Boardwalk Talks About Bluegrass: That’s My Story and I’m Sticking to It

Yesterday Boardwalk Pipeline Partners held an analyst call to update investors on their first quarter 2014 performance. As we wrote about a few months ago, Boardwalk’s stock fell off a cliff (down 50%) and is just now beginning to inch it’s way back up the cliff (see Serious Concerns about Boardwalk Pipeline Partners Continue). Yesterday’s analyst call coincided with the release of information that both Williams and Boardwalk, together in a joint venture to build the Bluegrass Pipeline, an important northeast to Gulf Coast NGL pipeline, have decided to suspend work on the pipeline. Williams hints that the project is all but dead, but Boardwalk says it isn’t (see our related story today).

We located the transcript of yesterday’s analyst call with Boardwalk and have extracted out all of the places where the Bluegrass was discussed. It’s interesting reading, providing us with a bit more color and context. For us it evokes Collin Raye’s song, “That’s My Story and I’m Sticking to It” as we read the comments by Boardwalk and the press release by Williams. Both partners have obviously decided to script the announcement–both are singing from the same song sheet, as it were. The stated reason they’ve stopped working on the Bluegrass? Not enough customer interest. Which, as we point out in today’s related story, we think is sort of bogus. Here’s what was said yesterday on the Boardwalk call about the Bluegrass suspension…

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