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

|About: Boardwalk Pipeline Partners... (BWP)|By:, SA News Editor

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.