Loews Corporation to Acquire Permian, Michigan and Alabama Natural Gas Exploration and Production Operations from Dominion for $
04 Junho 2007 - 8:00AM
Business Wire
Loews Corporation (NYSE: LTR) today announced that it has agreed to
purchase natural gas exploration and production assets in Texas,
Michigan and Alabama from Dominion Resources (NYSE: D) for $4.025
billion in cash, subject to adjustment. The primary properties
being acquired are located in the Permian Basin in Texas, the
Antrim Shale in Michigan and the Black Warrior Basin in Alabama,
with estimated proved reserves totaling approximately 2.5 trillion
cubic feet equivalent. These properties produce predominantly
natural gas and are characterized by long reserve lives and high
well completion success rates. �These long-lived and low-risk
natural gas producing assets represent an excellent platform for
Loews to enter the exploration and production business,� said James
Tisch, Chief Executive Officer of Loews. �We have a favorable
long-term view of natural gas pricing in the US and believe natural
gas will increasingly be the fuel of choice in the future.� �The
new company will be led by Timothy Parker, currently Dominion
E&P�s Senior Vice President of Exploration and Production,
together with an experienced and well-regarded team,� Mr. Tisch
continued. �We are pleased to welcome Tim and his colleagues to
Loews as part of our newest subsidiary.� Closing is expected to
occur during the third quarter of 2007 and is subject to customary
conditions. Analyst Conference Call on Monday, June 4 at 11:00 a.m.
EDT Loews will hold a conference call on Monday, June 4, 2007 at
11:00 a.m. EDT to discuss the planned acquisition. A live webcast
of this conference call will be available online at the Loews
website (www.loews.com). Those interested in participating in the
question and answer portion of the conference call should dial
877-692-2592, or for international callers, 973-582-2757. The
conference ID number is 8880193. Following the call, a replay will
be available at www.loews.com or by dialing 877-519-4471, or for
international callers, 973-341-3080. The telephone replay will be
available through June 11, 2007. About Loews Loews Corporation, a
holding company, is one of the largest diversified corporations in
the United States. Its principal subsidiaries are CNA Financial
Corporation (NYSE: CNA); Lorillard, Inc.; Boardwalk Pipeline
Partners, LP (NYSE: BWP); Diamond Offshore Drilling, Inc. (NYSE:
DO); Loews Hotels; and Bulova Corporation. Forward-Looking
Statements This press release contains �forward-looking statements�
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such statements are inherently subject to a variety of
risks and uncertainties that could cause actual results to differ
materially from those projected. Important risk factors that could
cause actual results to differ include, but are not limited to:
completion of the acquisition; future changes in the price of
domestic natural gas, including changes resulting from fluctuations
in demand or supply, such as increased supplies of imported
liquefied natural gas or supply disruptions resulting from
catastrophes or economic or political changes in producing regions;
the accuracy of reserve estimates; the Company�s ability to
successfully operate the acquired business as a stand-alone
company, including the ability to attract and retain qualified
management and other employees; and other external factors over
which the Company has no control. A discussion of the additional
risk factors that could impact the Company�s overall business and
financial performance can be found in the Company�s reports filed
with the Securities and Exchange Commission. Copies of these
reports are available through the Company�s website
(www.loews.com). Given these risk factors, investors and analysts
should not place undue reliance on forward-looking statements.
Loews Corporation expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statement to reflect any change in the Company's expectations with
regard thereto or any change in events, conditions or circumstances
on which any forward-looking statement is based.
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