Pipeline Partners, LP (NYSE: BWP) is a midstream master limited partnership
that provides transportation, storage, gathering and processing of natural gas
and liquids for our customers. Through our subsidiaries, we own and operate
approximately 14,190 miles of interconnected natural gas pipelines, directly
serving customers in thirteen states and indirectly serving customers
throughout the northeastern and southeastern United States through numerous
interconnections with unaffiliated pipelines. We also operate more than 435 miles
of natural gas liquids (“NGLs”), olefins and brine pipelines, including one of
the most extensive ethylene distribution systems in Louisiana. Our
subsidiaries' storage facilities have an aggregate working gas capacity of
approximately 208 billion cubic feet (Bcf) and liquids capacity of
approximately 18 million barrels.
We serve a broad mix of customers, including producers, local distribution companies (LDCs), marketers, electric power generators, direct industrial users and interstate and intrastate pipelines. We provide a significant portion of our pipeline transportation and storage services through firm contracts under which our customers pay monthly capacity reservation charges (which are charges owed regardless of actual pipeline or storage capacity utilization). Other charges are based on actual utilization of the capacity under firm contracts and contracts for interruptible services. Contracts for our services related to NGLs are generally fee based and are dependent on actual volumes transported or stored, although in some cases minimum volume requirements apply. For the twelve months ended December 31, 2014, approximately 78% of our revenues were derived from capacity reservation charges under firm contracts, approximately 13% of our revenues were derived from charges based on actual utilization under firm contracts and approximately 9% of our revenues were derived from interruptible transportation, interruptible storage, parking and lending (PAL) and other services.
Boardwalk has five operating subsidiaries:
Texas Gas Transmission, LLC originates in Louisiana, East Texas and Arkansas and runs north and east through Louisiana, Arkansas, Mississippi, Tennessee, Kentucky, Indiana, and into Ohio, with smaller diameter lines extending into Illinois. The market area directly served by Texas Gas encompasses eight states in the South and Midwest and includes the Memphis, Tennessee; Louisville, Kentucky; Cincinnati and Dayton, Ohio; and Evansville and Indianapolis, Indiana metropolitan areas. Texas Gas also has indirect market access to the Northeast through interconnections with unaffiliated pipelines. A large portion of the gas delivered by the Texas Gas system is used for heating during the winter months, resulting in higher daily requirements during winter months.
Texas Gas owns nine natural gas storage fields, of which it owns the majority of the working and base gas. Texas Gas uses this gas to meet the operational requirements of its transportation and storage customers and the requirements of its no-notice service customers. Texas Gas also used its storage capacity to offer firm and interruptible storage services.
Gulf South Pipeline Company, LP is located along the Gulf Coast in the states of Texas, Louisiana, Mississippi, Alabama and Florida. The on-system markets directly served by the Gulf South system are generally located in eastern Texas, Louisiana, southern Mississippi, southern Alabama, and the Florida panhandle. These markets include LDCs and municipalities located across the system, including New Orleans, Louisiana; Jackson, Mississippi; Mobile, Alabama; and Pensacola, Florida;, and end-users located across the system, including the Baton Rouge to New Orleans industrial corridor and Lake Charles, Louisiana. Gulf South also has indirect access to off-system markets through numerous interconnections with unaffiliated interstate and intrastate pipelines and storage facilities. These pipeline interconnections provide access to markets throughout the northeastern and southeastern U.S. In January 2015, we merged out wholly-owned subsidiary, Petal Gas Storage, LLC (Petal) into Gulf South.
Gulf South has ten natural gas storage facilities. The natural gas facility located in Bistineau, Louisiana, has approximately 78.0
Bcf of working gas capacity from which Gulf South offers firm and interruptible
storage service, including no-notice service. Gulf South's
Jackson, Mississippi, natural gas storage facility has approximately 5.5
Bcf of working gas capacity, which is used for operational purposes and is not currently offered for sale to the market. Gulf South also owns and operates eight high-deliverability salt-dome natural gas storage caverns in Forrest County, Mississippi, having approximately 45.5 Bcf of total storage capacity, of which approximately 28.6 Bcf is working gas capacity and owns undeveloped land that is suitable for up to five additional storage caverns.
Gulf Crossing Pipeline Company LLC originates near Sherman, Texas and proceeds to the Perryville, Louisiana area. The market areas for Gulf Crossing are in the Midwest, Northeast, Southeast, including Florida, through interconnections with Gulf South, Texas Gas and unaffiliated pipelines.
Boardwalk Louisiana Midstream, LLC provides transportation and storage services for
natural gas, natural gas liquids (NGLs) and ethylene, fractionation services
for NGLs, and brine supply services for producers and consumers of
petrochemicals through two hubs in southern Louisiana - the Choctaw Hub in the
Mississippi River Corridor area and the Sulphur Hub in the Lake Charles area. These
assets provide approximately 61.5 MMbbls of salt dome storage capacity,
including approximately 11.2 Bcf of working natural gas storage capacity;
significant brine supply infrastructure; and approximately 270 miles of
pipeline assets, including an extensive ethylene distribution systems in
- Boardwalk Petrochemical Pipeline, LLC owns operates the Evangeline Pipeline
(Evangeline), an approximately 180-mile interstate pipeline that Boardwalk
acquired in October 2014. Evangeline is
designed to transport approximately 2.6 billion pounds of ethylene per year
between Port Neches, Texas, and Baton Rouge, Louisiana, where it interconnects
with our ethylene distribution system and storage facilities at Boardwalk Louisiana
Midstream’s Choctaw Hub.