LLoews Corporation

Boardwalk Pipelines’ interstate pipelines are subject to regulation by PHMSA, which is part of the DOT. PHMSA regulates the design, installation, testing, construction, operation, and maintenance of existing interstate natural gas and NGLs pipeline facilities. PHMSA regulation currently requires pipeline operators to implement integrity management programs, including frequent inspections, remediation of certain identified anomalies and other measures to promote pipeline safety in HCAs, MCAs, Class 1 and 2 areas (depending on the potential impacts of a risk event), Class 3 and Class 4 areas, as well as in areas unusually sensitive to environmental damage and commercially navigable waterways. PHMSA has revised its standards from time to time and recently issued a series of significant rulemakings for onshore gas distribution, transmission and gathering pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management), and hazardous liquid transmission and gathering pipelines (e.g., expanding the reach of certain of PHMSA’s integrity management requirements, requiring the accommodation of in-line inspection tools by 2039 for certain pipelines, increasing annual, accident and safety-related conditional reporting requirements, and expanding the use of leak detection systems beyond HCAs). PHMSA also regulates safety requirements applicable to natural gas storage facilities, including wells, wellbore tubing and casing. In August 2022, PHMSA published a final rule that attempted to expand the Management of Change process and corrosion control requirements for gas transmission pipelines, and add requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline and repair criteria for non-HCAs. Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five challenged safety standards. In September 2023, PHMSA published a proposed rule that, if finalized, would enhance the safety requirements for gas distribution pipelines and require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals, and other safety practices. These new and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines’ operations, which is expected to cause Boardwalk Pipelines to incur increased capital and operating costs, may cause it to experience operational delays and may result in potential adverse impacts to its operations or its ability to reliably serve its customers.

Excluding CNA’s pension charge, net Net income attributable to Loews Corporation increased by 17% in for 2024 compared to 2023 due to increases in net income at CNA includes a $265 million after-tax and Boardwalk Pipelines and increased net investment income at the parent company, partially offset by a decrease in net income at Loews Hotels & Co. The noncontrolling interests pension settlement charge for CNA. Excluding this pension charge, CNA’s increase at CNA is primarily due to higher property and casualty underwriting income and net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates and improved underlying underwriting results, income, partially offset by higher catastrophe losses. unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. The increase at Boardwalk Pipelines’ results improved Pipelines is primarily due to increased transportation revenues from higher re-contracting rates and rates, recently completed growth projects, projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues and the contribution from the acquisition of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in 2023. Higher net investment income at the parent company is due to higher returns on equity securities. These increases revenues. Those positives were partially offset by lower net income higher operating costs and higher depreciation expense at Boardwalk Pipelines. The decrease at Loews Hotels & Co is primarily due to an asset impairment charge, higher depreciation interest expense, and interest expenses related to renovations at the opening of Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort hotels and the Loews Arlington Hotel and Convention Center in Center, which was open for the first quarter entirety of 2024 and 2025. Parent company investment income decreased due to lower equity investment income from joint ventures. In addition, Loews Hotels & Co’s results for 2023 included a gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property. parent company trading portfolio.

Supplementary cash flow information – Cash payments made for interest on long-term debt, net of capitalized interest, amounted to $421 million, $422 million, $385 million and $380 $385 million for the years ended December 31, 2024, 2023 2025, 2024 and 2022. Cash payments for federal, foreign, state and local income taxes amounted to $403 million, $304 2023. Investing activities exclude $25 million and $376 $9 million of accrued capital expenditures for the years ended December 31, 2024, 2025 and 2023 and 2022. Investing activities include $37 million of previously accrued capital expenditures for the year ended December 31, 2024 2024. Cash payments for federal, state and exclude $9 million local, and $33 million of accrued capital expenditures for the years ended December 31, 2023 and 2022. foreign income taxes are as follows:

On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024. 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1, and allege that certain hotel chains, including Loews Hotels, engaged in a conspiracy to fix higher prices for hotel rooms. 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal, and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint alleging that