of $352.6 Million
- 1/6/2017 - Boardwalk Pipelines, LP... (subscriber access)
- 10/31/2016 - Boardwalk Pipeline... (subscriber access)
- 8/1/2016 - Boardwalk Pipeline... (subscriber access)
- 8/1/2016 - Boardwalk Pipeline... (subscriber access)
- 5/12/2016 - Boardwalk Pipeline Partners Offering $550 Million in Senior Notes
- 5/2/2016 - Boardwalk 1Q16 Earnings... (subscriber access)
- 5/2/2016 - Boardwalk 1Q16 Earnings... (subscriber access)
- 5/2/2016 - Boardwalk 1Q16 Earnings... (subscriber access)
- 2/8/2016 - Boardwalk Pipeline Partners Q4 Earnings: CapEx of $374.5 Million
- 2/8/2016 - Boardwalk Pipeline... (subscriber access)
- 2/8/2016 - Boardwalk Pipeline... (subscriber access)
- 8/6/2015 - BWP Business... (subscriber access)
Press Releases
- Operating revenues of $335.4 million, a 9% decrease from $367.0 million in the comparable 2017 period. Excluding items offset in fuel and transportation expense, operating revenues were $331.0 million, a 5% decrease from $347.8 million in the comparable 2017 period;
- Net income of $97.2 million, a 19% decrease from $119.3 million in the comparable 2017 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $224.4 million, a 9% decrease from $246.2 million in the comparable 2017 period; and
- Distributable cash flow of $159.9 million, a 9% decrease from $176.1 million in the comparable 2017 period.
- Operating revenues of $337.5 million for the quarter and $1,322.6 million for the year ended December 31, 2017, a 4% decrease and a 1% increase from $352.6 million and $1,307.2 million in the comparable 2016 periods. Excluding items offset in fuel and transportation expense and the effect of a 2016 legal settlement, operating revenues were $325.4 million for the quarter and $1,267.8 million for the year ended December 31, 2017, a 2% decrease and a 4% increase from $332.8 million and $1,223.7 million in the comparable 2016 periods;
- Net income of $84.2 million for the quarter and $297.0 million for the year ended December 31, 2017, a 5% and a 2% decrease from $88.2 million and $302.2 million in the comparable 2016 periods. During the second quarter of 2017, the Partnership sold its Flag City Processing Partners, LLC subsidiary, which owned the Flag City processing plant and related assets, to a third party for approximately $63.6 million, including customary adjustments. The Partnership recognized losses and impairment charges of $47.1 million on the sale. Excluding the impact of the Flag City sale, Net income would have been $344.1 million for the year ended December 31, 2017;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $205.5 million for the quarter and $791.4 million for the year ended December 31, 2017, a 4% and a 1% decrease from $213.8 million and $803.0 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, EBITDA would have been $838.5 million for the year ended December 31, 2017; and
- Distributable cash flow of $110.6 million for the quarter and $600.5 million for the year ended December 31, 2017, a 14% decrease and an 18% increase from $128.3 million and $507.3 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, distributable cash flow would have been $536.9 million for the year ended December 31, 2017.
- Operating revenues of $300.5 million for the quarter and $985.1 million for the nine months ended September 30, 2017, a 1% decrease and a 3% increase from $303.3 million and $954.6 million in the comparable 2016 periods. Excluding items offset in fuel and transportation expense and the nine month effect of a 2016 legal settlement, operating revenues were $291.5 million for the quarter and $942.4 million for the nine months ended September 30, 2017, a 3% and 6% increase from $284.2 million and $890.9 million in the comparable 2016 periods;
- Net income of $69.8 million for the quarter and $212.8 million for the nine months ended September 30, 2017, a 48% increase and a 1% decrease from $47.3 million and $214.0 million in the comparable 2016 periods. During the second quarter of 2017, the Partnership sold its Flag City Processing Partners, LLC subsidiary, which owns the Flag City processing plant, and related assets, to a third party for $63.6 million, including customary adjustments. The Partnership recorded $47.1 million of losses and impairment charges related to the sale. Excluding the impact of the Flag City sale, Net income would have been $259.9 million for the nine months ended September 30, 2017;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $191.7 million for the quarter and $585.9 million for the nine months ended September 30, 2017, a 9% increase and a 1% decrease from $176.2 million and $589.2 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, EBITDA would have been $633.0 million for the nine months ended September 30, 2017; and
- Distributable cash flow of $112.0 million for the quarter and $489.9 million for the nine months ended September 30, 2017, a 24% and 29% increase from $90.0 million and $379.0 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, distributable cash flow would have been $426.3 million for the nine months ended September 30, 2017.
- Provides right-sized, fixed rate, guaranteed long-term takeaway capacity and future option capacity to highly sought after gulf coast markets;
- Fayetteville Lateral volume commitment reduced from 800,000 MMBTU per day to 100,000 MMBTU per day in November 2017 through October 2020 at existing rates;
- Restructured firm transportation agreements and demand fees beginning in 2021 at approximately $0.10 per MMBTU; and
- Firm transportation agreements for up to 800,000 MMBTU per day starting in 2021 and decreasing each year.
- Operating revenues of $317.6 million for the quarter and $684.6 million for the six months ended June 30, 2017, a 4% increase and a 5% increase from $306.3 million and $651.3 million in the comparable 2016 periods. Operating revenues, less fuel and transportation expense, were $303.1 million for the quarter and $650.9 million for the six months ended June 30, 2017, a 3% increase and a 5% increase from $294.7 million and $619.4 million in the comparable 2016 periods;
- Net income of $23.7 million for the quarter and $143.0 million for the six months ended June 30, 2017, a 64% decrease and a 14% decrease from $65.7 million and $166.7 million in the comparable 2016 periods. During the second quarter of 2017, the Partnership sold its Flag City Processing Partners, LLC subsidiary, which owns the Flag City processing plant, and related assets, to a third party for $64.7 million, including customary adjustments. The Partnership recorded $47.1 million of losses and impairment charges related to the sale. Excluding the impact of the Flag City sale, Net income would have been $70.8 million and $190.1 million for the quarter and six months ended June 30, 2017;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $148.0 million for the quarter and $394.2 million for the six months ended June 30, 2017, a 22% decrease and a 5% decrease from $190.3 million and $413.0 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, EBITDA would have been $195.1 million and $441.3 million for the quarter and six months ended June 30, 2017; and
- Distributable cash flow of $201.8 million for the quarter and $377.9 million for the six months ended June 30, 2017, a 57% increase and a 31% increase from $128.9 million and $289.0 million in the comparable 2016 periods. Excluding the impact of the Flag City sale, distributable cash flow would have been $137.1 million and $313.2 million for the quarter and six months ended June 30, 2017.
- Operating revenues of $367.0 million, a 6% increase from $345.0 million in the comparable 2016 period. Operating revenues, less fuel and transportation expense, were $347.8 million, a 7% increase from $324.7 million in the comparable 2016 period;
- Net income of $119.3 million, an 18% increase from $101.0 million in the comparable 2016 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $246.2 million, an 11% increase from $222.7 million in the comparable 2016 period; and
- Distributable cash flow of $176.1 million, a 10% increase from $160.1 million in the comparable 2016 period.
- Operating revenues of $352.6 million for the quarter and $1,307.2 million for the year ended December 31, 2016, an 8% increase and a 5% increase from $326.8 million and $1,249.2 million in the comparable 2015 periods. Operating revenues, less fuel and transportation expense, were $332.8 million for the quarter and $1,236.4 million for the year ended December 31, 2016, a 9% increase and an 8% increase from $305.5 million and $1,149.9 million in the comparable 2015 periods.
- Net income of $88.2 million for the quarter and $302.2 million for the year ended December 31, 2016, a 34% increase and a 36% increase from $65.6 million and $222.0 million in the comparable 2015 periods;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $213.8 million for the quarter and $803.0 million for the year ended December 31, 2016, a 13% increase and an 11% increase from $189.1 million and $722.2 million in the comparable 2015 periods; and
- Distributable cash flow of $128.3 million for the quarter and $507.3 million for the year ended December 31, 2016, a 22% increase and a 23% increase from $105.1 million and $413.3 million in the comparable 2015 periods.
- Operating revenues of $303.3 million for the quarter and $954.6 million for the nine months ended September 30, 2016, a 3% increase from $294.1 million and $922.4 million in the comparable 2015 periods. Operating revenues, less fuel and transportation expense, were $284.2 million for the quarter and $903.6 million for the nine months ended September 30, 2016, a 6% increase and a 7% increase from $269.0 million and $844.4 million in the comparable 2015 periods.
- Net income of $47.3 million for the quarter and $214.0 million for the nine months ended September 30, 2016, a 23% increase and a 37% increase from $38.3 million and $156.4 million in the comparable 2015 periods;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $176.2 million for the quarter and $589.2 million for the nine months ended September 30, 2016, a 9% increase and an 11% increase from $161.2 million and $533.1 million in the comparable 2015 periods; and
- Distributable cash flow of $90.0 million for the quarter and $379.0 million for the nine months ended September 30, 2016, an 8% increase and a 23% increase from $83.6 million and $308.2 million in the comparable 2015 periods.
- Operating revenues of $306.3 million for the quarter and $651.3 million for the six months ended June 30, 2016, a 3% increase and a 4% increase from $298.6 million and $628.3 million in the comparable 2015 periods. Operating revenues, less fuel and transportation expense, were $294.7 million for the quarter and $619.4 million for the six months ended June 30, 2106, an 8% increase from $273.8 million and $575.4 million in the comparable 2015 periods.
- Net income of $65.7 million for the quarter and $166.7 million for the six months ended June 30, 2016, a 63% increase and a 41% increase from $40.4 million and $118.1 million in the comparable 2015 periods;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $190.3 million for the quarter and $413.0 million for the six months ended June 30, 2016, a 14% increase and an 11% increase from $167.3 million and $371.9 million in the comparable 2015 periods; and
- Distributable cash flow of $128.9 million for the quarter and $289.0 million for the six months ended June 30, 2016, a 40% increase and a 29% increase from $92.3 million and $224.6 million in the comparable 2015 periods.
- Operating revenues of $345.0 million, a 5% increase from $329.7 million in the comparable 2015 period;
- Net income of $101.0 million, a 30% increase from $77.7 million in the comparable 2015 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $222.7 million, a 9% increase from $204.6 million in the comparable 2015 period; and
- Distributable cash flow of $160.1 million, a 21% increase from $132.3 million in the comparable 2015 period.
- Operating revenues of $326.8 million for the quarter and $1,249.2 million for the year ended December 31, 2015, a 7% increase and a 1% increase from $304.6 million and $1,233.8 million in the comparable 2014 periods;
- Net income attributable to controlling interests of $65.6 million for the quarter and $222.0 million for the year ended December 31, 2015, a 78% increase and a 5% decrease from $36.8 million and $233.6 million in each of the comparable 2014 periods;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $189.1 million for the quarter and $722.2 million for the year ended December 31, 2015, a 19% increase and a 5% increase from $158.7 million and $687.6 million in the comparable 2014 periods; and
- Distributable cash flow of $105.1 million for the quarter and $413.3 million for the year ended December 31, 2015, a 1% decrease and an 8% decrease from $106.7 million and $449.4 million in the comparable 2014 periods.
Alerian Reports June 30, 2018 Index Linked Product Positions
Source: PR Newswire
DALLAS, Aug. 1, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $15.0 billion as of June 30, 2018. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of June 30, 2018, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
305,257,484 |
10,340,701 |
HEP |
151,911,915 |
5,375,510 | |
|
AMGP |
1,164,270 |
61,732 |
MMP |
1,501,453,809 |
21,735,000 | |
|
ANDX |
446,822,576 |
10,506,056 |
MPLX |
1,162,174,520 |
34,041,433 | |
|
APU |
58,778,057 |
1,392,185 |
NBLX |
22,166,701 |
434,130 | |
|
ARLP |
25,591,033 |
1,394,607 |
NGL |
165,162,738 |
13,213,019 | |
|
BPL |
604,497,037 |
17,197,640 |
NS |
210,933,016 |
9,312,716 | |
|
BPMP |
20,189,424 |
961,859 |
NSH |
239,822 |
19,340 | |
|
BWP |
170,678,160 |
14,688,310 |
PAA |
1,177,071,579 |
49,791,522 | |
|
CEQP |
183,499,246 |
5,779,504 |
PAGP |
3,213,393 |
134,395 | |
|
CQP |
173,601,824 |
4,828,980 |
PSXP |
318,554,875 |
6,238,834 | |
|
CVRR |
20,028,626 |
896,135 |
RMP |
147,346,450 |
8,657,253 | |
|
DCP |
421,401,442 |
10,654,904 |
SEP |
341,382,494 |
9,638,128 | |
|
DM |
13,475,016 |
990,810 |
SHLX |
322,823,077 |
14,554,692 | |
|
EEP |
277,227,481 |
25,363,905 |
SMLP |
12,744,536 |
827,567 | |
|
ENBL |
176,973,526 |
10,343,280 |
SPH |
28,830,596 |
1,227,356 | |
|
ENLC |
853,859 |
51,906 |
SUN |
27,065,571 |
1,084,358 | |
|
ENLK |
303,905,691 |
19,568,943 |
TCP |
165,868,659 |
6,391,856 | |
|
EPD |
1,503,782,388 |
54,347,032 |
TEGP |
386,005,955 |
17,419,041 | |
|
EQGP |
355,540 |
15,123 |
TGP |
18,444,324 |
1,094,619 | |
|
EQM |
356,373,011 |
6,907,792 |
USAC |
16,751,289 |
995,323 | |
|
ETE |
6,023,303 |
349,177 |
VLP |
17,131,051 |
449,988 | |
|
ETP |
1,481,856,983 |
77,828,623 |
VNOM |
25,953,041 |
813,320 | |
|
GEL |
281,851,288 |
12,864,048 |
WES |
571,788,034 |
11,816,244 | |
|
GLOP |
14,609,467 |
612,556 |
WGP |
826,761 |
23,126 | |
|
GMLP |
15,169,006 |
981,178 |
WPZ |
1,218,967,796 |
30,031,234 | |
|
HCLP |
18,789,000 |
1,592,288 |
||||
About Alerian
Alerian equips investors to make informed decisions about energy infrastructure and Master Limited Partnerships (MLPs). Its benchmarks are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of June 30, 2018, over $15 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-june-30-2018-index-linked-product-positions-300690263.html
SOURCE Alerian
Article Date
8/1/20187/11/2018 - Swank Capital and Cushing® Asset Management Announce a Constituent Change to The Cushing® 30 MLP Index
Swank Capital and Cushing® Asset Management Announce a Constituent Change to The Cushing® 30 MLP Index
Source: PR Newswire
DALLAS, July 11, 2018 /PRNewswire/ -- Swank Capital, LLC and Cushing® Asset Management, LP announce an upcoming interim change to the constituents of The Cushing® 30 MLP Index (the "Index"). On June 29, 2018, the general partner of Index constituent Boardwalk Pipeline Partners, LP (NYSE: BWP) elected to exercise its right to purchase all of the issued and outstanding common units of BWP that it does not already own. BWP units are expected trade on the NYSE through July 18, 2018, and be delisted on July 19, 2018. Per the Index's methodology guide, after the market closes on July 18, 2018, and effective on July 19, 2018, Valero Energy Partners LP (NYSE: VLP) will replace BWP as a constituent of the Index at BWP's then-current weight.
There will be no changes to the remaining constituents of the Index.
ABOUT THE CUSHING® 30 MLP INDEX
The Cushing® 30 MLP Index tracks the performance of 30 publicly traded MLP securities that hold midstream energy infrastructure assets in North America, chosen according to a formula-based proprietary valuation model developed by Cushing® Asset Management, LP to rank MLPs for potential inclusion in the Index. The Index price level is calculated by S&P Dow Jones Indices and reported on a real-time basis under the Bloomberg ticker "MLPX".
ABOUT SWANK CAPITAL AND CUSHING® ASSET MANAGEMENT
Cushing® Asset Management, LP ("Cushing"), a subsidiary of Swank Capital, LLC, is an SEC-registered investment adviser headquartered in Dallas, Texas. Cushing serves as investment adviser to affiliated funds and managed accounts which invest primarily in securities of MLPs and other natural resource companies.
Cushing is also dedicated to serving the needs of MLP and energy income investors by sponsoring a variety of industry benchmarks, including The Cushing® MLP Market Cap Index (Bloomberg Ticker: CMCI), The Cushing® MLP High Income Index (Bloomberg Ticker: MLPY), The Cushing® Energy Index (Bloomberg Ticker: CENI), The Cushing® Energy Supply Chain Index (Bloomberg Ticker: CSCI), The Cushing® Transportation Index (Bloomberg Ticker: CTRI) and The Cushing® Utility Index (Bloomberg Ticker: CUTI). For more information, please visit http://www.cushingasset.com/indices.
Contact:
Judson Redmond
214-692-6334
www.cushingasset.com
The Cushing® 30 MLP Index (the "Index") is the exclusive property of Swank Capital, LLC, and Cushing Asset Management, LP, which have contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) ("S&P Dow Jones Indices") to calculate and maintain the Index. S&P® is a registered trademark of Standard & Poor's Financial Services LLC ("SPFS"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and, these trademarks have been licensed to S&P Dow Jones Indices. "Calculated by S&P Dow Jones Indices" and its related stylized mark(s) have been licensed for use by Swank Capital, LLC, and Cushing Asset Management, LP. Neither S&P Dow Jones Indices, SPFS, Dow Jones nor any of their affiliates sponsor and promote the Index and none shall be liable for any errors or omissions in calculating the Index.
CUSH-MLPX
View original content:http://www.prnewswire.com/news-releases/swank-capital-and-cushing-asset-management-announce-a-constituent-change-to-the-cushing-30-mlp-index-300679067.html
SOURCE Cushing Asset Management, LP; Swank Capital, LLC
Article Date
7/11/20184/30/2018 - Boardwalk Announces First Quarter 2018 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces First Quarter 2018 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, April 30, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 17, 2018, to unitholders of record as of May 10, 2018.
The Partnership also announced its results for the first quarter ended March 31, 2018, which included the following items:
Effective January 1, 2018, the Partnership implemented the new revenue recognition standard, which did not have a material impact on operating revenues. Compared with the first quarter of 2017, the Partnership's first quarter of 2018 results were unfavorably impacted primarily by contract restructuring and market conditions related to the Partnership's storage and PAL services.
Capital Program
Growth capital expenditures were $86.7 million and maintenance capital expenditures were $24.2 million for the three months ended March 31, 2018.
Conference Call
The Partnership has scheduled a live webcast and conference call for April 30, 2018, at 9:30 a.m. Eastern Time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 4269513.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
|
(Millions, except per unit amounts) | |||||||
|
(Unaudited) | |||||||
|
For the | |||||||
|
2018 |
2017 | ||||||
|
Operating Revenues: |
|||||||
|
Transportation |
$ |
298.5 |
$ |
313.3 |
|||
|
Storage, parking and lending |
25.1 |
28.8 |
|||||
|
Other |
11.8 |
24.9 |
|||||
|
Total operating revenues |
335.4 |
367.0 |
|||||
|
Operating Costs and Expenses: |
|||||||
|
Fuel and transportation |
4.4 |
19.2 |
|||||
|
Operation and maintenance |
46.4 |
40.4 |
|||||
|
Administrative and general |
32.1 |
35.1 |
|||||
|
Depreciation and amortization |
82.9 |
80.6 |
|||||
|
Gain on sale of assets |
(0.4) |
— |
|||||
|
Taxes other than income taxes |
29.3 |
27.4 |
|||||
|
Total operating costs and expenses |
194.7 |
202.7 |
|||||
|
Operating income |
140.7 |
164.3 |
|||||
|
Other Deductions (Income): |
|||||||
|
Interest expense |
44.1 |
46.2 |
|||||
|
Interest income |
— |
(0.1) |
|||||
|
Miscellaneous other income, net |
(0.8) |
(1.3) |
|||||
|
Total other deductions |
43.3 |
44.8 |
|||||
|
Income before income taxes |
97.4 |
119.5 |
|||||
|
Income taxes |
0.2 |
0.2 |
|||||
|
Net income |
$ |
97.2 |
$ |
119.3 |
|||
|
Net Income per Unit: |
|||||||
|
Net income per common unit |
$ |
0.38 |
$ |
0.47 |
|||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
|||||
|
Cash distribution declared and paid to common units per common unit |
$ |
0.10 |
$ |
0.10 |
|||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the | |||||||
|
2018 |
2017 | ||||||
|
Net income |
$ |
97.2 |
$ |
119.3 |
|||
|
Income taxes |
0.2 |
0.2 |
|||||
|
Depreciation and amortization |
82.9 |
80.6 |
|||||
|
Interest expense |
44.1 |
46.2 |
|||||
|
Interest income |
— |
(0.1) |
|||||
|
EBITDA |
224.4 |
246.2 |
|||||
|
Less: |
|||||||
|
Cash paid for interest, net of capitalized interest (1) |
40.2 |
44.7 |
|||||
|
Maintenance capital expenditures |
24.2 |
24.6 |
|||||
|
Other(2) |
0.1 |
0.8 |
|||||
|
Distributable Cash Flow |
$ |
159.9 |
$ |
176.1 |
|||
|
(1) |
The three months ended March 31, 2017, includes $1.5 million of payments related to the settlement of interest rate derivatives. |
|
(2) |
Includes other non-cash items, such as the net gain on sale of operating assets and the related proceeds and the equity component of allowance for funds used during construction. |
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2018, (in millions, except per unit data):
|
Total |
Common |
General | |||||||||
|
Net income |
$ |
97.2 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
71.7 |
70.3 |
1.4 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
97.2 |
$ |
95.3 |
$ |
1.9 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.38 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2017, (in millions, except per unit data):
|
Total |
Common |
General | |||||||||
|
Net income |
$ |
119.3 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
93.8 |
91.9 |
1.9 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
119.3 |
$ |
116.9 |
$ |
2.4 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.47 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-announces-first-quarter-2018-results-and-quarterly-distribution-of-0-10-per-unit-300638453.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
4/30/2018Boardwalk To Release First Quarter 2018 Results On April 30, 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, April 11, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its first quarter 2018 earnings on Monday, April 30, 2018. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, April 30, 2018.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 4269513. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
IR@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-release-first-quarter-2018-results-on-april-30-2018-300627734.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
4/11/20183/19/2018 - Boardwalk Does Not Expect FERC's Proposed Policy Revisions To Have A Material Impact On Revenues
Boardwalk Does Not Expect FERC's Proposed Policy Revisions To Have A Material Impact On Revenues
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, March 19, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) is reviewing the Federal Energy Regulatory Commission's (FERC) recent orders concerning the exclusion of federal income taxes in cost of service rates charged by interstate natural gas pipeline companies owned by a master limited partnership (MLP).
Based on a preliminary assessment, Boardwalk does not expect FERC's proposed policy revisions to have a material impact on the company's revenues. All of the firm contracts on Boardwalk's Gulf Crossing Pipeline and the majority of contracts on Texas Gas Transmission are negotiated or discounted rate agreements, which are not ordinarily affected by FERC's policy revisions. Gulf South Pipeline currently has a rate moratorium in place with its customers until 2023. Boardwalk will continue to evaluate the potential impact these proceedings could have on its interstate pipelines, and the company plans to submit comments to FERC.
About Boardwalk Pipeline Partners, LP:
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily provides transportation and storage of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
Forward-Looking Statement:
This press release contains forward-looking statements relating to expectations, plans or prospects for Boardwalk Pipeline Partners, LP and its subsidiaries. These statements are based upon the beliefs and expectations of Boardwalk management based on currently available information and expectations, and management expressly disclaims any obligation to update or revise these statements to reflect any change in its expectations, plans or prospects or any change in events, conditions or circumstances. Actual results may differ materially from those projected in this press release, due to a wide range of risks and uncertainties, including those set forth in our SEC documents.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-does-not-expect-fercs-proposed-policy-revisions-to-have-a-material-impact-on-revenues-300615480.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
3/19/2018Boardwalk To Meet With Investors At Barclays Select Series: MLP Corporate Access Days
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 22, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that Stan Horton, Chief Executive Officer, President & Director, and Jamie Buskill, Senior Vice President, Chief Financial & Administrative Officer, will meet with investors on Tuesday, February 27, 2018 at the Barclays Select Series: MLP Corporate Access Days conference.
Related presentation materials will be made available on the Company's website at www.bwpmlp.com under "Investor Relations – Webcasts and Presentations" prior to the start of the conference.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily provides transportation and storage of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-meet-with-investors-at-barclays-select-series--mlp-corporate-access-days-300602839.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
2/22/2018Alerian Reports December 31, 2017 Index Linked Product Positions
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Feb. 21, 2018 /PRNewswire/ -- Alerian reported index linked product positions of $16.3 billion as of December 31, 2017. Linked products include exchange-traded funds, exchange-traded notes, return of capital notes, variable insurance portfolios, and mutual funds.
Below is a full list of energy master limited partnership (MLP) positions, as of December 31, 2017, in products linked to the Alerian Index Series.
|
Ticker |
Exposure in |
Exposure in |
Ticker |
Exposure in |
Exposure in | |
|
AM |
318,072,149 |
10,952,898 |
MMP |
1,644,568,414 |
23,182,526 | |
|
AMGP |
754,587 |
38,265 |
MPLX |
1,279,929,181 |
36,084,837 | |
|
ANDX |
516,099,522 |
11,173,404 |
NBLX |
21,404,873 |
428,097 | |
|
APU |
76,556,528 |
1,655,992 |
NGL |
195,952,022 |
13,946,763 | |
|
ARLP |
20,166,275 |
1,023,669 |
NS |
296,565,295 |
9,902,013 | |
|
BPL |
908,164,717 |
18,328,249 |
NSH |
236,356 |
15,055 | |
|
BWP |
201,509,203 |
15,608,769 |
PAA |
1,085,692,515 |
52,601,382 | |
|
CEQP |
30,317,020 |
1,175,078 |
PAGP |
3,567,709 |
162,538 | |
|
CQP |
30,774,953 |
1,038,291 |
PSXP |
303,822,210 |
5,803,672 | |
|
DCP |
411,714,791 |
11,332,639 |
RMP |
197,598,050 |
9,203,449 | |
|
DM |
186,044,367 |
6,109,831 |
SEP |
397,826,315 |
10,061,364 | |
|
EEP |
372,358,764 |
26,962,981 |
SHLX |
369,468,507 |
12,389,957 | |
|
ENBL |
30,305,242 |
2,131,170 |
SMLP |
20,113,987 |
981,170 | |
|
ENLC |
1,134,945 |
64,485 |
SPH |
35,347,307 |
1,459,426 | |
|
ENLK |
317,615,016 |
20,664,607 |
SUN |
36,559,156 |
1,287,294 | |
|
EPD |
1,672,410,145 |
63,086,011 |
TCP |
350,896,258 |
6,608,216 | |
|
EQGP |
315,059 |
11,712 |
TEGP |
1,533,669 |
59,583 | |
|
EQM |
536,502,790 |
7,339,299 |
TEP |
269,478,027 |
5,877,383 | |
|
ETE |
6,574,648 |
380,918 |
TGP |
26,220,374 |
1,301,259 | |
|
ETP |
1,669,396,449 |
93,158,284 |
VLP |
23,823,578 |
535,361 | |
|
GEL |
300,264,393 |
13,434,648 |
VNOM |
20,179,418 |
864,956 | |
|
GLOP |
17,814,465 |
719,776 |
WES |
604,184,334 |
12,563,617 | |
|
GMLP |
26,442,305 |
1,159,750 |
WGP |
664,201 |
17,874 | |
|
HEP |
168,157,229 |
5,175,661 |
WPZ |
1,231,920,496 |
31,766,903 |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion was directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-reports-december-31-2017-index-linked-product-positions-300602316.html
SOURCE Alerian
Article Date
2/21/20182/12/2018 - Boardwalk Announces Fourth Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Fourth Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Feb. 12, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on March 1, 2018, to unitholders of record as of February 22, 2018.
The Partnership also announced its results for the fourth quarter and year ended December 31, 2017, which included the following items:
Compared with the fourth quarter of 2016, the Partnership's fourth quarter of 2017 results were unfavorably impacted by the restructuring of contracts with Southwestern Energy on the Partnership's Fayetteville and Greenville laterals and decreases in storage and parking and lending revenues, partly offset from revenues from recently completed growth projects.
For the full year 2017, the Partnership's results were impacted by the items discussed above, the sale of the Flag City processing plant and related assets and a 2016 legal settlement.
Capital Program
Growth capital expenditures were $570.5 million and maintenance capital expenditures were $137.9 million for the year ended December 31, 2017.
Conference Call
The Partnership has scheduled a conference call for February 12, 2018, at 9:30 a.m. Eastern Time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 7483909.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(Millions, except per unit amounts) | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
For the |
For the | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
310.5 |
$ |
307.1 |
$ |
1,180.7 |
$ |
1,142.4 |
|||||||
|
Parking and lending |
2.6 |
4.8 |
20.2 |
18.2 |
|||||||||||
|
Storage |
19.3 |
23.4 |
81.5 |
91.4 |
|||||||||||
|
Other |
5.1 |
17.3 |
40.2 |
55.2 |
|||||||||||
|
Total operating revenues |
337.5 |
352.6 |
1,322.6 |
1,307.2 |
|||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
12.1 |
19.8 |
54.8 |
70.8 |
|||||||||||
|
Operation and maintenance |
63.2 |
56.1 |
204.2 |
199.9 |
|||||||||||
|
Administrative and general |
31.4 |
37.6 |
126.5 |
142.2 |
|||||||||||
|
Depreciation and amortization |
81.4 |
79.1 |
322.8 |
317.8 |
|||||||||||
|
Loss on sale of assets and impairments |
1.9 |
3.8 |
49.0 |
3.7 |
|||||||||||
|
Taxes other than income taxes |
23.8 |
23.3 |
98.8 |
95.3 |
|||||||||||
|
Total operating costs and expenses |
213.8 |
219.7 |
856.1 |
829.7 |
|||||||||||
|
Operating income |
123.7 |
132.9 |
466.5 |
477.5 |
|||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
39.9 |
46.4 |
171.0 |
182.8 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.4) |
(0.4) |
|||||||||||
|
Miscellaneous other income, net |
(0.4) |
(1.8) |
(2.1) |
(7.7) |
|||||||||||
|
Total other deductions |
39.4 |
44.5 |
168.5 |
174.7 |
|||||||||||
|
Income before income taxes |
84.3 |
88.4 |
298.0 |
302.8 |
|||||||||||
|
Income taxes |
0.1 |
0.2 |
1.0 |
0.6 |
|||||||||||
|
Net income |
$ |
84.2 |
$ |
88.2 |
$ |
297.0 |
$ |
302.2 |
|||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.33 |
$ |
0.35 |
$ |
1.16 |
$ |
1.18 |
|||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
250.3 |
|||||||||||
|
Cash distribution declared and paid to common units per common unit |
$ |
0.10 |
$ |
0.10 |
$ |
0.40 |
$ |
0.40 |
|||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the |
For the | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (3) |
$ |
84.2 |
$ |
88.2 |
$ |
297.0 |
$ |
302.2 |
|||||||
|
Income taxes |
0.1 |
0.2 |
1.0 |
0.6 |
|||||||||||
|
Depreciation and amortization |
81.4 |
79.1 |
322.8 |
317.8 |
|||||||||||
|
Interest expense |
39.9 |
46.4 |
171.0 |
182.8 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.4) |
(0.4) |
|||||||||||
|
EBITDA (3) |
205.5 |
213.8 |
791.4 |
803.0 |
|||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest (1) |
37.9 |
48.3 |
163.7 |
170.6 |
|||||||||||
|
Maintenance capital expenditures |
58.6 |
39.2 |
137.9 |
121.3 |
|||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from sale of operating assets |
0.1 |
— |
63.8 |
0.2 |
|||||||||||
|
Loss on sale of assets and impairments |
1.9 |
3.8 |
49.0 |
3.7 |
|||||||||||
|
Other(2) |
(0.4) |
(1.8) |
(2.1) |
(7.7) |
|||||||||||
|
Distributable Cash Flow(3) |
$ |
110.6 |
$ |
128.3 |
$ |
600.5 |
$ |
507.3 |
|||||||
|
(1) |
The year ended December 31, 2017, includes $1.5 million of payments related to the settlement of interest rate derivatives. |
|
(2) |
Includes other non-cash items, such as the equity component of allowance for funds used during construction. |
|
(3) |
Net income, EBITDA and Distributable Cash Flow were impacted by the sale of the Flag City processing plant and related assets as follows: |
|
For the | |||||||||
|
2017 | |||||||||
|
Net |
EBITDA |
Distributable | |||||||
|
Per above: |
$ |
297.0 |
$ |
791.4 |
$ |
600.5 |
|||
|
Items impacting comparability related to the sale |
|||||||||
|
Loss on sale of assets and impairments |
47.1 |
47.1 |
— |
||||||
|
Proceeds from the sale of the Flag City processing plant and related assets |
— |
— |
(63.6) |
||||||
|
Adjusted: |
$ |
344.1 |
$ |
838.5 |
$ |
536.9 |
|||
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
84.2 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net loss |
58.6 |
57.4 |
1.2 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
84.2 |
$ |
82.5 |
$ |
1.7 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.33 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
88.2 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
62.6 |
61.3 |
1.3 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
88.2 |
$ |
86.4 |
$ |
1.8 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.35 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
297.0 |
|||||||||
|
Declared distribution |
102.2 |
$ |
100.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
194.8 |
190.9 |
3.9 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
297.0 |
$ |
291.1 |
$ |
5.9 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
1.16 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
302.2 |
|||||||||
|
Declared distribution |
102.2 |
$ |
100.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
200.0 |
196.0 |
4.0 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
302.2 |
$ |
296.2 |
$ |
6.0 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
1.18 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-announces-fourth-quarter-2017-results-and-quarterly-distribution-of-010-per-unit-300596682.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
2/12/2018Boardwalk To Release Fourth Quarter 2017 Results On February 12, 2018
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Jan. 23, 2018 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its fourth quarter 2017 earnings on Monday, February 12, 2018. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, February 12, 2018.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 7483909. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
IR@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-release-fourth-quarter-2017-results-on-february-12-2018-300586048.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
1/23/2018Alerian Announces Real-Time Launch of the Alerian Energy Infrastructure Capital Strength Select Index
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
DALLAS, Jan. 3, 2018 /PRNewswire/ -- Alerian announced today the real-time launch of the Alerian Energy Infrastructure Capital Strength Select Index, a composite of North American midstream, refining, and utility companies chosen for their ownership of pipeline transportation assets, leverage profile, and above-market dividend payments. The index is disseminated real-time on a price-return basis (AMCS) and on a total-return basis (AMCST).
"The AMCS was designed with the understanding that the portion of the North American energy value chain from midstream to distribution has become increasingly integrated," said Alerian President and CEO Kenny Feng. "The composition of this index also seeks to address growing investor focus on strengthening balance sheets and improving corporate governance."
Constituents as of January 2, 2018
|
Name |
Ticker |
|
AltaGas Ltd |
ALA |
|
Antero Midstream Partners LP |
AM |
|
Andeavor |
ANDV |
|
Buckeye Partners LP |
BPL |
|
Boardwalk Pipeline Partners LP |
BWP |
|
CenterPoint Energy Inc |
CNP |
|
Cheniere Energy Partners LP Holdings LLC |
CQH |
|
Dominion Energy Inc |
D |
|
Enbridge Inc |
ENB |
|
EnLink Midstream LLC |
ENLC |
|
Enterprise Products Partners LP |
EPD |
|
EQT GP Holdings LP |
EQGP |
|
Gibson Energy Inc |
GEI |
|
HollyFrontier Corp |
HFC |
|
Inter Pipeline Ltd |
IPL |
|
Keyera Corp |
KEY |
|
Kinder Morgan Inc |
KMI |
|
Macquarie Infrastructure Corp |
MIC |
|
Magellan Midstream Partners LP |
MMP |
|
Marathon Petroleum Corp |
MPC |
|
OGE Energy Corp |
OGE |
|
ONEOK Inc |
OKE |
|
Plains GP Holdings LP |
PAGP |
|
Pembina Pipeline Corp |
PPL |
|
Phillips 66 |
PSX |
|
Sempra Energy |
SRE |
|
Tallgrass Energy GP LP |
TEGP |
|
TransCanada Corp |
TRP |
|
Valero Energy Corp |
VLO |
|
Western Gas Equity Partners LP |
WGP |
|
The Williams Companies Inc |
WMB |
About Alerian
Alerian equips investors to make informed decisions about Master Limited Partnerships (MLPs) and energy infrastructure. Its benchmarks, including the flagship Alerian MLP Index (AMZ), are widely used by industry executives, investment professionals, research analysts, and national media to analyze relative performance. As of December 31, 2017, over $16 billion is directly tied to the Alerian Index Series through exchange-traded funds and notes, separately managed accounts, and structured products. For more information, including index values and constituents, research content, and announcements regarding rebalancings, please visit alerian.com.
View original content:http://www.prnewswire.com/news-releases/alerian-announces-real-time-launch-of-the-alerian-energy-infrastructure-capital-strength-select-index-300576838.html
SOURCE Alerian
Article Date
1/3/201812/4/2017 - Boardwalk To Meet With Investors At The 2017 Wells Fargo Pipeline, MLP And Utility Symposium
Boardwalk To Meet With Investors At The 2017 Wells Fargo Pipeline, MLP And Utility Symposium
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Dec. 4, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that Stan Horton, Chief Executive Officer, President & Director, Jamie Buskill, Senior Vice President, Chief Financial & Administrative Officer, and Molly Ladd Whitaker, Director of Investor Relations & Corporate Communications, will meet with investors on Wednesday, December 6, 2017 at the Wells Fargo Pipeline, MLP and Utility Symposium in New York.
Related presentation materials will be made available on the Company's website at www.bwpmlp.com under "Investor Relations – Webcasts and Presentations" prior to the start of the conference.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily provides transportation and storage of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-meet-with-investors-at-the-2017-wells-fargo-pipeline-mlp-and-utility-symposium-300565434.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
12/4/201710/30/2017 - Boardwalk Announces Third Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Third Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
HOUSTON, Oct. 30, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE: BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on November 16, 2017, to unitholders of record as of November 9, 2017.
The Partnership also announced its results for the third quarter ended September 30, 2017, which included the following items:
Compared with the third quarter of 2016, the Partnership's third quarter of 2017 results were favorably impacted by revenues from recently completed growth projects, partly offset by decreases in storage and parking and lending revenues, and lower operating expenses driven by lower employee-related costs.
For the nine-month period, the Partnership's results were impacted by the items discussed above and the sale of the Flag City processing plant and related assets.
Capital Program
Growth capital expenditures were $416.7 million and maintenance capital expenditures were $79.3 million for the nine months ended September 30, 2017.
Conference Call
The Partnership has scheduled a conference call for October 30, 2017, at 9:30 a.m. Eastern Time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 95897043.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(Millions, except per unit amounts) | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
For the
Three Months Ended September 30, |
For the
Nine Months Ended September 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
272.9 |
$ |
259.6 |
$ |
870.2 |
$ |
835.3 |
|||||||
|
Parking and lending |
4.3 |
4.9 |
17.6 |
13.4 |
|||||||||||
|
Storage |
18.9 |
23.4 |
62.2 |
68.0 |
|||||||||||
|
Other |
4.4 |
15.4 |
35.1 |
37.9 |
|||||||||||
|
Total operating revenues |
300.5 |
303.3 |
985.1 |
954.6 |
|||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
9.0 |
19.1 |
42.7 |
51.0 |
|||||||||||
|
Operation and maintenance |
49.0 |
52.1 |
141.0 |
143.8 |
|||||||||||
|
Administrative and general |
26.3 |
34.4 |
95.1 |
104.6 |
|||||||||||
|
Depreciation and amortization |
80.6 |
80.6 |
241.4 |
238.7 |
|||||||||||
|
(Gain) loss on sale of assets and impairments |
— |
(0.1) |
47.1 |
(0.1) |
|||||||||||
|
Taxes other than income taxes |
24.8 |
23.5 |
75.0 |
72.0 |
|||||||||||
|
Total operating costs and expenses |
189.7 |
209.6 |
642.3 |
610.0 |
|||||||||||
|
Operating income |
110.8 |
93.7 |
342.8 |
344.6 |
|||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
41.0 |
48.4 |
131.1 |
136.4 |
|||||||||||
|
Interest income |
— |
(0.1) |
(0.3) |
(0.3) |
|||||||||||
|
Miscellaneous other income, net |
(0.3) |
(1.9) |
(1.7) |
(5.9) |
|||||||||||
|
Total other deductions |
40.7 |
46.4 |
129.1 |
130.2 |
|||||||||||
|
Income before income taxes |
70.1 |
47.3 |
213.7 |
214.4 |
|||||||||||
|
Income taxes |
0.3 |
— |
0.9 |
0.4 |
|||||||||||
|
Net income |
$ |
69.8 |
$ |
47.3 |
$ |
212.8 |
$ |
214.0 |
|||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.27 |
$ |
0.19 |
$ |
0.83 |
$ |
0.84 |
|||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
250.3 |
|||||||||||
|
Cash distribution declared and paid to common units per common unit |
$ |
0.10 |
$ |
0.10 |
$ |
0.30 |
$ |
0.30 |
|||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the
Three Months Ended September 30, |
For the
Nine Months Ended September 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (3) |
$ |
69.8 |
$ |
47.3 |
$ |
212.8 |
$ |
214.0 |
|||||||
|
Income taxes |
0.3 |
— |
0.9 |
0.4 |
|||||||||||
|
Depreciation and amortization |
80.6 |
80.6 |
241.4 |
238.7 |
|||||||||||
|
Interest expense |
41.0 |
48.4 |
131.1 |
136.4 |
|||||||||||
|
Interest income |
— |
(0.1) |
(0.3) |
(0.3) |
|||||||||||
|
EBITDA (3) |
191.7 |
176.2 |
585.9 |
589.2 |
|||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest (1) |
43.4 |
43.6 |
125.8 |
122.3 |
|||||||||||
|
Maintenance capital expenditures |
34.9 |
40.7 |
79.3 |
82.1 |
|||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from sale of operating assets |
(1.1) |
0.1 |
63.7 |
0.2 |
|||||||||||
|
(Gain) loss on sale of assets and impairments |
— |
(0.1) |
47.1 |
(0.1) |
|||||||||||
|
Other(2) |
(0.3) |
(1.9) |
(1.7) |
(5.9) |
|||||||||||
|
Distributable Cash Flow(3) |
$ |
112.0 |
$ |
90.0 |
$ |
489.9 |
$ |
379.0 |
|||||||
|
(1) The nine months ended September 30, 2017, includes $1.5 million of payments related to the settlement of interest rate derivatives. | |||||||||||||||
|
(2) Includes other non-cash items, such as the equity component of allowance for funds used during construction. | |||||||||||||||
|
(3) Net income, EBITDA and Distributable Cash Flow were impacted by the sale of the Flag City processing plant and related assets as follows: | |||||||||||||||
|
For the
Three Months Ended September 30, |
For the
Nine Months Ended September 30, | ||||||||||||||||||
|
Net |
EBITDA |
Distributable |
Net |
EBITDA |
Distributable | ||||||||||||||
|
Per above: |
$ |
69.8 |
$ |
191.7 |
$ |
112.0 |
$ |
212.8 |
$ |
585.9 |
$ |
489.9 |
|||||||
|
Items impacting comparability related to |
|||||||||||||||||||
|
Loss on sale of assets and impairments |
— |
— |
— |
47.1 |
47.1 |
— |
|||||||||||||
|
Proceeds from the sale of the Flag City processing plant and related assets (4) |
— |
— |
1.1 |
— |
— |
(63.6) |
|||||||||||||
|
Adjusted: |
$ |
69.8 |
$ |
191.7 |
$ |
113.1 |
$ |
259.9 |
$ |
633.0 |
$ |
426.3 |
|||||||
|
(4) For the three months ended September 30, 2017, a payment was made related to settlement of working capital. | |||||||||||||||||||
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended September 30, 2017, (in millions, except per unit data):
|
Total |
Common |
General | |||||||||
|
Net income |
$ |
69.8 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net loss |
44.3 |
43.4 |
0.9 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
69.8 |
$ |
68.4 |
$ |
1.4 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.27 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended September 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
47.3 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
21.8 |
21.4 |
0.4 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
47.3 |
$ |
46.4 |
$ |
0.9 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.19 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the nine months ended September 30, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
212.8 |
|||||||||
|
Declared distribution |
76.6 |
$ |
75.1 |
$ |
1.5 |
||||||
|
Assumed allocation of undistributed net income |
136.2 |
133.5 |
2.7 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
212.8 |
$ |
208.6 |
$ |
4.2 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.83 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the nine months ended September 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
214.0 |
|||||||||
|
Declared distribution |
76.6 |
$ |
75.1 |
$ |
1.5 |
||||||
|
Assumed allocation of undistributed net income |
137.4 |
134.7 |
2.7 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
214.0 |
$ |
209.8 |
$ |
4.2 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.84 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-announces-third-quarter-2017-results-and-quarterly-distribution-of-010-per-unit-300545178.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
10/30/2017Loews Corporation Reports Net Income Of $157 Million For The Third Quarter Of 2017
Source: PR Newswire
Orignial Article: https://www.prnewswire.co...
NEW YORK, Oct. 30, 2017 /PRNewswire/ -- Loews Corporation (NYSE: L) today reported net income of $157 million, or $0.46 per share, for the three months ended September 30, 2017, compared to $327 million, or $0.97 per share, in the prior year period. Net income for the nine months ended September 30, 2017 was $683 million, or $2.02 per share, compared to $364 million, or $1.08 per share, in the prior year period.
Book value per share increased to $56.51 at September 30, 2017 from $53.96 at December 31, 2016. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $56.41 at September 30, 2017 from $54.62 at December 31, 2016.
CONSOLIDATED HIGHLIGHTS
|
September 30, | ||||
|
Three Months |
Nine Months | |||
|
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
|
Income before net investment gains |
$ 147 |
$ 300 |
$ 627 |
$ 352 |
|
Net investment gains |
10 |
27 |
56 |
12 |
|
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
|
Net income per share |
$ 0.46 |
$ 0.97 |
$ 2.02 |
$ 1.08 |
|
September 30, 2017 |
December 31, 2016 | |||
|
Book value per share |
$ |
56.51 |
$ |
53.96 |
|
Book value per share excluding AOCI |
56.41 |
54.62 | ||
Three Months Ended September 30, 2017 Compared to 2016
Net income for the three months ended September 30, 2017 included several significant items. In the third quarter of 2017, the Company incurred $170 million of net catastrophe losses at CNA, as compared to $10 million in 2016, and a loss of $35 million in the aggregate on the early redemption of debt at CNA and Diamond Offshore. Excluding these significant items, earnings increased $25 million as compared to the prior year period mainly due to higher earnings at CNA, Diamond Offshore and improved results from the parent company investment portfolio.
Excluding the significant items discussed above, CNA's earnings increased due to improved current non-catastrophe accident year underwriting results from its core P&C business partially offset by lower net investment income reflecting lower returns from limited partnership investments.
Excluding the significant items discussed above, Diamond Offshore's earnings increased due to higher fleet utilization, lower depreciation expense resulting mainly from the asset impairment charges taken in 2016 and in the first half of 2017 that reduced the depreciable asset base and a lower effective income tax rate due to the mix of domestic and international earnings. These increases were partially offset by higher contract drilling expense due to incremental operating costs for a new rig and lower average daily revenue.
Boardwalk Pipeline Partners, LP's earnings increased due to revenues from new growth projects recently placed in service and lower interest expense.
Loews Hotels' earnings increased primarily due to higher equity income from Universal Orlando joint venture properties and the completion of renovations at the Loews Miami Beach Hotel.
Income generated by the parent company investment portfolio increased primarily due to improved performance from equity investments partially offset by lower results from gold-related securities and limited partnership investments.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals, partially offset by the absence of prior year expenses related to the implementation of the 2016 Incentive Compensation Plan.
Nine Months Ended September 30, 2017 Compared to 2016
Net income for the nine months ended September 30, 2017 included the aggregate debt redemption loss discussed above, net catastrophe losses at CNA of $213 million in 2017 as compared with $85 million in 2016, a loss of $15 million on the sale of a processing facility at Boardwalk Pipeline in 2017 and asset impairment charges of $23 million in 2017 and $267 million in 2016 at Diamond Offshore. Excluding these items, earnings increased $253 million mainly due to higher earnings at CNA, Diamond Offshore and Loews Hotels.
Excluding the significant items discussed above, CNA's earnings increased due to higher net investment income driven by improved limited partnership results, improved current non-catastrophe accident year underwriting results from its core P&C business, higher realized investment gains and lower adverse reserve development recorded in 2017 under CNA's 2010 asbestos and environmental pollution loss portfolio transfer as compared to 2016.
Excluding the significant items discussed above, Diamond Offshore's earnings increased primarily due to lower depreciation expense resulting mainly from the asset impairment charges taken in 2016 and in the first half of 2017 that reduced the depreciable asset base and a lower effective income tax rate due to the mix of domestic and international earnings, partially offset by lower contract drilling revenue as a result of lower average daily revenue.
Excluding the significant items discussed above, Boardwalk Pipeline's net income increased primarily due to revenues from new growth projects recently placed into service and lower interest expense.
Loews Hotels' earnings increased primarily due to higher joint venture equity income which included a net benefit of $14 million (after tax) primarily related to an asset sale in 2017.
Income generated by the parent company investment portfolio was consistent with the prior year period.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals and costs related to the acquisition of Consolidated Container in May 2017.
CONFERENCE CALLS
A conference call to discuss the third quarter results of Loews Corporation has been scheduled for today at 11:00 a.m. EDT. A live webcast will be available at www.loews.com. Those interested in participating in the question and answer session should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 93306513. An online replay will also be available on the Loews Corporation's website following the call.
A conference call to discuss the third quarter results of CNA has been scheduled for today at 10:00 a.m. EDT. A live webcast will be available at http://investor.cna.com. Those interested in participating in the question and answer session should dial (888) 855-5838, or for international callers, (719) 457-2602.
A conference call to discuss the third quarter results of Boardwalk Pipeline has been scheduled for today at 9:30 a.m. EDT. A live webcast will be available at www.bwpmlp.com. Those interested in participating in the question and answer session should dial (855) 793-3255 or for international callers, (631) 485-4925. The conference ID number is 95897043.
A conference call to discuss the third quarter results of Diamond Offshore has been scheduled for today at 8:30 a.m. EDT. A live webcast will be available at www.diamondoffshore.com. Those interested in participating in the question and answer session should dial (844) 492-6043, or for international callers, (478) 219-0839. The conference ID number is 95338408.
ABOUT LOEWS CORPORATION
Loews Corporation is a diversified company with three publicly-traded subsidiaries – CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP) – and two non-public operating subsidiaries – Loews Hotels & Co and Consolidated Container Company LLC. For more information, please visit www.loews.com.
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
|
Loews Corporation and Subsidiaries |
|||||
|
Selected Financial Information |
|||||
|
September 30, | |||||
|
Three Months |
Nine Months | ||||
|
(In millions) |
2017 |
2016 |
2017 |
2016 | |
|
Revenues: |
|||||
|
CNA Financial (a) |
$ 2,441 |
$ 2,433 |
$ 7,136 |
$ 6,984 | |
|
Diamond Offshore |
368 |
350 |
1,144 |
1,199 | |
|
Boardwalk Pipeline |
301 |
306 |
987 |
961 | |
|
Loews Hotels |
162 |
161 |
510 |
513 | |
|
Investment income and other (b) |
249 |
37 |
403 |
110 | |
|
Total |
$ 3,521 |
$ 3,287 |
$ 10,180 |
$ 9,767 | |
|
Income (Loss) Before Income Tax: |
|||||
|
CNA Financial (a) (c) (d) (e) |
$ 190 |
$ 476 |
$ 905 |
$ 824 | |
|
Diamond Offshore (e) (f) |
(3) |
36 |
13 |
(550) | |
|
Boardwalk Pipeline (g) |
69 |
46 |
210 |
210 | |
|
Loews Hotels |
8 |
4 |
47 |
17 | |
|
Investment income, net |
48 |
36 |
109 |
108 | |
|
Corporate and other (b) |
(48) |
(42) |
(163) |
(134) | |
|
Total |
$ 264 |
$ 556 |
$ 1,121 |
$ 475 | |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||||
|
CNA Financial (a) (c) (d) (e) |
$ 130 |
$ 308 |
$ 608 |
$ 557 | |
|
Diamond Offshore (e) (f) |
6 |
7 |
25 |
(244) | |
|
Boardwalk Pipeline (g) |
17 |
14 |
60 |
62 | |
|
Loews Hotels |
4 |
3 |
24 |
7 | |
|
Investment income, net |
32 |
24 |
72 |
72 | |
|
Corporate and other (b) |
(32) |
(29) |
(106) |
(90) | |
|
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 | |
|
(a) |
Includes realized investment gains of $16 million ($10 million after tax and noncontrolling interests) and $45 million ($27 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and realized investment gains of $93 million ($56 million after tax and noncontrolling interests) and $30 million ($16 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. | |||||||||
|
(b) |
Consists primarily of corporate interest expense and other unallocated expenses and the financial results of Consolidated Container Company since its acquisition on May 22, 2017. | |||||||||
|
(c) |
Includes gains of $17 million ($10 million after tax and noncontrolling interests) and $12 million ($7 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and $0 million and a loss of $106 million ($62 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNAʼs legacy asbestos and environmental pollution liabilities. | |||||||||
|
(d) |
Includes net catastrophe losses of $269 million ($170 million after tax and noncontrolling interests) and $16 million ($10 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and net catastrophe losses of $342 million ($213 million after tax and noncontrolling interests) and $137 million ($85 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. | |||||||||
|
(e) |
Includes a loss on the early redemption of debt of $42 million ($24 million after tax and noncontrolling interests) at CNA and $35 million ($11 million after tax and noncontrolling interests) at Diamond Offshore for the three and nine months ended September 30, 2017. | |||||||||
|
(f) |
Includes asset impairment charges of $72 million ($23 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the carrying value of Diamond Offshoreʼs drilling rigs. | |||||||||
|
(g) |
Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the nine months ended September 30, 2017. | |||||||||
|
Loews Corporation and Subsidiaries | |||||
|
Consolidated Financial Review | |||||
|
September 30, | |||||
|
Three Months |
Nine Months | ||||
|
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 | |
|
Revenues: |
|||||
|
Insurance premiums |
$ 1,806 |
$ 1,767 |
$ 5,185 |
$ 5,196 | |
|
Net investment income |
557 |
561 |
1,639 |
1,570 | |
|
Investment gains |
16 |
45 |
93 |
18 | |
|
Contract drilling revenues |
357 |
340 |
1,113 |
1,141 | |
|
Other revenues (a) |
785 |
574 |
2,150 |
1,842 | |
|
Total |
3,521 |
3,287 |
10,180 |
9,767 | |
|
Expenses: |
|||||
|
Insurance claims and policyholders' benefits (b) (c) |
1,480 |
1,202 |
4,053 |
3,949 | |
|
Contract drilling expenses |
198 |
187 |
598 |
598 | |
|
Other operating expenses (a) (d) (e) (f) |
1,579 |
1,342 |
4,408 |
4,745 | |
|
Total |
3,257 |
2,731 |
9,059 |
9,292 | |
|
Income before income tax |
264 |
556 |
1,121 |
475 | |
|
Income tax expense |
(52) |
(163) |
(240) |
(171) | |
|
Net income |
212 |
393 |
881 |
304 | |
|
Amounts attributable to noncontrolling interests |
(55) |
(66) |
(198) |
60 | |
|
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 | |
|
Net income per share attributable to Loews Corporation |
$ 0.46 |
$ 0.97 |
$ 2.02 |
$ 1.08 | |
|
Weighted average number of shares |
337.79 |
337.62 |
337.73 |
338.61 | |
|
(a) |
Includes financial results from Consolidated Container Company since its acquisition on May 22, 2017. | |||
|
(b) |
Includes gains of $17 million ($10 million after tax and noncontrolling interests) and $12 million ($7 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and $0 million and a loss of $106 million ($62 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNAʼs legacy asbestos and environmental pollution liabilities. | |||
|
(c) |
Includes net catastrophe losses of $269 million ($170 million after tax and noncontrolling interests) and $16 million ($10 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and net catastrophe losses of $342 million ($213 million after tax and noncontrolling interests) and $137 million ($85 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. | |||
|
(d) |
Includes asset impairment charges of $72 million ($23 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the carrying value of Diamond Offshoreʼs drilling rigs. | |||
|
(e) |
Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the nine months ended September 30, 2017. | |||
|
(f) |
Includes an aggregate loss on the early redemption of debt of $77 million ($35 million after tax and noncontrolling interests) at CNA and Diamond Offshore for the three and nine months ended September 30, 2017. | |||
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-157-million-for-the-third-quarter-of-2017-300545306.html
SOURCE Loews Corporation
Article Date
10/30/2017Boardwalk To Release Third Quarter 2017 Results On October 30, 2017
Source: PR Newswire
HOUSTON, Oct. 10, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) will report its third quarter 2017 earnings on Monday, October 30, 2017. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, October 30, 2017.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 95897043. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
IR@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-release-third-quarter-2017-results-on-october-30-2017-300533367.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
10/10/201710/2/2017 - Southwestern Energy Successfully Renegotiates Fayetteville Firm Transportation Agreement
Southwestern Energy Successfully Renegotiates Fayetteville Firm Transportation Agreement
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 2, 2017 /PRNewswire/ -- Southwestern Energy Company (NYSE: SWN) today announced that it has signed an amended transportation agreement with Boardwalk Pipeline Partners' (NYSE:BWP) Texas Gas Transmission, LLC subsidiary for a portion of its Fayetteville firm takeaway capacity, subject to approval from the Federal Energy Regulatory Commission. This new agreement is effective November 1, 2017 and is expected to provide savings of approximately $70 million from 2017 through 2020, including approximately $45 million in savings in 2018 through the reduction of current excess capacity, while guaranteeing future flexible takeaway capacity through 2030 at competitive rates. Key components of this amended agreement include:
"We are very excited about this new agreement and the opportunity to continue our long-standing relationship with an exceptional company like Texas Gas," commented Bill Way, President and Chief Executive Officer of Southwestern Energy. "This agreement further enhances our margins and reduces excess demand capacity while securing option capacity for future development. It also provides the flexibility to ramp activity in the Fayetteville and Moorefield area as economics dictate at competitive transportation rates without incurring additional liabilities during times of decreased activity."
|
Total Fayetteville Firm Transportation Terms: |
|
Previous Firm Transportation Terms |
Renegotiated Firm Transportation Terms | ||||||||||||||
|
Committed |
Reservation |
Annual |
Committed |
Reservation |
Annual | ||||||||||
|
Volumes |
Rate(1) |
Obligation |
Volumes |
Rate(1) |
Obligation | ||||||||||
|
(Bcf/d) |
($/MMBtu) |
($MMs) |
(Bcf/d) |
($/MMBtu) |
($MMs) | ||||||||||
|
2017 |
2.00 |
$0.26 |
$191.5 |
1.88 |
$0.27 |
$184.1 | |||||||||
|
2018 |
2.00 |
$0.26 |
$191.5 |
1.30 |
$0.31 |
$147.5 | |||||||||
|
2019 |
1.62 |
$0.25 |
$150.9 |
1.30 |
$0.29 |
$135.5 | |||||||||
|
2020 |
1.45 |
$0.24 |
$125.8 |
1.28 |
$0.26 |
$121.7 | |||||||||
|
2021-2030 |
- |
- |
- |
See below |
$0.10 |
$12.8(2) | |||||||||
|
(1) Total reservation rate includes 1.2 Bcf per day capacity on Fayetteville Express through December 2020 and impact of 0.64 Bcf per day capacity on Texas Gas Transmission's Greenville Lateral pipeline, which is additive to the rates on Texas Gas Transmission's Fayetteville lateral |
|
Capacity(1) (Bcf/d) |
2021 |
2022 |
2023 |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
|
Contracted firm |
0.55 |
0.50 |
0.45 |
0.40 |
0.35 |
0.30 |
0.30 |
0.25 |
0.23 |
0.20 |
|
Additional firm with volumetric optionality |
0.25 |
0.30 |
0.35 |
0.40 |
0.45 |
0.50 |
0.50 |
0.55 |
0.57 |
0.60 |
|
(1) All future incremental production above the contracted firm is committed to Texas Gas Transmission starting in 2021, under a tiered volumetric rate design of $0.05 and $0.08 per MMBtu up to 0.80 Bcf per day, at which point the volumetric commodity rate is fixed at $0.05 per MMBtu for any available capacity above the 0.80 Bcf per day. |
This news release contains forward-looking statements. Forward-looking statements relate to future events and anticipated results of operations, business strategies, and other aspects of our operations or operating results. In many cases you can identify forward-looking statements by terminology such as "anticipate," "intend," "plan," "project," "estimate," "continue," "potential," "should," "could," "may," "will," "objective," "guidance," "outlook," "effort," "expect," "believe," "predict," "budget," "projection," "goal," "forecast," "target" or similar words. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. However, there can be no assurance that such expectation or belief will result or be achieved. The actual results of operations can and will be affected by a variety of risks and other matters including, but not limited to, changes in commodity prices; changes in expected levels of natural gas and oil reserves or production; operating hazards, drilling risks, unsuccessful exploratory activities; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; international monetary conditions; unexpected cost increases; potential liability for remedial actions under existing or future environmental regulations; potential liability resulting from pending or future litigation; and general domestic and international economic and political conditions; as well as changes in tax, environmental and other laws applicable to our business. Other factors that could cause actual results to differ materially from those described in the forward-looking statements include other economic, business, competitive and/or regulatory factors affecting our business generally as set forth in our filings with the Securities and Exchange Commission. Unless legally required, Southwestern Energy Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Cautionary Note to U.S. Investors – The SEC permits oil and gas companies, in their filings with the SEC, to disclose only proved, probable and possible reserves. We use the term "EUR" in this release that the SEC's guidelines prohibit us from including in filings with the SEC. The quarterly reserves data included in this release are estimates we prepared that have not been audited by our independent reserve engineers. U.S. investors are urged to consider closely the oil and gas disclosures in our Form 10-K and other reports and filings with the SEC. Copies are available from the SEC and from the Southwestern Energy Company website.
View original content:http://www.prnewswire.com/news-releases/southwestern-energy-successfully-renegotiates-fayetteville-firm-transportation-agreement-300528524.html
SOURCE Southwestern Energy Company
Article Date
10/2/201710/2/2017 - Boardwalk Restructures And Extends Firm Transportation Service Agreements With Southwestern Energy
Boardwalk Restructures And Extends Firm Transportation Service Agreements With Southwestern Energy
Source: PR Newswire
HOUSTON, Oct. 2, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that its Texas Gas Transmission Company, LLC subsidiary (Texas Gas) has filed with the Federal Energy Regulatory Commission (FERC) seeking approval to restructure some of its existing firm transportation agreements and enter into new firm transportation agreements with subsidiaries of Southwestern Energy (NYSE: SWN) on Texas Gas' Fayetteville and Greenville Laterals.
"These agreements are value enhancing for Boardwalk. The restructuring of Southwestern's transportation agreements helps Texas Gas achieve greater long-term revenue generation. It also provides future revenue upside through Southwestern's volume commitment of flowing gas from the Fayetteville and Moorefield plays. Our relationship with Southwestern and their long-term commitment to Texas Gas will provide an important source of supplies to support the growth of our end-use markets," stated Stan Horton, Boardwalk's president and CEO.
The agreement lowers the contract quantities for Southwestern's existing firm transportation contracts on the Fayetteville Lateral through 2020 and adds new long-term firm transportation agreements on the Fayetteville and Greenville Laterals through 2030. Boardwalk will also have rights through 2030 to transport natural gas produced from the committed volumes that Southwestern Energy produces in the Fayetteville and Moorefield plays.
For more information about the underlying firm transportation agreements, please refer to the Texas Gas FERC filing submitted on September 29, 2017, which can be accessed through this link: Texas Gas FERC Filing of Southwestern Restructuring. The terms of the other existing firm transportation agreements between Texas Gas and Southwestern will remain unchanged.
The chart compares the demand charge anticipated revenues under the existing contracts and the proposed new contracts.
About Boardwalk: Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
Forward-Looking Statement: This press release contains forward-looking statements relating to expectations, plans or prospects for Boardwalk Pipeline Partners, LP and its subsidiaries, relating to, among other things, approval of the restructured contracts by FERC and the resulting anticipated revenues from the restructured contracts. These statements are based upon the beliefs and expectations of Boardwalk management based on currently available information and expectations, and management expressly disclaims any obligation to update or revise these statements to reflect any change in its expectations, plans or prospects or any change in events, conditions or circumstances. Actual results may differ materially from those projected in this press release, due to a wide range of risks and uncertainties, including those set forth in our SEC documents.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-restructures-and-extends-firm-transportation-service-agreements-with-southwestern-energy-300528607.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
10/2/20178/14/2017 - Boardwalk To Meet With Investors At The 2017 Citi One-on-One MLP/Midstream Infrastructure Conference
Boardwalk To Meet With Investors At The 2017 Citi One-on-One MLP/Midstream Infrastructure Conference
Source: PR Newswire
HOUSTON, Aug. 14, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that Stan Horton, Chief Executive Officer, President & Director, and Molly Ladd Whitaker, Director of Investor Relations and Corporate Communications, will meet with investors at the 2017 Citi One-on-One MLP/Midstream Infrastructure Conference on Wednesday, August 16 and Thursday, August 17 in Las Vegas, Nevada.
Related presentation materials will be made available on the Company's website at www.bwpmlp.com under "Investor Relations – Webcasts and Presentations" prior to the start of the conference.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily provides transportation and storage of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-meet-with-investors-at-the-2017-citi-one-on-one-mlpmidstream-infrastructure-conference-300503538.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
8/14/2017Loews Corporation Announces Quarterly Dividend on Common Stock
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, Aug. 8, 2017 /PRNewswire/ -- Loews Corporation (NYSE: L) announced today the declaration of the Company's quarterly dividend of $0.0625 per share of Common Stock, payable September 12, 2017 to shareholders of record as of the close of business on August 30, 2017.
Loews Corporation is a diversified company with three publicly-traded subsidiaries: CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP); and two non-public operating subsidiaries: Loews Hotels & Co. and Consolidated Container Company LLC. For more information please visit www.loews.com.
View original content:http://www.prnewswire.com/news-releases/loews-corporation-announces-quarterly-dividend-on-common-stock-300501143.html
SOURCE Loews Corporation
Article Date
8/8/20177/31/2017 - Boardwalk Announces Second Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Second Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 31, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE: BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on August 17, 2017, to unitholders of record as of August 10, 2017.
The Partnership also announced its results for the second quarter ended June 30, 2017, which included the following items:
Compared with the second quarter of 2016, the Partnership's operating revenues in the second quarter of 2017 were favorably impacted by recently completed growth projects. The second quarter of 2016 was favorably impacted by $12.7 million of proceeds received from the settlement of a legal claim.
For the six-month period, the Partnership's operating revenues, net income and EBITDA were impacted by the items discussed above.
Capital Program
Growth capital expenditures were $258.4 million and maintenance capital expenditures were $44.4 million for the six months ended June 30, 2017.
Conference Call
The Partnership has scheduled a conference call for July 31, 2017, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 49473667.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
For the
Three Months Ended June 30, |
For the
Six Months Ended June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
278.7 |
$ |
269.8 |
$ |
597.3 |
$ |
575.7 | |||||||
|
Parking and lending |
7.9 |
4.4 |
13.3 |
8.5 | |||||||||||
|
Storage |
19.9 |
23.6 |
43.3 |
44.6 | |||||||||||
|
Other |
11.1 |
8.5 |
30.7 |
22.5 | |||||||||||
|
Total operating revenues |
317.6 |
306.3 |
684.6 |
651.3 | |||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
14.5 |
11.6 |
33.7 |
31.9 | |||||||||||
|
Operation and maintenance |
51.6 |
48.3 |
92.0 |
91.7 | |||||||||||
|
Administrative and general |
34.2 |
35.5 |
68.8 |
70.2 | |||||||||||
|
Depreciation and amortization |
80.2 |
79.1 |
160.8 |
158.1 | |||||||||||
|
Loss on sale of assets and impairments |
47.1 |
— |
47.1 |
— | |||||||||||
|
Taxes other than income taxes |
22.8 |
22.5 |
50.2 |
48.5 | |||||||||||
|
Total operating costs and expenses |
250.4 |
197.0 |
452.6 |
400.4 | |||||||||||
|
Operating income |
67.2 |
109.3 |
232.0 |
250.9 | |||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
43.9 |
45.4 |
90.1 |
88.0 | |||||||||||
|
Interest income |
(0.2) |
(0.1) |
(0.3) |
(0.2) | |||||||||||
|
Miscellaneous other income, net |
(0.6) |
(1.9) |
(1.4) |
(4.0) | |||||||||||
|
Total other deductions |
43.1 |
43.4 |
88.4 |
83.8 | |||||||||||
|
Income before income taxes |
24.1 |
65.9 |
143.6 |
167.1 | |||||||||||
|
Income taxes |
0.4 |
0.2 |
0.6 |
0.4 | |||||||||||
|
Net income |
$ |
23.7 |
$ |
65.7 |
$ |
143.0 |
$ |
166.7 | |||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.09 |
$ |
0.26 |
$ |
0.56 |
$ |
0.65 | |||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
250.3 | |||||||||||
|
Cash distribution declared and paid to common units per common unit |
$ |
0.10 |
$ |
0.10 |
$ |
0.20 |
$ |
0.20 | |||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the
Three Months Ended June 30, |
For the
Six Months Ended June 30, | ||||||||||||||
|
2017 |
2016 |
2017 |
2016 | ||||||||||||
|
Net income (3) |
$ |
23.7 |
$ |
65.7 |
$ |
143.0 |
$ |
166.7 | |||||||
|
Income taxes |
0.4 |
0.2 |
0.6 |
0.4 | |||||||||||
|
Depreciation and amortization |
80.2 |
79.1 |
160.8 |
158.1 | |||||||||||
|
Interest expense |
43.9 |
45.4 |
90.1 |
88.0 | |||||||||||
|
Interest income |
(0.2) |
(0.1) |
(0.3) |
(0.2) | |||||||||||
|
EBITDA (3) |
148.0 |
190.3 |
394.2 |
413.0 | |||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest (1) |
37.7 |
32.7 |
82.4 |
78.7 | |||||||||||
|
Maintenance capital expenditures |
19.8 |
26.8 |
44.4 |
41.4 | |||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from sale of operating assets |
64.8 |
— |
64.8 |
0.1 | |||||||||||
|
Loss on sale of assets and impairments |
47.1 |
— |
47.1 |
— | |||||||||||
|
Other(2) |
(0.6) |
(1.9) |
(1.4) |
(4.0) | |||||||||||
|
Distributable Cash Flow(3) |
$ |
201.8 |
$ |
128.9 |
$ |
377.9 |
$ |
289.0 | |||||||
|
(1) |
The six months ended June 30, 2017, includes $1.5 million of payments related to the settlement of interest rate derivatives. | ||||||||||
|
(2) |
Includes other non-cash items, such as the equity component of allowance for funds used during construction. | ||||||||||
|
(3) |
Net income, EBITDA and Distributable Cash Flow were impacted by the sale of the Flag City processing plant and related assets as follows: | ||||||||||
|
For the
Three Months Ended June 30, 2017 |
For the
Six Months Ended June 30, 2017 | ||||||||||||||||||
|
Net |
EBITDA |
Distributable |
Net |
EBITDA |
Distributable | ||||||||||||||
|
Per above: |
$ |
23.7 |
$ |
148.0 |
$ |
201.8 |
$ |
143.0 |
$ |
394.2 |
$ |
377.9 | |||||||
|
Items impacting comparability related to |
|||||||||||||||||||
|
Loss on sale of assets and impairments |
47.1 |
47.1 |
— |
47.1 |
47.1 |
— | |||||||||||||
|
Proceeds from the sale of the Flag City processing plant and related assets |
— |
— |
(64.7) |
— |
— |
(64.7) | |||||||||||||
|
Adjusted: |
$ |
70.8 |
$ |
195.1 |
$ |
137.1 |
$ |
190.1 |
$ |
441.3 |
$ |
313.2 | |||||||
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended June 30, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
23.7 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 | ||||||
|
Assumed allocation of undistributed net loss |
(1.9) |
(1.9) |
— | ||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
23.7 |
$ |
23.2 |
$ |
0.5 | |||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.09 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended June 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
65.7 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 | ||||||
|
Assumed allocation of undistributed net income |
40.1 |
39.3 |
0.8 | ||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
65.7 |
$ |
64.4 |
$ |
1.3 | |||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.26 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the six months ended June 30, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
143.0 |
|||||||||
|
Declared distribution |
51.1 |
$ |
50.1 |
$ |
1.0 | ||||||
|
Assumed allocation of undistributed net income |
91.9 |
90.1 |
1.8 | ||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
143.0 |
$ |
140.2 |
$ |
2.8 | |||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.56 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the six months ended June 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
166.7 |
|||||||||
|
Declared distribution |
51.1 |
$ |
50.1 |
$ |
1.0 | ||||||
|
Assumed allocation of undistributed net income |
115.6 |
113.3 |
2.3 | ||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
166.7 |
$ |
163.4 |
$ |
3.3 | |||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.65 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-announces-second-quarter-2017-results-and-quarterly-distribution-of-010-per-unit-300496332.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
7/31/2017Boardwalk To Release Second Quarter 2017 Results On July 31, 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, July 13, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its second quarter 2017 earnings on Monday, July 31, 2017. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, July 31, 2017.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 49473667. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
View original content with multimedia:http://www.prnewswire.com/news-releases/boardwalk-to-release-second-quarter-2017-results-on-july-31-2017-300487380.html
SOURCE Boardwalk Pipeline Partners, LP
Article Date
7/13/2017Loews Corporation Completes Acquisition of Consolidated Container Company
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, May 22, 2017 /PRNewswire/ -- Loews Corporation (NYSE: L) today announced that it has completed its acquisition of Consolidated Container Company (CCC), a leading rigid plastic packaging manufacturer based in Atlanta, GA.
CCC provides packaging solutions to stable consumer end markets such as beverage, food and household chemicals. With a network of manufacturing locations across the United States, CCC reliably provides quality products to its customers. The $1.2 billion acquisition, subject to customary purchase price adjustments, was funded with approximately 50 percent cash-on-hand and 50 percent debt at CCC.
About Loews Corporation
Loews Corporation is a diversified company with three publicly-traded subsidiaries – CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP) – and two non-public subsidiaries – Loews Hotels & Co and Consolidated Container Company. For more information, please visit www.loews.com.
About Consolidated Container Company
CCC is a leading developer and manufacturer of rigid plastic packaging solutions in North America. CCC specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the household chemicals, food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice markets. CCC also operates a leading recycled and custom compounded post-consumer resin business, Envision Plastics. With 57 rigid plastic packaging manufacturing facilities, two recycled resins manufacturing facilities, and 2,200 employees, CCC has an integrated, nationwide network that consistently delivers reliable and cost-effective packaging and recycled resin solutions to meet the needs of a wide range of customers and markets. From its state-of-the-art Studio PKG, to the recycling technologies of Envision Plastics, to its experienced manufacturing teams across its network, CCC delivers high-performance, cost-effective solutions to meet even the most challenging applications.
SOURCE Loews Corporation
Article Date
5/22/20175/1/2017 - Boardwalk Announces First Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces First Quarter 2017 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
HOUSTON, May 1, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 18, 2017, to unitholders of record as of May 11, 2017.
The Partnership also announced its results for the first quarter ended March 31, 2017, which included the following items:
Compared with the first quarter of 2016, the Partnership's operating revenues in the first quarter of 2017 were favorably impacted by recently completed growth projects and an increase in the Partnership's parking and lending and storage revenues from improved market conditions.
Capital Program
Growth capital expenditures were $108.9 million and maintenance capital expenditures were $24.6 million for the three months ended March 31, 2017.
Conference Call
The Partnership has scheduled a conference call for May 1, 2017, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 5389383.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||
|
For the | |||||||
|
2017 |
2016 | ||||||
|
Operating Revenues: |
|||||||
|
Transportation |
$ |
318.6 |
$ |
305.9 |
|||
|
Parking and lending |
5.4 |
4.1 |
|||||
|
Storage |
23.4 |
21.0 |
|||||
|
Other |
19.6 |
14.0 |
|||||
|
Total operating revenues |
367.0 |
345.0 |
|||||
|
Operating Costs and Expenses: |
|||||||
|
Fuel and transportation |
19.2 |
20.3 |
|||||
|
Operation and maintenance |
40.4 |
43.4 |
|||||
|
Administrative and general |
34.6 |
34.7 |
|||||
|
Depreciation and amortization |
80.6 |
79.0 |
|||||
|
Taxes other than income taxes |
27.4 |
26.0 |
|||||
|
Total operating costs and expenses |
202.2 |
203.4 |
|||||
|
Operating income |
164.8 |
141.6 |
|||||
|
Other Deductions (Income): |
|||||||
|
Interest expense |
46.2 |
42.6 |
|||||
|
Interest income |
(0.1) |
(0.1) |
|||||
|
Miscellaneous other income |
(0.8) |
(2.1) |
|||||
|
Total other deductions |
45.3 |
40.4 |
|||||
|
Income before income taxes |
119.5 |
101.2 |
|||||
|
Income taxes |
0.2 |
0.2 |
|||||
|
Net income |
$ |
119.3 |
$ |
101.0 |
|||
|
Net Income per Unit: |
|||||||
|
Net income per common unit |
$ |
0.47 |
$ |
0.40 |
|||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
|||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
|||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the | |||||||
|
2017 |
2016 | ||||||
|
Net income |
$ |
119.3 |
$ |
101.0 |
|||
|
Income taxes |
0.2 |
0.2 |
|||||
|
Depreciation and amortization |
80.6 |
79.0 |
|||||
|
Interest expense |
46.2 |
42.6 |
|||||
|
Interest income |
(0.1) |
(0.1) |
|||||
|
EBITDA |
246.2 |
222.7 |
|||||
|
Less: |
|||||||
|
Cash paid for interest, net of capitalized interest (1) |
44.7 |
46.0 |
|||||
|
Maintenance capital expenditures |
24.6 |
14.6 |
|||||
|
Other(2) |
0.8 |
2.0 |
|||||
|
Distributable Cash Flow |
$ |
176.1 |
$ |
160.1 |
|||
(1) The three months ended March 31, 2017, includes $1.5 million of payments related to the settlement of interest rate derivatives.
(2) Includes other non-cash items, such as asset impairments, the net gain on sale of operating assets and the related proceeds and the equity component of allowance for funds used during construction.
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2017, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
119.3 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
93.8 |
91.9 |
1.9 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
119.3 |
$ |
116.9 |
$ |
2.4 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.47 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
101.0 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
75.5 |
74.0 |
1.5 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
101.0 |
$ |
99.0 |
$ |
2.0 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.40 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
SOURCE Boardwalk Pipeline Partners, LP
Article Date
5/1/2017Boardwalk To Release First Quarter 2017 Results On May 1, 2017
Source: PR Newswire
HOUSTON, April 18, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its first quarter 2017 earnings on Monday, May 1, 2017. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, May 1, 2017.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 5389383. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
SOURCE Boardwalk Pipeline Partners, LP
Article Date
4/18/2017Loews Corporation Agrees to Acquire Consolidated Container Company
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
NEW YORK, April 11, 2017 /PRNewswire/ -- Loews Corporation (NYSE: L) today announced that it has entered into an agreement to acquire Consolidated Container Company (CCC), a leading rigid plastic packaging manufacturer based in Atlanta, GA, from Bain Capital Private Equity for approximately $1.2 billion, subject to customary purchase price adjustments. CCC will be a part of a newly-created segment called Loews Packaging Group.
"We have been analyzing the packaging industry for some time because it fits our key acquisition criteria: It is a fragmented industry that generates strong cash flows and we believe it is unlikely to be subject to major technological disruption," said James Tisch, President and CEO of Loews. "CCC is an outstanding company with a highly professional management team that can serve as a platform for growth, both organically and through acquisitions."
CCC provides packaging solutions to stable end markets such as beverage, food, and household chemicals. With a network of manufacturing locations across North America, CCC reliably provides quality products to its customers.
"I am extremely excited for CCC to become part of Loews," said Sean R. Fallmann, President and CEO of CCC. "I have every confidence that Loews will be an excellent partner for CCC as we continue to invest in differentiated capabilities to best serve our customers. It remains our mission to be the packaging solutions provider of choice in North America."
"Sean and the team at CCC have done a remarkable job building the business and creating a differentiated platform," said Steven Barnes, a Managing Director at Bain Capital Private Equity. "We have enjoyed partnering with management in establishing a culture of safety and innovation and building a strong foundation based on differentiated operating and commercial capabilities. These advantages will continue to serve the company well under Loews's ownership."
The acquisition agreement is subject to customary closing conditions. The transaction is expected to close in the second quarter of 2017, and will be funded with approximately 50 percent cash-on-hand and 50 percent debt at CCC.
For more information on this announcement please visit: https://loews.com/filestore/april-2017-loewsnews.pdf
About Loews Corporation
Loews Corporation is a diversified company with three publicly-traded subsidiaries: CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP); and one wholly owned subsidiary, Loews Hotels & Co. For more information, please visit www.loews.com.
About Consolidated Container Company
CCC is a leading developer and manufacturer of rigid plastic packaging solutions in North America. CCC specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the household chemicals, food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice markets. CCC also operates a leading recycled and custom compounded post-consumer resin business, Envision Plastics. With 57 rigid plastic packaging manufacturing facilities, two recycled resins manufacturing facilities, and 2,300 employees, CCC has an integrated, nationwide network that consistently delivers reliable and cost-effective packaging and recycled resin solutions to meet the needs of a wide range of customers and markets. From its state-of-the-art Studio PKG, to the recycling technologies of Envision Plastics, to its experienced manufacturing teams across its network, CCC delivers high-performance, cost-effective solutions to meet even the most challenging applications.
About Bain Capital
Bain Capital Private Equity (www.baincapitalprivateequity.com) has partnered closely with management teams to provide the strategic resources that build great companies and help them thrive since its founding in 1984. Bain Capital's team of more than 220 investment professionals creates value for its portfolio companies through its global platform and depth of expertise in key vertical industries, including industrials, consumer/retail, financial and business services, healthcare, and technology, media and telecommunications. In addition to private equity, Bain Capital invests across asset classes including credit, public equity and venture capital, and leverages the firm's shared platform to capture opportunities in strategic areas of focus.
SOURCE Loews Corporation
Article Date
4/11/20172/6/2017 - Boardwalk Announces Fourth Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Fourth Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Feb. 6, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on February 23, 2017, to unitholders of record as of February 16, 2017.
The Partnership also announced its results for the fourth quarter and year ended December 31, 2016, which included the following items:
Compared with the fourth quarter of 2015, the Partnership's operating revenues in the fourth quarter of 2016 were favorably impacted by recently completed growth projects and an increase in the Partnership's parking and lending and storage services from improved market conditions.
For the full year 2016, the Partnership's operating revenues, net income and EBITDA were positively impacted by the items discussed above, as well as the Gulf South rate case and a full year of operation for the Evangeline pipeline system which was out of service for a portion of 2015.
Capital Program
Growth capital expenditures were $469.1 million and maintenance capital expenditures were $121.3 million for the year ended December 31, 2016.
Conference Call
The Partnership has scheduled a conference call for February 6, 2017, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 48343899.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements as an approximation of net operating revenues generated by the Partnership, that when realized in cash, will be available to be distributed to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(Millions, except per unit amounts) | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
For the |
For the |
||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
307.1 |
$ |
289.0 |
$ |
1,142.4 |
$ |
1,091.1 |
|||||||
|
Parking and lending |
4.8 |
3.5 |
18.2 |
11.4 |
|||||||||||
|
Storage |
23.4 |
20.7 |
91.4 |
81.3 |
|||||||||||
|
Other |
17.3 |
13.6 |
55.2 |
65.4 |
|||||||||||
|
Total operating revenues |
352.6 |
326.8 |
1,307.2 |
1,249.2 |
|||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
19.8 |
21.3 |
70.8 |
99.3 |
|||||||||||
|
Operation and maintenance |
56.1 |
60.8 |
199.9 |
209.5 |
|||||||||||
|
Administrative and general |
37.6 |
36.3 |
142.2 |
130.4 |
|||||||||||
|
Depreciation and amortization |
79.1 |
81.3 |
317.8 |
323.7 |
|||||||||||
|
Asset impairment |
3.8 |
0.3 |
3.8 |
0.4 |
|||||||||||
|
Net gain on sale of operating assets |
— |
(0.3) |
(0.1) |
(0.5) |
|||||||||||
|
Taxes other than income taxes |
23.3 |
20.7 |
95.3 |
90.6 |
|||||||||||
|
Total operating costs and expenses |
219.7 |
220.4 |
829.7 |
853.4 |
|||||||||||
|
Operating income |
132.9 |
106.4 |
477.5 |
395.8 |
|||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
46.4 |
42.2 |
182.8 |
176.4 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.4) |
(0.4) |
|||||||||||
|
Miscellaneous other income, net |
(1.8) |
(1.4) |
(7.7) |
(2.7) |
|||||||||||
|
Total other deductions |
44.5 |
40.7 |
174.7 |
173.3 |
|||||||||||
|
Income before income taxes |
88.4 |
65.7 |
302.8 |
222.5 |
|||||||||||
|
Income taxes |
0.2 |
0.1 |
0.6 |
0.5 |
|||||||||||
|
Net income |
$ |
88.2 |
$ |
65.6 |
$ |
302.2 |
$ |
222.0 |
|||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.35 |
$ |
0.26 |
$ |
1.18 |
$ |
0.87 |
|||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
248.8 |
|||||||||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
$ |
0.40 |
$ |
0.40 |
|||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the |
For the | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net income |
$ |
88.2 |
$ |
65.6 |
$ |
302.2 |
$ |
222.0 |
|||||||
|
Income taxes |
0.2 |
0.1 |
0.6 |
0.5 |
|||||||||||
|
Depreciation and amortization |
79.1 |
81.3 |
317.8 |
323.7 |
|||||||||||
|
Interest expense |
46.4 |
42.2 |
182.8 |
176.4 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.4) |
(0.4) |
|||||||||||
|
EBITDA |
213.8 |
189.1 |
803.0 |
722.2 |
|||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest |
48.3 |
33.1 |
170.6 |
170.6 |
|||||||||||
|
Maintenance capital expenditures |
39.2 |
50.0 |
121.3 |
142.5 |
|||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from legal settlement |
— |
— |
— |
6.2 |
|||||||||||
|
Other: (1) |
2.0 |
(0.9) |
(3.8) |
(2.0) |
|||||||||||
|
Distributable Cash Flow |
$ |
128.3 |
$ |
105.1 |
$ |
507.3 |
$ |
413.3 |
|||||||
|
(1) |
Includes other non-cash items, such as asset impairments, the net gain on sale of operating assets and the related proceeds and the equity component of allowance for funds used during construction. | |||||||||||||||
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
88.2 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
62.6 |
61.3 |
1.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
88.2 |
$ |
86.4 |
$ |
1.8 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.35 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
65.6 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
40.0 |
39.2 |
0.8 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
65.6 |
$ |
64.3 |
$ |
1.3 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.26 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
302.2 |
|||||||||
|
Declared distribution |
102.2 |
$ |
100.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
200.0 |
196.0 |
4.0 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
302.2 |
$ |
296.2 |
$ |
6.0 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
1.18 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
222.0 |
|||||||||
|
Declared distribution |
102.2 |
$ |
100.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
119.8 |
117.3 |
2.5 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
222.0 |
$ |
217.5 |
$ |
4.5 |
|||||
|
Weighted-average units outstanding |
248.8 |
||||||||||
|
Net income per unit |
$ |
0.87 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
SOURCE Boardwalk Pipeline Partners, LP
Article Date
2/6/2017Boardwalk To Release Fourth Quarter 2016 Results On February 6, 2017
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 17, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its fourth quarter 2016 earnings on Monday, February 6, 2017. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, February 6, 2017.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 48343899. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
SOURCE Boardwalk Pipeline Partners, LP
Article Date
1/17/2017Boardwalk Prices $500 Million Offering Of Senior Notes
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 5, 2017 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that its wholly-owned subsidiary, Boardwalk Pipelines, LP ("Boardwalk"), has priced a public offering of $500 million aggregate principal amount of 4.450% senior notes due 2027. Boardwalk expects the offering to close on January 12, 2017, subject to customary closing conditions.
Boardwalk intends to use the net proceeds of approximately $494.1 million from this offering (after deducting the underwriting discount and estimated offering expenses) for general partnership purposes, which may include, among other things, growth capital expenditures, repayment of future maturities of long-term debt and additions to working capital. Pending such use, Boardwalk intends to temporarily use the proceeds to reduce borrowings under its revolving credit facility.
Barclays, Mizuho Securities, MUFG, Wells Fargo Securities, Citigroup, Deutsche Bank Securities, J.P. Morgan and RBC Capital Markets are acting as joint book-running managers for the offering. BofA Merrill Lynch, Regions Securities LLC, Santander, US Bancorp, BB&T Capital Markets, Goldman, Sachs & Co. and Morgan Stanley are acting as co-managers for the offering.
The offering is being made only through the prospectus supplement and accompanying base prospectus, which is part of an effective shelf registration statement previously filed by BWP with the Securities and Exchange Commission ("SEC"). Copies of these documents may be obtained by contacting:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Barclaysprospectus@broadridge.com
Mizuho Securities USA Inc.
Attn: Debt Capital Markets
320 Park Avenue, 12th Floor
New York, NY 10022
Telephone: (866) 271-7403
MUFG Securities Americas Inc.
Attn: Capital Markets Group
1221 Avenue of the Americas, 6th Floor
New York, NY 10020
Telephone: (877) 649-6848
prospectus@us.sc.mufg.jp
Wells Fargo Securities, LLC
608 2nd Avenue South, Suite 1000
Minneapolis, MN 55402
Attn: WFS Customer Service
Telephone: (800) 645-3751
wfscustomerservice@wellsfargo.com
Citigroup Global Markets Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (800) 831-9146
prospectus@citi.com
Deutsche Bank Securities Inc.
Attn: Prospectus Group
60 Wall Street
New York, NY 10005-2836
Telephone: (800) 503-4611
prospectus.CPDG@db.com
J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attn: Investment Grade Syndicate Desk, 3rd Floor
Telephone: (212) 834-4533
RBC Capital Markets, LLC
Attn: DCM Transaction Management
200 Vesey Street
New York, NY 10281
Telephone: (866) 375-6829
You may also obtain these documents for free when they are available by visiting EDGAR on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers.
Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans or prospects for Boardwalk Pipeline Partners, LP and its subsidiaries. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond Boardwalk Pipeline Partners, LP's control and the risk factors and other cautionary statements discussed in Boardwalk's filings with the SEC.
Investor Contacts:
Molly Ladd Whitaker, (866) 913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, (713) 479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
SOURCE Boardwalk Pipeline Partners, LP
Article Date
1/5/201710/31/2016 - Boardwalk Announces Third Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Third Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Oct. 31, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on November 17, 2016, to unitholders of record as of November 10, 2016.
The Partnership also announced its results for the third quarter ended September 30, 2016, which included the following items:
Compared with the third quarter of 2015, the Partnership's operating revenues were favorably impacted by recently completed growth projects and an increase in the Partnership's parking and lending and storage services from improved market conditions.
For the nine-month period, the Partnership's operating revenues, net income and EBITDA were positively impacted by the items discussed above, as well as the Gulf South rate case and the return to service in mid-2015 of the Evangeline pipeline system.
Capital Program
Growth capital expenditures were $350.3 million and maintenance capital expenditures were $82.1 million for the nine months ended September 30, 2016.
Conference Call
The Partnership has scheduled a conference call for October 31, 2016, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 90369196.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. 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.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
For the |
For the | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
259.6 |
$ |
255.6 |
$ |
835.3 |
$ |
802.1 | |||||||
|
Parking and lending |
4.9 |
2.3 |
13.4 |
7.9 | |||||||||||
|
Storage |
23.4 |
20.4 |
68.0 |
60.6 | |||||||||||
|
Other |
15.4 |
15.8 |
37.9 |
51.8 | |||||||||||
|
Total operating revenues |
303.3 |
294.1 |
954.6 |
922.4 | |||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
19.1 |
25.1 |
51.0 |
78.0 | |||||||||||
|
Operation and maintenance |
52.1 |
54.0 |
143.8 |
148.7 | |||||||||||
|
Administrative and general |
34.4 |
31.7 |
104.6 |
94.1 | |||||||||||
|
Depreciation and amortization |
80.6 |
79.8 |
238.7 |
242.4 | |||||||||||
|
Asset impairment |
— |
— |
— |
0.1 | |||||||||||
|
Net gain on sale of operating assets |
(0.1) |
(0.1) |
(0.1) |
(0.2) | |||||||||||
|
Taxes other than income taxes |
23.5 |
22.9 |
72.0 |
69.9 | |||||||||||
|
Total operating costs and expenses |
209.6 |
213.4 |
610.0 |
633.0 | |||||||||||
|
Operating income |
93.7 |
80.7 |
344.6 |
289.4 | |||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
48.4 |
43.1 |
136.4 |
134.2 | |||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.3) |
(0.3) | |||||||||||
|
Miscellaneous other income, net |
(1.9) |
(0.7) |
(5.9) |
(1.3) | |||||||||||
|
Total other deductions |
46.4 |
42.3 |
130.2 |
132.6 | |||||||||||
|
Income before income taxes |
47.3 |
38.4 |
214.4 |
156.8 | |||||||||||
|
Income taxes |
— |
0.1 |
0.4 |
0.4 | |||||||||||
|
Net Income |
$ |
47.3 |
$ |
38.3 |
$ |
214.0 |
$ |
156.4 | |||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.19 |
$ |
0.15 |
$ |
0.84 |
$ |
0.62 | |||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
248.3 | |||||||||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
$ |
0.30 |
$ |
0.30 | |||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the |
For the | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net Income |
$ |
47.3 |
$ |
38.3 |
$ |
214.0 |
$ |
156.4 | |||||||
|
Income taxes |
— |
0.1 |
0.4 |
0.4 | |||||||||||
|
Depreciation and amortization |
80.6 |
79.8 |
238.7 |
242.4 | |||||||||||
|
Interest expense |
48.4 |
43.1 |
136.4 |
134.2 | |||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.3) |
(0.3) | |||||||||||
|
EBITDA |
176.2 |
161.2 |
589.2 |
533.1 | |||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest |
43.6 |
46.1 |
122.3 |
137.5 | |||||||||||
|
Maintenance capital expenditures |
40.7 |
37.1 |
82.1 |
92.5 | |||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from legal settlement |
— |
6.2 |
— |
6.2 | |||||||||||
|
Other (1) |
(1.9) |
(0.6) |
(5.8) |
(1.1) | |||||||||||
|
Distributable Cash Flow |
$ |
90.0 |
$ |
83.6 |
$ |
379.0 |
$ |
308.2 | |||||||
|
(1) Includes other non-cash items, such as the equity component of allowance for funds used during construction. |
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended September 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
47.3 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
21.8 |
21.4 |
0.4 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
47.3 |
$ |
46.4 |
$ |
0.9 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.19 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended September 30, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
38.3 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
12.8 |
12.5 |
0.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
38.3 |
$ |
37.5 |
$ |
0.8 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.15 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the nine months ended September 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
214.0 |
|||||||||
|
Declared distribution |
76.6 |
$ |
75.1 |
$ |
1.5 |
||||||
|
Assumed allocation of undistributed net income |
137.4 |
134.7 |
2.7 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
214.0 |
$ |
209.8 |
$ |
4.2 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.84 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the nine months ended September 30, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
156.4 |
|||||||||
|
Declared distribution |
76.6 |
$ |
75.1 |
$ |
1.5 |
||||||
|
Assumed allocation of undistributed net income |
79.8 |
78.2 |
1.6 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
156.4 |
$ |
153.3 |
$ |
3.1 |
|||||
|
Weighted-average units outstanding |
248.3 |
||||||||||
|
Net income per unit |
$ |
0.62 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
10/31/2016Boardwalk To Release Third Quarter 2016 Results On October 31, 2016
Source: PR Newswire
HOUSTON, Oct. 11, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its third quarter 2016 earnings on Monday, October 31, 2016. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, October 31, 2016.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 90369196. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
10/11/20168/1/2016 - Boardwalk Announces Second Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Second Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Aug. 1, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on August 18, 2016, to unitholders of record as of August 11, 2016.
The Partnership also announced its results for the second quarter ended June 30, 2016, which included the following items:
Compared with the second quarter of 2015, the Partnership's operating revenues were favorably impacted by $12.7 million of proceeds received from the settlement of a legal claim, the return to service in mid-2015 of the Evangeline pipeline system, recently completed growth projects and an increase in the Partnership's parking and lending and storage services from improved market conditions. The second quarter of 2015 was favorably impacted by the receipt of $6.3 million of business interruption proceeds.
For the six-month period, the Partnership's operating revenues, net income and EBITDA were positively impacted by the items discussed above.
Capital Program
Growth capital expenditures were $217.6 million and maintenance capital expenditures were $41.4 million for the six months ended June 30, 2016.
Conference Call
The Partnership has scheduled a conference call for August 1, 2016, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 37711438.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. 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.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | |||||||||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||
|
(Millions, except per unit amounts) | |||||||||||||||
|
(Unaudited) | |||||||||||||||
|
For the |
For the Six Months Ended June 30, | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
269.8 |
$ |
256.9 |
$ |
575.7 |
$ |
546.5 |
|||||||
|
Parking and lending |
4.4 |
2.8 |
8.5 |
5.6 |
|||||||||||
|
Storage |
23.6 |
20.9 |
44.6 |
40.2 |
|||||||||||
|
Other |
8.5 |
18.0 |
22.5 |
36.0 |
|||||||||||
|
Total operating revenues |
306.3 |
298.6 |
651.3 |
628.3 |
|||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
11.6 |
24.8 |
31.9 |
52.9 |
|||||||||||
|
Operation and maintenance |
48.3 |
53.4 |
91.7 |
94.7 |
|||||||||||
|
Administrative and general |
35.5 |
31.8 |
70.2 |
62.4 |
|||||||||||
|
Depreciation and amortization |
79.1 |
81.0 |
158.1 |
162.6 |
|||||||||||
|
Asset impairment |
— |
— |
— |
0.1 |
|||||||||||
|
Net gain on sale of operating assets |
— |
(0.1) |
— |
(0.1) |
|||||||||||
|
Taxes other than income taxes |
22.5 |
21.8 |
48.5 |
47.0 |
|||||||||||
|
Total operating costs and expenses |
197.0 |
212.7 |
400.4 |
419.6 |
|||||||||||
|
Operating income |
109.3 |
85.9 |
250.9 |
208.7 |
|||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
45.4 |
45.9 |
88.0 |
91.1 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.2) |
(0.2) |
|||||||||||
|
Miscellaneous other income, net |
(1.9) |
(0.4) |
(4.0) |
(0.6) |
|||||||||||
|
Total other deductions |
43.4 |
45.4 |
83.8 |
90.3 |
|||||||||||
|
Income before income taxes |
65.9 |
40.5 |
167.1 |
118.4 |
|||||||||||
|
Income taxes |
0.2 |
0.1 |
0.4 |
0.3 |
|||||||||||
|
Net Income |
$ |
65.7 |
$ |
40.4 |
$ |
166.7 |
$ |
118.1 |
|||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.26 |
$ |
0.16 |
$ |
0.65 |
$ |
0.47 |
|||||||
|
Weighted-average number of common units outstanding |
250.3 |
250.3 |
250.3 |
247.3 |
|||||||||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
$ |
0.20 |
$ |
0.20 |
|||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the |
For the | ||||||||||||||
|
2016 |
2015 |
2016 |
2015 | ||||||||||||
|
Net Income |
$ |
65.7 |
$ |
40.4 |
$ |
166.7 |
$ |
118.1 |
|||||||
|
Income taxes |
0.2 |
0.1 |
0.4 |
0.3 |
|||||||||||
|
Depreciation and amortization |
79.1 |
81.0 |
158.1 |
162.6 |
|||||||||||
|
Interest expense |
45.4 |
45.9 |
88.0 |
91.1 |
|||||||||||
|
Interest income |
(0.1) |
(0.1) |
(0.2) |
(0.2) |
|||||||||||
|
EBITDA |
190.3 |
167.3 |
413.0 |
371.9 |
|||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest |
32.7 |
37.2 |
78.7 |
91.4 |
|||||||||||
|
Maintenance capital expenditures |
26.8 |
37.4 |
41.4 |
55.4 |
|||||||||||
|
Add: |
|||||||||||||||
|
Other (1) |
(1.9) |
(0.4) |
(3.9) |
(0.5) |
|||||||||||
|
Distributable Cash Flow |
$ |
128.9 |
$ |
92.3 |
$ |
289.0 |
$ |
224.6 |
|||||||
|
(1) |
Includes other non-cash items, such as the equity component of allowance for funds used during construction. |
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended June 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
65.7 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
40.1 |
39.3 |
0.8 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
65.7 |
$ |
64.4 |
$ |
1.3 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.26 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended June 30, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
40.4 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
14.8 |
14.5 |
0.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
40.4 |
$ |
39.6 |
$ |
0.8 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.16 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the six months ended June 30, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
166.7 |
|||||||||
|
Declared distribution |
51.1 |
$ |
50.1 |
$ |
1.0 |
||||||
|
Assumed allocation of undistributed net income |
115.6 |
113.3 |
2.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
166.7 |
$ |
163.4 |
$ |
3.3 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.65 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the six months ended June 30, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
118.1 |
|||||||||
|
Declared distribution |
51.1 |
$ |
50.1 |
$ |
1.0 |
||||||
|
Assumed allocation of undistributed net income |
67.0 |
65.7 |
1.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
118.1 |
$ |
115.8 |
$ |
2.3 |
|||||
|
Weighted-average units outstanding |
247.3 |
||||||||||
|
Net income per unit |
$ |
0.47 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
8/1/2016Loews Corporation to Release Second Quarter 2016 Results on August 1
Source: PR Newswire
NEW YORK, July 12, 2016 /PRNewswire/ -- Loews Corporation (NYSE: L) will report second quarter 2016 financial results on Monday, August 1, 2016. A conference call for analysts and investors will begin at 11:00 a.m. ET and will be hosted by the Company's chief executive officer, James S. Tisch, and chief financial officer, David B. Edelson.
The news release and a live webcast of the conference call will be available online at the Loews Corporation website (www.loews.com). Those interested in participating in the question and answer portion of the call should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 40770811.
A replay of the call will be available at www.loews.com or by dialing (800) 585-8367, or for international callers, (404) 537-3406. The telephone replay requires conference ID number 40770811 and will be available through August 26, 2016.
About Loews Corporation
Loews Corporation is a diversified company with three publicly-traded subsidiaries: CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP); and one wholly owned subsidiary, Loews Hotels & Resorts. For more information please visit www.loews.com.
SOURCE Loews Corporation
Article Date
7/12/2016Boardwalk To Release Second Quarter 2016 Results On August 1, 2016
Source: PR Newswire
HOUSTON, July 12, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) will report its second quarter 2016 earnings on Monday, August 1, 2016. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, August 1, 2016.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 37711438. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily transports and stores natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
7/12/2016Boardwalk To Meet With Investors At The 2016 MLPA Annual Investor Conference
Source: PR Newswire
HOUSTON, May 31, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE: BWP) announced today that Stan Horton, Chief Executive Officer, President & Director, Jamie Buskill, Senior Vice President, Chief Financial & Administrative Officer, and Molly Ladd Whitaker, Director of Investor Relations and Corporate Communications, will meet with investors at the 2016 MLPA Annual Investor Conference on Thursday, June 2 and Friday, June 3, 2016 in Orlando, Florida.
Related presentation materials will be made available on the Company's website at www.bwpmlp.com under "Investor Relations – Webcasts and Presentations" prior to the start of the conference.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that primarily provides transportation and storage of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
5/31/2016Boardwalk Prices $550 Million Offering Of Senior Notes
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, May 11, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) today announced that its wholly-owned subsidiary, Boardwalk Pipelines, LP ("Boardwalk"), has priced a public offering of $550 million aggregate principal amount of 5.95% senior notes due 2026. Boardwalk expects the offering to close on May 16, 2016, subject to customary closing conditions.
Boardwalk intends to use the net proceeds of approximately $539 million from this offering (after deducting the underwriting discount and estimated offering expenses) for general partnership purposes, which may include, among other things, growth capital expenditures, repayment of future maturities of long-term debt and additions to working capital. Pending such use, Boardwalk intends to temporarily use the proceeds to reduce borrowings under its revolving credit facility.
Barclays, Deutsche Bank Securities, J.P. Morgan, Citigroup, Mizuho Securities, MUFG, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering. BB&T Capital Markets, BofA Merrill Lynch, Goldman, Sachs & Co., Morgan Stanley, Regions Securities LLC, Santander Investment Securities Inc. and US Bancorp are acting as co-managers for the offering.
The offering is being made only through the prospectus supplement and accompanying base prospectus, which is part of an effective shelf registration statement previously filed by BWP with the SEC. Copies of these documents may be obtained by contacting:
Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Avenue
Edgewood, NY 11717
Telephone: (888) 603-5847
Barclaysprospectus@broadridge.com
Deutsche Bank Securities Inc.
Attn: Prospectus Group
60 Wall Street
New York, NY 10005-2836
Telephone: (800) 503-4611
Email: prospectus.CPDG@db.com
J.P. Morgan Securities LLC
383 Madison Avenue
New York, NY 10179
Attention: Investment Grade Syndicate Desk, 3rd Floor
Telephone: (212) 834-4533
You may also obtain these documents for free when they are available by visiting EDGAR on the SEC's website at www.sec.gov.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers.
Forward-Looking Statements
This press release contains forward-looking statements relating to expectations, plans or prospects for Boardwalk Pipeline Partners, LP and its subsidiaries. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include market conditions and other factors beyond Boardwalk Pipeline Partners, LP's control and the risk factors and other cautionary statements discussed in Boardwalk's filings with the U.S. Securities and Exchange Commission.
Investor Contacts:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
Logo: http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
5/11/20165/2/2016 - Boardwalk Announces First Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces First Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
HOUSTON, May 2, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 19, 2016, to unitholders of record as of May 12, 2016.
The Partnership also announced its results for the first quarter ended March 31, 2016, which included the following items:
Compared with the first quarter of 2015, the Partnership's results were favorably impacted by additional revenues from the settled Gulf South rate case, the return to service in mid-2015 of the Evangeline pipeline system and recently completed growth projects.
Capital Program
Growth capital expenditures were $91.0 million and maintenance capital expenditures were $14.6 million for the quarter ended March 31, 2016.
Conference Call
The Partnership has scheduled a conference call for May 2, 2016, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID to access the call is 85747324.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. 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.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP | ||||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||||||
|
(Millions, except per unit amounts) | ||||||||
|
(Unaudited) | ||||||||
|
For the |
||||||||
|
2016 |
2015 |
|||||||
|
Operating Revenues: |
||||||||
|
Transportation |
$ |
305.9 |
$ |
289.6 |
||||
|
Parking and lending |
4.1 |
2.8 |
||||||
|
Storage |
21.0 |
19.3 |
||||||
|
Other |
14.0 |
18.0 |
||||||
|
Total operating revenues |
345.0 |
329.7 |
||||||
|
Operating Costs and Expenses: |
||||||||
|
Fuel and transportation |
20.3 |
28.1 |
||||||
|
Operation and maintenance |
43.4 |
41.3 |
||||||
|
Administrative and general |
34.7 |
30.6 |
||||||
|
Depreciation and amortization |
79.0 |
81.6 |
||||||
|
Asset impairment |
— |
0.1 |
||||||
|
Taxes other than income taxes |
26.0 |
25.2 |
||||||
|
Total operating costs and expenses |
203.4 |
206.9 |
||||||
|
Operating income |
141.6 |
122.8 |
||||||
|
Other Deductions (Income): |
||||||||
|
Interest expense |
42.6 |
45.2 |
||||||
|
Interest income |
(0.1) |
(0.1) |
||||||
|
Miscellaneous other income |
(2.1) |
(0.2) |
||||||
|
Total other deductions |
40.4 |
44.9 |
||||||
|
Income before income taxes |
101.2 |
77.9 |
||||||
|
Income taxes |
0.2 |
0.2 |
||||||
|
Net Income |
$ |
101.0 |
$ |
77.7 |
||||
|
Net Income per Unit: |
||||||||
|
Net income per common unit |
$ |
0.40 |
$ |
0.31 |
||||
|
Weighted-average number of common units outstanding |
250.3 |
244.3 |
||||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the | |||||||
|
2016 |
2015 | ||||||
|
Net Income |
$ |
101.0 |
$ |
77.7 |
|||
|
Income taxes |
0.2 |
0.2 |
|||||
|
Depreciation and amortization |
79.0 |
81.6 |
|||||
|
Interest expense |
42.6 |
45.2 |
|||||
|
Interest income |
(0.1) |
(0.1) |
|||||
|
EBITDA |
222.7 |
204.6 |
|||||
|
Less: |
|||||||
|
Cash paid for interest, net of capitalized interest |
46.0 |
54.2 |
|||||
|
Maintenance capital expenditures |
14.6 |
18.0 |
|||||
|
Add: |
|||||||
|
Other (1) |
(2.0) |
(0.1) |
|||||
|
Distributable Cash Flow |
$ |
160.1 |
$ |
132.3 |
|||
|
(1) |
Includes other non-cash items, such as the equity component of allowance for funds used during construction. |
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2016, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
101.0 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
75.5 |
74.0 |
1.5 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
101.0 |
$ |
99.0 |
$ |
2.0 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.40 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended March 31, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
77.7 |
|||||||||
|
Declared distribution |
25.5 |
$ |
25.0 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
52.2 |
51.1 |
1.1 |
||||||||
|
Assumed allocation of net income attributable to limited |
$ |
77.7 |
$ |
76.1 |
$ |
1.6 |
|||||
|
Weighted-average units outstanding |
244.3 |
||||||||||
|
Net income per unit |
$ |
0.31 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
5/2/2016Boardwalk To Release First Quarter 2016 Results On May 2, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, April 12, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its first quarter 2016 earnings on Monday, May 2, 2016. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, May 2, 2016.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 85747324. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
4/12/20162/8/2016 - Boardwalk Announces Fourth Quarter 2015 Results And Quarterly Distribution Of $0.10 Per Unit
Boardwalk Announces Fourth Quarter 2015 Results And Quarterly Distribution Of $0.10 Per Unit
Source: PR Newswire
HOUSTON, Feb. 8, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on February 25, 2016, to unitholders of record as of February 18, 2016.
The Partnership also announced its results for the fourth quarter and year ended December 31, 2015, which included the following items:
Compared with the fourth quarter of 2014, the Partnership's operating revenues and EBITDA were favorably impacted by additional revenues resulting from the Gulf South rate case, the return to service of the Evangeline pipeline system and the impact from the recently completed growth projects. Although Net Income and EBITDA increased 78% and 19% for the fourth quarter compared to the comparable 2014 period, distributable cash flow was relatively flat, primarily attributable to an increase in maintenance capital and a change in the timing of interest payments resulting from the issuance and retirement of debt during the year.
For the full year 2015, the Partnership's operating revenues and EBITDA were impacted by the items discussed above and the receipt of insurance proceeds related to a business interruption claim at Boardwalk Louisiana Midstream, offset by the relatively normal 2015 winter season compared to the unusually cold and sustained winter of 2014. Operating expenses were primarily impacted by increased maintenance activities and the October 2014 Evangeline acquisition. The 2014 period results included an impairment charge related to the terminated Bluegrass Project.
Capital Program
Growth capital expenditures were $232.0 million and maintenance capital expenditures were $142.5 million for the year ended December 31, 2015.
Conference Call
The Partnership has scheduled a conference call for February 8, 2016, at 9:30 a.m. Eastern time to review the quarterly results, current market conditions and distribution amount. The earnings webcast may be accessed via the Boardwalk website at www.bwpmlp.com. Please access 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 (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID number to access the call is 20355677.
Replay
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 midstream portion of the natural gas and natural gas liquids industry. 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.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
|
BOARDWALK PIPELINE PARTNERS, LP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Millions, except per unit amounts) (Unaudited) | |||||||||||||||
|
For the |
For the Year Ended December 31, | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Operating Revenues: |
|||||||||||||||
|
Transportation |
$ |
289.0 |
$ |
276.2 |
$ |
1,091.1 |
$ |
1,065.1 |
|||||||
|
Parking and lending |
3.5 |
1.9 |
11.4 |
23.3 |
|||||||||||
|
Storage |
20.7 |
19.4 |
81.3 |
89.5 |
|||||||||||
|
Other |
13.6 |
7.1 |
65.4 |
55.9 |
|||||||||||
|
Total operating revenues |
326.8 |
304.6 |
1,249.2 |
1,233.8 |
|||||||||||
|
Operating Costs and Expenses: |
|||||||||||||||
|
Fuel and transportation |
21.3 |
26.7 |
99.3 |
124.7 |
|||||||||||
|
Operation and maintenance |
60.8 |
61.1 |
209.5 |
194.8 |
|||||||||||
|
Administrative and general |
36.3 |
35.9 |
130.4 |
125.0 |
|||||||||||
|
Depreciation and amortization |
81.3 |
77.7 |
323.7 |
288.7 |
|||||||||||
|
Asset impairment |
0.3 |
1.5 |
0.4 |
10.1 |
|||||||||||
|
Net gain on disposal of operating assets |
(0.3) |
— |
(0.5) |
(1.1) |
|||||||||||
|
Taxes other than income taxes |
20.7 |
21.2 |
90.6 |
93.5 |
|||||||||||
|
Total operating costs and expenses |
220.4 |
224.1 |
853.4 |
835.7 |
|||||||||||
|
Operating income |
106.4 |
80.5 |
395.8 |
398.1 |
|||||||||||
|
Other Deductions (Income): |
|||||||||||||||
|
Interest expense |
42.2 |
44.4 |
176.4 |
165.5 |
|||||||||||
|
Interest income |
(0.1) |
(0.2) |
(0.4) |
(0.6) |
|||||||||||
|
Equity (earnings) losses in unconsolidated affiliates |
— |
(0.4) |
— |
86.5 |
|||||||||||
|
Miscellaneous other income, net |
(1.4) |
(0.2) |
(2.7) |
(0.5) |
|||||||||||
|
Total other deductions |
40.7 |
43.6 |
173.3 |
250.9 |
|||||||||||
|
Income before income taxes |
65.7 |
36.9 |
222.5 |
147.2 |
|||||||||||
|
Income taxes |
0.1 |
— |
0.5 |
0.4 |
|||||||||||
|
Net income |
65.6 |
36.9 |
222.0 |
146.8 |
|||||||||||
|
Net earnings (loss) attributable to noncontrolling interests |
— |
0.1 |
— |
(86.8) |
|||||||||||
|
Net income attributable to controlling interests |
$ |
65.6 |
$ |
36.8 |
$ |
222.0 |
$ |
233.6 |
|||||||
|
Net Income per Unit: |
|||||||||||||||
|
Net income per common unit |
$ |
0.26 |
$ |
0.15 |
$ |
0.87 |
$ |
0.94 |
|||||||
|
Weighted-average number of common units outstanding |
250.3 |
243.3 |
248.8 |
243.3 |
|||||||||||
|
Cash distribution declared and paid to common units |
$ |
0.10 |
$ |
0.10 |
$ |
0.40 |
$ |
0.40 |
|||||||
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
|
For the |
For the | ||||||||||||||
|
2015 |
2014 |
2015 |
2014 | ||||||||||||
|
Net income attributable to controlling interests |
$ |
65.6 |
$ |
36.8 |
$ |
222.0 |
$ |
233.6 |
|||||||
|
Income taxes |
0.1 |
— |
0.5 |
0.4 |
|||||||||||
|
Depreciation and amortization |
81.3 |
77.7 |
323.7 |
288.7 |
|||||||||||
|
Interest expense |
42.2 |
44.4 |
176.4 |
165.5 |
|||||||||||
|
Interest income |
(0.1) |
(0.2) |
(0.4) |
(0.6) |
|||||||||||
|
EBITDA |
189.1 |
158.7 |
722.2 |
687.6 |
|||||||||||
|
Less: |
|||||||||||||||
|
Cash paid for interest, net of capitalized interest |
33.1 |
25.4 |
170.6 |
153.0 |
|||||||||||
|
Maintenance capital expenditures |
50.0 |
27.5 |
142.5 |
91.4 |
|||||||||||
|
Base gas capital expenditures |
— |
— |
— |
14.7 |
|||||||||||
|
Add: |
|||||||||||||||
|
Proceeds from legal settlement |
— |
— |
6.2 |
6.3 |
|||||||||||
|
Bluegrass Project impairment, net of noncontrolling interest |
— |
— |
— |
10.0 |
|||||||||||
|
Other (1) |
(0.9) |
0.9 |
(2.0) |
4.6 |
|||||||||||
|
Distributable Cash Flow |
$ |
105.1 |
$ |
106.7 |
$ |
413.3 |
$ |
449.4 |
|||||||
|
(1) |
Includes other non-cash items, such as asset impairments, the net gain on sale of operating assets and the related proceeds and the equity component of allowance for funds used during construction. |
BOARDWALK PIPELINE PARTNERS, LP
NET INCOME PER UNIT RECONCILIATION
(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
65.6 |
|||||||||
|
Declared distribution |
25.6 |
$ |
25.1 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
40.0 |
39.2 |
0.8 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
65.6 |
$ |
64.3 |
$ |
1.3 |
|||||
|
Weighted-average units outstanding |
250.3 |
||||||||||
|
Net income per unit |
$ |
0.26 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended December 31, 2014, (in millions, except per unit data):
|
Total |
Common Units |
General and IDRs | |||||||||
|
Net income |
$ |
36.9 |
|||||||||
|
Less: Net income attributable to noncontrolling interests |
0.1 |
||||||||||
|
Net income attributable to controlling interests |
36.8 |
||||||||||
|
Declared distribution |
24.7 |
$ |
24.2 |
$ |
0.5 |
||||||
|
Assumed allocation of undistributed net income |
12.1 |
11.8 |
0.3 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
36.8 |
$ |
36.0 |
$ |
0.8 |
|||||
|
Weighted-average units outstanding |
243.3 |
||||||||||
|
Net income per unit |
$ |
0.15 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2015, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
222.0 |
|||||||||
|
Declared distribution |
102.2 |
$ |
100.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
119.8 |
117.4 |
2.4 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
222.0 |
$ |
217.6 |
$ |
4.4 |
|||||
|
Weighted-average units outstanding |
248.8 |
||||||||||
|
Net income per unit |
$ |
0.87 |
|||||||||
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the year ended December 31, 2014, (in millions, except per unit data):
|
Total |
Common Units |
General Partner and IDRs | |||||||||
|
Net income |
$ |
146.8 |
|||||||||
|
Less: Net loss attributable to noncontrolling interests |
(86.8) |
||||||||||
|
Net income attributable to controlling interests |
233.6 |
||||||||||
|
Declared distribution |
99.2 |
$ |
97.2 |
$ |
2.0 |
||||||
|
Assumed allocation of undistributed net income |
134.4 |
131.7 |
2.7 |
||||||||
|
Assumed allocation of net income attributable to limited partner unitholders and general partner |
$ |
233.6 |
$ |
228.9 |
$ |
4.7 |
|||||
|
Weighted-average units outstanding |
243.3 |
||||||||||
|
Net income per unit |
$ |
0.94 |
|||||||||
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
MEDIA CONTACT:
Joe Hollier, 713-479-8670
Manager of Corporate Communications
joe.hollier@bwpmlp.com
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
2/8/2016Boardwalk To Release Fourth Quarter 2015 Results On February 8, 2016
Source: PR Newswire
Orignial Article: http://www.prnewswire.com...
HOUSTON, Jan. 12, 2016 /PRNewswire/ -- Boardwalk Pipeline Partners, LP (NYSE:BWP) will report its fourth quarter 2015 earnings on Monday, February 8, 2016. A conference call for analysts and investors will begin at 9:30 a.m. Eastern Time and will be hosted by Boardwalk's Chief Executive Officer, Stan Horton, and Chief Financial and Administrative Officer, Jamie Buskill. Boardwalk will issue its earnings news release before the market opens on Monday, February 8, 2016.
The news release and a live webcast will be available online at the Boardwalk website (www.bwpmlp.com). Please go to the website at least 10 minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (855) 793-3255 for callers in the U.S. or (631) 485-4925 for callers outside the U.S. The Conference ID for the call is 20355677. Following the call, an online replay will be available on Boardwalk's website.
About Boardwalk Pipeline Partners, LP
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
CONTACT:
Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director, Investor Relations and Corporate Communications
Logo - http://photos.prnewswire.com/prnh/20130521/MM18411LOGO
SOURCE Boardwalk Pipeline Partners, LP
Article Date
1/12/2016Projects & Assets
Direct Assets
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PetroLogistics Natural Gas Storage LLC (subscriber access)
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Western Kentucky Lateral Project (subscriber access)Status: (subscriber access)
Ohio-Louisiana Access Project (subscriber access)
Status: (subscriber access)
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Northern Supply Access (subscriber access)
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Project to serve a Power Plant Project in South Texas (subscriber access)
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Sulphur Storage and Pipeline Expansion (subscriber access)
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Permian-Katy Pipeline (P2K) Project (subscriber access)
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Lamar County Expansion Project (subscriber access)
Status: (subscriber access)
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McComb Compressor Station Reliability Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Gulf South Pipeline Company, LP
Northern Supply Access (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
Ohio-Louisiana Access Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
Project to serve a Power Plant Project in South Texas (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
Southern Indiana Market Lateral Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
St. Charles Parish Expansion Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Gulf South Pipeline Company, LP
Sulphur Storage and Pipeline Expansion (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
Western Kentucky Lateral Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Boardwalk Pipeline Partners, LP
Willis Lateral Project (subscriber access)
Status: (subscriber access)
Parent Entities:
Gulf South Pipeline Company, LP
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