* Q4 EPU $0.40 vs market view $0.39
* Q4 gas transportation revenue up
* Fuel and gas transportation costs double
* Sees pipeline expansion capex at $1.0 bln for 2009-10
Feb 9 (Reuters) - Boardwalk Pipeline Partners LP (BWP.N), which operates natural gas pipelines and storage facilities, posted a lower quarterly profit as increased transportation costs and higher depreciation and property taxes offset a rise in gas transportation revenue.
However, the earnings per share came a cent above analysts' average estimate.
Boardwalk, whose majority owner is Loews Corp (L.N) - the conglomerate controlled by the billionaire Tisch family - reported a net income of $67.6 million, or 40 cents per common unit, compared with $72.1 million, or 54 cents a common share, in the same quarter last year.
Total operating revenue rose 21 percent to $205.6 million, but fuel and gas transportation costs almost doubled to $22.5 million.
Depreciation and amortization expenses were up 57 percent to $33.4 million.
Analysts on average had expected earnings of 39 cents per share, on revenue of $227.1 million, according to Reuters Estimates.
Boardwalk also said it expects to incur expansion project capital expenditures of about $1.0 billion in 2009 and 2010 to complete its pipeline expansion projects.
Boardwalk shares were up 21 cents at $22.72 in morning trade on the New York Stock Exchange. (Reporting by Hezron Selvi in Bangalore; Editing by Gopakumar Warrier)