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Boardwalk's 1Q Midstream Operations Hit by Weather Woes
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Boardwalk Pipeline Partners, LP reported that it has declared a quarterly cash distribution per common unit of $0.10 ($0.40 annualized) payable on May 21, 2015, to unitholders of record as of May 14, 2015.
The Partnership also announced its results for the first quarter ended March 31, 2015, which included the following items:
- Operating revenues of $329.7 million, an 8% decrease from $356.9 million in the comparable 2014 period;
- Net income attributable to controlling interests of $77.7 million, a 29% decrease from $110.2 million in the comparable 2014 period;
- Earnings before interest, taxes, depreciation and amortization (EBITDA) of $204.6 million, a 7% decrease from $220.4 million in the comparable 2014 period; and
- Distributable cash flow of $132.3 million, an 18% decrease from $161.8 million in the comparable 2014 period.
Compared with the first quarter of 2014, the Partnership's transportation and storage revenues were negatively impacted by the relatively normal 2015 winter season compared to the unusually cold and sustained winter of 2014. The 2014 period results also included an impairment charge related to the terminated Bluegrass Project.
Capital Program
Growth capital expenditures were $44.2 million and maintenance capital expenditures were $18.0 million for the quarter ended March 31, 2015.
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