Business
South Bow Reports Fourth-quarter and Year-end 2025 Results and Declares Dividend
CALGARY, Alberta, March 05, 2026 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (Sout...
About this update from South Bow Corp
[{"type":"text","content":"South Bow Reports Fourth-quarter and Year-end 2025 Results and Declares Dividend\nCALGARY, Alberta, March 05, 2026 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2025 financial and operational results. Unless otherwise noted, all financial figures in this news release are unaudited and presented in U.S. dollars. Highlights Safety and operational performance Achieved occupational safety excellence with a zero recordable case rate in 2025, a year of significant activity that included progressing the Blackrod Connection Project and remedial actions following the Milepost 171 (MP-171) incident.Recorded 2025 annual average throughput of approximately 584,000 barrels per day (bbl/d) on the Keystone Pipeline and approximately 718,000 bbl/d on the U.S. Gulf Coast segment of the Keystone Pipeline System. Fourth-quarter 2025 throughput on the Keystone Pipeline and the U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 594,000 bbl/d and 680,000 bbl/d, respectively. Placed the Blackrod Connection Project into commercial service on March 1, 2026. As South Bow's first major growth initiative, the project was on schedule, on budget, and had a zero recordable case rate. Cash flows are expected to increase throughout the second half of 2026 and into 2027, with the project contributing approximately $10 million in normalized earnings before interest, income taxes, depreciation, and amortization (normalized EBITDA)1 in 2026.Advanced remedial actions relating to the MP-171 incident, completing 11 in-line inspections and 51 integrity digs to date. As previously disclosed, South Bow received the independent third-party root cause analysis (RCA), confirming that the characteristics of the incident were unique, and that the pipe and welds conformed to industry standards for design, materials, and mechanical properties. See \"Milepost 171 incident\" of this news release for additional details. Financial performance Delivered solid financial results in 2025 despite geopolitical and market uncertainty and operational restrictions from the MP-171 incident, demonstrating the Company's highly contracted cash flows and strong commercial framework. As expected, revenue and normalized EBITDA decreased from 2024, primarily due to tighter pricing differentia...