Boardwalk Pipeline Partners LP (NYSE: BWP) has completed the previously announced acquisition of Chevron Petrochemical Pipeline LLC, which owns the Evangeline ethylene pipeline system from Chevron Pipe Line Co.
Evangeline will be operated by Boardwalk Louisiana Midstream (BLM), a subsidiary of Boardwalk that provides transportation and storage services for ethylene and natural gas liquids, natural gas storage, and brine supply services for producers and consumers of petrochemicals through two hubs in southern Louisiana: the Sulphur Hub in the Lake Charles area and the Choctaw Hub in the Mississippi River Corridor.
The Evangeline system is a 176-mile interstate pipeline capable of transporting 2.6 billion pounds of ethylene per year and is supported by long-term, fee-based contracts. Evangeline transports ethylene between Port Neches, Texas, and Baton Rouge, Louisiana, where it interconnects with BLM's ethylene distribution system that includes BLM's storage facilities at the Choctaw Hub.
Deutsche Bank acted as exclusive financial advisor to Boardwalk on this transaction.