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 MarchÌý31, 2016, which included the following items:
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.
Growth capital expenditures were $91.0 million and maintenance capital expenditures were $14.6 million for the quarter ended MarchÌý31, 2016.
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 . 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.
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.
This release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b).ÌýBrokers 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.
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 .
BOARDWALK PIPELINE PARTNERS, LP
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Millions, except per unit amounts)
For theThree Months Ended March 31,
Parking and lending
Total operating revenues
Operating Costs and Expenses:
Fuel and transportation
Operation and maintenance
Administrative and general
Depreciation and amortization
Taxes other than income taxes
Total operating costs and expenses
Other Deductions (Income):
Miscellaneous other income
Total other deductions
Income before income taxes
Net Income per Unit:
Net income per common unit
Weighted-average number of common units outstanding
Cash distribution declared and paid to common units
The following table presents a reconciliation of the Partnership's EBITDA and distributable cash flow to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):
Cash paid for interest, net of capitalized interest
Maintenance capital expenditures
Distributable Cash Flow
Includes other non-cash items, such as the equity component of allowance for funds used during construction.
BOARDWALK PIPELINE PARTNERS, LPNET INCOME PER UNIT RECONCILIATION(Unaudited)
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended MarchÌý31, 2016, (in millions, except per unit data):ÌýÌýÌý
Assumed allocation of undistributed net income
Assumed allocation of net income attributable to limitedÌýÌýÌý partner unitholders and general partner
Weighted-average units outstanding
Net income per unit
The following table provides a reconciliation of net income and the assumed allocation of net income to the common units for purposes of computing net income per unit for the three months ended MarchÌý31, 2015, (in millions, except per unit data):
Assumed allocation of net income attributable to limitedÌýÌýÌýÌý partner unitholders and general partner
INVESTOR CONTACTS: Molly Ladd Whitaker, 866-913-2122Director of Investor Relations and Corporate Communicationsir@bwpmlp.comÌý
Jamie Buskill, 713-479-8082Senior VP, Chief Financial and Administrative Officer and Treasurer
Logo - Ìý
SOURCE Boardwalk Pipeline Partners, LP