South Bow Business Summary

South Bow Corp (SOBO) operates as a pure-play liquids infrastructure company, primarily generating revenue through long-term, fee-based, take-or-pay contracts that insulate the business from commodity price volatility. The company’s 4,900-kilometer pipeline network facilitates the large-scale transportation of crude oil from the Western Canadian Sedimentary Basin to premier refining hubs in the U.S. Midwest and Gulf Coast. Business operations are organized into three primary segments: the Keystone Pipeline System, which serves as the flagship long-haul asset; the Marketing segment, which handles non-regulated commercial activities; and the Intra-Alberta & Other segment, encompassing regional feeder lines like Grand Rapids and the recently commissioned Blackrod Connection Project. Relative to direct competitors such as Enbridge Inc., Pembina Pipeline Corp., Plains All American Pipeline, and Gibson Energy, South Bow occupies a specialized niche as a high-utilization, liquids-focused operator with approximately 90% of its EBITDA underpinned by investment-grade commercial commitments. The leadership team is headed by President and CEO Bevin Wirzba, who previously served as Executive Vice-President at TC Energy and oversaw the initial spin-off of the liquids business in late 2024. He is supported by Senior Vice-President and CFO Van Dafoe, an industry veteran with over 30 years of experience, including a significant tenure as CFO of ARC Resources Ltd. The executive suite also includes Richard Prior as COO and Lori Muratta as General Counsel, both of whom bring extensive midstream operational and legal expertise from their previous roles at TC Energy. The company’s Board of Directors is chaired by Hal Kvisle, the former CEO of TransCanada (now TC Energy), providing deep institutional knowledge and strategic continuity. As a publicly traded entity on the TSX and NYSE, South Bow maintains a robust institutional investor base attracted by its stable dividend yield and disciplined capital allocation strategy focused on organic growth and debt reduction.