Boardwalk Pipeline Partners LP (BWP, Financial) filed Annual Report for the period ended 2010-12-31.
Boardwalk Pipeline Partners Lp has a market cap of $6.32 billion; its shares were traded at around $32.83 with a P/E ratio of 21.9 and P/S ratio of 5.7. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.2%.Hedge Fund Gurus that owns BWP: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BWP: John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates.
We serve a broad mix of customers, including producers, local distribution companies (LDCs), marketers, interstate and intrastate pipelines, electric power generators and direct industrial users. We provide a significant portion of our pipeline transportation and storage services through firm contracts under which our customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). Other charges are based on actual utilization of the capacity under firm contracts and contracts for interruptible services. For the twelve months ended December 31, 2010, approximately 78% of our revenues were derived from capacity reservation charges under firm contracts, approximately 15% of our revenues were derived from charges based on actual utilization under firm contracts and approximately 7% of our revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
We contract directly with end-use customers and with producers, marketers and other third parties who provide transportation and storage services to end-users. Based on 2010 revenues, our customer mix was as follows: producers (44%), LDCs (22%), marketers (19%), pipelines (11%), power generators (3%) and industrial end users and others (1%). Based upon 2010 revenues, our deliveries were as follows: pipeline interconnects (64%), LDCs (18%), storage activities (8%), industrial end-users (4%), power generators (3%) and other (3%). One customer, Devon Gas Services, LP, accounted for approximately 13% of our 2010 operating revenues. Refer to Item 1A, Risk Factors, regarding risks associated with our customers.
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Boardwalk Pipeline Partners Lp has a market cap of $6.32 billion; its shares were traded at around $32.83 with a P/E ratio of 21.9 and P/S ratio of 5.7. The dividend yield of Boardwalk Pipeline Partners Lp stocks is 6.2%.Hedge Fund Gurus that owns BWP: Jim Simons of Renaissance Technologies LLC. Mutual Fund and Other Gurus that owns BWP: John Keeley of Keeley Fund Management, Chuck Royce of Royce& Associates.
Highlight of Business Operations:
We are a Delaware limited partnership formed in 2005. Our business is conducted by our subsidiaries, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its subsidiaries, Gulf Crossing Pipeline Company LLC (Gulf Crossing), Gulf South Pipeline Company, LP (Gulf South) and Texas Gas Transmission, LLC (Texas Gas) (together, the operating subsidiaries). Boardwalk Pipelines Holding Corp. (BPHC), a wholly-owned subsidiary of Loews Corporation (Loews), owns 102.7 million of our common units, all 22.9 million of our class B units and, through Boardwalk GP, LP (Boardwalk GP), an indirect wholly-owned subsidiary of BPHC, holds the 2% general partner interest and all of our incentive distribution rights (IDRs). The common units, class B units and general partner interest owned by BPHC represent approximately 66% of our equity interests, excluding the IDRs. Our Partnership Interests, in Item 5 contains more information on how we calculate BPHC s equity ownership. Our common units are traded under the symbol “BWP” on the New York Stock Exchange (NYSE).We serve a broad mix of customers, including producers, local distribution companies (LDCs), marketers, interstate and intrastate pipelines, electric power generators and direct industrial users. We provide a significant portion of our pipeline transportation and storage services through firm contracts under which our customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). Other charges are based on actual utilization of the capacity under firm contracts and contracts for interruptible services. For the twelve months ended December 31, 2010, approximately 78% of our revenues were derived from capacity reservation charges under firm contracts, approximately 15% of our revenues were derived from charges based on actual utilization under firm contracts and approximately 7% of our revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
We contract directly with end-use customers and with producers, marketers and other third parties who provide transportation and storage services to end-users. Based on 2010 revenues, our customer mix was as follows: producers (44%), LDCs (22%), marketers (19%), pipelines (11%), power generators (3%) and industrial end users and others (1%). Based upon 2010 revenues, our deliveries were as follows: pipeline interconnects (64%), LDCs (18%), storage activities (8%), industrial end-users (4%), power generators (3%) and other (3%). One customer, Devon Gas Services, LP, accounted for approximately 13% of our 2010 operating revenues. Refer to Item 1A, Risk Factors, regarding risks associated with our customers.
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