Aug. 11, 2014, 11:54 AM
- 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).
Aug. 17, 2012, 4:28 AM
Boardwalk Pipeline Partners (BWP) and Boardwalk Pipelines Holding (BPHC), a unit of BWP's general partner, Loews Corp (L), form a JV to acquire pipeline company PL Midstream for $625M. The JV is acquiring PL Midstream from closely held PL Logistics, with the deal representing a foray into the natural gas liquids business. BWP will own 33% of the JV and BPHC 67%. (PR)| Aug. 17, 2012, 4:28 AM