Seeking Alpha

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

  • 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).
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