Loews Corp. is in the E&P business and made no attempt at quiet upon its entry–a $4B purchase from Dominion of Michigan and Alabama gas-shale and Permian Basin oil properties. Its new E&P business is HighMount Exploration & Production, consisting largely of existing Dominion staff responsible for these assets. Its entry is a smart move: energy is a lasting investment. But it failed in the movie-theater business. Why should it win in energy? E&P legend Phillip Anschutz smartly began consolidating the foundering theater business when several filed bankruptcy, rolling up Edwards, United Artists and others. He single-handedly invested in the movie Ray while no others would, believing a biopic on Ray Charles just wasn’t cool enough for the biggest group of movie-theater patrons: under 30s. But Jamie Fox portrayed Ray, the cinematography was brilliant, the soundtrack was must-have, and over-30s appreciated the truth and respectfulness of the story that many didn’t even know. Anschutz is a hip movie financier? Seems so. Back to Loews. While AMC, UA and others were building big-box theater complexes with stadium seating, Loews did nothing. It made its theaters extinct. Good luck in the E&P business. With the Dominion team onboard, Loews has 99% of the formula right.