Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 266

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 266
---
 Operating revenues and other$2,034 $1,625 Interest income31 11 Total2,065 1,636 Expenses:  Operating and other:Operating costs and expenses948 696 Depreciation and amortization429 412 Interest183 155 Total1,560 1,263 Income before income tax505 373 Income tax expense(92)(90)Net income attributable to Loews Corporation$413 $283 EBITDA$1,086 $929 

2024 Compared with 2023

Net income attributable to Loews Corporation and EBITDA increased $130 million and $157 million in 2024 as compared with 2023, primarily due to the reasons discussed below. 

Total revenues increased $429 million in 2024 as compared with 2023. Boardwalk Pipelines’ transportation revenues increased $93 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $31 million due to favorable market conditions which allowed for contracting at higher rates; product sales revenues from the sale of natural gas, ethylene and propane increased by $23 million due to opportunistic market conditions; and the Bayou Ethane acquisition contributed $262 million of incremental operating revenues, primarily resulting from ethane product sales.

Operating costs and expenses increased $252 million in 2024 as compared with 2023 primarily reflecting operations of the Bayou Ethane acquisition. Additionally, Boardwalk Pipelines’ operation and maintenance expenses increased primarily due to higher maintenance projects associated with compliance activities and administrative and general costs increased from higher employee-related costs.  

Depreciation and amortization expenses increased $17 million in 2024 as compared with 2023 due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition. 

57

Interest expenses increased $28 million in 2024 as compared with 2023, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.

Income tax expense increased $2 million in 2024 as compared with 2023, and includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025.  

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA 

The following table reconciles net income attributable to Loews Corporation to EBITDA