Following the lead of other pipeline operators that have brought into the fold their master limited partnerships (MLP) because of changes to federal law, Loews Corp. said it plans to take over subsidiary Boardwalk Pipeline Partners LP for an estimated $1.5 billion.
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Several agencies within the federal government are investigating a series of cyberattacks directed at a third-party software system used by several U.S. natural gas pipeline companies, as the software provider looks into restoring data that was lost.
With the Gulf Coast Express project officially moving forward, Boardwalk Pipeline Partners LP continues to pursue additional plans to transport Permian Basin natural gas to the Gulf Coast, but a final investment decision (FID) has yet to be made, management said Monday.
FERC has given Gulf South Pipeline Co. LP permission to build a compressor station in Texas for its proposed Coastal Bend Header project, which would create expansion capacity to deliver natural gas to a proposed liquefied natural gas (LNG) export terminal near Freeport, TX.
More than $1 billion in growth projects under construction, including the Coastal Bend Header project, “are proceeding on time and on budget,” according to Boardwalk Pipeline Partners LP CEO Stan Horton.
After recently bringing online two “major” growth projects, with two more on the way, Boardwalk Pipeline Partners LP (BWP) management on Monday announced three initiatives worth about $65 million that are intended to add end-use markets to the company’s natural gas system and grow its liquids-related business.
Buoyed by several pieces of good news — a rate case settlement, getting permission to put an ethylene pipeline into service, and winning approval for new natural gas pipeline capacity between Ohio and Louisiana — an optimistic Boardwalk Pipeline Partners LP announced that it plans to nearly double its budget for capital expenditures (capex) in 2016.
Boardwalk Pipeline Partners LP has agreed to acquire Chevron Petrochemical Pipeline LLC, owner of the Evangeline ethylene pipeline system, for $295 million in cash. Boardwalk plans to connect the pipeline to its Louisiana storage facilities.
The abundance of market-area gas that has crushed basis differentials and flattened seasonal spreads has bedeviled Boardwalk Pipeline Partners LP for several quarters now. But on Monday investors got pinched hard when the partnership cut its distribution by 81% and the price of its units plunged 46%.
Boardwalk Pipeline Partners LP on Monday slashed its quarterly distribution by 81% in order to reduce debt and fund projects following a fourth quarter that saw net income fall 78% from a year ago. Net income for 2013 was down 17% from the prior year.