Loews Corp., nicked by a writedown in its HighMount Exploration & Production LLC subsidiary’s proved natural gas reserves, as well as losses from its CNA Financial subsidiary, reported a loss from continuing operations for 2008 of $182 million, or a loss of 38 cents/share, compared with income from continuing operations of $1.6 billion, or $2.96/share, in 2007.

Loews reported a fourth quarter loss from continuing operations of $958 million, or a loss of $2.20/share, compared with income from continuing operations of $295 million, or 56 cents/share, in 4Q2007.

The loss included a $440 million after tax noncash impairment charge for the fourth quarter and full year 2008, related to the carrying value of HighMount’s proved reserves based on commodity prices Dec. 31, 2008. It also sustained a $314 million after tax noncash goodwill impairment charge for the fourth quarter and full year 2008, related to HighMount, which it formed in 2007 with operations in the Permian Basin, Michigan and Alabama, which it purchased from Dominion for about $4 billion (see Daily GPI, Aug. 1, 2007).

HighMount’s after tax net loss for 2008 was $575 million compared with a gain in 2007 of $57 million.

Boardwalk Pipeline Partners LP, in which Loews owns a majority share, came in at a profit in the 4Q2008, albeit a smaller one than the same quarter a year ago. Boardwalk, which includes Texas Gas Transmission, Gulf South Pipeline Co. LP and Gulf Crossing Pipeline, said increased transportation costs and higher depreciation and property taxes offset a rise in gas transportation revenue.

For 4Q2008 Boardwalk reported after tax net income of $27 million, compared with $32 million in 4Q2007. Full year income was $125 million, up from $106 million in 2007.

Loews had realized investment losses at CNA of $283 million for 4Q2008 and $756 million for the full year 2008, after tax and minority interest. The company estimated book value per common share of $30.17 at the end of 2008 as compared to $32.40 as of Dec. 31, 2007.

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