Boardwalk Announces Third Quarter 2007 Results.

HOUSTON -- Boardwalk Pipeline Partners, LP (NYSE:BWP) announced today its results for the quarter ended September 30, 2007, which included the following items:

* Net income of $40.0 million for the quarter and $155.7 million for the nine months ended September 30, 2007, a 30.7% and 17.7% increase from $30.6 million and $132.3 million in the comparable 2006 periods.

* Operating revenues of $134.7 million for the quarter and $473.4 million for the nine months ended September 30, 2007, a 1.3% and 8.5% increase from $133.0 million and $436.2 million in the comparable 2006 periods.

* Earnings before interest, taxes, depreciation and amortization (EBITDA) of $69.6 million for the quarter and $246.6 million for the nine months ended September 30, 2007, an 8.6% and 5.9% increase from $64.1 million and $232.9 million in the comparable 2006 periods.

The Partnership stated that operating results for the quarter and nine months ended September 30, 2007, were driven primarily by the following:

* continued higher revenues from strong demand for firm transportation services:

* PAL and storage service revenues were higher for the nine-month period, but relatively flat in the third quarter;

* third quarter charges of $4.0 million for remediation of an offshore pipeline in the South Timbalier Bay area, offshore Louisiana, and $3.8 million related to termination of a construction agreement for work on the Southeast expansion project which was re-contracted with another firm at more favorable pricing terms, partly offset by a $5.1 million accrual for insurance recoveries related to Hurricane Rita; and

* a $14.7 million impairment loss related to the Magnolia storage expansion project recorded in the second quarter.

Expansion capital expenditures were $288.5 million for the quarter and $650.0 million for the nine months ended September 30, 2007. Maintenance capital expenditures were $19.6 million for the quarter and $38.2 million for the nine months ended September 30, 2007.

Earnings Per Unit

Earnings per limited partner unit for the third quarter and nine month period ended September 30, 2007, have been adjusted by an assumed allocation to the general partner's incentive distribution rights (IDRs) in accordance with generally accepted accounting principles applicable to companies having two classes of securities (EITF No. 03-6). Under EITF No. 03-6, earnings are allocated to participating securities in accordance with contractual participation rights assuming that all earnings for the period were distributed. Payments made on account of the IDRs are determined in relation to actual declared distributions and are not based on the assumed allocation required by EITF 03-6.

A reconciliation of the limited partners' interest in net income and net income available to limited partners used in computing net income per limited partner unit is as follows (in thousands, except weighted average units and per unit data):

[TABLE OMITTED]

Conference Call

The Partnership has scheduled a conference call for October 29, 2007, at 9:00 a.m. EDT, to review the third quarter results. The earnings call may be accessed via the Boardwalk website at www.bwpmlp.com. Please go to 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 [phone] for callers in the U.S. or [phone] for callers outside the U.S. The PIN number to access the call is 47472032.

Replay

An audio replay will also be available on the Boardwalk website www.bwpmlp.com immediately following the call.

Non-GAAP Financial Measure - EBITDA

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. EBITDA should not be considered an alternative 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 is not necessarily comparable to a similarly titled measure of another company.

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

[TABLE OMITTED]

About Boardwalk

Boardwalk Pipeline Partners, LP is a master limited partnership engaged through its subsidiaries, Texas Gas Transmission, LLC and Gulf South Pipeline Company, LP, in the interstate transportation and storage of natural gas. Boardwalk's two interstate natural gas pipeline systems have approximately 13,400 miles of pipeline and underground storage fields with aggregate working gas capacity of approximately 146 Bcf.

Forward-Looking Statements 

Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Partnership's overall business and financial performance, can be found in the reports and other documents filed by the Partnership and its predecessor with the Securities and Exchange Commission. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Partnership expressly disclaims any obligation or undertaking to release publicly any updates or revisions to its forward-looking statements to reflect any change in the Partnership's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

[TABLE OMITTED]
[TABLE OMITTED]