Boardwalk Pipeline Partners Lp has a market cap of $5.57 billion; its shares were traded at around $26.8 with a P/E ratio of 19.6 and P/S ratio of 4.9. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 8%.
Highlight of Business Operations:Operating revenues for the three months ended September 30, 2012, increased $1.7 million, or 1%, to $270.6 million, compared to $268.9 million for the three months ended September 30, 2011. The increase was due to $12.2 million of revenues earned by HP Storage and higher PAL and storage revenues of $5.4 million due to improved market conditions. The increase in revenues was partially offset by lower natural gas prices, which resulted in a decrease in retained fuel of $10.1 million, and a decrease of transportation revenues of $4.7 million from lower interruptible services due to a decrease in basis spreads between locations on the pipelines.
Operating revenues for the nine months ended September 30, 2012, increased $17.4 million, or 2%, to $859.3 million, compared to $841.9 million for the nine months ended September 30, 2011. The increase was due to $36.9 million of revenues earned by HP Storage, higher PAL and storage revenues of $9.6 million, resulting from improved market conditions, and higher firm transportation revenues of $3.4 million due to contractual capacity increases. The increase in revenues was partially offset by a decrease in retained fuel of $33.2 million primarily due to lower natural gas prices, and lower interruptible transportation service revenues due to a decrease in basis spreads between locations on the pipelines.
We are a partnership holding company and derive all of our operating cash flow from our operating subsidiaries. Our principal sources of liquidity include cash generated from operating activities, our revolving credit facility, debt issuances and sales of limited partner units. Our operating subsidiaries use cash from their respective operations to fund their operating activities and maintenance capital requirements, service their indebtedness and make advances or distributions to Boardwalk Pipelines. Boardwalk Pipelines uses cash provided from the operating subsidiaries and, as needed, borrowings under our revolving credit facility to service outstanding indebtedness and make distributions or advances to us to fund our distributions to unitholders. We have no material guarantees of debt or other similar commitments to unaffiliated parties.
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