Boardwalk Pipelines

Last updated
Boardwalk Pipeline Partners, LP
Company type Subsidiary
IndustryEnergy
Founded2005;19 years ago (2005)
Headquarters Houston, Texas, U.S.
Key people
Stanley C. Horton (president and CEO)
ProductsTransport and storage of natural gas and natural gas liquids
Revenue$1,307.2 mil (FY2016)
$302.2 mil (FY2016)
Total assets Steady2.svg US$8.6 billion (FY2016)
Number of employees
1,280 dec'16
Parent Loews Corporation
Website www.bwpipelines.com

Boardwalk Pipeline Partners, LP, which conducts business through its primary subsidiary Boardwalk Pipelines, LP and its subsidiaries, [1] 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 (NGLs) industry, primarily providing transportation and storage for those commodities. Boardwalk owns approximately 14,365 miles (23,118 km) of natural gas and NGLs pipelines and underground storage caverns having an aggregate capacity of approximately 205 billion cubic feet (Bcf) of working natural gas and 24.0 million barrels (3.8 million cubic metres ) 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.

Contents

Boardwalk Pipelines Holding Corp., which is a wholly owned subsidiary of Loews Corporation, owns 100% of Boardwalk Pipeline Partners's capital. [1]

History

Loews Corporation (NYSE: L) bought Texas Gas Transmission, LLC in May 2003 [2] 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. [3] 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. [4]

In 2014, Boardwalk acquired Evangeline ethylene pipeline system, further expanding Boardwalk's service offerings to petrochemical customers. [5] 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.

In 2018, Loews Corporation acquired Boardwalk so that it became a subsidiary company, with its stock being delisted from the New York Stock Exchange.

In 2021 the Delaware Court of Chancery ruled for the former partners in the case Bandera Master Fund LP et al v Boardwalk Pipeline Partners LP et al [6] which awarded them $690M, but the case is being appealed. [7]

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References

  1. 1 2 "SEC Filings Details 10-K". Boardwalk Pipelines. Boardwalk Pipeline Partners. 11 February 2020. Retrieved 1 April 2020.
  2. ↑ "Loews to Buy Natural Gas Pipeline for $795 Million". The New York Times. 15 April 2003. Archived from the original on 2015-05-27. Retrieved 29 October 2020.
  3. ↑ "Boardwalk Pipeline Partners, LP" (PDF). Media Corporate. Retrieved 29 October 2020.
  4. ↑ "Boardwalk and Its General Partner to Acquire PL Midstream LLC (Exh 99.1)". U.S. Securities and Exchange Commission.
  5. ↑ "Evangeline pipeline system being sold to Boardwalk". The Advocate. 4 September 2014. Retrieved 29 October 2020.
  6. ↑ Gail Weinstein, Mark H. Lucas, David L. Shaw. (11 December 2021). "Damages Awards Based on Controller’s Reliance on Outside Counsel’s Legal Opinion". Harvard Law School Forum on Corporate Governance (Blog post). Harvard Law School website Retrieved 25 October 2022.
  7. ↑ Jonathan Stempel. (12 November 2021). "Judge orders Loews to pay $690 mln over Boardwalk Pipelines buyout; appeal planned ". Reuters website Retrieved 25 November 2022.
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