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Private company

Boardwalk Pipeline Partners, LP

In its 2026 annual report the company says: “We are a Delaware limited partnership formed in 2005. We operate in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. We also provide ethane supply and transportation services for petrochemical customers in Louisiana and Texas.”3 It is headquartered in Houston, Texas.1

Last updated Oct 21, 2026.

Overview

  • IndustryNatural Gas Transmission1
  • HeadquartersHouston, Texas1
  • Incorporated inDE2
  • Business address9 Greenway Plaza, Suite 2800, Houston, Tx 770462
  • Filer categoryNon-accelerated filer2

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We are a Delaware limited partnership formed in 2005. Our business, which is conducted by our primary subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines) and its operating subsidiaries (together, the operating subsidiaries), consists of integrated pipeline and storage systems for natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as NGLs). All of our operations are conducted by the operating subsidiaries of Boardwalk Pipelines. As of December 31, 2025, Boardwalk Pipelines Holding Corp. (BPHC), a wholly owned subsidiary of Loews Corporation (Loews), owned directly or indirectly, 100% of our capital.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

32.7%Operating margin4
26.3%Net margin4
13.9%Revenue growth, 20254
$688.7MFree cash flow4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs74¢$1.7B
  • Income tax0¢$1.7M
  • Profit26¢$594.7M

Out of $2.3B in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending34¢$353.9M
  • Dividends paid48¢$500.0M
  • Kept or used elsewhere18¢$188.7M

Out of $1.0B of cash from operations.4

Financial statements

Revenue56784$2.3B in 2025+79% since 2019
0$1.0B$2.0B$3.0B2019: $1.3B$1.3B20192020: $1.3B$1.3B2020−0%2021: $1.3B$1.3B2021+3%2022: $1.4B$1.4B2022+7%2023: $1.6B$1.6B2023+13%2024: $2.0B$2.0B2024+26%2025: $2.3B$2.3B2025+14%
Operating income56784$739.9M in 2025+56% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $473.7M$473.7M20192020: $454.6M$454.6M2020−4%2021: $467.1M$467.1M2021+3%2022: $499.2M$499.2M2022+7%2023: $526.2M$526.2M2023+5%2024: $657.7M$657.7M2024+25%2025: $739.9M$739.9M2025+12%
Net income56784$594.7M in 2025+101% since 2019
0$200.0M$400.0M$600.0M2019: $295.7M$295.7M20192020: $290.5M$290.5M2020−2%2021: $315.0M$315.0M2021+8%2022: $342.2M$342.2M2022+9%2023: $386.0M$386.0M2023+13%2024: $510.9M$510.9M2024+32%2025: $594.7M$594.7M2025+16%
Fiscal year2019202020212022202320242025
Revenue$1.3B5$1.3B6$1.3B7$1.4B8$1.6B4$2.0B4$2.3B4
Operating expenses$873.0M7$932.8M8$1.1B4$1.4B4$1.6B4
Operating income$473.7M5$454.6M6$467.1M7$499.2M8$526.2M4$657.7M4$739.9M4
Interest$178.7M5$169.7M6$160.8M7$165.9M7$155.6M7
Income before tax$315.7M7$343.0M8$386.8M4$512.0M4$596.4M4
Income tax$500.0K5$300.0K6$700.0K7$800.0K8$800.0K4$1.1M4$1.7M4
Net income$295.7M5$290.5M6$315.0M7$342.2M8$386.0M4$510.9M4$594.7M4

Compare Boardwalk Pipeline Partners, LP with another company

Corporate structure

Boardwalk Pipeline Partners, LP is part of a group headed by Loews Corporation. 44 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

  • Loews Corporation New York, New York, United States
    • Boardwalk Pipeline Partners, LP Houston, Texas
    • CNA Financial Chicago, Illinois, United States
      • CNA INSURANCE COMPANY LIMITED Subsidiary · London, United Kingdom
      • CNA SERVICES (UK) LIMITED Subsidiary · London, United Kingdom
      • CONTINENTAL CASUALTY COMPANY Subsidiary · Chicago, Illinois, United States
        • CNA WARRANTY SERVICES, INC. Subsidiary · Phoenix, Arizona, United States
        • THE CONTINENTAL INSURANCE COMPANY Subsidiary · Chicago, Illinois, United States
      • HARDY (UNDERWRITING AGENCIES) LIMITED Subsidiary · London, United Kingdom
      • HARDY UNDERWRITING LIMITED Subsidiary · London, United Kingdom
    • Texas Gas Transmission Houston, Texas, United States
    • Loews Cineplex Entertainment Subsidiary · New York City
    • Metro-Goldwyn-Mayer cartoon studio Subsidiary · Culver City
    • American Casualty Company of Reading, Pennsylvania Subsidiary · Pennsylvania, United States
    • Bantry Insurance Company Subsidiary · Illinois, United States
    • Boardwalk Midstream, LLC Subsidiary · Delaware, United States
    • BOARDWALK PIPELINES, LP Subsidiary · Houston, Texas, United States
    • Boardwalk Resources Company, LLC Subsidiary · Delaware, United States
    • CNA EUROPE HOLDINGS LIMITED Subsidiary · London, United Kingdom
    • CNA INSURANCE COMPANY (EUROPE) S.A. Subsidiary · Luxembourg, Luxembourg
      • CNA INSURANCE COMPANY (EUROPE) S.A. FRENCH BRANCH Branch · Luxembourg, Luxembourg
      • CNA INSURANCE COMPANY (EUROPE) S.A. UK BRANCH Branch · Luxembourg, Luxembourg
    • CNA Insurance Company Limited Subsidiary · United Kingdom
    • CNA National Warranty Corporation Subsidiary · Arizona, United States
    • Columbia Casualty Company Subsidiary · Illinois, United States
    • Continental Casualty Company Subsidiary · Illinois, United States
    • Continental Reinsurance Corporation International, Ltd Subsidiary · Bermuda
    • Gulf South Pipeline Company, LP Subsidiary · Delaware, United States
    • Hardy Underwriting Bermuda Limited Subsidiary · Bermuda
    • Hardy Underwriting Limited Subsidiary · United Kingdom
    • Inverin Insurance Company Subsidiary · Illinois, United States
    • Lismore Insurance Company Subsidiary · Illinois, United States
    • Loews Hotels Holding Corporation Subsidiary · Delaware, United States
    • National Fire Insurance Company of Hartford Subsidiary · Illinois, United States
    • North Rock Insurance Company Limited Subsidiary · Bermuda
    • and 10 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0). Each entity in the chart links to its source.

What it owns

What Boardwalk Pipeline Partners, LP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Finance-lease assets$1.8M4 Dec 31, 2025$2.5M4 Dec 31, 2024−28.0%
Operating-lease assets (leased space)$22.7M4 Dec 31, 2025$24.9M4 Dec 31, 2024−8.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$499.2M4 Dec 31, 2025$117.9M4 Dec 31, 2024+323.4%
Marketable securities, current$351.3M4 Dec 31, 2025$04 Dec 31, 2024

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$237.4M4 Dec 31, 2025$237.4M4 Dec 31, 20240%
Finite-lived intangibles, gross$92.9M4 Dec 31, 2025$92.9M4 Dec 31, 20240%
Accumulated amortization$27.1M4 Dec 31, 2025$24.2M4 Dec 31, 2024+12.0%
Finite-lived intangibles, net$65.8M4 Dec 31, 2025$68.7M4 Dec 31, 2024−4.2%

Properties, in its own words

We are headquartered in approximately 98,600 square feet of leased office space located in Houston, Texas. We also have approximately 60,000 square feet of leased office space in Owensboro, Kentucky. Our operating subsidiaries own their respective pipeline and storage systems in fee. However, substantial portions of these systems are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents. Natural Gas and Natural Gas Liquids, in Part I, Item 1. of this Annual Report on Form 10-K, contains additional information regarding our material property, including our pipelines and storage facilities.

Item 2 of the 10-K filed Feb 10, 2026.3

Leadership

Who has led Boardwalk Pipeline Partners, LP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Rolf A. Gafvert2008–2011
  2. Stanley C. Horton2011–2018

President

  1. H. Dean Jones Ii.2007
  2. Rolf A. Gafvert2008–2011
  3. Stanley C. Horton2011–2018

Chief financial officer

  1. Jamie L. Buskill2008–2018

Chief operating officer

  1. Brian Cody2010–2011
2010201520202025
Board members and other officers (19)

Timeline

  1. Nov 24, 20258-K Entered a material agreement; New debt or obligation37
  2. Nov 17, 20258-K Entered a material agreement38
  3. Nov 12, 20258-K Entered a material agreement; New debt or obligation39
  4. Feb 16, 20248-K Entered a material agreement; New debt or obligation40
  5. Feb 9, 20248-K Entered a material agreement41
  6. Jul 3, 20238-K Entered a material agreement; New debt or obligation42
  7. Jul 5, 20228-K Entered a material agreement; New debt or obligation43
  8. Feb 17, 20228-K Entered a material agreement; New debt or obligation44
  9. Feb 10, 20228-K Entered a material agreement45
  10. Jul 5, 2011New chief executive Stanley C. Horton becomes CEO15
  11. Dec 18, 2008New chief executive Rolf A. Gafvert becomes CEO16

Filings

47 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 9 major events, 18 other. The latest 20:

  1. Aug 3, 202610-Q BWP 2026 Q2 10-Q EDGAR
  2. May 4, 202610-Q BWP 2026 Q1 10-Q EDGAR
  3. Mar 19, 2026EFFECT EDGAR
  4. Mar 17, 2026CORRESP EDGAR
  5. Mar 17, 2026UPLOAD EDGAR
  6. Mar 11, 2026S-3 EDGAR
  7. Feb 10, 202610-K 10-K BWP 2025 EDGAR
  8. Nov 24, 20258-K EDGAR
  9. Nov 17, 20258-K EDGAR
  10. Nov 14, 2025424B2 EDGAR
  11. Nov 13, 2025FWP EDGAR
  12. Nov 13, 2025424B5 EDGAR
  13. Nov 12, 20258-K BWP 2025 Q4 8-K RCA EDGAR
  14. Nov 3, 202510-Q BWP 2025 Q3 10-Q EDGAR
  15. Aug 4, 202510-Q BWP 2025 Q2 10Q EDGAR
  16. May 5, 202510-Q BWP 2025 Q1 10-Q EDGAR
  17. Feb 11, 202510-K 10-K BWP 2024 EDGAR
  18. Nov 4, 202410-Q BWP 2024 Q3 10-Q EDGAR
  19. Jul 29, 202410-Q BWP 2024 Q2 10-Q EDGAR
  20. May 6, 202410-Q BWP 10Q Q1 2024 EDGAR

The 47 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

SEC filer profile

How Boardwalk Pipeline Partners, LP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBoardwalk Pipeline Partners, LP1
  • CIK0001336047
  • Employer ID (EIN)20-32656143
  • Filer statusNon-accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)4922 Natural Gas Transmission1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address9 Greenway Plaza, Suite 2800, Houston, TX 770461
  • Phone866-913-21221
  • Shares outstanding0 as of Aug 3, 202611
  • Public float$0 as of Jun 30, 20254
  • AuditorDeloitte & Touche LLP, Houston, Texas PCAOB ID 34; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceAug 16, 20051
  • Filings610 in all: 4 (192), 8-K (142), 10-Q (62), UPLOAD (29), CORRESP (25), 424B2 (23), 10-K (21), 3 (19)1
    All 32 form types

    424B5 (17), FWP (12), EFFECT (9), S-1/A (9), SC 13D/A (9), S-3 (6), 305B2 (4), S-3ASR (4), 424B4 (3), 8-K/A (3), S-1 (3), SC 13G (3), S-3/A (2), SC 13D (2), SC 13G/A (2), 25 (1), 3/A (1), 4/A (1), 424B1 (1), 424B7 (1), 8-A12B (1), CERTNYS (1), POS AM (1), POSASR (1)

  • Latest filingsAnnual report (10-K) Feb 10, 2026
    Quarterly report (10-Q) Aug 3, 2026
    Latest 8-K (8-K) Nov 24, 2025

Risk factors and legal proceedings

The risks Boardwalk Pipeline Partners, LP names in Item 1A of its 10-K filed Feb 10, 2026: 27 risks under these headings, as written.3

  • Business Risks
  • Our natural gas transportation and storage operations and ethane transportation services are subject to extensive regulation by the FERC, including rules and regulations related to the rates we can charge for our services and our ability to construct or abandon facilities. We may not be able to recover the full cost of operating our pipelines or storage operations, including earning a reasonable return.
  • Our actual construction and development costs could exceed our forecasts; our anticipated cash flow from construction and development projects will not be immediate and can take several years; and our construction and development projects may not be completed on time or at all.
  • Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on our business and results of operations.
  • Changes in the debt markets and increases in interest rates could adversely affect our business.
  • Failure to comply with environmental or worker safety laws and regulations or an accidental release of pollutants into the environment may cause us to incur significant costs and liabilities.
  • Legislative and regulatory initiatives relating to new or more stringent pipeline safety requirements or substantial changes to existing integrity management programs or withdrawal of regulatory waivers could subject us to increased capital and operating costs and operational delays.
  • A failure in our computer systems or a cybersecurity attack on any of our computer systems, devices or telecommunications networks or those of certain third parties could cause substantial and catastrophic damage and may materially adversely affect our cash flows, financial condition and ability to operate our business.
  • Our operations, and those of our customers, are subject to a series of risks regarding climate change.
  • Increased attention to climate change, sustainability matters and conservation measures may adversely impact our business.
  • Climatic conditions and events could adversely impact our operations, pipelines and facilities, or those of our customers or suppliers.
  • We are subject to reputational risks and risks related to public opinion.
The other 16 risks
  • We may face opposition to the operation of our pipelines and facilities, construction or expansion of facilities and new pipeline projects from various groups.
  • Market conditions, including available supply, demand and the price differentials between natural gas supplies and market locations for natural gas, may affect the transportation rates that we can charge on certain portions of our pipeline systems.
  • Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact our business.
  • We are exposed to credit risk relating to default or bankruptcy by our customers.
  • We rely on a limited number of customers for a significant portion of our revenues.
  • Our revolving credit facility contains operating and financial covenants that may restrict our business and financing activities.
  • Our indebtedness could affect our ability to meet our obligations and may otherwise restrict our activities.
  • We have a holding company structure in which our subsidiaries conduct our operations and own our operating assets, which may affect our ability to fulfill our debt obligations.
  • Pandemics or other outbreaks of contagious diseases and the measures to mitigate their spread could materially adversely affect our business, financial condition and results of operations and those of our customers, suppliers and other business partners.
  • We do not own all of the land on which our pipelines, storage and other facilities are located, which could result in disruptions to our operations.
  • We may not be successful in executing our strategy to grow and diversify our business.
  • Our ability to replace expiring gas storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all are subject to market conditions.
  • Our operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which we may not be adequately insured.
  • Our business requires the retention and recruitment of a skilled executive team and workforce and their loss could result in the failure to implement our business plans.
  • Our business is highly competitive.
  • Possible terrorist activities or military actions could adversely affect our business.

Legal proceedings

Refer to Note 5 in Part II, Item 8. of this Annual Report on Form 10-K for a discussion of our legal proceedings.

The opening of Item 3, Legal Proceedings.3

Sources

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