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Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, indicating a solid financial start to the year [5][9] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, with 90% of EBITDA contracted over the next seven years, minimizing commodity price and volumetric risks [9][16] Business Line Data and Key Metrics Changes - The company successfully completed the pipeline scope of the Blackrod Connection project, which is expected to contribute to future EBITDA growth [5][18] - The company maintained a system operating factor of 98% in the first quarter, demonstrating effective operations and strong system availability [13][75] Market Data and Key Metrics Changes - The company noted that 94% of its volumes are fully committed, with only 6% reserved for uncontracted volumes, indicating a stable market position despite headwinds [46] - The company experienced volatility in uncontracted capacity due to additional pipeline egress capacity and tariff uncertainties, but this was anticipated [46][48] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while strengthening its investment-grade financial position [20] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [8][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to meet its contractual commitments despite operational restrictions due to the Milepost 171 incident [12][34] - The management highlighted the importance of transparency with stakeholders as they navigate the aftermath of the incident and work on remedial actions [19][45] Other Important Information - The company declared a quarterly dividend of $0.50 per share, payable on July 15, indicating a commitment to returning value to shareholders [6] - The company is coordinating closely with regulators and third-party experts to investigate the Milepost 171 incident and implement enhanced integrity programs [13][14] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [24][26] Question: What are the expectations regarding pressure restrictions and their duration? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [33][36] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or through variable tolls, maintaining the debt to EBITDA ratio [42][43] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [46][48] Question: How does the company view long-term EBITDA growth? - Management remains optimistic about the Blackrod project contributing to future growth and sees potential tightening of egress volumes in 2026 [51][53] Question: What is the company's stance on potential asset sales and partnerships? - Management stated that all assets are core and while there are no current plans for asset sales, they remain open to partnerships, particularly with First Nations [59][60] Question: How is the company addressing the market interest post-election? - Management reported consistent interest from customers on both ends of the system, indicating a positive outlook for future business development [66][67]

Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, demonstrating a solid financial start to the year [4] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, indicating confidence in its financial resilience despite market volatility [8][13] Business Line Data and Key Metrics Changes - Approximately 90% of the company's EBITDA is contracted over the next seven years, which mitigates commodity price and volumetric risks [7] - The company successfully completed the pipeline scope of the Blackrod Connection project, contributing to its operational capabilities [5] Market Data and Key Metrics Changes - The company expects to maintain its contractual commitments of 585,000 barrels per day despite operational pressure restrictions due to the Milepost 171 incident [10][71] - The company has observed headwinds against uncontracted volumes due to increased pipeline egress capacity and tariff uncertainties [43][46] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while pursuing growth opportunities that leverage existing infrastructure [17] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows due to highly contracted business, despite challenges from the Milepost 171 incident [22] - The company is committed to providing transparent updates to stakeholders as it learns more about the incident and its implications [16] Other Important Information - The company has mobilized over 300 resources in response to the Milepost 171 incident, successfully containing environmental impacts and restoring operations [9][10] - The management highlighted that insurance policies are expected to cover most costs associated with the incident [10][40] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [21][22] Question: What are the learnings from the incident for future prevention? - Management stated that pipeline integrity and safety are top priorities, with significant investments made in inline inspections and integrity programs [24][25] Question: What is the expected duration of pressure restrictions? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [30][32] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or variable tolls, maintaining the debt to EBITDA ratio [39][40] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [43][46] Question: What is the long-term growth outlook? - Management highlighted the Blackrod project as a key contributor to future EBITDA growth, with expectations for tightening egress volumes in 2026 [49][50] Question: What is the company's stance on potential asset sales? - Management confirmed that all assets are core and there are no current plans for asset sales, but they remain open to future opportunities [57][58] Question: How is the company responding to market conditions post-election? - Management expressed optimism about the regulatory environment and its impact on capital allocation decisions [53][54]

Corporate Presentation MAY 2025 South Bow at a Glance A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America OPERATIONAL HIGHLIGHTS | 4,900 | km | Pipeline footprint | | --- | --- | --- | | 1.25 | MMbbl/d | Delivered safely and reliably | | 7.6 | MMbbl/d | Terminal storage capacity | FINANCIAL HIGHLIGHTS1 | 208 million | Shares outstanding | | --- | --- | | $5.1 billion | Market capitalization | | $10.6 billion | Enterprise value2 | | $2.00 /shar ...

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) announces that its shareholders approved all resolutions at the Company's annual general meeting held on May 15, 2025 (the Meeting). During the business proceedings of the Meeting, South Bow's shareholders approved the following resolutions: 1. Resolution to appoint 11 board members, with 96.51% to 99.83% of shares represented at the Meeting voting in favour of the individual directors as follows ...

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its first-quarter 2025 financial and operational results and provides an update on its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars. Highlights Safety and operational performance Recorded first-quarter 2025 throughput of approximately 613,000 barrels per day (bbl/d) on the Keystone Pipeline, with a System Operating Factor (SOF) of 98 ...

CALGARY, Alberta, April 16, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. ((TSX &amp, NYSE:SOBO) (South Bow or the Company) has safely restarted the Keystone Pipeline (Keystone) after receiving regulatory approval from the Pipeline and Hazardous Materials Safety Administration (PHMSA), following South Bow's response to an oil release at Milepost 171 (MP-171) of Keystone on April 8, 2025, near Fort Ransom, North Dakota. South Bow is actively progressing its response and recovery efforts, having repaired and repla ...

Core Points - South Bow Corp. will release its first-quarter 2025 financial and operational results on May 15, 2025, after market close [1] - A conference call and webcast to discuss these results will be held on May 16, 2025, at 8 a.m. MT (10 a.m. ET) [2] - The annual general meeting of shareholders will take place virtually on May 15, 2025, at 8 a.m. MT (10 a.m. ET) [5] Financial and Operational Results - The first-quarter 2025 financial results will be available after market close on May 15, 2025 [1] - Audited consolidated financial statements for the year ended December 31, 2024, are accessible on South Bow's website and through regulatory filings [7] Conference Call and Meeting Details - The conference call will provide an opportunity for stakeholders to discuss the first-quarter results [2] - Registration is required to access the conference call, and participants will receive a unique PIN [3] - The annual meeting will enable greater shareholder attendance and participation through a live audio webcast [5][6]

Tuesday’s Keystone pipeline spill resulted in roughly 3,500 barrels of crude oil being released in North Dakota.While that might not sound like much, the issue has halted the flow of millions of gallons of crude oil on the way from Canada to U.S. refineries. The $5.2 billion pipeline transported an average of 624,000 barrels, roughly 26 million gallons, in 2024.Here’s the rub — refineries keep a supply of crude on hand — but if the shutdown continues for a couple of more days, gas, and diesel in particular, ...

CALGARY, Alberta, April 09, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. ((TSX &amp, NYSE:SOBO) (South Bow or the Company) has shut down the Keystone Pipeline (Keystone) and is actively responding to an oil release at Milepost 171 (MP-171) of Keystone, near Fort Ransom, North Dakota. Aligned with incident protocols, South Bow initiated a shutdown and response at approximately 7:42 a.m. CT on April 8, 2025, after control centre leak detection systems detected a pressure drop in the system; the system was shut do ...