Wells Fargo Midstream and Utility Symposium

December 11, 2019 Important Information

Forward-looking statements disclosure

Statements made in this presentation that contain "forward-looking statements" include, but are not limited to, statements using the words “believe”, “expect”, “plan”, “intend”, “anticipate”, “estimate”, “project”, “should” and similar expressions, as well as other statements concerning our future plans, objectives, and expected performance, including statements with respect to the completion, cost, timing and financial performance of growth projects. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected.

Forward-looking statements speak only as of the date they are made, and the company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward- looking statement contained herein or made at this conference to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

For information about important Risk Factors that could cause our actual results to differ from those expressed in the forward-looking statements contained in this presentation or discussed at this conference please see “Available Information and Risk Factors”, below. Available Information and Risk Factors

We file annual, quarterly and current reports and other information with the Securities and Exchange Commission, or “SEC”. Our SEC filings are available to the public at our website, www.bwpipelines.com.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities of Boardwalk Pipeline Partners, LP (“BWP”) or any of its affiliates. If BWP were to conduct an offering of securities in the future, a prospectus relating to that offering will be able to be obtained from the underwriters of that offering or from BWP at 1-866-913-2122. A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Our business faces many risks and uncertainties. We have described in our SEC filings the most significant risks facing us. There may be additional risks that we do not yet know or that we do not currently perceive to be material that may also impact our business. These risks and uncertainties described in our SEC filings could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. Non-GAAP Financial Measures

This presentation contains certain non-GAAP financial measures. Reconciliations to the nearest historical GAAP financial measures are included in Appendix A of this presentation. These non-GAAP financial measures should not be considered in isolation or as a substitute for interest expense, net income (loss), operating income (loss), net cash provided by (used in) operating activities or any other measures prepared under GAAP. 2 Table of Contents

Boardwalk Strategy 4 • Key Investment Highlights 5 • Boardwalk Asset Map 6 • Strategy 7 • Optimize Asset Base Due to Changing Flow Patterns 8 • Connecting to End-Use Markets 9 • Major Growth Projects Under Construction 10 • Significant Progress Made On Contracts Up For Renewal from 2018-2020 11 • Environmental, Social, Governance 12 • Reducing Methane Emissions 13 • Solar Installation at Compressor Station 14 Financial Overview 15 • Financial Highlights 16 • Firm Contract Profile 17 • Liquidity Measures 18 • Capitalization 19 Industry Information 20 • Natural Gas Supply and Demand Continues to Grow 21 • U.S. Demand Forecast: LNG Exports 22 • U.S. Demand Forecast: Power Plants 23 • U.S. Demand Forecast: Industrials 24 • Expected Flow Driven by U.S. Production Increases 25 • Changing Flow Patterns Impacting Basis Spreads to Henry Hub 26 • Key Supply Basins: Production and Rig Counts 27

Company Overview 28 • Boardwalk Organizational Structure 29 • Loews Corporation Subsidiary 30

3 Boardwalk Strategy

4 Key Investment Highlights

. Midstream company that predominantly transports and stores natural gas and liquids with minimal exposure to commodity price volatility . Long history of operating safely and efficiently . Conservative management focused on disciplined capital allocation . A wholly owned subsidiary of Loews, a well-capitalized parent company with a history of supporting Boardwalk’s growth . Committed to maintaining an investment grade credit rating . Standard & Poor’s: BBB- (Stable) . Moody’s: Baa3 (Stable) . Fitch Ratings: BBB- (Stable) . Boardwalk has a dedicated Environmental, Social, and Governance Committee whose members promote sustainable practices and awareness in business planning and

operations. 5 Boardwalk Asset Map Boardwalk predominantly transports and stores natural gas and liquids for its customers

Boardwalk 2018 Operational Highlights Utica & Natural Gas Liquids Marcellus Pipelines 13,805 miles 425 miles Shales Throughput 2.7 Tcf 70.8MMbbls Storage Capacity 205 Bcf 31.8 MMbbls Utica Shale

Marcellus Shale

Texas Gas Transmission Texas Gas storage facilities Gulf South Pipeline Gulf South storage facilities Granite Wash Basin STACK Gulf Crossing Pipeline Play Fayetteville Shale Woodford Shale Boardwalk Midstream Hubs Cana Boardwalk Louisiana Midstream and Evangeline Ethylene Pipeline Shale Evangeline Ethylene Pipeline SCOOP Boardwalk Texas Intrastate Play Boardwalk Storage Company

Haynesville Shale

Permian Basin Barnett Shale Bossier Sands

FREEPORT LNG EXPORT FACILITY

COASTAL BEND HEADER PROJECT

FREEPORT LNG EXPORT FACILITY Eagle Ford Shale

6 Boardwalk Strategy

Attach New End- Identify Operate Safely & Optimize use Markets and Strategic Growth Environmentally Asset Base Supply Sources Opportunities Responsibly

Explore acquisitions and Identify and implement Leverage Promote sustainable other opportunities that optimal uses for assets, and strengthen practices and awareness expand our natural gas including changing natural existing assets in business planning and and liquids transportation gas flow patterns operations and storage footprint

Minimize Commodity and Credit Risks Secure long-term, ship-or-pay contracts with credit-worthy customers

7 Optimize Asset Base Due To Changing Flow Patterns Represents approximately $1.4 billion of total capital expenditures 2010 Southern Lateral 2018 Capacity: 53,500 MMBtu/d Source: EIA In service: June 2016

Northern Supply Access Capacity: 284,000 MMBtu/d In service: March 2017

Ohio to Louisiana Access Capacity: 626,000 MMBtu/d Western Lateral In service: June 2016 Capacity: 230,000 MMBtu/d In service: September 2016 9.7 Bcf/d 7.7 Bcf/d 7.1 Bcf/d 4.0 Bcf/d

Coastal Bend Header Phase 1: ~0.7 Bcf/d // In service: 2Q 2018 Phase 2: ~0.7 Bcf/d // In service: 4Q 2018 Southeast Market Expansion Capacity: 200,000 MMBtu/d In service: February 2009

8 Connecting to End-use Markets

2012 Delivery Markets of Top 10 Customers 2019 Delivery Markets of Top 10 Customers As of 12/31/12 As of 09/30/19

7% 7%

LNG Power 17% 40% Pipeline Industrial

93% 36%

Note: Reflects BWP total contracted revenue backlog by delivery market (see slide 17) 9 Major Growth Projects Under Construction Collectively, growth projects represent ~$600 million in capital and over 1 Bcf/d of firm natural gas transportation capacity and additional NGL infrastructure.

Power Plants in Industrial Market Expansion Capacity: 200,000 MMBtu/d Project In service: Early 2022 Capacity: ~300,00 MMBtu/d In service: 2020

Petal Storage Project In service: 2020

Index 99 Expansion Project Capacity: 750,000 MMBtu/d Current Boardwalk Louisiana Midstream and Evangeline Projects: In service: 2020 • Several projects to provide ethylene transportation and storage services to petrochemical customers (Status: In various stages of completion ranging through Q4 2022) • Four new wells and related infrastructure for brine supply service (Status: Additional wells in permit stage for development) Power Plant in Texas • Project to expand Evangeline ethylene pipeline (Status: Recently completed) Capacity: 200,000 MMBtu/d In service: Mid-2020 • Gas treatment project (Status: Recently completed) • Brine system delivery enhancement (Status: In project execution phase with in-service date in H1 2020)

10 Significant Progress Made On Contracts Up For Renewal from 2018-2020

• Effectively sold all legacy pipeline capacity on Texas Gas and Gulf South from a combination of recontracting existing capacity and by utilizing capacity as part of expansions of those systems to serve new end-use markets. • Significant progress recontracting capacity on Gulf Crossing but still have work to do.

Pipeline Market Fundamentals Boardwalk Activity

Texas Gas Transmission: Changing market fundamentals in the Fayetteville shale play Starting in 2021, the majority of gas produced in the Fayetteville shale play prompted a restructuring of related contracts with two of the area’s will be transported under firm transportation agreements on Texas Gas Fayetteville/Greenville Laterals largest producers extending contracts through 2030. Transmission

Entered into firm transportation contracts for capacity on the 42 inch pipeline from East Texas to Perryville and T85, which has filled most of the capacity for the near term and added medium term length to the contract Haynesville production has grown by 1.5 Bcf/d over the last year and portfolio Gulf South will continue growing over the next several years, increasing utilization on Gulf South Boardwalk’s Index 99 Expansion project includes capacity of 500MM/day under long term agreements to take advantage of Haynesville production

Industrial expansions are under development on Gulf South’s legacy system within the Mississippi River Corridor

Oil and gas producers are increasing their natural gas production in Actively selling capacity on Gulf Crossing’s expansion pipelines as central Oklahoma from the SCOOP/STACK production areas, which is producers in Texas and Oklahoma seek diversity of markets to the Gulf Crossing benefiting our Gulf Crossing pipeline and will be further enhanced southeast and Gulf Coast when the MIDSHIP pipeline goes into service 11 Environmental, Social and Governance

Boardwalk has a dedicated Environmental, Social, and Governance Committee whose members promote sustainable practices and awareness in business planning and operations.

Practicing Environmental Investing in Corporate Commitment to Honest Dedication to Safety Stewardship & Local Philanthropy & Ethical Conduct

Boardwalk’s philanthropic program – At Boardwalk, safety is an integral part of Boardwalk is committed to responsible Boardwalk maintains a culture of Partnering with Communities – our Core Values. Our goal is for every environmental stewardship while working diversity and inclusion and upholds integrates employee volunteerism and person who lives near or works on our to meet the nation’s diverse energy needs. disciplined employment practices pipeline to go home safely every day. corporate financial support.

• Stop Work Authority given to all personnel • Initiatives focused on reducing methane • Scholarship program available for qualifying • Executive compensation aligned with • Proactive Near Miss reporting program emissions students who attend any high school located business strategies • Extensive safety training program • Minimizing or avoiding environmental impacts near Boardwalk pipeline right-of-way • Employee Code of Conduct and Ethics • Audits performed on contractors’ safety through facility planning, design and • Education grant program for local elementary Hotline performance operations and middle schools located near Boardwalk • Purchased materials and equipment sourced • Robust pipeline integrity program aimed at • Work with stakeholders and landowners to pipeline right-of-way from a centralized list of approved vendors protecting public safety minimize and restore areas disturbed by our • Annual contributions to local emergency to ensure Boardwalk’s standards are met construction or operations response teams and philanthropic organizations

12 Reducing Methane Emissions

Over the past three decades, Boardwalk has been focused on reducing methane emissions associated with the transportation and storage of natural gas on our pipeline system.

We go above and beyond the state and federal regulations to minimize methane emissions using a variety of strategies: • Replacing older compression equipment with low emission, fuel efficient units. • Modifying fuel systems to lower fuel consumption and emissions on key reciprocating compression equipment. • Conducting high-tech emissions surveys and performing maintenance and repairs on identified component leaks. • Working to minimize methane emissions vented to the atmosphere from transmission pipeline blowdowns by using pipeline evacuators. • Installing repair sleeves and composite wraps to avoid pipeline blowdowns. • Replacing all high bleed natural gas pneumatic devices with low or zero flow bleed devices.

In 2019, Boardwalk joined the ONE Future Coalition, a group of natural gas companies working together to voluntarily reduce methane emissions across the natural gas supply chain with a goal to lower emissions to 1% by 2025.

Boardwalk is also a member of the Energy Infrastructure Council which is a non-profit trade association dedicated to advancing the interests of companies that develop and operate energy infrastructure.

Boardwalk also adheres to the Interstate Natural Gas Association of America’s Methane Emissions Commitments aimed at continuously improving practices to minimize methane emissions from interstate natural gas transmission and storage operations in a prudent and environmentally responsible manner. 13 Solar Installation at Compressor Station

• Boardwalk has initiated a program to assess installation of solar panels at select compressor stations to reduce purchased power • Boardwalk has approved its first project to install solar panels at the Hanson Compressor Station • Additional compressor stations are being evaluated for potential future solar panel Ground Mount Solar Array installations

14 Financial Overview

15 Financial Highlights

. Significant addition to firm contract backlog of approximately $1.2 billion in 2019 as of September 30, 2019

. Significant portion of revenue backed by firm ship-or-pay contracts with primarily investment-grade customers

. Internally generated cash flow used to improve balance sheet and fund growth capital expenditures

. Committed to maintaining an investment grade credit rating

16 Firm Contract Profile

Contracted Revenues from Fixed Fees or Minimum Volume Commitment Contracts Revenue Profile for Last Twelve Months (in $millions) Ended September 30, 2019* 2019 2020 Thereafter Total

Total projected operating revenues under committed $1,084.0 $940.0 $7,108.5 $9,132.5 3% firm agreements as of December 31, 2018 9% Net additions through September 30, 2019 $66.5 $89.5 $1,044.0 $1,200.0

Total projected operating revenues under committed $1,150.5(1) $1,029.5 $8,152.5 $10,332.5 firm agreements as of September 30, 2019

(1)For the 2019 period, $868.3 million represents actual fixed fee revenues recognized for the fulfillment of performance 88% obligations during the nine months ended September 30, 2019.

Note: Contracted revenues do not include revenues from actual utilization or any expected revenues for periods after the expiration dates of the existing agreements. Please refer to our SEC filings for further information and risks regarding this table.

Firm Contracts (Capacity Reservation Charges)

Firm Contracts (Utilization Charges) NOT RATED

Interruptible (Services and Other) 23% NON-INVESTMENT GRADE *Includes all services, including transportation, storage and PAL, for both natural gas and NGLs Credit Ratings of Revenue 2% Backlog Customers As of September 30, 2019 INVESTMENT GRADE(1) 75%

(1)Rated investment grade by at least one major agency 17 Long-Term Debt, net of Cash $3,700 Liquidity Measures $3,650 $3,600 Debt Maturity Schedule $3,550 (as of September 30, 2019) $700 $3,500 $3,450 $600 $3,400 $3,350 (1) (1) (1) (1) (2) $500 2015 2016 2017 2018 2019 We invested over $1.8 billion in growth capital expenditures between January 1, 2015 and September 30, 2019. $400 EBITDA(3) $850 $300 $800

$200 $750

$700 $100 $650

$0 $600 (4) (4) 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2015 2016 2017*(4) 2018(4) 2019(5) Boardwalk Gulf South Texas Gas Debt (net of cash) to EBITDA Note: On May 3, 2019, Boardwalk issued $500 million aggregate principal amount of 4.80% senior notes due 2029. The net proceeds 6.0 of $495.2 million were initially used to reduce borrowings under the revolving credit facility. In September 2019, a portion of the proceeds were used to retire $350 million of debt at its maturity. 5.5 $260 Million 5.0 Revolving Credit Facility* 17% (as of September 30, 2019) 4.5 Amount Drawn Available Capacity Remaining $1.24 Billion 4.0

83% 3.5 2015 (4) 2016 (4) 2017*(4) 2018(4) 2019(5) *EBITDA for December 31, 2017 was adjusted to exclude the impact of the sale of the Flag City plant and certain related assets.

*The revolving credit facility has a borrowing capacity of $1.5 billion through May 2020 and $1.475 (1) As of December 31 (2) As of September 30 (3) EBITDA is a non-GAAP financial measure. For a reconciliation to the most billion from May 2020 to May 2022 complete GAAP metric, see Appendix A. (4) LTM as of December 31 (5) LTM as of September 30 18 Capitalization December 31, Adjustments for September 30, ($ in millions, except ratio data) 2018 2019 Activities 2019

Debt: Boardwalk 5.75% Notes due Sep 2019 $ 350 (350) $ - Texas Gas 4.50% Notes due Feb 2021 440 - 440 Gulf South 4.00% Notes due Jun 2022 300 - 300 Boardwalk 3.375% Notes due Feb 2023 300 - 300 Boardwalk 4.95% Notes due Dec 2024 600 - 600 Boardwalk 5.95% Notes due Jun 2026 550 - 550 Boardwalk 4.45% Notes due Jul 2027 500 - 500 Texas Gas 7.25% Debentures due Jul 2027 100 - 100 Boardwalk 4.80% Notes due Jul 2029 - 500 500 Total notes and debentures 3,140 150 3,290

Revolving Credit Facility: Gulf Crossing 285 (285) - Gulf South 295 (35) 260 Total revolving credit facility 580 (320) 260

Capital Lease Obligation: 7 - 7 3,727 (170) 3,557 Less: Unamortized debt discount and issuance costs (26) (1) (27)

Total Long-Term Debt $ 3,701433 $ (171) $ 3,530

Total Equity $ 4,862 $ 153 $ 5,015

Total Capitalization $ 8,563 $ (18) $ 8,545

Cash and Cash Equivalents $ 4 $ 10 $ 14

Long-Term Debt to Total Capitalization Ratio 43.2% 41.3% 19 Industry Information

20 Natural Gas Supply & Demand Continues to Grow

By 2029, U.S. Supply and Demand is forecasted to grow by ~20 Bcf/d

U.S. Production and Imports by Region U.S. Demand by Industry 120 140

120 100

100 80

80 Bcf/d 60

60 Consumption (Bcf/d) 40 40

20 20

0 0 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

Northeast Permian Gulf Coast Mid-Continent Rockies San Juan Gulf of Mexico Fort Worth West Coast Residential/Commercial Industrials Power Plants LNG Exports Mexican Exports Other

Source: Wood Mackenzie: North America Natural Gas Long-Term View (Spring 2019) 21 U.S. Demand Forecast: LNG Exports Total Gulf Coast LNG Export Capacity (b) (Bcf/d) Forecasted LNG Export Demand Growth Bcf/d From 2019 Approved Proposed LNG Facilities by Proposed 18.0 16.6 Existing (Under & Not Under (Pending Location (Pre-filing) Construction) Application) 16.0 Texas 1.44 7.5 6.9 3.1 14.0 Louisiana 4.2 15.6 1.2 4.3 11.1 Mississippi - - 0 - 12.0 Grand Total 5.64 23.1 8.1 7.4 10.0 8.2 8.0 6.0 4.0 2.0 0.0 5-Year Growth 10-Year Growth 15-Year Growth

Cameron LNG

Sabine Pass LEGEND FERC Existing, Approved and Proposed Corpus Christi U.S. LNG Export Facilities

Sources: (a) FERC; (b) Wood Mackenzie North American Natural Gas Long-Term View (Spring 2019) 22 U.S. Demand Forecast: Power Plants

POWER PLANTS We are directly connected to 43 natural-gas-fired power generation facilities.

Natural gas-fired power plants: Directly connected to Boardwalk system Off System plants that Boardwalk serves

We have executed approx. 2.4 Bcf/d of firm transportation agreements with power generation customers over the last five years Source: Velocity Suite – November 2019 23 U.S. Demand Forecast: Industrials Forecasted Industrial Demand Growth(b) From 2019 INDUSTRIALS 4.0 3.6 3.5 We provide approximately 185 industrial 3.0 facilities with a combination of firm and 3.0 interruptible natural gas and liquids 2.5 2.2 transportation and storage services 2.0 1.5

1.0

0.5

0.0 5-Year Growth 10-Year Growth 15-Year Growth

East Side Houston Lake Charles Ship Channel

Baton Rouge New Orleans Corpus Christi LEGEND Industrial Corridors

(a)Wood Mackenzie North American Natural Gas Long-Term View (Spring 2019) 24 Expected Flows Driven By U.S. Production Increases

Direction of Flow Please note that size of arrow is indicative of the amount of future gas flow.

(a)Wood Mackenzie North American Natural Gas Long-Term View (Spring, 2019) 25 Changing Flow Patterns Impacting Basis Spreads to Henry Hub

DOMINION SOUTH POINT LEGEND $(0.58) Average Annual Spread $(0.49) $(1.37) $0.31 2024 2019 2014 2009 CENTERPOINT EAST

$(0.27) $(0.24) $(0.08) $(0.62)

WAHA $(0.06) KOSCI $(0.14) $(0.47) $(0.04) $0.06 $(1.71) COLUMBIA GULF $(0.06) MAINLINE $(0.45) $(0.03) TRANSCO CARTHAGE HUB $(0.13) $(0.03) STATION 85 $0.00 $(0.13) $(0.22) $0.06 $(0.19) $(0.07) $(0.09) $(0.00) $(0.34) FLORIDA GAS ($0.03) ZONE 3 $0.02 HOUSTON SHIP $0.03 CHANNEL $0.06 $(0.08) $(0.06) $2.66 $(0.01) $2.56 $(0.17) $4.33 $3.92

HENRY HUB

Sources: Platts Gas Daily (Historical prices); 2024 - OTC Global as of October 2019 26 Key Supply Basins: Production and Rig Counts

Marcellus/Utica Fayetteville

Texas Gas Texas Texas Gas Texas

SCOOP/STACK/Cana Woodford Eagle Ford

Bcf/d Gulf Crossing Gulf

Barnett Intrastate Texas Boardwalk Haynesville Gulf South Gulf

Gulf Crossing/Gulf Gulf South 27 Sources: (a) Wood Mackenzie North American Natural Gas Long-Term View (Fall, 2018); (b) Baker Hughes North America Rotary Rig Count as of October 31, 2019 Company Overview

28 Boardwalk Organizational Structure

Loews Corporation – 100% Ownership

Boardwalk Pipeline Partners, LP

Boardwalk Pipelines, LP

Texas Gas Gulf Crossing Pipeline Gulf South Pipeline Company, Boardwalk Transmission, LLC Company LLC LP Midstream, LLC (Texas Gas) (Gulf Crossing)* (Gulf South)

Boardwalk Petrochemical Boardwalk Louisiana Boardwalk Texas Intrastate, Pipeline, LLC Midstream, LLC LLC (BLM) (Evangeline)

Boardwalk Storage Company, LLC * Expected to merge into Gulf South upon receipt of regulatory approvals. As of September 30, 2019 29 Loews Corporation Subsidiary

. Boardwalk Pipeline Partners, LP is a wholly-owned subsidiary of Loews Corporation, a large diversified public company with five key operating subsidiaries in insurance, energy, luxury lodging and packaging . Principal subsidiaries and percent of ownership as of September 30, 2019:

89% 53% 100% 100% 99%

. Financial strength . Loews Credit Rating: . S&P: A . Moody’s: A3 . Fitch: A . Equity market capitalization: $15.3 Billion(1) . Cash and Investments: $3.5 Billion(1)

(1) As September 30, 2019 30 Appendix A

31 EBITDA Reconciliation

Non-GAAP Financial Measures Earnings before interest, taxes, depreciation and amortization (EBITDA) is used as a supplemental financial measure by Boardwalk’s management and by external users of Boardwalk’s financial statements, such as investors, commercial banks, research analysts and rating agencies, to assess Boardwalk’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 and liquids 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 similarly titled measures of another company. The following table presents a reconciliation of Boardwalk’s EBITDA to its net income, the most directly comparable GAAP financial measure, for each of the periods presented (in millions):

For the twelve months ended Dec 31, Dec 31, Dec 31, Dec 31, Sep 30, 2015 2016 2017(1) 2018 2019 Net income 222.0 302.2 297.0 240.3 289.3 Income taxes 0.5 0.6 1.0 0.6 0.6 Depreciation and amortization 323.7 317.8 322.8 344.7 346.6 Interest expense 176.4 182.8 171.0 175.7 181.0 Interest income (0.4) (0.4) (0.4) (0.1) (0.3) Loss on sale of processing plant 47.1 EBITDA 722.2 803.0 838.5 761.2 817.2

(1) The 2017 EBITDA was adjusted for the loss on the sale of a processing plant

32