Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 174

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 174
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4 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 higher employee-related and outside services costs.

Interest expenses decreased $7 million for the three months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity.

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

Net income attributable to Loews Corporation and EBITDA increased $66 million and $91 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below. 

Total revenues increased $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