Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 59

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 59
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ated 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 2024 period. Boardwalk Pipelines’ transportation revenues increased $26 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $9 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $33 million primarily due to higher ethane pricing in 2025.

Operating and other expenses increased $50 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, increased property taxes due to higher assessments and an increased asset base, and increased administrative and general costs due to