Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 165

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 165
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 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.

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Revenues:  Operating revenues and other$534 $479 $1,155 $992 Interest income3 9 4 13 Total537 488 1,159 1,005 Expenses:Operating and other:Operating costs and expenses260 239 535 445 Depreciation and amortization120 108 226 214 Interest40 47 79 90 Total420 394 840 749 Income before income tax117 94 319 256 Income tax expense(29)(24)(79)(65)Net income attributable to Loews Corporation$88 $70 $240 $191 EBITDA$274 $240 $620 $547 

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

Net income attributable to Loews Corporation and EBITDA increased $18 million and $34 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below. 

Total revenues increased $49 million for the three months ended June 30, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $32 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $10 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $14 million primarily due to higher ethane pricing in 2025.

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Operating and other expenses increased $33 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, higher depreciation and amortization expense and increased property taxes from higher assessments and an increased asset base.

Interest expenses decreased $7 million for the three months ended June 30, 2025 as compared with the comparable 2024 period due to the pre-financing of long-term debt in 2024.

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period