Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]

Core Insights - Kinder Morgan, Inc. (KMI) has experienced a stock price increase of 30.3% over the past year, outperforming the industry growth of 24.2% [1][7] - The company's project backlog has risen to $9.3 billion, up from $8.8 billion, indicating strong demand for its services and potential for increased cash flows [3][4] Project Backlog and Developments - KMI's project backlog grew significantly during the June quarter of 2025, reflecting robust demand for its services [3] - The company undertook $1.3 billion in new projects, including the Trident Phase 2 and Louisiana Line Texas Access projects, aimed at transporting natural gas from Texas to Louisiana [4] - Nearly half of the backlog projects are driven by increasing power demand, particularly from data centers and population growth, enhancing KMI's business outlook [5] LNG Demand and Market Position - KMI is well-positioned to benefit from the rising demand for natural gas, particularly in the LNG export market, where it transports approximately 40% of gas to liquefaction terminals [8] - The company anticipates that global LNG demand will double by the end of the decade, supported by its extensive network of natural gas pipelines along the U.S. Gulf Coast [9] Financial Health and Valuation - KMI's debt-to-capitalization ratio stands at 50.5%, which is lower than the industry average of 57.2%, indicating a relatively stronger position to manage market uncertainties [10] - The stock is currently trading at a trailing 12-month EV/EBITDA of 13.60x, which is a discount compared to the industry average of 14.14x and other midstream companies [12] Future Projects and Risks - KMI is planning significant projects, such as the Copper State pipeline in Arizona, with estimated costs between $4 billion and $5 billion, which could yield strong returns but also carry risks if energy demand slows or regulations change [17] - The emergence of new pipelines in the Permian Basin may impact KMI's rates once its long-term contracts expire, scheduled for 2029 and 2030 [14]

1Q 2025 Investor Presentation EPNG Mojave Compressor Station Disclosure Forward-Looking Statements / Non-GAAP Financial Measures / Industry & Market Data General – The information contained in this presentation does not purport to be all-inclusive or to contain all information that prospective investors may require. Prospective investors are encouraged to conduct their own analysis and review of information contained in this presentation as well as important additional information through the Securities and ...