Boardwalk Pipeline Partners LP (BWP, Financial) filed Annual Report for the period ended 2009-12-31.
Boardwalk Pipeline Partners Lp has a market cap of $5.86 billion; its shares were traded at around $30.45 with a P/E ratio of 34.6 and P/S ratio of 6.45. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.57%.BWP is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
We serve a broad mix of customers, including marketers, local distribution companies (LDCs), producers, electric power generators, interstate and intrastate pipelines and direct industrial users. We provide a significant portion of our pipeline transportation and storage services through firm contracts under which our customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). 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, 2009, approximately 74% of our revenues were derived from capacity reservation charges under firm contracts, approximately 15% of our revenues were derived from charges based on actual utilization under firm contracts and approximately 11% of our revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
We contract directly with end-use customers and with marketers, producers and other third parties who provide transportation and storage services to end-users. Based on 2009 revenues, our customer mix was as follows: marketers (42%), producers (30%), LDCs (17%), power generators (4%), pipelines (2%) and industrial end users and others (5%). Based upon 2009 revenues, our deliveries were as follows: pipeline interconnects (54%), LDCs (22%), storage activities (11%), power generators (4%), industrial end-users (4%) and other (5%). One customer, Devon Energy Production Company, LP, accounted for approximately 11% of our 2009 operating revenues. Refer to Item 1A, Risk Factors, regarding risks associated with our customers.
Marketers. Natural gas marketing companies utilize our services to provide services to our other customer groups as well as to customer groups in off-system markets. The services may include combined gas supply management, transportation and storage services to support the needs of the other customer groups. Approximately 21% of the marketers are sponsored by LDCs and approximately 17% are sponsored by producers.
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Boardwalk Pipeline Partners Lp has a market cap of $5.86 billion; its shares were traded at around $30.45 with a P/E ratio of 34.6 and P/S ratio of 6.45. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.57%.BWP is in the portfolios of Chuck Royce of ROYCE & ASSOCIATES.
Highlight of Business Operations:
We are a Delaware limited partnership formed in 2005. Our business is conducted by our subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its subsidiaries, Gulf Crossing Pipeline Company LLC (Gulf Crossing), Gulf South Pipeline Company, LP (Gulf South) and Texas Gas Transmission, LLC (Texas Gas) (together, the operating subsidiaries). Boardwalk Pipelines Holding Corp. (BPHC), a wholly-owned subsidiary of Loews Corporation (Loews), owns 114.2 million of our common units, all 22.9 million of our class B units and, through Boardwalk GP, LP (Boardwalk GP), an indirect wholly-owned subsidiary of BPHC, holds the 2% general partner interest and all of our incentive distribution rights (IDRs). The common units, class B units and general partner interest owned by BPHC represent approximately 72% of our equity interests, excluding the IDRs. Our Partnership Interests, in Item 5 contains more information on how we calculate BPHC s equity ownership. Our common units are traded under the symbol “BWP” on the New York Stock Exchange (NYSE).We serve a broad mix of customers, including marketers, local distribution companies (LDCs), producers, electric power generators, interstate and intrastate pipelines and direct industrial users. We provide a significant portion of our pipeline transportation and storage services through firm contracts under which our customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). 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, 2009, approximately 74% of our revenues were derived from capacity reservation charges under firm contracts, approximately 15% of our revenues were derived from charges based on actual utilization under firm contracts and approximately 11% of our revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
We contract directly with end-use customers and with marketers, producers and other third parties who provide transportation and storage services to end-users. Based on 2009 revenues, our customer mix was as follows: marketers (42%), producers (30%), LDCs (17%), power generators (4%), pipelines (2%) and industrial end users and others (5%). Based upon 2009 revenues, our deliveries were as follows: pipeline interconnects (54%), LDCs (22%), storage activities (11%), power generators (4%), industrial end-users (4%) and other (5%). One customer, Devon Energy Production Company, LP, accounted for approximately 11% of our 2009 operating revenues. Refer to Item 1A, Risk Factors, regarding risks associated with our customers.
Marketers. Natural gas marketing companies utilize our services to provide services to our other customer groups as well as to customer groups in off-system markets. The services may include combined gas supply management, transportation and storage services to support the needs of the other customer groups. Approximately 21% of the marketers are sponsored by LDCs and approximately 17% are sponsored by producers.
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