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 nine months ended September 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 decreased $9 million and $5 million for the three months ended September 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $70 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $31 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and utilization. Product sales revenue increased $40 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, with Boardwalk Continuum Marketing, LLC (“Continuum”) contributing $26 million.

Operating and other expenses increased $85 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Costs associated with product sales increased $51 million for thethree months ended September 30, 2026 as compared with the comparable 2025 period, including $10 million of net unrealized losses on derivative instruments, primarily from the Continuum acquisition. General and administrative expenses increased $12 million for thethree months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related costs and the Continuum acquisition and related transaction costs. In the three months ended September 30, 2026, Boardwalk Pipelines also recognized a $9 million impairment charge related to the relocation of its Houston corporate headquarters.

Net income attributable to Loews Corporation and EBITDA increased $10 million and$14 millionfor the nine months ended September 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $118 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $53 million for thenine months ended September 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 thenine months ended September 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 $18 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. Product sales revenues increased by $33 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to $44 million of product sales revenues from the Continuum acquisition, partially offset by decreases of $11 million for ethane supply services and other product sales due to lower volumes.

Operating and other expenses increased $108 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Costs associated with product sales increased $44 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, including $9 million of net unrealized losses on derivative instruments, primarily from the Continuum acquisition. Operation and maintenance expenses increased $9 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees to support Boardwalk Pipelines’ growth and higher outside services and materials and supplies costs due to increased maintenance and reliability activities. General and administrative expenses increased $35 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees to support Boardwalk Pipelines’ growth, including additional employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs. Costs associated with service revenues increased $9 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to a storage gas loss adjustment. In the nine months ended September 30, 2026, Boardwalk Pipelines also recognized a $9 million impairment charge related to the relocation of its Houston corporate headquarters.

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 nine months ended September 30, 2026 and 2025: