South Bow Q3 income US$99M as Keystone XL link advances

South Bow Corp. (TSX:SOBO) reported third-quarter net income of US$99 million, or 47 cents US per share, up from US$93 million, or 45 cents US per share, a year earlier. Revenue edged up to US$503 million from US$461 million, the Canadian Press reported Wednesday.

By our calculation from the reported figures, net income rose about 6.5 per cent, revenue about 9.1 per cent and earnings per share about 4.4 per cent.

The Calgary-based crude oil pipeline operator said it and its U.S. partner, Bridger Pipeline LLC, expect to make a final investment decision in mid-2027 on a new cross-border pipeline system that would use some of the dormant infrastructure of the defunct Keystone XL project. South Bow said its share of pre-development costs will be US$65 million this year and another US$65 million next year. It said it will consider speeding up spending as “greater regulatory certainty and permit durability are achieved.”

South Bow spun off from TC Energy Corp. in late 2024. In March, its chief executive said he was taking lessons from Keystone XL in pursuing the project. Our TSX preview for Thursday has the wider market backdrop.

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