Boardwalk Pipeline Partners NYSE:BWP is a master limited partnership that controls and operates pipeline systems consisting of pipelines (natural gas) and storage facilities, through Boardwalk Pipelines LP. In total there are 3 major interstate natural gas pipeline systems originating in the Gulf Coast (Oklahoma, Arkansas) which carry gas to the Midwest (Tennessee, Kentucky, Illinois, Indiana and Ohio). More recently (2010) increased competition from regional and national transportation companies (causing there to be a higher overall capacity available and new sources of transmission) has narrowed pipeline system price differentials. The parent company Loews (66% equity owner) charges Boardwalk about 12.4 million per year for services such as those relating to information technology, tax and risk management. Boardwalk Pipelines Holding Company (direct subsidiary of Loews that manages its interests in Boardwalk) owns all of the Long Term - Affiliate debt; the debt is from a 2009 subordinated loan made with the holding company and amounts to about $100 million (about 3% of the company's total debt ($3.152 billion in September 2010 with the fair value being $3.39 billion). Loews' indirect interest in Boardwalk has been slowly decreasing since 2005; it was 85% in 2005, 72% in 2009 and 66% by the end of 2010. The company's biggest customer is Devon Energy which contributed 11% of total revenue in 2009. In June 2010 it committed to modifying the Eagle Ford pipeline system.

In 2009 leading customers based on revenue were marketers (45%), producers (30%), LDC's (17%), power generators (4%), pipelines (2%) and industrial end users and others (5%). Pipeline interconnects is the destination of approximately 54% of all gas delivered through Boardwalk's systems with LDC's at 22% and storage facilities 11%.

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