Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 60

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 60
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 on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024. Boardwalk Pipelines’ operations and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2025 and 2024, as presented in Note 11 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 Ended March 3120252024(In millions)     Revenues:  Operating revenues and other$621 $513 Interest income1 4 Total622 517 Expenses:Operating and other:Operating costs and expenses275 206 Depreciation and amortization106 106 Interest39 43 Total420 355 Income before income tax202 162 Income tax expense(50)(41)Net income attributable to Loews Corporation$152 $121 EBITDA$346 $307 

Net income attributable to Loews Corporation and EBITDA increased $31 million and $39 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below. 

Total revenues increased $105 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $34 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $7 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $68 million primarily