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 and marketing of natural gas and related services throughout the United States of America (“U.S.”). 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 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 and six months ended June 30, 2026 and 2025, as presented in Note 13 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 $12 million and $5 million for the three months ended June 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $39 million for the three months ended June 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $14 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and growth project revenues. Product sales revenue increased $22 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product sales of $18 million from the Boardwalk Continuum Marketing, LLC (“Continuum”) acquisition and increased propane and ethylene product sales of $12 million, partially offset by lower ethane product sales of $7 million.

Operating and other expenses increased $27 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $18 million for thethree months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs, partially offset by lower depreciation expense. Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment. Costs associated with product sales increased $8 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product costs from the Continuum acquisition and higher propane and ethylene product costs of $2 million, partially offset by lower product costs of $9 million related to lower ethane product sales.

Net income attributable to Loews Corporation and EBITDA each increased $19 million for the six months ended June 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $48 million for the six months ended June 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $22 million for thesix months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and higher utilization-based and growth project revenues. Transportation revenues for the natural gas liquids business increased by $7 million for thesix months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher volumes transported. Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $17 million for thesix months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. Product sales decreased by $7 million for thesix months ended June 30, 2026 as compared with the comparable 2025 period primarily due to ethane product sales, which decreased by $40 million primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $18 million and product sales revenues of $18 million from the Continuum acquisition.

Operating and other expenses increased $23 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $23 million for thesix months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs. Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment. These increases were partially offset by a $7 million decrease in costs associated with product sales, which includes lower product costs of $38 million related to lower ethane product sales, partially offset by increased product costs of $18 million related to higher propane and ethylene sales.

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 and six months ended June 30, 2026 and 2025: