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South Bow Reports Profit and Revenue Decline Amid Cleanup of Keystone Pipeline Spill

The company cites oversupply and market volatility as challenges while targeting mid-year completion of North Dakota spill remediation.

Pipeline facilities now owned by South Bow Corp. are seen in Hardisty, Alta., on Friday, Nov. 6, 2015. THE CANADIAN PRESS/Jeff McIntosh

Overview

  • South Bow Corp. posted Q1 2025 net income of $88 million, down from $112 million in Q1 2024, with revenues falling to $498 million from $544 million.
  • A Keystone pipeline rupture in early April spilled over 556,000 litres of oil in North Dakota; most of the oil has been recovered, with full cleanup expected by mid-year.
  • Pipeline throughput dropped to 613,000 barrels per day in Q1 2025, compared to 643,000 barrels per day a year earlier.
  • The company attributes reduced demand for uncommitted pipeline capacity to an oversupplied market and global trade policy uncertainties impacting oil prices.
  • South Bow, spun off from TC Energy in October 2024, operates the Keystone system, which transports oilsands crude from Alberta to U.S. refineries and storage hubs.