Boardwalk Pipeline Partners

HISTORY

Boardwalk Pipeline Partners, LP

Loews Corporation (NYSE: LTR) bought Texas Gas Transmission, LLC in May 2003 and Gulf South Pipeline Company, LP in December 2004. These two companies were placed into a new entity – Boardwalk Pipeline Partners, LP – which went public on November 15, 2005. Boardwalk’s common units are traded under the symbol “BWP” on the New York Stock Exchange (NYSE).

Gulf Crossing Pipeline Company LLC

The Gulf Crossing pipeline went into service during the first quarter of 2009. Gulf Crossing Pipeline is a new interstate pipeline that provides takeaway capacity from the Barnett Shale in Texas and the Caney/Woodford Shale in Oklahoma. The pipeline consists of approximately 357 miles of 42-inch pipeline. It originates in Sherman, Texas and proceeds to the Perryville, Louisiana area.

Gulf South Pipeline Company, LP

Gulf South was created in the 1930’s when five major groups, representing more than 40 power, fuel and utility companies merged to form a holding company named the United Gas Corporation. In 1937, the corporation was restructured and condensed into three basic divisions: production, transmission and distribution. The transmission division was christened United Gas Pipe Line Company. On January 19, 1940, United Gas Pipe Line became the first pipeline company to handle one billion cubic feet of natural gas in one day and on July 6, 1949, United Gas Corporation was listed on the New York Stock Exchange. In 1951, the company started its largest expansion program to date with the construction of 840 miles of 30-inch pipeline, and in 1953 construction began on the nation’s second largest storage project, the Bistineau Field in Northwest Louisiana.

Over the years, United Gas Pipeline was acquired by a succession of companies: Pennzoil (1965), MidCon Corporation (1986), LaSalle Energy Corporation (1987) and Koch Industries, Inc. (1992). In August 1993, United Gas was renamed Koch Gateway Pipeline, and in 2001, Koch contributed Koch Gateway Pipeline to a joint venture with Entergy Corporation and the pipeline was re-christened Gulf South Pipeline Company. On December 29, 2004, Loews Corporation purchased Gulf South Pipeline.

Today, Gulf South owns and operates approximately 7,700 miles of pipeline and has a peak-day delivery capacity of approximately 6.2 billion cubic feet per day. Gulf South also has two storage facilities, Bistineau Field and Jackson Field, which have an aggregate working gas storage capacity of approximately 83.0 billion cubic feet.

Texas Gas Transmission, LLC

Texas Gas was created in 1948 when Memphis Natural Gas Company and Kentucky Natural Gas Corporation merged. At the time of the merger, Kentucky Natural’s main system consisted of a 10” and 12” pipeline between Terre Haute, Indiana on the north and Bowling Green and Glasgow, Kentucky on the south. Memphis Natural system consisted of two 18” lines from the Monroe Field into Memphis and the West Tennessee extension and also owned four main compressor stations. In 1948 the total annual sales from the combined systems were approximately 50 billion cubic feet.

Since the company's inception it has changed ownership four times. The first was to CSX Corp. in 1983, the second to Transco Energy Corp. in 1989, the third to Williams in 1995 and in May 2003 Loews Corporation purchased Texas Gas. Today the company consists of approximately 6,110 miles of transmission pipeline and has a peak-day delivery capacity of approximately 4.3 billion cubic feet per day. Texas Gas also owns and operates nine natural gas storage fields located in Indiana and Kentucky having an aggregate storage capacity of approximately 80.0 billion cubic feet of working gas.