Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 173

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 173
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 risks and uncertainties described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them. Therefore, these potential growth projects at earlier stages of development are highly speculative and may not be consummated as contemplated in any such public disclosures or at all.

Results of Operations

The following table summarizes the results of operations for Boardwalk Pipelines 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. Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital. Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.

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Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Operating revenues and other$542 $474 $1,697 $1,466 Interest income4 9 8 22 Total546 483 1,705 1,488 Expenses:Operating and other:Operating costs and expenses275 225 810 670 Depreciation and amortization107 107 333 321 Interest40 47 119 137 Total422 379 1,262 1,128 Income before income tax124 104 443 360 Income tax expense(30)(27)(109)(92)Net income attributable to Loews Corporation$94 $77 $334 $268 EBITDA$267 $249 $887 $796 

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $17 million and $18 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below. 

Total revenues increased $63 million for the three months ended September 30, 2025 as compared with the comparable 202