South Bow is a North American liquids pipeline company formed from the spin-off of TC Energy’s crude oil liquids pipeline business. It owns and operates major oil pipeline systems that transport crude from production regions to refining and export markets, including assets associated with the Keystone system. The company generates revenue primarily from long-term transportation contracts and regulated or contracted pipeline capacity rather than from oil production itself.
| Quarter | Revenue | YoY % | Earnings | YoY % |
|---|---|---|---|---|
| Q2 2025 | 524 | — | 96 | — |
| Q3 2025 | 461 | — | 93 | — |
| Q4 2025 | 503 | — | 156 | 39.8% |
| Q1 2026 | 491 | — | 77 | -21.3% |
| Q2 2026 | 546 | 4.2% | 134 | 39.6% |
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