Energy

Boardwalk Pipeline Partners Scores (BWP, L)

Oil_gas_pipeline_picBoardwalk Pipeline Partners (NYSE:BWP) today announced 2008 third quarter net income of $73.6 million, up 84% from the third quarter of 2007. Nearly 40% of that increase was attributed to increased gas sales and mark-to-market gains on the company’s expansion projects.

To date in 2008, Boardwalk has spent about $1.7 billion on threeexpansion projects for which the total cost is estimated at about $3.9billion. Financing these projects has been costly for the company, andthe failure of Lehman Brothers forced Boardwalk to max out its $1billion revolving credit facility. To raise more capital, the companyissue $1 billion in new partnership units. That’s the bad news. Thegood news is that Loews Corporation (NYSE:L), Boardwalk’s largestshareholder, has agreed to provide the money in case Boardwalk can’traise the cash. Loews’ stock is down about 40% for the year, so thatmay be a promise Loews keeps by selling off Boardwalk.

Shares are indicated up almost 4% at $21.88 right before the open, and its 52-week trading range is $14.00 to $32.74.

Paul Ausick
October 27, 2008

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today.  Don’t miss these offers because they won’t be this good forever.

 

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.

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