Boardwalk Pipeline to acquire Evangeline ethylene pipeline system for $295M

Boardwalk Pipeline Partners (NYSE:BWP) +2.4% AH after agreeing to acquire Chevron Petrochemical Pipeline (NYSE:CVX), which owns the Evangeline ethylene pipeline system, for $295M.

The Evangeline system is a 176-mile Texas-Louisiana pipeline capable of transporting ~2.6B lbs./year of ethylene and is supported by long-term, fee-based contracts.

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Comments (4)
  • Michael Fitzsimmons
    , contributor
    Comments (11640) | Send Message
    Good action! CVX continues to unleash shareholder value from its Midstream segment.
    3 Sep 2014, 05:19 PM Reply Like
  • Larry E. Johnson
    , contributor
    Comments (26) | Send Message
    I hope this acquisition is accretive!!
    3 Sep 2014, 05:29 PM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (11640) | Send Message
    By the looks of after-hours trading, it would appear the market thinks so.
    3 Sep 2014, 06:24 PM Reply Like
  • kevcl6750
    , contributor
    Comments (125) | Send Message
    Maybe they will start raising the distribution sooner rather than later !
    4 Sep 2014, 08:39 AM Reply Like
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