Boardwalk Announces First Quarter 2015 Results And Quarterly Distribution Of $0.10 Per Unit
May 4, 2015
HOUSTON, May 4, 2015 /PRNewswire/ -- 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 21, 2015, to unitholders of record as of May 14, 2015.
The Partnership also announced its results for the first quarter ended March 31, 2015, which included the following items:
- Operating revenues of $329.7 million, an 8% decrease from $356.9 million in the comparable 2014 period;
- Net income attributable to controlling interests of $77.7 million, a 29% decrease from $110.2 million in the comparable 2014 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $204.6 million, a 7% decrease from $220.4 million in the comparable 2014 period; and
- Distributable cash flow of $132.3 million, an 18% decrease from $161.8 million in the comparable 2014 period.
Compared with the first quarter of 2014, the Partnership's transportation and storage revenues were negatively impacted by the relatively normal 2015 winter season compared to the unusually cold and sustained winter of 2014. The 2014 period results also included an impairment charge related to the terminated Bluegrass Project.
Capital Program
Growth capital expenditures were $44.2 million and maintenance capital expenditures were $18.0 million for the quarter ended March 31, 2015.
Conference Call
The Partnership has scheduled a conference call for May 4, 2015, 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 PIN number to access the call is 21218946.
Replay
An online replay will be available on the Boardwalk website immediately following the call.
Non-GAAP Financial Measures - EBITDA and Distributable Cash Flow
The Partnership uses non-GAAP measures to evaluate its business and performance, including EBITDA and distributable cash flow. EBITDA is used as a supplemental financial measure by management and by external users of the Partnership's financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess the Partnership's operating and financial performance, ability to generate cash and return on invested capital as compared to those of other companies in the midstream portion of the natural gas and natural gas liquids industry. Distributable cash flow is used as a supplemental financial measure by management and by external users of the Partnership's financial statements to assess the Partnership's ability to make cash distributions to its unitholders and general partner.
EBITDA and distributable cash flow should not be considered alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with generally accepted accounting principles (GAAP). EBITDA and distributable cash flow are not necessarily comparable to similarly titled measures of another company.
About Boardwalk
Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership that provides transportation, storage, gathering and processing of natural gas and liquids for its customers. Additional information about the Partnership can be found on its website at www.bwpmlp.com.
INVESTOR CONTACTS:
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
ir@bwpmlp.com
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer
MEDIA CONTACT:
Joe Hollier, 713-479-8670
Manager of Corporate Communications
joe.hollier@bwpmlp.com