BWP - Earnings call transcript Q4 2017 | Boardwalk Pipeline Partners L.P.

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Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2017 Boardwalk Pipeline Partners, LP Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I'd now like to turn the call over to Molly Whitaker, Director of Investor Relations and Corporate Communications. Please go ahead.

Molly Whitaker

[ph]. Ella you, Thank and Boardwalk the Pipeline everyone, earnings quarter call for Partners. welcome morning, fourth to XXXX Good I'm pleased to be joined today by Mr. President Stan our and Mr. and Horton, CEO; Jamie Buskill, our CFO.

with of If Web our www.bwpmlp.com. earnings a would at please copy you release it like site associated this from call, download the

Statements range due forward-looking or to on Following remarks during to are use results our are I like forth in matters that to and any would this a forward-looking to those The disclaims conference wide uncertainties, available statement including that also made this set forward-looking Company projected call we statements. any are expressly forward-looking statement include the Actual obligation this documents. this beliefs of SEC any call. risks Company revise update that as materially not you cash most and will this remind to refer With by over achieved are discuss historical we the These facts call release measures, in that statements our GAAP your reconciliation remind and differ are questions. our comparable flow. financial related to management's please EBITDA regard nature. such expectations. you distributable statements those call measures. prepared measures, may financial of earnings call certain non-GAAP the currently may for using during such today, in that for assumptions the information and We'd from based in morning, turn like earnings to will to

to to Now Stan turn I'd Horton. over call like the

Stanley Horton

issued review opportunity hope I you've the Thank the you, Molly, everyone. morning, press we release morning. and to this good had

We going unit cubic Northern annualized. our laterals. provide pipeline. results a access sale to for year pipeline. announced was for commercial of south in that Combined a and approximately these capacity of along reporting the distribution and we financial that have Boardwalk. to a positioned from Louisiana serve of on on to South budget. Northern serve are -- update year of in with City Gas financial plant. to summary and interstate the earned project now adjusted and by and to This these announced represent transferred and on lean I’m service. the projects project, $X.XX assets earnings, in We within Midstream south $XXX the Ohio exports, will project newly at that natural Texas. Texas assets both Supply million or per the and these we’ve recontracting plant XX% proposed pipelines second the for portion the April on from the several Gas to to project entity, restructuring access transportation is certain service City our highest of provide is have Texas natural in Also quarterly we The plant, in our of factor $XXX load Energy quarter XXX XXXX pipeline service Louisiana sold placing our with along north XXXX when power bidirectional service combined formed Houston operating back Jamie operations projects and and Boardwalk Texas were to channel remaining which a the Access In project Fayetteville gas from the Boardwalk's of capital The the EBITDA it fourth the and time industrial commenced gas the a contracts then Louisiana risks firm We demand and of LNG at a at Flag we Southwestern corridors $X.XX and well high to Corpus offer million placed We approximately Boardwalk a power history. update. Flag successful a growth Christi, Section operations been Mexico, expected placed made subsidiary. We South day related and in supply Texas Greenville feet reduced exports North in a XXX commercial South XXXX, Texas million a located projects Interstate Interstate ship Gulf convert to we’re XXXX. approximately addition and project during collectively our capacity in plant since our service processing to Boardwalk authority

issues. and XXXX. Most importantly, we revenue laterals to lateral volumes the no or from with term all usage available offers flow generation near-term, provides Moorefield by Southwestern's environmental significant XXXX XXXX fees overall Fayetteville year through of the commodity or transportation Fayetteville commitment it years reduces commitments through and in a additional XX our firm upside and plays the from combination to revenue safety Although from adding longer their of of on revenues the XXXX transaction both on completed it

damage I’m In despite do. the addition, to adverse minimal made XXXX, in lot accomplishments dealing pleased on customers, we’ve only we with had service three impact a our with but no virtually facilities and to our to major hurricanes.

and will Wilson placed a the feeding service into export Compressor of include announced the growth on header, placed Gulf Header So be facility. offtakers the of the facilities of obligations, header. the with our currently X of our the compressor in provide Consistent the XX-mile stations contractual starting header talk where our project and Header Station, X firm the transportation our phase modifications our will about is to The and constructed on X.X newly header Legacy which we’re portion a projects. feet let's largest with XX-mile cubic on compressor of Xst. service approximately Bend installation The LNG today, growth the largest meter our pipeline on Coastal service when first project Freeport station, day, and pipeline Gulf Bend South station our operational February through system of Coastal South a pipeline we portions billion previously the project fully

Train contracted under with approximately of February their than is later for commences phase customers first cubic XXXX. LNG these service The us no contracts service Freeport have X The interim provides feet transportation long-term X, million XXX until with capacity contracts day. that the our facility associated to a

obligations. We XXXX expect to X, second and of the placing project with service portion phase provide the on our Train the X to service, on the Freeport's November interim contractual consistent corresponding

cubic Our approximately day. a long-term the second total a project contracts commence feet day a associated X, May XXX The billion customers for cubic on X is approximately XXXX. Train for feet for million of X.X capacity capacity phase

and budget. team this to the heavy within flooding currently under on project construction Coastal able been project contractors by engineering the schedule and have caused Header impacted Our that and area and pleased hurricane trending the is Harvey Bend stay delays rains that construction. of am budget the despite I on

We also the transportation progress facilities made of and projects power laterals. that compression firm Gulf in South on Louisiana will two through provide new addition service plants to

these firm first The projects approximately provide MMBtu will of of XXX,XXX a transportation service. day

expected project construction the service and X, this into We have certificate, commenced on FERC have notice to be September to placed is XXXX. a which proceed received

and Boardwalk in-service of provide in Sasol storage XXX,XXX approximately targeted and approvals. MMBtu ethylene Midstream The will customary ethane to transportation FERC the a service subject project of Louisiana XXXX and provide of project service. The other to transportation date cracker ethane to second and our has service firm majority is

and South other continuing We other storage drilling progress brine million plant new pond supply recently are to We including Midstream's provide of two Hub area. related service construction ethylene are Rouge brine service Louisiana. the of at the Boardwalk and The Choctaw of Sulphur are in and in projects infrastructure customers to brine with of in these Louisiana a growth the our Hub. production to wells are X completed at new first our support projects, development Baton transportation wells barrel

service and our Our project provide ethylene also are these Evangeline of expansion pipeline projects in-service XXXX. through gas to underway. of The run date the treating

by growth project plant serve signed agreements budget. projects power approximately a that The schedule at Texas. lateral. on and MMBtu a million We approximately Gulf our is a XXX,XXX proposed South will are this within collectively will proceeding XXXX. in provide So project is new project proposed adding on and date constructing recently compressor $XXX and The the service precedent of of in-service station firm day cost in new for transportation existing capital compression our an

We with PXK with are discussions or to potential progressing in customers our Katy for venture proposed joint Permian pipeline Sempra.

recently Waha was Agua pipeline Permian Another Dulce. to announced

the pipelines for least that believe at be gas our on Texas anticipate we into natural the the customer, the like end optimistic Header. two we area be We PXK the for and Gulf feed Katy continue deliveries Permian will from Houston conversations second and Based Bend which into ship market our project. our pipeline with coast demand to remain channel about demand will for there use to Coastal also producers will project,

We remain the on continue contract projects expire our few focused capacity remarketing expansion over that next of to scheduled have to years.

of shale and activity in and encouraged as the by that are capacity. believe short in of we're Exchange and XX-year -- capacity. remain the Louisiana, interest in Market We users XX. the when executed have new Transco as producers volume our a SCOOP/STACK with increased end but customers, both Station the not drilling for a Haynesville Perryville and delivering available standpoint, plays and increased negotiated, contracts indicative discussions of regarding we as to today's rates In well the capacity. intermediate-term long-term From forecast the existing and the differentials that in to value the production North we to are deliveries basis than well lower were contracts near-term, portion

Oklahoma export capacity continue market new will change the increased until Texas, generation in deals intermediate-term a power shortened and from sell dynamics. new and current LNG We demand and to terminals supply

turn the the to over financial will I call update. Jamie for Now

Jamie Buskill

and morning, Stan you, Thank good everyone.

revenues services, conditions. completed reduction XXX revenues This of We and barrels XX was $XXX quarter, of XXXX. reported million by transported fuel growth to decreases unfavorable million due restructuring million million transportation approximately liquids or resulting from from in lending net project. market our and and and contract quarter Southwestern a storage recently of of partially of For approximately expenses These the TBtu natural offset $X and X%. parking we of for were decrease primarily additional the lower $X fourth the $X decrease revenues million, gas from of

a generated and was projects operations was capital projects lower for decrease a reported from service being to of quarter X% expenses Higher higher the higher the period $XXX or expenses $X projects higher million decrease million $XXX G&A distributable expense XXXX. and for we were the depreciation, or The XXXX. due quarter million from were underway. incentive in of of operations and cash the and Net in income $XX X%. generated resulting costs. million, which expense number of large operating maintenance quarter by million expenses reflect EBITDA million, transportation comparable of decrease million to flow and last due distributable expenses $X of $XXX and the EBITDA, Net We quarter fourth to in reported increase year. operating from and million the flow maintenance to a revenue. $XXX quarter a was for growth primarily lower million fuel cash offset income, $XX the capitalization a $XXX for of combination placed into of compared number rate comparable the of Excluding fourth

$XXX of and impacts $XXX and and cash related for the sale the of with of last million year comprised XXXX flow City Flag X% million $XXX in processing increase. plant X% at EBITDA year, $XXX we million million Excluding invested year million the assets, million last maintenance compared capital capital. year, compared a increase capital $XXX in distributable a the in reported million to the from $XXX $XXX growth in for We

X.Xx capital debt $XXX capacity We billion debt when our on for to with forecasting of we're last or of our reservation under the the subordinated EBITDA X.Xx in available We capacity approximately with $XXX and to facility. slightly adjusting the revolving million credit firm impact time agreement reported Flag we the ended $X.X full bill what quarter, or growth revenues minimum agreement $XXX quarter year update related the we ratio XXXX, X.Xx which City reservation million, processing capital of sale that In transportation from borrowing plant third million $XX EBITDA million of the call transportation total ended of the year. and million more the assets, revenues. than expected will of maintenance For an I capital. charges provided of committed at $XXX our of cash, expenditures of and compares and a

we at XXXX, year $X.XX revenues. are For billion reservation the calendar in transportation

years the early for XXXX, of agreements The contract reduction transportation is expected result XX% are entered of than XXXX Approximately the earlier. reservation lower $XXX XXXX revenues and XX% service in our amounts As calendar Currently revenues XXXX fourth $XXX million $XXX discussed restructuring of agreements reported reported Gulf in the of the in expected the XXXX for contracts large the projects due were placed is and during expiring reservation year of for contracts for XXXX. million our the result $XXX revenues expire South quarter last December than South XX, are approximately transportation to Southwestern that on expansion and The XX-year to Gulf XXXX. higher transportation million. tied million XXXX reservation for are quarter. XXXX are into

XXXX. front I after In disclosure the relating maybe XXXX. lower have read we have week, for as foundation for challenges that of lower XXXX distributable contracted in lot not transportation from revenues for entered XXXX EBITDA that file opportunities questions. encourage a a been and flows to may capacity reduction reflect When That or Gulf the later matter. the to would accomplished do will great over provide reservation revenue and entered any at now additional contracts financially his turn rates XX, are remarks the which and XXXX a indicated of revenues our you Some this If we and Stan and my full result in into in closing, to concludes XXXX, firm in remarks. in the us I year, on mentioned, but this us. Stan The been record the December call and operator focus terms with remarketed, shorter for reservation into as XXXX we would has cash XX-K contracts impact not South as

Operator

Tonet Thank you. first Instructions] [Operator with Our JPMorgan. from question Jeremy is

is now line open. Your

Jeremy Tonet

Good morning.

Stanley Horton

Good morning.

Jeremy Tonet

with off pipeline, and start seems up it there. already to want you’ve like a built I Stan, got you’ve the commitments PXK -- some

us positive as some the that color Anything for you or sense far provide with there other commitment could is what make you with of goalpost the level XQ share to us FID if kind how seems there? as is wondering project far here, like can else go Just of any as as progressing? would It the FID. with

Stanley Horton

for an date established haven't we guideline Well, absolute firm FID.

be As before Bcf for firm to from I all X.X you the majority way said, a up would the Bcf pipeline day capacity capacity that And could to day. X.X a authorize FID. the like see you that commitments of on

say So go before be it that's close in I to FID. about that all would need is those we'd to can ahead numbers about that

Jeremy Tonet

great. Okay,

those Gulf introduce of Pipeline as and us coming could far the give as could area? updates with there impact gas that as wondering as Midship Just if into specifically development, the level far be I some guess, that you variance would new on the volumes Crossing,

Stanley Horton

is it Gulf the the Pipeline where Bennington process. encouraged There's Crossing feet that. pipeline that also up potentially in of about pipeline pipeline and fully compressed, That feet into to pipeline capacity tie through I on and $X.X has once but billion it's to going the would believe a that the understanding cubic the day. SCOOP/STACK. in competing billion my bring day drilling additional area, X.X that terminate a Midship would a it their We're cubic at It's proceeding certification up Sure. FERC

your very new that's So, development you us. favorable a like a when SCOOP/STACK the attach basin for into pipeline,

encouraged by we but So watch it, we are it. continue to very

Jeremy Tonet

I kind your towards numbers seems XQ quarter. Thanks. that do in of on snap like expect end in or XQ, at you just you And side, beyond any up conditions was pipes the wondering show that that in point? of a any just the was Great. materialized P&L if if the it there then, And of improvement the cold more see

Stanley Horton

pipeline wait say like systems Yes, report enhancer that. we snap Certainly we well talk earnings across weather when will impact in that with revenue you cold and about the did until amazingly our very, that no our before interruption have just customer. first-quarter cold proud any to some we to Very a that, systems. of get weather it's very pipeline we ran during deliveries just cold

Jeremy Tonet

I you. Great. there. pause will Thank

Operator

Our Citigroup. with Levine next question from is Ryan

now Your open. is line

Ryan Levine

any your you Good ROIC or planning compensation include return the morning. to unitholder Are future? total to near of executive change metrics in

Stanley Horton

tied a We don't of plan any also our long-term that a is part the in to employees number changes in changes the tied compensation. plan A to compensation Boardwalk's large is unit price. -- of exempt incentive

our price. So well unit to pretty compensation Boardwalk tied is

Ryan Levine

over Gulf weeks were provide expire of few Okay. recent last developments? to you the And Any portion then on have renewed. South the could contracts what expected that been color

Stanley Horton

we’re capacity Gulf on pipeline. Well, the South constantly renewing

So pieces But of capacity drilling we fortunate a portion of South discrete it's of renewed increased we've hard have the to been Gulf just out Haynesville. the capacity. on with coming area Haynesville that isolate very good the

was with South, you of Exact contracting we Some of everyday. contracts. that those just percentages, couldn't I run Gulf because way we're capacity just firm the and recontracting formally tell

Ryan Levine

do And reform? any Okay. a you Texas Gas tax impact due on to anticipate

Stanley Horton

of No, through to process we pipeline think of follow process. not continue our at really. going return, what's they We historical a think be Gas processes to at rate that and don't in good returns, are reasonableness Texas A overall going that of any on Gas. is impact Texas just of We contracts have to contracts fine. the appreciable contracts. discounted rates Act portion or just X pipelines our that FERC if looking frankly, their negotiable Reform happen Tax Quite from we their that based Section has and look is the earning over to the earn the rate will on upon think

Ryan Levine

about more Southwestern? restructure Have Fayetteville on customers additional And their last question to electing Okay. any lateral. to started then conversation the contracts

Stanley Horton

like request restructurings customers on that We’ve did lateral we on any not Southwestern. contract had

Ryan Levine

Do that -- have that? right they they have the terms the right to were to elected type Southwestern of does, their do pursue to under they if same

Stanley Horton

we with think the Federal Energy the situated same. Regulatory that Commission filing indicated customers the treat filed when to similarly we I would Southwestern, we

Ryan Levine

appreciate it. Okay. I Thanks.

Operator

of Our with Bank next Dennis from Coleman America. question is

line Your is now open.

Derek Walker

This is Hi. for Walker Derek Dennis.

they Just their refuse that on to follow, do the the Southwestern, case, If about talked was were potentially the acreage. sell I contracts acreage? their Fayetteville they strategic think

Stanley Horton

they do. Yes,

Derek Walker

from on just Coastal XXXX, color sense then, any give mentioned for X.XX the And number Okay. any you Bend? can you -- contribution the around

Jamie Buskill

particular projects. are guidance don’t as X the May Phase mentioned, latest and on We will the Phase date, February is which X start Stan we provide assume I that assumption say XXXX. was XXXX

So there …

Derek Walker

Okay.

Jamie Buskill

… Coastal is for number. in Bend factored not XXXX the anything

Derek Walker

Thanks, the Okay. XXX, maybe just maintenance. Jamie. XXX XXXX And the little then, XXX bit and around a question for growth CapEx growth similar for

how maintenance a rate right Should the And about the like than the think then, XXX that breaks there? that’s as sense On lower of out number, growth side, bit just little project? we it XXX run seems by last year. any on

Jamie Buskill

Well, mainly a and years certain Gulf for we we're bidirectional on we indicated segments. making, some because example, Texas and that couple system Gas with doing the thing South maintenance I maintenance, on extra of ago our same think were

So to we’re going spend more on maintenance.

starting on in down. are million $XXX We that come range. were million we to see about that number to Historically, $XXX

any impacting in changes future probably in will go maintenance. barring range legislation we think in I the that back types of any

that Sasol, growth as to to be Bend of most but part far biggest little on X. Coastal that’s and As Bend is bit going Phase on the a the runoff of capital, related the Coastal

Derek Walker

it. appreciate I Jamie. Thanks, Stan. Thanks, it. Got

Jamie Buskill

Thank you.

Operator

is Tom Abrams Morgan question Our from Stanley. with next

line now Your open. is

Tom Abrams

Good morning.

Stanley Horton

Good morning.

Tom Abrams

interest project? some On that development seeing you Would taking you that equity getting comment develop involved taking producers kind that? down you Are seems as are it PXK like project it, for space. of or pipes

Stanley Horton

we a We with You partner Sempra right others project. the to have extent and it. that interest with sit now on joint who that had down wanted a would joint equity the we discuss our project agreement in know development development

Tom Abrams

to would on enough. behalf assuming of just of your funded large you your level, when additional you your What in do raising Fair how think spending trade-offs? you once And of consider hundreds through ability debt to get envision at and that spending, is elevated now the relating balance that a distribution. do dollars your distributions or we remain -- in layers sheet and it spending think X.X in you your the just to are level does point and some Bend with the stable your, that project better to how EBITDA millions there or may return situation to to Boardwalk just be you're an where the then commitment place thoughts those growing Would interfere layer about comfortable Coastal into if to the that want you or are before we're where around those reduce spending how things?

Jamie Buskill

might bit think early -- what I be. that a little to forecasting it's start

You PXK. looks what profile have existing to understand as at our on growth like Boardwalk

at There frankly look amount capital you the we this of If is As completed going I get of Stan think spend not until them there's point. but announced capital XXXX. -- exploring, change. growth them to that be line. tremendous we're there There's before, that mentioned that finish most across about outlays we n at quite the of a in talk projects, that But XXXX is don’t a will beyond opportunity lot

that the the benefit that had then a will those a on but we I helping best case if we So of at say, bigger that where that for will I projects to saying past if lever what’s the I’m in you projects. is our out we financing can projects this with on and project, general at other use have not the we look formulate be options. partner will PXK, we’re will we look the needed. historically think like have

Tom Abrams

in from system? Okay. could the Texas Gulf East. then some involved an still possible South bringing wet into gas -- dry your that you’re out, processing was Last guess, thing, Is that SCOOP/STACK and the getting I down and there's I South North angle people their molecules talking be about wondering getting gas into

Stanley Horton

other to Pipeline what's securing the that on South. capacity You then and on move SCOOP/STACK primarily talking who know we what watching the our pipelines Gulf producers into now and those Bennington for right Crossing Midship is in Gulf contracts focused gas have and happening are

-- right ownership not upstream that standpoint. area that of are that are doing others is or anything the Bennington with We now from of Midship an involved or anything in in

Tom Abrams

right. Thanks All it. I lot. appreciate Great. a

Operator

is with question Shneur next Our from UBS. Gershuni

Your line is now open.

Shneur Gershuni

Hi. Good guys. morning,

of guess, on, respect is to I move line, the to enough project from would how financing, this lows assuming you’re of some couple forward? PXK. questions across a about it wondering kind With longer kind finish partnership you thinking term -- or help need of quick Just the financing financing the project moves

Jamie Buskill

I our to release projects what point I back completes love the is the press to that project capital project date Again, announced the at question. time spend XXXX. It profile at have in we on depends moves our forward. on will really Boardwalk that

look have are when point and in. at then comes our we just we when will where the capital FID we So make needs project a to that will determination

Shneur Gershuni

other I’m if just But, happen of sort participation or option parent -- with would for guess, some what the wondering the is for that open spend? coincide I

Stanley Horton

right discussions some with that looking not figure and partner out. we're on in general with need particular We’ve got to say additional discussions zeroed I’d now occur have that our development our options and others. partner time of to one and Lots one. at all

to So have decisions there. just we right any not come firm

Shneur Gershuni

the off system? project to be the it there your ground be some to as as the the then to a would get balance of accept follow-up, molecules? you willing benefits to Would impacts controlling lower a Great. downstream how return And

Stanley Horton

as on synergies have relates our some We pipeline. it PXK Gulf to certainly South

we that to the where we gas gas said, did Dulce that Agua up be system from portion move pipeline South made of could to I pipeline dry from bidirectional could ship As Katy area. back service, gas moves the down that Texas return into channel area, our

could we South or flows. to South North do So to North

feeding producers pipeline, as that other there for there there. ties synergies Coastal So be also. system, at There's Bcf our on our Certainly, market are connector plant. Gulf ties in the Bend X.X connection would that’s area, a direct connector a into a Permian to PXK that some South day

we the we So, these basis at on way PXK that's a will total at look projects that return also. look and

Shneur Gershuni

Great. final question. And one

you compensation year's expect? earlier flow forth. planned amounts Will I that sort EBITDA a be the numbers exceeding about annual on for to last plan. can report, for an an and about expectation what When Is had You cash and that go it’s looking forward so are question the that through executive evaluate in included sharing XXXX? of we was basis distributable us discussed

Stanley Horton

don't that we including It's internal before measuring been is since ever Boardwalk. at reasons, guidance. a And something for mode No, that provide our purposes financial lot of used plan been for operation we I've of the compensation.

something not plan it's but we -- public. So that make to

Shneur Gershuni

less So, from if that how the report I you’re you sort plan leaves hit than XXX% can above Board profit? what you would less of mean above than see clean And tea I you it's hit you would that wondering that, a of effectively? that, target plan we if plan? was just

Jamie Buskill

Its will disclosure XX-K you’ve off. the week. we into measuring and one think entire pay goes be -- our factor I There's the disclosure read several that there. listed factors that’s following in later this the

there's more the factors that financial performance. that just encourage I to out. disclosure comes look But than in go it you when So at

Shneur Gershuni

Thank Got guys. you All very right. much, it.

Stanley Horton

Thank you.

Operator

Markets. Our Capital with next question Elvira is from RBC Scotto

Your is now line open.

Elvira Scotto

Hey, ending Can good morning. give debt you an us number?

Jamie Buskill

The Sure. then the debt $X,XXX,XXX,XXX. XXX ending of revolver. was was long-term debt was rest was $X,XXX,XXX,XXX. The equity that and

Elvira Scotto

question. quick follow-up Great. just And one then

for XX-K, -- revenues after the been be the updating in XX-K, you numbers are revenues potentially those when of firm the mean, those transportation you your file recontracted that? On provided will XXX, I XXX, what's or are the

Jamie Buskill

the updated December as is XX. numbers That of

first disclosed -- XXXX then number. XXX So and like is I time the said, 'XX for we the and XXX

the the XXX So is new disclosure.

Elvira Scotto

contracts that any do of short-term the And include great. Okay, those signed? you’ve

Jamie Buskill

fees any signed And as was XX. of under that of the transportation firm December reservation contracts

Elvira Scotto

Got you.

you Okay, great. very much. Thank

Jamie Buskill

Thank you.

Operator

Sharon with next Fargo. is Lui question Our Wells from

is now line Your open.

Sharon Lui

morning. Hi. Good

Just a question. follow-up Elvira's on

project to confirm not only and Bend XXXX? Coastal only just includes For XXXX those numbers, revenue the

Jamie Buskill

is because we contract always project. on way That written most we took correct, is and the timeline together, assume that conservative table a the the way this

assumes scale a there's when date. always possible the So last we

XXXX and when X, table. Bend, they those in May that, an this be contracts the the assumed start, is would that sooner start those since February So last occurs. to the going than If we dates on X, Coastal that’s XXXX table before possible are obviously increase date

Sharon Lui

Okay. Thank you. disclose And the well for in-service target expected on express that as then, as I some of project. tariff, guess, color they the Coast returns the developers pipeline, their the Gulf

-- your wondering compare you can PXK? if to for Just metrics how these expectations

Stanley Horton

Not the sure, question. I understand

to some do, agreements Let Dulce, Agua from those We're of what Federal they that along me the that to and trying to answer an they make to going they project that not to were take was type the commitments stuff. enough similar and anyway. announced in was file metrics project Regulatory share that They that we Energy project information far We're at point, that customers stab project. secure process with from then the of announced to announced a of PXK announcements. sufficient with project. be would did announced. the our The yet FID-ed the terms get FID on Permian But capacity Commission. When

Sharon Lui

range your be just it in a in something Yes, had close Xx because Okay. to think I types and tariff, that out of a they wondering those to for metrics? multiple guess, of project put was would similar Xx I just I expectations to $X.XX

Stanley Horton

don’t things of that. type those projects, developing about comment talk don't just I on we’re any We when so have

Sharon Lui

Okay. you. Thank

Operator

remarks. turn for to Molly now And like no back further to call any the questions. further I’m I showing Whitaker will

Molly Whitaker

continued like Partners. and in Pipeline we'd this you thank morning joining to interest Boardwalk again, for your for us Once

a Web an call. this at replay call reminder, at great Thank As our www.bwpmlp.com. of is today's a This and online concludes you have site conference day. available

Operator

thank participating you gentlemen, and for in today's conference. Ladies

disconnect. now great a may day. have You Everyone

Boardwalk Pipeline Partners (BWP) 12 Feb 182017 Q4 Earnings call transcript