Boardwalk 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
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
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