Boardwalk Pipeline Partners, LP

Company and structure

Legal form: Delaware limited partnership formed in 2005.
Primary operating entity: Boardwalk Pipelines, LP and its operating subsidiaries.
Ownership: Boardwalk Pipelines Holding Corp. (BPHC), a wholly owned subsidiary of Loews Corporation, owned 100% of the partnership capital as of December 31, 2025.
Business focus: Integrated pipeline and storage systems for natural gas and natural gas liquids (NGLs), plus ethane supply and transportation services for petrochemical customers in Louisiana and Texas.

Natural gas transportation and storage: Interstate and intrastate pipelines and underground storage for firm, interruptible, and other services, including pipeline capacity reservation and storage operations.
NGL transportation and storage: NGL pipelines, salt-dome storage caverns, and brine infrastructure supporting ethane, ethylene, propane, and related products.
Ethane supply and transportation: Ethane sourcing at Mont Belvieu and deliveries to petrochemical customers, with ethylene supply connectivity through regional hubs.
Customer base: Electric power generators, natural gas producers and marketers, local distribution companies (LDCs), industrial and petrochemical users, LNG exporters, and interstate/intrastate pipelines.

Segment overviews (2025)

Natural Gas segment: Interconnected systems serving 13 states and extensive northeastern/southeastern interconnections; 2025 throughput ~3.9 Tcf; average daily throughput ~10.7 Bcf/d.
Natural Gas Liquids (NGL) segment: NGL pipelines, salt-dome storage in Louisiana, and brine infrastructure; 2025 NGL throughput ~144.2 MMBbls.

Gulf South Pipeline Company, LLC (Gulf South)
- Pipeline length: about 7,140 miles.
- Throughput: ~7.1 Bcf/d; peak-day capacity ~10.9 Bcf/d.
- Working gas storage capacity: ~107.6 Bcf.
- Markets: Gulf Coast, Perryville Exchange, LNG export markets (e.g., Freeport), power generators, LDCs, municipalities.
- Storage: 10 natural gas storage facilities; two high-deliverability salt-dome caverns in Mississippi with ~46.0 Bcf total (≈29.6 Bcf working).
Texas Gas Transmission, LLC (Texas Gas)
- Pipeline length: about 6,000 miles.
- Throughput: ~3.4 Bcf/d; peak-day ~6.4 Bcf/d.
- Working gas storage capacity: ~84.3 Bcf.
- Markets: LDCs, municipalities, electric power generators; indirect access to the Northeast via interconnections.
- Storage: Majority of working/base gas in its 9 storage fields.
Other Natural Gas assets
- Pipeline length: about 280 miles.
- Throughput: ~0.2 Bcf/d.
- Storage: ~7.6 Bcf.

Louisiana Midstream
- Pipeline length: about 300 miles.
- Annual throughput: ~60.8 MMBbls.
- NGL storage capacity: 31.2 MMBbls (salt-dome caverns at Choctaw Hub; brine infrastructure).
- Hubs: Choctaw (Mississippi River Corridor) with ethylene and ethane storage and distribution to Southeast Louisiana.
- Infrastructure: Brine supply and eight salt-dome caverns at Choctaw for storage/brine supply.
Boardwalk Petrochemical (Evangeline Pipeline)
- Pipeline length: about 180 miles.
- Annual throughput: ~38.9 MMBbls.
- Interconnects with Louisiana Midstream’s Choctaw/Sulphur systems and Evangeline storage.
Bayou Ethane (Boardwalk Ethane Pipeline Company, LLC)
- Pipeline length: about 375 miles from Mont Belvieu, TX.
- Annual throughput: ~44.5 MMBbls.
- Provides ethane supply and transportation to customers in Texas and Louisiana; interconnects with Louisiana Midstream’s hubs.

Choctaw Hub (Mississippi River Corridor): Ethylene and ethane storage and brine supply capabilities.
Sulphur Hub (Lake Charles area, LA): Ethylene, ethane, and propane services; connections to Evangeline and other pipelines.
Evangeline Pipeline: Interstate ethylene transporter between Port Neches, TX and Baton Rouge, LA; interconnects with Louisiana Midstream.

Portfolio: Multiple projects to increase pipeline capacity and storage to serve LNG export, power generation, and petrochemical demand.
Combined expected impact: Incremental capacity of about 4.2 Bcf/d and working gas storage increase of about 10 Bcf, with an anticipated total project cost of roughly $3.3 billion and completion through 2030.
Expenditure to date: Approximately $134.5 million spent on these growth projects as of December 31, 2025.
Project timing and risk: Projects have long lead times and are contingent on regulatory approvals, permits, land rights, and other conditions; actual in-service dates and costs may differ.

Notable growth projects (incremental capacity or storage; expected in-service)

Eunice – Iowa: 0.1 Bcf/d; expected in-service Q3 2026. (FERC approval obtained.)
Carnation Project: 0.2 Bcf/d; expected Q4 2027.
Northeast Texas Power Plant Project: 0.3 Bcf/d; expected Q4 2027.
Kosci (Kosciusko Junction): 1.2 Bcf/d; expected Q1–H2 2028.
Ohio Power Plant Project: 0.3 Bcf/d; expected H1 2028.
SECURE project: 0.3 Bcf/d; expected H1 2028.
PLUSS (Parks Line Upgrade and Sorrento Station): 0.2 Bcf/d; expected H1 2028.
Texas Gateway Project: 1.5 Bcf/d; expected H2 2029.
Petal Gas Storage Expansion: 10 Bcf additional working gas; expected H2 2030.
Several projects require FERC approval, land rights, permits, or other regulatory actions.

Interstate natural gas storage and most transportation rates: Established by the Federal Energy Regulatory Commission (FERC).
Interstate ethane pipeline rates: Regulated by FERC.
Interstate ethylene transportation rates: Regulated by the Surface Transportation Board (STB).
Intrastate NGL rates in Louisiana: Regulated by the Louisiana Public Service Commission (LPSC).
Rates are set under the principle that they must be just, reasonable, and not unreasonably discriminatory.

Revenue mix for the year ended December 31, 2025:
- ~87% of revenues from capacity reservation fees under firm contracts or minimum volume commitments (MVCs).
- ~5% from fees based on utilization under firm contracts.
- ~8% from interruptible transportation, interruptible storage, PAL, ethane supply, and other services.