HOUSTON, April 30, 2018 -- 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:
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.
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.
Growth capital expenditures were $86.7 million and maintenance capital expenditures were $24.2 million for the three months ended March 31, 2018.
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.
An online replay will be available on the Boardwalk website immediately following the call.
The following information was filed by Boardwalk Pipeline Partners, Lp (BWP) on Monday, April 30, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Form Type: 10-Q Quarterly Report Accession Number: 0001336047-18-000070-2 Submitted to the SEC: Mon Jul 30 2018 8:03:56 AM EST Accepted by the SEC: Mon Jul 30 2018 Period: Saturday, June 30, 2018 Industry: Natural Gas Transmission