Boardwalk Pipeline Partners LP (BWP, Financial) filed Quarterly Report for the period ended 2010-06-30.
Boardwalk Pipeline Partners Lp has a market cap of $6.16 billion; its shares were traded at around $32.01 with a P/E ratio of 30.5 and P/S ratio of 6.8. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.3%.BWP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management.
Operating costs and expenses for the three months ended June 30, 2010, increased $16.5 million, or 11%, to $164.7 million, compared to $148.2 million for the three months ended June 30, 2009. The primary factors for the increase were increased fuel consumed of $13.1 million due to our pipeline expansion projects and higher natural gas prices, increased maintenance activities of $3.4 million and higher depreciation and property taxes of $3.4 million associated with an increase in our asset base. An impairment loss of $2.2 million was recognized in the second quarter 2010 due to the expected sale of assets in the Overton Field area in northeast Texas. The 2009 period was unfavorably impacted by $3.6 million from pipeline investigation and retirement costs related to the East Texas Pipeline, which impacted operations and maintenance expenses and loss on disposal of assets.
Operating revenues for the six months ended June 30, 2010, increased $132.4 million, or 31%, to $557.2 million, compared to $424.8 million for the six months ended June 30, 2009. Gas transportation revenues increased $127.1 million and fuel retained increased $18.6 million primarily due to our pipeline expansion projects. The increases were partially offset by $16.3 million of lower interruptible and short-term firm transportation services resulting from lower basis spreads between delivery points on our pipeline system. PAL revenues increased $2.5 million due to favorable summer-to-summer natural gas price spreads.
Operating costs and expenses for the six months ended June 30, 2010, increased $44.8 million, or 15%, to $337.8 million, compared to $293.0 million for the six months ended June 30, 2009. The primary factors for the increase were increased fuel consumed of $27.1 million due to our pipeline expansion projects and higher depreciation and property taxes of $11.1 million associated with an increase in our asset base. Administrative and general expenses increased $6.1 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. The 2009 period was unfavorably impacted by $4.1 million as a result of pipeline investigation and retirement costs related to the East Texas Pipeline.
Net cash used in investing activities decreased $191.5 million to $130.7 million for the six months ended June 30, 2010, compared to $322.2 million for the comparable 2009 period. The decrease was comprised of a $366.7 million decrease in capital expenditures primarily related to the completion of our pipeline expansion projects partially offset by the sale of $175.0 million of short-term investments which occurred in the 2009 period.
Net cash used in financing activities increased $171.5 million to a use of cash of $82.9 million for the six months ended June 30, 2010, compared to cash provided by financing activities of $88.6 million for the comparable 2009 period. The increase in cash used in financing activities resulted from a $350.0 million reduction in proceeds from the issuance and sale of debt and equity, including related general partner contributions, a $24.2 million increase in distributions to our partners and $10.7 million of costs incurred under our registration rights agreement. These were partly offset by a decrease of $213.5 million in net repayments related to our revolving credit facility.
Read the The complete Report
Boardwalk Pipeline Partners Lp has a market cap of $6.16 billion; its shares were traded at around $32.01 with a P/E ratio of 30.5 and P/S ratio of 6.8. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.3%.BWP is in the portfolios of Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC, John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Operating revenues for the three months ended June 30, 2010, increased $55.3 million, or 27%, to $256.7 million, compared to $201.4 million for the three months ended June 30, 2009. Gas transportation revenues increased $59.8 million and fuel retained increased $6.1 million primarily due to our pipeline expansion projects. The increases were partially offset by $10.1 million of lower interruptible and short-term firm transportation services due to lower basis spreads between delivery points on our pipeline system.Operating costs and expenses for the three months ended June 30, 2010, increased $16.5 million, or 11%, to $164.7 million, compared to $148.2 million for the three months ended June 30, 2009. The primary factors for the increase were increased fuel consumed of $13.1 million due to our pipeline expansion projects and higher natural gas prices, increased maintenance activities of $3.4 million and higher depreciation and property taxes of $3.4 million associated with an increase in our asset base. An impairment loss of $2.2 million was recognized in the second quarter 2010 due to the expected sale of assets in the Overton Field area in northeast Texas. The 2009 period was unfavorably impacted by $3.6 million from pipeline investigation and retirement costs related to the East Texas Pipeline, which impacted operations and maintenance expenses and loss on disposal of assets.
Operating revenues for the six months ended June 30, 2010, increased $132.4 million, or 31%, to $557.2 million, compared to $424.8 million for the six months ended June 30, 2009. Gas transportation revenues increased $127.1 million and fuel retained increased $18.6 million primarily due to our pipeline expansion projects. The increases were partially offset by $16.3 million of lower interruptible and short-term firm transportation services resulting from lower basis spreads between delivery points on our pipeline system. PAL revenues increased $2.5 million due to favorable summer-to-summer natural gas price spreads.
Operating costs and expenses for the six months ended June 30, 2010, increased $44.8 million, or 15%, to $337.8 million, compared to $293.0 million for the six months ended June 30, 2009. The primary factors for the increase were increased fuel consumed of $27.1 million due to our pipeline expansion projects and higher depreciation and property taxes of $11.1 million associated with an increase in our asset base. Administrative and general expenses increased $6.1 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. The 2009 period was unfavorably impacted by $4.1 million as a result of pipeline investigation and retirement costs related to the East Texas Pipeline.
Net cash used in investing activities decreased $191.5 million to $130.7 million for the six months ended June 30, 2010, compared to $322.2 million for the comparable 2009 period. The decrease was comprised of a $366.7 million decrease in capital expenditures primarily related to the completion of our pipeline expansion projects partially offset by the sale of $175.0 million of short-term investments which occurred in the 2009 period.
Net cash used in financing activities increased $171.5 million to a use of cash of $82.9 million for the six months ended June 30, 2010, compared to cash provided by financing activities of $88.6 million for the comparable 2009 period. The increase in cash used in financing activities resulted from a $350.0 million reduction in proceeds from the issuance and sale of debt and equity, including related general partner contributions, a $24.2 million increase in distributions to our partners and $10.7 million of costs incurred under our registration rights agreement. These were partly offset by a decrease of $213.5 million in net repayments related to our revolving credit facility.
Read the The complete Report
