L · 10-Q · 2026Q3 · Full report

Boardwalk Marketing Acquisition

LOEWS CORP · 2026-11-02 · Importance 34 · Surprise 42 · In source text

Boardwalk Pipelines acquired Spire Marketing LLC on April 30, 2026, for $206 million. The business, now known as Continuum, markets natural gas and related services throughout the United States. The acquisition added employees and contributed to higher outside service and transaction costs, as described in the preceding discussion of Boardwalk’s results.

Key facts

• On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC for $206 million; the company, now known as Continuum, markets natural gas and related services throughout the U.S. source
• Boardwalk Pipelines' third-quarter 2026 product-sales costs increased $51 million versus 2025, including $10 million of net unrealized derivative losses, primarily from the Continuum acquisition. source
• Boardwalk Pipelines' third-quarter 2026 product sales revenue increased $40 million versus 2025, with Continuum contributing $26 million. source
• Boardwalk Pipelines' product sales revenues increased $33 million in the first nine months of 2026, including $44 million from the Continuum acquisition, partly offset by $11 million less from ethane supply services and other product sales due to lower volumes. source

Impact estimates