Loews Corporation operates primarily as a commercial property and casualty insurance company. It provides risk management, information, warranty, and claims administration services; professional liability and other coverages through property and casualty products and services; and surety and fidelity bonds, and vehicle warranty services. The company also offers standard and excess property coverage, marine coverage, and boiler and machinery coverages; workers’ compensation coverage; general and product liability; commercial auto and umbrella coverages; loss-sensitive insurance programs; and long term care, group reinsurance, and life settlement contracts. In addition, Loews Corporation owns and operates drilling rigs that are used in the drilling of offshore oil and gas wells on a contract basis for companies engaged in exploration and production of hydrocarbons. It owns 49 offshore drilling rigs. Further, the company is involved in exploring, producing, and marketing natural gas, natural gas liquids, and oil in Permian Basin in Texas. As of December 31, 2010, Loews Corporation had 1.1 trillion cubic feet of natural gas equivalent of net proved reserves. Additionally, it engages in the interstate transportation and storage of natural gas. The company owns and operates 3 interstate natural gas pipelines covering approximately 14,200 miles of interconnected pipelines transporting approximately 2.7 trillion cubic feet of gas to customers; and underground storage fields with aggregate working gas capacity of approximately 167.0 billion cubic feet of natural gas. Loews Corporation serves producers, local distribution companies, marketers, intrastate and interstate pipelines, electric power generators, and direct industrial users in the Gulf Coast, the Midwest, and northeast regions of the United States. It also owns and/or operates 17 hotels, including 15 in the United States and 2 in Canada. The company was founded in 1954 and is headquartered in New York, New York.