LOEWS CORP

Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids, olefins and other hydrocarbons industry, providing transportation and storage for those commodities. Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025. The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee. As a result, except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, has little to no direct commodity price exposure. For further information 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, 2025. Boardwalk Pipelines’

operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its 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, 2025.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2026 and 2025, as presented in Note 12 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.

Net income attributable to Loews Corporation and EBITDA increased $7 million and $14 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.

Total revenues increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates, recently completed growth projects and higher utilization-based revenue. Transportation revenues for the natural gas liquids business increased by $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher volumes. Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $15 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. In the natural gas liquids business, ethane product sales decreased by $33 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $7 million.

Operating and other expenses decreased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily from lower product costs of $30 million related to lower ethane product sales, partially offset by increased product costs of $15 million related to higher propane and ethylene sales. These decreases were partially offset by increased general and administrative costs of $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related and outside services costs and increased depreciation and amortization expense of $5 million.

Interest expenses increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period due to the pre-financing of a June 2026 debt maturity that was redeemed in March 2026.

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

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2026 and 2025: