TC Energy shareholders approve spinoff, creation of South Bow pipelines business

TC Energy Corp. shareholders have voted in favour of spinning off the company's crude oil pipelines business.TC Energy Corp. shareholders have voted in favour of spinning off the company's crude oil pipelines business.

The company's crude oil pipelines, including the critical Keystone pipeline system, will become part of a new liquids pipeline business called South Bow. "As two separate entities, each company will have the ability to focus on their distinct strategies and opportunity sets, delivering essential energy that the world relies upon," Poirier said.

Spinning off the oil pipelines business, which has long-term committed contracts with oil shippers, will give South Bow the chance to use its robust cash flows to pay down debt and enhance shareholder returns, while TC Energy will become a growth-oriented company focused on natural gas.

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