Boardwalk Announces First Quarter 2013 Results and Announces Quarterly Distribution of $0.5325 Per Unit

  Boardwalk Announces First Quarter 2013 Results and Announces Quarterly
  Distribution of $0.5325 Per Unit

Business Wire

HOUSTON -- April 29, 2013

Boardwalk Pipeline Partners, LP, (NYSE:BWP) announced today that it has
declared a quarterly cash distribution per common unit of $0.5325 ($2.13
annualized) payable on May 16, 2013, to unitholders of record as of May 9,
2013.

The Partnership also announced its results for the first quarter ended March
31, 2013, which included the following items:

  *Operating revenues of $328.5 million, a 5% increase from $312.9 million in
    the comparable 2012 period;
  *Net income of $101.4 million, a 10% increase from $92.6 million in the
    comparable 2012 period;
  *Earnings before interest, taxes, depreciation and amortization (EBITDA) of
    $208.7 million, a 6% increase from $197.4 million in the comparable 2012
    period; and
  *Distributable cash flow of $154.9 million, a 24% increase from $125.3
    million in the comparable 2012 period.

Compared with the first quarter 2012, operating revenues increased $15.6
million, operating expenses increased $7.5 million and EBITDA increased $11.3
million in the first quarter 2013, each primarily driven by the acquisition of
Boardwalk Louisiana Midstream, LLC, which was completed in October 2012.

Capital Program

Growth capital expenditures were $63.1 million and maintenance capital
expenditures were $7.5 million for the quarter ended March 31, 2013.

Conference Call

The Partnership has scheduled a conference call for April 29, 2013, at 9:00
a.m. Eastern time to review the first quarter results. The earnings call may
be accessed via the Boardwalk website at www.bwpmlp.com. Please access the
website at least 10 minutes before the event begins to register and download
and install any necessary audio software. Those interested in participating in
the question and answer session of the conference call should dial (877)
546-5018 for callers in the U.S. or (857) 244-7550 for callers outside the
U.S. The PIN number to access the call is 49371970.

Replay

An online replay will be available on the Boardwalk website immediately
following the call.

Non-GAAP Financial Measures - EBITDA and Distributable Cash Flow

The Partnership uses non-GAAP measures to evaluate its business and
performance, including EBITDA and Distributable Cash Flow. EBITDA is used as a
supplemental financial measure by management and by external users of the
Partnership's financial statements, such as investors, commercial banks,
research analysts and rating agencies, to assess the Partnership's operating
and financial performance, ability to generate cash and return on invested
capital as compared to those of other companies in the natural gas
transportation, gathering and storage business. Distributable Cash Flow is
used as a supplemental financial measure by management and by external users
of the Partnership's financial statements to assess the Partnership's ability
to make cash distributions to its unitholders and general partner.

EBITDA and Distributable Cash Flow should not be considered alternatives to
net income, operating income, cash flow from operating activities or any other
measure of financial performance or liquidity presented in accordance with
generally accepted accounting principles (GAAP). EBITDA and Distributable Cash
Flow are not necessarily comparable to similarly titled measures of another
company.

The following table presents a reconciliation of the Partnership's EBITDA and
Distributable Cash Flow to its net income, the most directly comparable GAAP
financial measure, for each of the periods presented (in millions):

                                                    
                                                       For the

                                                       Three Months Ended

                                                       March 31,
                                                       2013        2012
Net Income                                             $ 101.4       $ 92.6
Income taxes                                           0.2           0.2
Depreciation and amortization                          66.8          63.7
Interest expense                                       40.5          41.0
Interest income                                        (0.2    )     (0.1    )
EBITDA                                                 208.7         197.4
Less:
Cash paid for interest, net of capitalized             47.3          55.0
interest
Maintenance capital expenditures                       7.5           19.7
Other ^ (1)                                            0.1           0.1
Add:
Cash received for settlements ^(2)                     -             0.4
Proceeds from sale of operating assets                 1.0           1.7
Net gain on disposal of operating assets               -             (3.6    )
Asset impairment                                       0.1          4.2     
Distributable Cash Flow                                $ 154.9      $ 125.3 

(1)  Includes non-cash items such as the equity component of allowance for
      funds used during construction.
      Represents proceeds received related to insurance recoveries associated
(2)   with a fire at a compressor station near Carthage, Texas. The proceeds
      were excluded if recognized in earnings.
      

About Boardwalk

Boardwalk Pipeline Partners, LP (NYSE: BWP) is a midstream master limited
partnership that provides transportation, storage, gathering and processing of
natural gas and liquids for its customers. Boardwalk and its subsidiaries own
and operate approximately 14,410 miles of natural gas and liquids pipelines
and underground storage caverns with an aggregate working gas capacity of
approximately 201 billion cubic feet and liquids capacity of approximately 18
million barrels. Boardwalk is a subsidiary of Loews Corporation (NYSE: L),
which holds 55% of Boardwalk's equity, excluding incentive distribution
rights. Additional information about the Partnership can be found on its
website at www.bwpmlp.com.

                                                     
BOARDWALK PIPELINE PARTNERS, LP

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Millions, except per unit amounts)

(Unaudited)
                                                                             
                                                        For the

                                                        Three Months Ended

                                                        March 31,
                                                        2013        2012
Operating Revenues:
Transportation                                          $ 284.1      $ 287.5
Parking and lending                                       7.9          4.0
Storage                                                   28.1         19.8
Other                                                    8.4        1.6   
Total operating revenues                                 328.5      312.9 
                                                                       
Operating Costs and Expenses:
Fuel and transportation                                   22.7         18.7
Operation and maintenance                                 40.2         37.6
Administrative and general                                31.4         34.2
Depreciation and amortization                             66.8         63.7
Asset impairment                                          0.1          4.2
Net gain on sale of operating assets                      -            (3.6  )
Taxes other than income taxes                            25.6       24.5  
Total operating costs and expenses                       186.8      179.3 
                                                                       
Operating income                                         141.7      133.6 
                                                                       
Other Deductions (Income):
Interest expense                                          40.5         39.0
Interest expense – affiliates                             -            2.0
Interest income                                           (0.2   )     (0.1  )
Miscellaneous other income, net                          (0.2   )    (0.1  )
Total other deductions                                   40.1       40.8  
                                                                       
Income before income taxes                                101.6        92.8
                                                                       
Income taxes                                             0.2        0.2   
                                                                       
Net Income                                              $ 101.4     $ 92.6  
                                                                       
Net Income per Unit:
Basic and diluted net income per unit:
Common units                                            $ 0.42      $ 0.43  
Class B units                                           $ 0.19      $ 0.19  
Cash distribution declared and paid to common units     $ 0.5325    $ 0.53  
Cash distribution declared and paid to class B          $ 0.30      $ 0.30  
units
Weighted-average number of units outstanding:
Common units                                              207.7        182.7
Class B units                                             22.9         22.9
                                                                             

                       BOARDWALK PIPELINE PARTNERS, LP
                      NET INCOME PER UNIT RECONCILIATION
                                 (Unaudited)

The following table provides a reconciliation of net income and the assumed
allocation of net income to the common and class B units for purposes of
computing net income per unit for the three months ended March 31, 2013, (in
millions, except per unit data):

                                           Common        Class B      General
                           Total       Units       Units      Partner
                                                                      and IDRs
Net income                   $ 101.4
Declared distribution        $ 128.2      $ 110.6       $ 6.9        $ 10.7
Assumed allocation of         (26.8 )      (23.7 )      (2.6 )      (0.5 )
undistributed net loss
Assumed allocation of
net income attributable
to limited                   $ 101.4      $ 86.9       $ 4.3       $ 10.2 
partner unitholders and
general partner
Weighted-average units                       207.7         22.9
outstanding
Net income per unit                        $ 0.42        $ 0.19

The following table provides a reconciliation of net income and the assumed
allocation of net income to the common and class B units for purposes of
computing net income per unit for the three months ended March 31, 2012, (in
millions, except per unit data):

                                           Common        Class B      General
                           Total       Units       Units      Partner
                                                                      and IDRs
Net income                   $ 92.6
Less: Net income
attributable to               0.2   
predecessor equity
Net income attributable
to limited partner            92.4  
unitholders and
general partner
Declared distribution         114.9      $ 98.5        $ 6.8        $ 9.6
Assumed allocation of         (22.5 )      (19.6 )      (2.4 )      (0.5 )
undistributed net loss
Assumed allocation of
net income attributable
to limited                   $ 92.4       $ 78.9       $ 4.4       $ 9.1  
partner unitholders and
general partner
Weighted-average units                       182.7         22.9
outstanding
Net income per unit                        $ 0.43        $ 0.19

Contact:

Boardwalk Pipeline Partners, LP
Molly Ladd Whitaker, 866-913-2122
Director of Investor Relations and Corporate Communications
or
Jamie Buskill, 713-479-8082
Senior VP, Chief Financial and Administrative Officer and Treasurer