Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 399

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 399
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 and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed below. 

Boardwalk Pipelines acquired Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in September 2023 and began providing ethane supply and transportation services. For more information see Note 2 of the Notes to Consolidated Financial Statements included under Item 8.

54

Firm Agreements

A substantial portion of Boardwalk Pipelines’ transportation and storage capacity is contracted for under firm agreements. For the year ended December 31, 2024, approximately 86% of Boardwalk Pipelines’ revenues were derived from capacity reservation fees under firm contracts or from contracts with minimum volume commitments. The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31, 2023 to December 31, 2024, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements:

As of December 31, 2024 (In millions)   Total projected operating revenues under committed firm agreements as of December 31, 2023$9,672 Adjustments for: Actual revenues recognized from firm agreements in 2024 (a)(1,504)Firm agreements entered into in 20246,016 Total projected operating revenues under committed firm agreements as of December 31, 2024$14,184 

(a)Reflects an increase of $114 million in Boardwalk Pipelines’ actual 2024 revenues recognized from fixed fees under firm agreements as compared with its expected 2024 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2023, primarily due to an increase from contract renewals at higher rates that occurred in 2024.

During 2024, Boardwalk Pipelines entered into $6.0 billion of new firm agreements, of which approximately 78% were associated with new growth projects executed in 2024. For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future. Further, the table above includes $3.8 billion of estimated revenues that are anticipated under executed precedent transportation agreements for growth projects that are subject to regulatory approvals. Each year, a portion of Boardwalk Pipelines’ firm transportation and storage agreements expire. The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer