Boardwalk Pipeline Partners, LP, which conducts business through its primary subsidiary Boardwalk Pipelines, LP and its subsidiaries, is an energy company based in Houston, Texas. It is a master limited partnership operating in the midstream portion of the natural gas and natural gas liquids industry, primarily providing transportation and storage for those commodities. Boardwalk owns approximately of natural gas and NGLs pipelines and underground storage caverns having an aggregate capacity of approximately 205 billion cubic feet of working natural gas and of NGLs. Boardwalk's pipeline system originates in the Gulf Coast region, Oklahoma and Arkansas and extends north and east to the Midwestern states of Tennessee, Kentucky, Illinois, Indiana, and Ohio, and Boardwalk's NGLs pipeline and storage facilities are located in Louisiana and Texas. Boardwalk's common units are traded under the symbol "BWP" on the New York Stock Exchange. Boardwalk Pipelines Holding Corp., which is a wholly owned subsidiary of Loews Corporation, owns 100% of Boardwalk Pipeline Partners's capital. The common units, class B and general partner interest indirectly owned by Loews Corporation represent approximately 53 percent of the equity interests, excluding the incentive distribution rights.
Operations
Boardwalk serves a broad mix of customers, including producers of natural gas, local distribution companies, marketers, electric power generators, industrial users and interstate and intrastate pipelines. Boardwalk provides a significant portion of pipeline transportation and storage services through firm contracts under which customers pay monthly capacity reservation charges. Other charges are based on actual utilization of the capacity under firm contracts and contracts for interruptible services. For the twelve months ended December 31, 2016, approximately 81% of revenues were derived from capacity reservation charges under firm contracts, approximately 12% of revenues were derived from charges based on actual utilization under firm contracts and approximately 7% of revenues were derived from interruptible transportation, interruptible storage, parking and lending and other services. Boardwalk has the following operating subsidiaries:
Loews Corporation bought Texas Gas Transmission, LLC in May 2003 and Gulf South Pipeline Company, LP in December 2004. These two interstate natural gas pipeline companies were consolidated into a new entity – Boardwalk Pipeline Partners, LP – which went public in 2005. Boardwalk placed into service a third interstate natural gas pipeline company, Gulf Crossing Pipeline Company LLC, in 2009. In 2011, Boardwalk acquired the Petal and Hattiesburg natural gas storage companies, which were merged into Gulf South in 2015. In 2012, Boardwalk acquired Boardwalk Louisiana Midstream, LLC, which diversified Boardwalk's operations into the natural gas liquids business, serving petrochemical markets in southern Louisiana. In 2014, Boardwalk acquired Evangeline ethylene pipeline system, further expanding Boardwalk's service offerings to petrochemical customers. Boardwalk Field Services, LLC develops and operates gas gathering, compression, dehydration, treating, and processing infrastructure, and in June 2013 placed its processing plant into service.
Governance
The current members of the board of directors for Boardwalk Pipeline Partners, LP are William R. Cordes, Stanley C. Horton, Thomas E. Hyland, Arthur L. Rebell, Peter W. Keegan, Mark L. Shapiro, Kenneth I. Siegel and Andrew H. Tish.
