Natural gas midstream firm Boardwalk Pipeline Partners has announced a net income of $72.1 million for the fourth quarter of 2007 and $227.8 million for the year ended December 31, 2007, a 10.4% and 15.3% increase respectively, from $65.3 million and $197.6 million for the comparable 2006 periods.
Boardwalk Pipeline Partners reported operating revenues of $169.9 million for the fourth quarter of 2007 and $643.3 million for the year ended December 31, 2007, a 0.9% decrease and 5.9% increase respectively, from $171.5 million and $607.6 million for the comparable 2006 periods.
Earnings before interest, taxes, depreciation and amortization (EBITDA) of $103.2 million for the quarter and $349.8 million for the year ended December 31, 2007, a 4.8% and 5.5% increase respectively, from $98.5 million and $331.5 million for the comparable 2006 periods.
The partnership stated that operating results for the quarter and year ended December 31, 2007, were driven primarily by continued higher transportation revenues for the quarter and year from strong demand for firm transportation services on its existing systems and expansion capacity that was in service for 2007.
Operating results were also due to higher storage service revenues for the quarter and year due to the addition of firm services from the partnership’s western Kentucky storage expansion and higher demand for existing storage.
Expansion capital expenditures were $511.4 million for the quarter and $1.2 billion for the year ended December 31, 2007. Maintenance capital expenditures were $14.8 million for the quarter and $47.1 million for the year ended December 31, 2007.