1. Loews Investor Meeting
HighMount E&P
Tim Parker
November 5, 2008

2. HighMount E&P
This Presentation
The Fundamental Questions
The Assets
The Strategy
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3. HighMount E&P
The Fundamental Questions
Why Natural Gas?
Under any scenario for future U.S. Energy and
Environmental policy, we believe North
American natural gas will be an “advantaged”
and growing part of U.S. supply
We believe that natural gas prices will benefit
from that advantage
While we expect volatility in energy markets,
we believe that natural gas prices will be
distinctly higher over intermediate and long
term time periods
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4. HighMount E&P
The Fundamental Questions
Why HighMount E&P?
Long life, high margin gas reserves with
significant upside acquired at a very
attractive price ($1.61/MCFE)
An established and experienced workforce
and management team to continue running
an attractive natural gas business
A platform from which to grow in “natural
gas space” as conditions and opportunities
merit
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5. HighMount E&P
The Assets – The Numbers
Reserves*: Proved 2.5 TCFE
% Natural Gas 77%
% NGL’s 22%
“3P” 4.7 TCFE
Daily Production: ~ 300 MMCFED
Q4 '07 - Q3 '08 Net Income: $181.1 MM
Employees: 650
* As of 12/31/07
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6. HighMount E&P
The Assets
A Natural Gas Franchise
Natural Gas (>99%)
MICHIGAN
MICHIGAN
Long Life (>20 years)
Low Operating Costs
Oklahoma
Oklahoma
City
City
BLACK High Margins
BLACK
WARRIOR
WARRIOR
SONORA
SONORA Additional opportunity
for growth/value creation
Houston
Houston
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7. HighMount E&P
The Assets – Sonora Field
Sonora
Field
HIGHLIGHTS
Dominant position in a “Top 20”
U.S. Gas Field
> 400 wells drilled per year
> 10,000 locations to drill
Field Level LOE < $0.65/MCFE
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8. HighMount E&P
The Assets – Sonora Field
CROCKETT SCHLEICHER
SUTTON
Sonora
60 SONORA
M
FIELD
ile
Pennsylvanian s
Deep Water
Sands
VAL VERDE
EDWARDS
Reservoir Summary
Average Porosity: 4-10%
Average Perm.: .01-.1 md
Average Sw: 35-65%
Pennsylvanian
Apparent Drainage: <20 acres
Shallow Water
Limestones
Field Summary
OGIP: > 20 TCF
Ordovician
Karsted Cumulative Production: ________
Dolomites
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9. HighMount E&P
The Assets – Sonora Field
100
Total
90
“HighMount”
80
BCF per year
70
60
50
40
30
20
10
0
1965 1969 1973 1977 1981 1985 1989 1993 1997 2001 2005
Sonora is a unique major gas field with peak production at
more than 50 years after discovery
From 1992 to 2006 HighMount’s predecessors have built “THE”
dominant position in the field
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10. HighMount E&P
The Assets – Sonora Field
“HighMount” Wells Drilled
600
HighMount & predecessors
have drilled:
500
• >4,400 wells
• >6,500 miles of hard rock
400
drilling
300
200
100
0
1994 1996 1998 2000 2002 2004 2006 2008
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11. HighMount E&P
The Assets – Sonora Field
Drilling Performance*
150
133
140 130
126
130 123
120
Rotating Hours
107
110
100 91 91 91
85
90 81 81 81 81
77 75
80
70
60
50
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
*Rotating Hours to 8500’
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12. HighMount E&P
The Assets – Sonora Field
HighMount Well Costs Compared to Other Operators *
100%
90%
80%
70%
60%
50%
1994 2003 2007
* Comparison of “vintage” well costs - capital costs only.
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13. HighMount E&P
The Assets – Black Warrior Basin
Black
Warrior
Alabama
HIGHLIGHTS
Top 3 CBM producer in basin
Low-risk, long-life reserve base
Drilling inventory of more than
250 locations
Infrastructure “advantaged”
compared to many operators
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14. HighMount E&P
The Assets – Antrim Shale
Lewiston
Traverse
City
Michigan
HIGHLIGHTS
Top 3 producer in Michigan
~ 50 wells drilled per year
> 750 locations to drill
Experienced and long term staff
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15. HighMount E&P
The Assets – Upside Potential
HighMount assets have substantial remaining gas
potential after all proved, probable and possible
reserves have been recovered
An ongoing focus for HighMount technical efforts
is to commercialize those potential reserves
Future potential includes projects focused on
advanced drilling and completion technologies,
next generation shale projects, enhanced facilities
designs, further infill drilling, CBM recovery
enhancement, etc
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16. HighMount E&P
Strategy
Day-to-day focus is on maximizing long term value by:
Delivering real and meaningful operational excellence
Managing costs throughout company
Delivering real, ongoing financial returns
Strategically, we believe we will grow by:
Investing in our existing assets and maximizing their
value
Adding additional assets in our current core areas at very
attractive values
Adding additional core areas when they represent special
values and fit the “HighMount” model
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17. HighMount E&P
The Future
We believe HighMount will become a company that is:
Financially and operationally disciplined delivering
dependable and meaningful earnings and net cash flow
Recognized for operational expertise in unconventional
gas reservoirs
Poised for growth when the right opportunities emerge
Different
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19. HighMount E&P
Forward-Looking Statements Disclaimer
Statements made at this conference or in the materials distributed in conjunction with this conference that contain
quot;forward-looking statementsquot; within the meaning of the Private Securities Litigation Reform Act of 1995 include, but
are not limited to, statements using the words “believe”, “expect”, “plan”, “intend”, “anticipate”, “estimate”, “should”
and similar expressions, as well as other statements concerning the presenting companies' future plans, objectives,
and expected performance. Such statements are inherently subject to a variety of risks and uncertainties that could
cause actual results to differ materially from those projected.
Forward-looking statements speak only as of the date they are made, and each of the companies presenting at this
conference expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any
forward-looking statement to reflect any change in their expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is based.
Important risk factors that could cause the actual results for each of the companies discussed during this conference
today to differ from those expressed in forward-looking statements are discussed in detail in the annual and quarter
reports and other filings made with the Securities and Exchange Commission by Loews Corporation and its
subsidiaries, CNA Financial Corporation, Diamond Offshore Drilling, Inc. and Boardwalk Pipeline Partners, LP.
Copies of these reports are available, as applicable, at the corporate websites of Loews Corporation at
www.loews.com and such subsidiaries at www.cna.com, www.diamondoffshore.com and www.bwpmlp.com, or at
the SEC’s website at www.sec.gov. Given the risk factors discussed in these filings, investors and analysts should
not place undue reliance on forward-looking statements.
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