Boardwalk Pipeline Partners LP BWP
Q1 2013 Earnings Call Transcript

Transcript Call Date 04/29/2013

Operator: Good morning ladies and gentlemen, and welcome to the First Quarter 2013 Boardwalk Pipeline Partners LP Earnings Conference Call. My name is Shantale, and I will be your facilitator for today’s call. At this time, all participants are in listen-only mode. We will be facilitating a question-and-answer session towards the end of this conference. As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the call over to your host for today, Ms. Molly Ladd Whitaker, Director of Investor Relations and Corporate Communications. Please proceed, ma’am.

Molly Ladd Whitaker - Director of IR and Corporate Communications: Thank you, Shantale, and good morning, everyone. Welcome to the first quarter 2013 earnings call for Boardwalk Pipeline Partners, LP. I am pleased to be joined today by Mr. Stan Horton, our President and CEO, and Mr. Jamie Buskill, our CFO.

If you would like a copy of the earnings release associated with this call, please download it from our website at Following our prepared remarks this morning, we will turn the call over for your questions.

We would like to remind you that this conference call will include the use of statements that are forward-looking in nature. Statements in this call related to matters that are not historical facts are forward-looking statements. These statements are based on management's beliefs and assumptions using currently available information and expectations. Actual results achieved by the Company may differ materially from those projected in any forward-looking statements. The Company expressly disclaims any obligation to update or revise any forward-looking statements made during this call.

I'd also like to remind you that during this call today, we may discuss certain non-GAAP financial measures, such as EBITDA and distributable cash flow. With regard to such financial measures, please refer to our earnings release for reconciliation to the most comparable GAAP measures.

Now I would like to turn the call over to Stan Horton.

Stanley C. Horton - President and CEO: Thank you, Molly, and good morning, everyone. I hope you've had a chance to review the earnings press release that we issued this morning. In addition to reporting earnings, we also announced a quarterly distribution of $0.5325 per unit, or $2.13 annualized. Jamie will review the results of the quarter shortly.

In the first quarter, we continued to make progress in implementing our growth strategy. On March the 6th, we announced that we are pursuing with Williams the joint development of an NGL pipeline named Bluegrass Pipeline to transport Marcellus and Utica mixed NGL production to growing petrochemical markets on the U.S. Gulf Coast. The project would include the development of pipeline, storage and fractionation assets, and potentially a new LPG export terminal.

At this juncture, we are continuing to work through cost assessment, due diligence, and other pre-development activities, as well as negotiating the terms of the joint venture and related agreements with Williams. There are number of conditions that must be met for this project to be approved, including completing our negotiations and executing definitive joint venture and related agreements with Williams, executing customer contracts sufficient to support the project, receipt of regulatory approvals and approvals by the Boards of both Boardwalk and Williams.

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