Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 137

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 137
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 $217 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $92 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue; storage, parking and lending revenues increased $26 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $115 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes, and higher ethane pricing in 2025.

Operating and other expenses increased $152 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with increased ethane product sales; increased depreciation and amortization expense and increased property taxes due to higher assessments and an increased asset base.

57

Interest expenses decreased $18 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA 

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2025 and 2024:

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)Net income attributable to Loews Corporation$94 $77 $334 $268 Interest, net 36 38 111 115 Income tax expense30 27 109 92 Depreciation and amortization107 107 333 321 EBITDA$267 $249 $887 $796 

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Operating revenue$180 $195 $613 $597 Revenues related to reimbursable expenses31 31 97 96 Total211 226