South Bow is a crude oil pipeline company spun off from TC Energy in October 2024. Its core asset is the Keystone Pipeline System, a 4,327 km pipeline connecting oil sands production in the Western Canadian Sedimentary Basin to U.S. refineries across the Midwest and Gulf Coast. In 2025, Keystone delivered approximately 584,000 bbl/d of crude oil. South Bow also owns the complementary Marketlink pipeline, which moves crude from Cushing, Oklahoma to Gulf Coast markets under market-based rates, as well as terminal storage assets and a small portfolio of intra-Alberta pipelines. South Bow's business model is built on take-or-pay Transportation Service Agreements, with roughly 90% of normalized EBITDA backed by long-term contracts where customers pay fixed monthly tolls regardless of actual shipments. This insulates South Bow from commodity price and volume risk. Customers are predominantly investment-grade refiners and integrated energy companies, with three customers accounting for roughly 57% of total revenues. A small portion of Keystone capacity is reserved for spot shippers, whose economics depend on the spread between Canadian heavy crude and Gulf Coast prices. South Bow also runs a small marketing business that buys and sells physical crude to optimize system utilization. Growth initiatives include the recently completed Blackrod Connection Project and the early-stage Prairie Connector greenfield project, which would add firm capacity from Hardisty to U.S. markets. South Bow's capital allocation prioritizes a fixed dividend, deleveraging to 4.0x net debt-to-EBITDA, and modest annual growth capital spending.