Loews, slammed by declining natural gas prices, to sell HighMount

|About: Loews Corporation (L)|By:, SA News Editor

Loews (L +0.5%) agrees to sell HighMount Exploration & Production but does not disclose the buyer or the price.

Loews recorded a Q2 impairment of $167M tied to HighMount, according to the statement, a figure that may be adjusted based on the final sale price and transaction costs.

Loews purchased HighMount in 2007 for ~$4B but sustained low natural gas prices prompted the sale.

The divestiture helps narrow Loews’ focus to its luxury hotel operation and units such as insurer CNA Financial and Diamond Offshore Drilling (NYSE:DO).