Boardwalk Pipeline Partners, LP

CIK:0001336047|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating Revenues:
Transportation	$ 359.6	$ 344.6	$ 776.0	$ 739.6
Storage, parking and lending	62.6	61.6	124.6	114.3
Product sales	129.6	107.7	253.7	260.4
Other	20.5	20.1	41.1	38.3
Total operating revenues	572.3	534.0	1,195.4	1,152.6
Operating Costs and Expenses:
Costs associated with service revenues	16.6	7.2	24.3	15.2
Costs associated with product sales	103.4	95.6	211.9	218.5
Operation and maintenance	75.2	75.0	135.3	133.2
Administrative and general	64.8	46.5	118.2	94.8
Depreciation and amortization	111.5	118.9	221.4	224.4
Loss (gain) on sale of assets, impairments and other	0.1	0.1	(0.3)	(0.9)
Taxes other than income taxes	34.3	33.3	70.0	65.6
Total operating costs and expenses	405.9	376.6	780.8	750.8
Operating income	166.4	157.4	414.6	401.8
Other Deductions (Income):
Interest expense	35.8	39.8	79.0	79.3
Interest income	(1.4)	(3.0)	(6.8)	(4.0)
Miscellaneous other income, net	(2.5)	(0.6)	(4.4)	(1.8)
Total other deductions	31.9	36.2	67.8	73.5
Income before income taxes	134.5	121.2	346.8	328.3
Income taxes	0.4	0.3	1.0	0.8
Net income	$ 134.1	$ 120.9	$ 345.8	$ 327.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 345.8	$ 327.5
Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization	221.4	224.4
Amortization of deferred costs and other	12.6	7.5
Gain on sale of assets, impairments and other	(0.3)	(0.9)
Interest income from short-term investments	(1.8)	0.0
Net unrealized loss on derivatives	1.9	0.0
Changes in operating assets and liabilities:
Trade and other receivables	2.2	18.0
Gas receivables and payables and product inventory	(18.3)	(6.2)
Prepayments and other assets	(16.8)	(12.2)
Trade and other payables	(9.5)	(8.6)
Accrued liabilities	(9.4)	(9.3)
Other liabilities	13.6	1.7
Net cash provided by operating activities	541.4	541.9
Investing Activities:
Capital expenditures	(343.5)	(121.9)
Proceeds from sale of operating assets	0.4	0.1
Advances to affiliates	(0.4)	0.0
Acquisition of business, net of cash acquired	(211.9)	0.0
Proceeds from the maturity of short-term investments	353.1	0.0
Net cash used in investing activities	(202.3)	(121.8)
Financing Activities:
Repayment of borrowings from long-term debt	(550.0)	0.0
Repayments of borrowings on revolving credit facility, including financing fees	(0.1)	0.0
Principal payment of finance lease obligation	(0.2)	(0.5)
Advances from affiliates	0.6	1.3
Distributions paid	(150.0)	(150.0)
Net cash used in financing activities	(699.7)	(149.2)
(Decrease) increase in cash and cash equivalents	(360.6)	270.9
Cash and cash equivalents at beginning of period	499.2	117.9
Cash and cash equivalents at end of period	$ 138.6	$ 388.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 138.6	$ 499.2
Receivables:
Trade, net	279.3	220.5
Other	41.5	27.6
Gas transportation receivables	20.5	22.4
Gas stored underground and product inventory	54.2	23.1
Prepayments	37.2	30.2
Short-term investments	0.0	351.3
Derivative Asset, Current	65.9	0.0
Total current assets	657.6	1,179.7
Property, Plant and Equipment:
Property, plant and equipment, gross	14,460.7	14,124.3
Less—accumulated depreciation and amortization	5,557.0	5,352.5
Property, plant and equipment, net	8,903.7	8,771.8
Other Assets:
Goodwill	371.9	237.4
Gas stored underground	97.5	100.0
Other	283.2	224.5
Total other assets	752.6	561.9
Total Assets	10,313.9	10,513.4
Payables:
Trade	211.3	140.5
Gas transportation payables	13.7	14.9
Accrued taxes, other	76.7	73.3
Accrued interest	55.2	49.8
Accrued payroll and employee benefits	41.7	53.1
Current portion of long-term debt	0.0	549.6
Other current liabilities	91.8	70.2
Total current liabilities	513.8	981.8
Long-term debt and finance lease obligation	3,231.9	3,231.8
Other Liabilities and Deferred Credits:
Asset retirement obligations	74.7	71.6
Provision for other asset retirement	112.2	108.2
Total other liabilities and deferred credits	379.4	307.2
Partners' Capital:
Partners' capital	6,269.1	6,073.3
Accumulated other comprehensive loss	(80.3)	(80.7)
Total partners' capital	6,188.8	5,992.6
Total Liabilities and Partners' Capital	10,313.9	10,513.4
Affiliates
Receivables:
Other current assets	0.4	0.0
Payables:
Other	0.5	0.5
Other Liabilities and Deferred Credits:
Other	6.8	6.2
Other
Receivables:
Other current assets	20.0	5.4
Payables:
Other	22.9	29.9
Other Liabilities and Deferred Credits:
Other	185.7	121.2
Pipelines, storage and other plant
Property, Plant and Equipment:
Property, plant and equipment, gross	13,917.1	13,835.1
Construction work in progress
Property, Plant and Equipment:
Property, plant and equipment, gross	$ 543.6	$ 289.2