Loews gets it wrong on natural gas play

The Highmount bet "shows we are not always right," says Loews (L -0.6%) management on the earnings call. Persistently low natural gas prices and the continued grim outlook had Loews taking a $167M charge in Q2 against Highmount Exploration and Production as it evaluates proposals for a sale of the company's assets.

While Loews' income from continuing operations improved thanks to investment gains and improvement at CNA Financial, overall net income fell to $116M or $0.30 per share from $269M and $0.69 a year earlier thanks to the writedown.

Previously: More on Loews results

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs