2020 Barclays Investment Grade Energy & Pipeline Corporate Days March 4, 2020
Key Investment Highlights Midstream company that predominantly transports and stores natural gas and liquids with minimal exposure to commodity price volatility Long history of operating safely and efficiently Focused on disciplined…
Boardwalk Asset Map Boardwalk predominantly transports and stores natural gas and liquids for its customers Boardwalk 2019 Operational Highlights Natural Gas Liquids Pipelines 13,610 miles 445 miles Throughput 2.9 Tcf 86.6 MMbbls…
Strategy Focused on Delivering Long-Term Value Enhance Existing Business Strengthen Financial Position Leverage and strengthen existing assets, optimize operating efficiency, expand business Strengthen balance sheet, maintain…
Enhance Existing Business 7
Optimize Asset Base Due To Changing Flow Patterns Since 2014 we have invested approximately 1.9 billion of total capital expenditures primarily comprised of these major projects Southern Indiana Lateral Capacity: 53,500 MMBtu/d In…
Connecting to End-use Markets 2012 Delivery Markets of Top 10 Customers 2019 Delivery Markets of Top 10 Customers As of 12/31/12 As of 12/31/19 7% 5% 4% LNG 18% Power 39% Pipeline Industrial Other 93% 34% Note:…
Identify Strategic Growth Opportunities 10
Major Growth Projects Under Construction Collectively, growth projects represent over 500 million in capital and 1.5 Bcf/d of firm natural gas transportation capacity and additional NGL infrastructure. Industrial Market Expansion…
Operate Safely and Environmentally Responsibly 12
Environmental, Social and Governance Focus Areas Boardwalk is focused on promoting sustainable practices and awareness in business planning and operations. In 2019, Boardwalk formed a cross-functional ESG Committee to further this…
Reducing Methane Emissions Over the past three decades, Boardwalk has been focused on reducing methane emissions associated with the transportation and storage of natural gas on our pipeline system. We go above and beyond the state and…
Solar Installation at Compressor Station Boardwalk has initiated a program to assess installation of solar panels at select compressor stations to reduce purchased power Boardwalk has approved its first project to install solar…
Strengthen Financial Performance 16
Financial Highlights Entered 2020 with over 9 billion of firm contract backlog Significant portion of revenue backed by firm ship-or-pay contracts with primarily investment-grade customers Internally generated cash flow used to…
Firm Contract Profile Contracted Revenues from Fixed Fees or Minimum Volume Commitment Contracts Contact expirations from transportation ( in millions) agreements associated with pipeline expansion projects placed into service from…
Long-Term Debt, net of Cash Liquidity Measures 3,700 3,650 3,600 Debt Maturity Schedule 3,550 (as of December 31, 2019) 700 3,500 3,450 600 3,400 3,350 (1) 500 2015(1) 2016 (1) 2017 (1) 2018 (1) 2019 We invested 1.9 billion in…
Capitalization ( in millions, except ratio data) December 31, 2018 Adjustments for 2019 Activities December 31, 2019 Debt: Boardwalk 5.75% Notes due Sep 2019 350 (350) - Texas Gas 4.50% Notes due Feb 2021 440 - 440 Gulf South…
Industry Information 21
Natural Gas Supply & Demand Continues to Grow By 2029, U.S. Supply and Demand is forecasted to grow by more than 20 Bcf/d. U.S. Production and Imports by Region U.S. Demand by Industry 120 140 120 100 100 80 Consumption…
Changing Flow Patterns Impacting Basis Spreads to Henry Hub DOMINION SOUTH LEGEND POINT (0.56) Average Annual Spread (0.42) (1.37) 0.31 2024 2019 2014 2009 CENTERPOINT EAST (0.27) (0.24) (0.08) (0.62) WAHA (0.06)…
Key Supply Basins: Production and Rig Counts Marcellus/Utica Fayetteville Texas Gas Texas Gas SCOOP/STACK/Cana Woodford Eagle Ford Boardwalk Texas Intrastate Gulf South Bcf/d Permian Basin Haynesville Gulf…
Company Overview 25
Boardwalk Organizational Structure (As of January 31, 2020) Loews Corporation 100% Ownership Boardwalk Pipeline Partners, LP Boardwalk Pipelines, LP Texas Gas Gulf South Pipeline Boardwalk Transmission, LLC Company, LLC…
Loews Corporation Subsidiary Boardwalk Pipeline Partners, LP is a wholly-owned subsidiary of Loews Corporation, a large diversified public company with five key operating subsidiaries in insurance, energy, luxury lodging and packaging…
Appendix A 28
EBITDA Reconciliation Non-GAAP Financial Measures Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalks management and by external users of Boardwalks…
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