Boardwalk Announces First Quarter 2016 Results And Quarterly Distribution Of $0.10 Per Unit
May 2, 2016
HOUSTON, May 2, 2016 /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 19, 2016, to unitholders of record as of May 12, 2016.
The Partnership also announced its results for the first quarter ended March 31, 2016, which included the following items:
- Operating revenues of $345.0 million, a 5% increase from $329.7 million in the comparable 2015 period;
- Net income of $101.0 million, a 30% increase from $77.7 million in the comparable 2015 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $222.7 million, a 9% increase from $204.6 million in the comparable 2015 period; and
- Distributable cash flow of $160.1 million, a 21% increase from $132.3 million in the comparable 2015 period.
Compared with the first quarter of 2015, the Partnership's results were favorably impacted by additional revenues from the settled Gulf South rate case, the return to service in mid-2015 of the Evangeline pipeline system and recently completed growth projects.
Capital Program
Growth capital expenditures were $91.0 million and maintenance capital expenditures were $14.6 million for the quarter ended March 31, 2016.
Conference Call
The Partnership has scheduled a conference call for May 2, 2016, 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 Conference ID to access the call is 85747324.
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.
Tax Notification
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b). Brokers and nominees should treat 100% of Boardwalk's distributions to foreign investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, Boardwalk's distributions to foreign investors are subject to federal income tax withholding at the highest applicable tax rate.
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