Loews Corporation (NYSE: L) announced today that its oil and gas exploration and production subsidiary, HighMount Exploration & Production, LLC, is pursuing strategic alternatives, including a potential sale of the business. At March 31, 2014, HighMount’s total assets, primarily comprised of natural gas and oil reserves, had a carrying value of approximately $1.1 billion (excluding deferred tax assets). HighMount had long-term debt and other liabilities totaling approximately $592 million at March 31, 2014. Loews may incur a loss as a result of this process. Source: SEC filing
Restructurings
