Table Of Contents
Key Information 1
Key Ratios 1
Table Of Contents 2
List of Tables 4
List of Figures 4
Loews Corporation, Valuation and Financial Data 6
Loews Corporation, Share Price Performance 6
Share Price Performance, Q2, 2008-Q2, 2009 6
Loews Corporation, Key Valuation Metrics 7
Key Valuation Metrics, Q2, 2008-Q2, 2009 7
Loews Corporation, Key Financials Per Share 8
Key Financials Per Share, Q2, 2008-Q2, 2009 8
Loews Corporation, Key Financial Data 9
Key Financial Data, Q2, 2008-Q2, 2009 9
Key Financial Growth Rates, Q2, 2008-Q2, 2009 10
Key Profitability Ratios, Q2, 2008-Q2, 2009 11
Loews Corporation, Quarterly Results of Oil & Gas Operations Per BOE Produced 12
Results of Oil & Gas Operations Per BOE Produced, Q2, 2008-Q2, 2009 12
Results of Oil & Gas Operations Per BOE Growth Rates, Q2, 2008-Q2, 2009 12
Loews Corporation, Quarterly E&P Costs Trends 13
Upstream Capital Expenditure, Q2, 2008-Q2, 2009 13
Loews Corporation, Quarterly Production Trends 14
Loews CorporationTotal Oil and Gas Production 14
Total Crude Oil and Natural Gas Production Trend, Q2, 2008-Q2, 2009 14
Total Crude Oil & Natural Gas Production, By Country/Region, Q2, 2008-Q2, 2009 15
Total Crude Oil and Natural Gas Production Per Share, Q2, 2008-Q2, 2009 16
Loews CorporationCrude Oil Production 17
Total Crude Oil Production Trend, Q2, 2008-Q2, 2009 17
Crude Oil Production, By Country/Region, Q2, 2008-Q2, 2009 18
Loews CorporationNatural Gas Production 19
Total Natural Gas Production Trend, Q2, 2008-Q2, 2009 19
Natural Gas Production, By Country/Region, Q2, 2008-Q2, 2009 20
Loews Corporation, Production and Reserves Trends 21
Total Oil and Gas, Reserves and Production 21
Total Crude Oil and Natural Gas Production and Reserves Trend, 2003-08 21
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2003-08 22
Total Crude Oil and Natural Gas Reserve Changes, 2003-08 23
Crude Oil/Liquids Production and Reserve 24
Crude Oil/Liquids Production and Reserve Trend, 2003-08 24
Crude Oil Production and Reserves By Country/Region, 2003-08 25
Crude Oil/Liquids Reserve Changes, 2003-08 26
Natural Gas Production and Reserve 27
Natural Gas Production and Reserve Trend, 2003-08 27
Natural Gas Production and Reserves, By Country/Region, 2003-08 28
Natural Gas Reserve Changes, 2003-08 29
Total Crude Oil and Natural Gas Reserves Life Index 30
Total Crude Oil and Natural Gas Reserves Life Index, 2003-08 30
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2003-08 31
Loews Corporation, E&P Costs Trends 33
Allocation of the Upstream Capital Expenditure 33
Upstream Capital Expenditure, 2003-08 33
Acquisition Costs By Country/Region, 2003-08 34
Exploration and Development Costs, By Country/Region, 2003-08 35
Oil and Gas Cost Per Boe, $/boe 36
Oil and Gas Cost Per Boe, $/boe, 2003-08 36
Oil and Gas Cost Per Boe, $/boe, By Country/Region, 2003-08 37
Loews Corporation, Reserve Replacement Ratio 39
Oil and Gas Production Replacement Ratio 39
Oil and Gas Production Replacement Ratio, 2003-08 39
Oil and Gas Production Replacement Ratio, By Country/Region, 2003-08 41
Loews Corporation, Results of Oil & Gas Operations Trend 45
Oil and Gas Revenue and Expenses 45
Oil and Gas Revenue and Expenses, 2003-08 45
Oil and Gas Revenue and Expenses, By Country/Region, 2003-08 46
Oil and Gas Revenue and Expenses, Per Boe 48
Oil and Gas Revenue and Expenses, By Boe, 2003-08 48
Oil and Gas Revenue and Expenses Per Boe, By Country/Region, 2003-08 49
Oil and Gas Performance Metrics 50
Loews Corporation, Land Holdings and Well Data 51
Developed and Undeveloped Acreage 51
Gross and Net Developed and Undeveloped Acreage, 2003-08 51
Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2003-08 52
Well Statistics 54
Producible Oil and Gas Well, 2003-08 54
Producible Oil and Gas Well, By Country/Region, 2003-08 55
Exploration and Development Wells Drilled, 2003-08 58
Exploration and Development Wells Drilled, By Country/Region, 2003-08 59
Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 59
Developed Reserves per Well, By Country/Region, 2003-08 60
Appendix 61
Methodology 61
Coverage 61
Secondary Research 62
Primary Research 62
Expert Panel Validation 62
Definition 62
Oil and Gas Reserves 63
Acreage and Well Information 63
Cost Incurred in Oil and Gas Operations 63
Reserves Replacement Ratio 66
Results of Oil & Gas Operations 67
Results of Oil & Gas Operations Per BOE Produced 69
Net Debt / Cash Flow 71
Market Capitalization 71
EV / EBITDA 71
EV/DACF (Debt Adjusted Cash Flow Multiple) 71
EV/Production 71
EV/Proved Reserve 71
Enterprise Value 71
EBITDA / Share (Diluted) 71
Price / Annualized CFPS 71
Price / Annualized EPS (P/E Ratio) 71
Shares Outstanding (Basic) 71
Shares Outstanding (Diluted) 71
Shares Outstanding 71
Stock Price-to-Cash Flow (at year-end) 72
Stock Price-to-Cash Flow (Quarter-end) 72
Stock Price-to-Net Income (at year-end) 72
Stock Price-to-Net Income (Quarter-end) 72
Stock Price-to-Revenue (at year-end) 72
Stock Price-to-Revenue (Quarter-end) 72
Debt / EV 72
Avg. Net Debt / Boed 72
Capex / Cash Flow 72
Unit Of Measure 72
Disclosure information 72
List of Tables
Loews Corporation, Key Facts 1
Loews Corporation, Key Ratios 1
Loews Corporation, Key Costs Per Boe, $/boe, 2008 1
Loews Corporation, Share Price Performance, Q2, 2008-Q2, 2009 6
Loews Corporation, Key Valuation Metrics, Q2, 2008-Q2, 2009 7
Loews Corporation, Key Financials Per Share, Q2, 2008-Q2, 2009 8
Loews Corporation, Key Financials Per Share Growth Rates, Q2, 2008-Q2, 2009 8
Loews Corporation, Key Financial Data, $ Million, Q2, 2008-Q2, 2009 9
Loews Corporation, Key Financial Growth Rates, %, Q2, 2008-Q2, 2009 10
Loews Corporation, Key Profitability Ratios, %, Q2, 2008-Q2, 2009 11
Loews Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q2, 2008-Q2, 2009 12
Loews Corporation, Results of Oil & Gas Operations Per BOE Growth Rates, %, Q2, 2008-Q2, 2009 12
Loews Corporation, Upstream Capital Expenditure, Q2, 2008-Q2, 2009 13
Loews Corporation, Total Crude Oil and Natural Gas, Production, Q2, 2008-Q2, 2009 14
Loews Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q2, 2008-Q2, 2009 15
Loews Corporation, Total Crude Oil and Natural Gas Production Per Share, Q2, 2008-Q2, 2009 16
Loews Corporation, Total Crude Oil Production, MMbbl, Q2, 2008-Q2, 2009 17
Loews Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2008-Q2, 2009 18
Loews Corporation, Total Natural Gas Production, Bcf, Q2, 2008-Q2, 2009 19
Loews Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2008-Q2, 2009 20
Loews Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 21
Loews Corporation, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, MMboe, 2003-08 22
Loews Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2003-08 23
Loews Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 24
Loews Corporation, Crude Oil Production and Reserves, By Country/Region, MMbbl, 2003-08 25
Loews Corporation, Crude Oil Reserve Changes, MMbbl, 2003-08 26
Loews Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 27
Loews Corporation, Natural Gas Production and Reserves, By Country/Region, Bcf, 2003-08 28
Loews Corporation, Natural Gas Reserve Changes, Bcf, 2003-08 29
Loews Corporation, Oil and Gas Reserves Life Index, Years, 2003-08 30
Loews Corporation, Oil and Gas Reserves Life Index, By Country/Region, Years, 2003-08 32
Loews Corporation, Upstream Capital Expenditure, $ Million, 2003-08 33
Loews Corporation, Proved and Unproved Acquisition Costs, By Country/Region, $ Million, 2003-08 34
Loews Corporation, Exploration and Development Costs, By Country/Region, $ Million, 2003-08 35
Loews Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 36
Loews Corporation, Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, By Country/Region, 2003-08 38
Loews Corporation, Oil and Gas Production Replacement Ratio, %, 2003-08 39
Loews Corporation, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2003-08 44
Loews Corporation, Revenue and Expenses, $ Million, 2003-08 45
Loews Corporation, Revenue and Expenses, By Country/Region, $ Million, 2003-08 47
Loews Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 48
Loews Corporation, Oil and Gas Revenue and Expenses, $/Boe, By Country/Region, 2003-08 50
Loews Corporation, Oil and Gas Performance Metrics, 2003-08 50
Loews Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 51
Loews Corporation, Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2003-08 53
Loews Corporation, Producible Oil and Gas Wells, 2003-08 54
Loews Corporation, Producible Oil and Gas Wells, By Country/Region, 2003-08 57
Loews Corporation, Exploratory and Developed Wells, 2003-08 58
Loews Corporation, Exploratory and Developed Wells, By Country/Region, 2003-08 59
Loews Corporation, Developed Reserves per Well, Oil (Mbbls per Well), Gas (MMcf per Well), Oil & Gas (Mboe per Well), 2003-08 59
Loews Corporation, Developed Reserves per Well, By Country/Region, Mboe per Well, 2003-08 60
List of Figures
Loews Corporation, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q2, 2008-Q2, 2009 1
Loews Corporation, Share Price Performance, USD/Share, Q2, 2008-Q2, 2009 1
Loews Corporation, Share Price Performance, USD/Share, Q2, 2008-Q2, 2009 6
Loews Corporation, Key Valuation Metrics, EV/Production ($/Boed), EV/Proved Reserve ($/MMboe), Q2, 2008-Q2, 2009 7
Loews Corporation, EBITDA / Share (Diluted) ($/Share), Cash Flow Per Share (CFPS) ($/Share) and Earning Per Share (EPS) ($/Share), Q2, 2008-Q2, 2009 8
Loews Corporation, Key Financial Data, $ Million, Q2, 2008-Q2, 2009 9
Loews Corporation, Key Profitability Ratios, %, Q2, 2008-Q2, 2009 11
Loews Corporation, Results of Oil & Gas Operations Per BOE Produced, $/boe, Q2, 2008-Q2, 2009 12
Loews Corporation, Upstream Capital Expenditure, $ Million, Q2, 2008-Q2, 2009 13
Loews Corporation, Total Crude Oil and Natural Gas, Production, MMboe, Q2, 2008-Q2, 2009 14
Loews Corporation, Total Oil & Gas Production, By Country/Region, MMBOE, Q2, 2008-Q2, 2009 15
Loews Corporation, Total Crude Oil and Natural Gas Production Per Share, Boe/Share, Q2, 2008-Q2, 2009 16
Loews Corporation, Total Crude Oil Production, MMbbl, Q2, 2008-Q2, 2009 17
Loews Corporation, Crude Oil Production, By Country/Region, MMbbl, Q2, 2008-Q2, 2009 18
Loews Corporation, Total Natural Gas Production, Bcf, Q2, 2008-Q2, 2009 19
Loews Corporation, Natural Gas Production, By Country/Region, Bcf, Q2, 2008-Q2, 2009 20
Loews Corporation, Total Crude Oil and Natural Gas, Production and Reserves, MMboe, 2003-08 21
Loews Corporation, Total Oil & Gas Production (MMboe), By Country/Region, MMBOE, 2007-08 22
Loews Corporation, Total Proved Oil & Gas Reserves, By Country/Region, MMBOE, 2007-08 22
Loews Corporation, Total Crude Oil and Natural Gas Reserve Changes, MMboe, 2008 23
Loews Corporation, Crude Oil Production and Reserves Metrics, MMbbl, 2003-08 24
Loews Corporation, Oil Production, By Country/Region, MMbbl, 2007-08 25
Loews Corporation, Total Proved Oil Reserves, By Country/Region, MMbbl, 2007-08 25
Loews Corporation, Crude Oil Reserve Changes, MMbbl, 2008 26
Loews Corporation, Natural Gas Production and Reserves Metrics, Bcf, 2003-08 27
Loews Corporation, Gas Production, By Country/Region, Bcf, 2007-08 28
Loews Corporation, Total Proved Gas Reserves, By Country/Region, Bcf, 2007-08 28
Loews Corporation, Natural Gas Reserve Changes, Bcf, 2008 29
Loews Corporation, Oil and Gas Reserves Life Index, Years, 2003-08 30
Loews Corporation, Gas Reserve Life Index, By Country/Region, Years, 2007-08 31
Loews Corporation, Oil & Gas Reserve Life Index, By Country/Region, Years, 2007-08 31
Loews Corporation, Oil Reserve Life Index, By Country/Region, Years, 2007-08 32
Loews Corporation, Upstream Capital Expenditure, $ Million, 2003-08 33
Loews Corporation, Development Costs, By Country/Region, $ Million, 2007-08 35
Loews Corporation, Exploration Costs, By Country/Region, $ Million, 2007-08 35
Loews Corporation, 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per Boe, $/boe, 2003-08 36
Loews Corporation, 3-Year Wt. Avg. Oil & Gas Finding & Development Cost per boe, By Country/Region, $/BOE, 2007-08 37
Loews Corporation, 3-Year Wt. Avg. Oil & Gas Finding Cost per boe, By Country/Region, $/BOE, 2007-08 37
Loews Corporation, 3-Year Wt. Avg. Reserve Replacement Cost per boe, By Country/Region, $/BOE, 2007-08 38
Loews Corporation, 3-Year Wt. Avg. Proved Acquisition Cost per boe, By Country/Region, $/BOE, 2007-08 38
Loews Corporation, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2003-08 39
Loews Corporation, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2007-08 41
Loews Corporation, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2007-08 41
Loews Corporation, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2007-08 42
Loews Corporation, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2007-08 42
Loews Corporation, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2007-08 43
Loews Corporation, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2007-08 43
Loews Corporation, Revenue and Expenses, $ Million, 2003-08 45
Loews Corporation, Oil & Gas Revenue, By Country/Region, $ Million, 2007-08 46
Loews Corporation, Pre-tax Profit, By Country/Region, $ Million, 2007-08 46
Loews Corporation, Production Expenses, By Country/Region, $ Million, 2007-08 47
Loews Corporation, Total Expenses, By Country/Region, $ Million, 2007-08 47
Loews Corporation, Oil and Gas Revenue and Expenses, $/Boe, 2003-08 48
Loews Corporation, Lifting Cost per boe, By Country/Region, $/BOE, 2007-08 49
Loews Corporation, Oil & Gas Revenue per boe, By Country/Region, $/BOE, 2007-08 49
Loews Corporation, Total Revenue per boe, By Country/Region, $/BOE, 2007-08 50
Loews Corporation, Land Holdings (Developed and Undeveloped Acreage), Acres, 2003-08 51
Loews Corporation, Total Gross Undeveloped Acreage, By Country/Region, Acres, 2007-08 52
Loews Corporation, Total Net Undeveloped Acreage, By Country/Region, Acres, 2007-08 52
Loews Corporation, Total Gross Developed Acreage, By Country/Region, Acres, 2007-08 53
Loews Corporation, Total Net Developed Acreage, By Country/Region, Acres, 2007-08 53
Loews Corporation, Producible Oil and Gas Wells, 2003-08 54
Loews Corporation, Gross Producible Gas Wells, By Country/Region, Number, 2007-08 55
Loews Corporation, Gross Producible Oil & Gas Wells, By Country/Region, Number, 2007-08 55
Loews Corporation, Net Producible Gas Wells, By Country/Region, Number, 2007-08 56
Loews Corporation, Net Producible Oil & Gas Wells, By Country/Region, Number, 2007-08 57
Loews Corporation, Exploratory and Developed Wells, 2003-08 58
Loews Corporation, Developed Gas Reserves per Well (MMcf per Well), By Country/Region, 2007-08 60
Loews Corporation, Developed Oil & Gas Reserves per Well (Mboe per Well), By Country/Region, 2007-08 60
GlobalData Methodology 61