SOBO Research | Milton Maxwell

SOBO

South Bow Corporation

27.40

-0.65-2.32%

Dec 16, 4:00:02 PM EST

Upcoming Earnings

Report date

-/-

Earnings Call Transcripts

This Quarter (Q1 '26)

No earnings call transcript available yet

Last Quarter (Q4 '25)

FY Q4 '25

Prairie Connector teased, details withheld

3/5/26Mar 5, 2026

Q&A drilled into Prairie Connector, confirming customer alignment in early open season but dodging timelines, capex, and firm commitments amid competition from Enbridge and Venezuelan flows. Management touted corridor advantages, Keystone XL lessons, and partner risk-sharing, while eyeing policy tailwinds. Milepost 171 restrictions could lift by year-end, restoring ~600kbpd capacity for 2027 spot gains as basin grows. Organic beats inorganic at 6-8x multiples; dividends frozen until 4.0x leverage and low-60s DCF payout. No capex bait taken. Analysts' regulatory and financing probes drew cautious, disciplined replies. Watch open season for growth signals.

Key Stats

Market Cap

5.71B

P/E (TTM)

17.23

Basic EPS (TTM)

1.59

Dividend Yield

0.07%

About

South Bow Corporation operates as an energy infrastructure company. The company operates 4,900 kilometres of crude oil pipeline infrastructure connecting Alberta crude oil supplies to the U.S. refining markets in the U.S. Midwest and Gulf Coast. The company offers ancillary services, including storage at terminals. The company was incorporated in 2023 and is based in Calgary, Canada.

CEO

Mr. Bevin Mark Wirzba M.B.A., P.Eng.

IPO

10/3/2024

Website

https://www.southbow.com

Sector

Energy

Industry

Oil & Gas Midstream