This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Loews Corporation wholly owns Boardwalk Pipelines, which operates approximately 14,315 miles of natural gas and natural gas liquids pipelines across the Gulf Coast region. Boardwalk contributed approximately 12% of Loews consolidated revenue in 2024 ($444M net income, $1,174M EBITDA) and its backlog is growing via expansion projects and the Bayou Ethane acquisition. While CNA Financial dominates Loews revenue (~82%), Boardwalk is a core subsidiary — not a passive investment — and Loews took it fully private in 2018 for $1.5B. Ownership and operation of midstream natural gas infrastructure is a direct fossil fuel activity.
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.