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Boardwalk Pipeline Partners Q4 revenues $312.9 million

Staff writer ▼ | February 12, 2014
Boardwalk Pipeline Partners announced that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on February 27, 2014, to unitholders of record as of February 20, 2014.
Boardwalk Pipeline Partners
Boardwalk Pipeline PartnersBoardwalk Pipeline Partners announced that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on February 27, 2014, to unitholders of record as of February 20, 2014.


The Partnership is forecasting distributable cash flow for the year ended December 31, 2014, to be approximately $400 million, reflecting a $158.6 million decrease from 2013. The decline in distributable cash flow is primarily due to continued, unfavorable market fundamentals negatively impacting the Partnership's existing natural gas transportation and storage revenues.

The Partnership anticipates an annualized $40 million reduction of revenues from 2014 firm transportation contract renewals and expirations. Additionally, the continued narrowing of the forward natural gas pricing curve, which is currently backwardated, is expected to reduce parking and lending and storage opportunities in 2014. The Partnership realized $56 million of distributable cash flow in 2013 from sales of storage gas and does not plan to sell storage gas in 2014.

Operating revenues were $312.9 million for the fourth quarter and year ended December 31, 2013, and $1,205.6 million for the year ended December 31, 2013, a 4% decrease and 2% increase from $325.7 million and $1,185 million in the comparable 2012 periods.

Net income attributable to controlling interests of $19.5 million for the quarter and $253.7 million for the year ended December 31, 2013, a 78% and 17% decrease from $90.1 million and $306.0 million in the comparable 2012 periods.

Adjusted Earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA) of $129.6 million for the quarter and $688.7 million for the year ended December 31, 2013, a 34% and 5% decrease from $197.8 million and $726.5 million. Distributable cash flow of $138.9 million for the quarter and $558.6 million for the year ended December 31, 2013, is a 3% decrease and 12% increase from $142.7 million and $497.4 million in the comparable 2012 periods.


 

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