Table of Contents Credit Highlights 4 Sourcing Supply. Connecting Markets. Delivering Results 5 Strategy Focused on Delivering Long-Term Value 6 Maintain Strong Financial Position 7 Strong Backlog of Firm Contracts 8 Backed by…
Credit Highlights Committed to maintaining investment-grade credit rating with a strong balance sheet (debt-to-EBITDA, net of cash, of 3.9x). Recently upgraded by Moodys to Baa2 and by Fitch to BBB Stable revenues with approximately 96%…
Sourcing Supply. Connecting Markets. Delivering Results. Gulf South Pipeline Texas Gas Transmission Gas: 13,615 miles of natural gas pipelines Boardwalk Texas Intrastate Boardwalk Louisiana Gas Liquids: 450 miles of ethylene, ethane,…
Strategy Focused on Delivering Long-Term Value Enhance Existing Business Maintain Strong Financial Position Leverage and strengthen existing assets, Maintain strong balance sheet, optimize operating efficiency, expand investment…
Maintain Strong Financial Position 7
Strong Backlog of Firm Contracts Revenue Profile* (LTM ended December 31, 2021) Historical Revenue Backlog Firm Contracts (Capacity Reservation Charges) (For the year ended December 31, in billions) 4% Firm Contracts (Utilization…
Backed by Diverse Customer Mix Current Revenue Backlog by Credit Ratings of Revenue Delivery Market Backlog Customers (as of December 31, 2021) (as of December 31, 2021) 6% 7% 16% 22% 12% 74% 10% 22% 31% Not Rated…
Strong Balance Sheet & Credit Profile Long-Term Debt (net of Cash)-to-EBITDA Ratio(1),(3) Boardwalk Credit Ratings (as of February 2022) 5.0 4.9 Rating Agency Credit Metric Outlook 4.5 4.4 4.3 Standard & Poors BBB- Stable 4.0…
Adequate Liquidity to Fund Modest Capital Needs Fixed Debt Maturity Schedule Cash Flow and Capital Spend ( in millions, as of December 31, 2021) ( in millions) 700 700 640 631 603 600 600 (2) (3) 211 (2) (3) 500 165 500 282…
Capitalization Pro-forma adjustments Pro-forma for 2022 December 31, Adjustments for December 31, for 2022 Debt issuance Debt issuance and ( in millions, except ratio data) 2020 2021 Activities 2021 and redemption redemption Debt:…
Growth 13
Boardwalk Has Seen Increased Demand Natural Gas and Natural Gas Liquids Transported by Year 41% increase from 2015-2021 94% increase from 2015-2021 2021 showed total throughput increases of 9% for natural gas and 12% for…
and Long-Term Global Gas Demand is Projected to Increase 15 Sources: IEA World Energy Outlook Stated Policies Scenario, Revised December 2021
Supporting U.S. LNG Exports Boardwalk LNG deliveries Cameron LNG have increased 655% from 2019 to 2021 Weighted-average contract Sabine Pass life of approximately 17 years LEGEND Corpus Christi FERC Existing, Approved and…
Substantial Electric Generation Growth Capacity Natural gas power generation will play a critical role in backstopping reliability issues from increased renewables as well as a major source of base load power generation Boardwalk is…
US Lower 48 Power Generation by Source 18 Sources: EIA Hourly Electric Grid Monitor
Diversification of Supply Boardwalk Supply Connection by Basin (Year ended December 31, 2021) Haynesville 3% 13% Fayetteville Texas* 12% Utica & Marcellus 54% SCOOP/STACK/Arkoma 7% Offshore 11% *Texas includes non…
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 Permian Basin Haynesville Gulf South Gulf…
Boardwalk Key Growth Projects Power Plant in Indiana Capacity: 220,000 MMBtu/d In service: First Half 2024 Collectively, our natural gas growth projects represent over 600,000 MMBtu/day of firm transportation capacity. Western…
Senior Management Team Stanley Horton, Chief Executive Officer, John Haynes, Senior Vice President, Chief Commercial President Officer and President, Boardwalk Field Services Stan Horton joined Boardwalk in May 2011 as President John…
Senior Management Team (continued) Kevin Miller, President, Boardwalk Louisiana Mercy Kamps, Senior Vice President, HR, Corporate Midstream, LLC Communications and Sustainability Kevin Miller became President of Boardwalk Mercy Kamps…
Loews Corporation Subsidiary Boardwalk Pipeline Partners, LP is a wholly-owned subsidiary of Loews Corporation, a large diversified public company with four key operating subsidiaries in insurance, energy, luxury lodging and packaging…
Sustainability 27
Sustainability Approach Environmental Social Governance We are working to provide safe, affordable and We are dedicated to creating a safe, engaging We value integrity, transparency and reliable energy to our customers while and…
Reducing Our Carbon Footprint Boardwalk is focused on reducing emissions associated with the transportation and storage of natural gas on our pipeline system. We seek to go above and beyond the state and federal regulations to minimize…
Appendix 30
Appendix A: 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…
Appendix B: Free Cash Flow Before Distributions Reconciliation Non-GAAP Financial Measures Free Cash Flow Before Distributions (FCF) is used as a supplemental financial measure by Boardwalks management and by external users of…
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