Boardwalk Pipeline Partners LP (BWP, Financial) filed Quarterly Report for the period ended 2010-03-31.
Boardwalk Pipeline Partners Lp has a market cap of $5.83 billion; its shares were traded at around $30.29 with a P/E ratio of 34.4 and P/S ratio of 6.4. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.6%.BWP is in the portfolios of Chuck Royce of Royce& Associates, John Keeley of Keeley Fund Management.
Operating costs and expenses for the three months ended March 31, 2010, increased $28.3 million, or 20%, to $173.1 million, compared to $144.8 million for the three months ended March 31, 2009. The primary factors for the increase were increased fuel consumed of $14.2 million due to higher throughput from our pipeline expansion projects and higher depreciation of $7.0 million associated with an increase in our asset base. Administrative and general expenses increased $6.8 million due to a legal settlement, increases in outside services and unit-based compensation driven by an increase in the price of our common units.
Net cash provided by operating activities increased $76.2 million to $104.6 million for the three months ended March 31, 2010, compared to $28.4 million for the comparable 2009 period, primarily due to an increase in net income of $38.3 million and an increase in cash collections partly offset by an increase in cash expenditures.
Net cash used in investing activities decreased $77.2 million to $49.7 million for the three months ended March 31, 2010, compared to $126.9 million for the comparable 2009 period from a $252.2 million decrease in capital expenditures primarily related to the completion of our pipeline expansion projects and the sale of $175.0 million of short-term investments which favorably impacted the 2009 period.
Net cash provided by financing activities decreased $55.5 million to $19.9 million for the three months ended March 31, 2010, compared to $75.4 million for the comparable 2009 period. These decreases resulted from a $36.5 million reduction in borrowings under our revolving credit facility, a $12.0 million increase in distributions to our partners and $10.7 million of costs incurred under our registration rights agreement, partially offset by $3.7 million in advances from affiliates.
As of March 31, 2010, the amount of gas loaned out by our subsidiaries or owed to our subsidiaries due to gas imbalances was approximately 37.9 trillion British thermal units (TBtu). Assuming an average market price during March 2010 of $4.29 per million British thermal units (MMBtu), the market value of that gas was approximately $162.6 million. As of December 31, 2009, the amount of gas loaned out by our subsidiaries or owed to our subsidiaries due to gas imbalances was approximately 14.9 TBtu. Assuming an average market price during December 2009 of $5.36 per MMBtu, the market value of this gas at December 31, 2009, would have been approximately $79.9 million.
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Boardwalk Pipeline Partners Lp has a market cap of $5.83 billion; its shares were traded at around $30.29 with a P/E ratio of 34.4 and P/S ratio of 6.4. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.6%.BWP is in the portfolios of Chuck Royce of Royce& Associates, John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Operating revenues for the three months ended March 31, 2010, increased $77.1 million, or 35%, to $300.5 million, compared to $223.4 million for the three months ended March 31, 2009. Gas transportation revenues and fuel retained increased $73.6 million, primarily due to increased available capacities and throughput from our pipeline expansion projects. Gas storage revenues increased $1.5 million related to an increase in storage capacity associated with our Western Kentucky Storage Expansion and PAL revenues increased $2.0 million due to favorable summer-to-summer natural gas price spreads.Operating costs and expenses for the three months ended March 31, 2010, increased $28.3 million, or 20%, to $173.1 million, compared to $144.8 million for the three months ended March 31, 2009. The primary factors for the increase were increased fuel consumed of $14.2 million due to higher throughput from our pipeline expansion projects and higher depreciation of $7.0 million associated with an increase in our asset base. Administrative and general expenses increased $6.8 million due to a legal settlement, increases in outside services and unit-based compensation driven by an increase in the price of our common units.
Net cash provided by operating activities increased $76.2 million to $104.6 million for the three months ended March 31, 2010, compared to $28.4 million for the comparable 2009 period, primarily due to an increase in net income of $38.3 million and an increase in cash collections partly offset by an increase in cash expenditures.
Net cash used in investing activities decreased $77.2 million to $49.7 million for the three months ended March 31, 2010, compared to $126.9 million for the comparable 2009 period from a $252.2 million decrease in capital expenditures primarily related to the completion of our pipeline expansion projects and the sale of $175.0 million of short-term investments which favorably impacted the 2009 period.
Net cash provided by financing activities decreased $55.5 million to $19.9 million for the three months ended March 31, 2010, compared to $75.4 million for the comparable 2009 period. These decreases resulted from a $36.5 million reduction in borrowings under our revolving credit facility, a $12.0 million increase in distributions to our partners and $10.7 million of costs incurred under our registration rights agreement, partially offset by $3.7 million in advances from affiliates.
As of March 31, 2010, the amount of gas loaned out by our subsidiaries or owed to our subsidiaries due to gas imbalances was approximately 37.9 trillion British thermal units (TBtu). Assuming an average market price during March 2010 of $4.29 per million British thermal units (MMBtu), the market value of that gas was approximately $162.6 million. As of December 31, 2009, the amount of gas loaned out by our subsidiaries or owed to our subsidiaries due to gas imbalances was approximately 14.9 TBtu. Assuming an average market price during December 2009 of $5.36 per MMBtu, the market value of this gas at December 31, 2009, would have been approximately $79.9 million.
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