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TC Energy launches South Bow Corp. as independent crude oil pipeline business

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CALGARY — TC Energy Corp. has completed its spinoff of South Bow Corp., its crude oil pipelines business, as an independent company.

The new company, which will be headquartered in Calgary with an office in Houston, will be led by Bevin Wirzba, formerly the executive vice-president for TC Energy's natural gas and liquids pipelines business.

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. The company has been under scrutiny by analysts and credit ratings for its significant debt load as well as for cost overruns on the Coastal GasLink pipeline project, which was completed in the fall of 2023.

South Bow's common shares are expected to start trading on the Toronto Stock Exchange on Wednesday under the ticker symbol SOBO. Trading on the New York Stock Exchange is expected to start on or about Oct. 8.While COVID-19 is known for its impact on the respiratory system new research suggests the virus may also increase the risk of acute kidney disorders.

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