South Bow at a Glance A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America OPERATIONAL HIGHLIGHTS Liquids Pipeline Liquids Tank Terminal 4,900 km Pipeline footprint…
2024 Highlights Strong financial performance underscored by highly contracted cash flows and record operational results OPERATIONAL 2024 NORMALIZED 2024 KEYSTONE PIPELINE EXCELLENCE EBITDA1 THROUGHPUT millions Mbbl/d 95 % Record…
Unrivalled Corridor Safely and reliably delivering a premium service to customers South Bow Pipeline CONNECTS NORTH AMERICA'S STRONGEST South Bow Tank Terminal SUPPLY AND DEMAND MARKETS Peer Pipelines OFFERS COMPETITIVE TOLLS…
High-quality Contractual Framework Stable, predictable cash flows underpinned by strong contract tenor and creditworthy counterparties HIGHLY CONTRACTED STRONG STRUCTURAL CREDITWORTHY CASH FLOWS DEMAND FOR SERVICES CUSTOMER BASE…
Enduring Market Fundamentals South Bow's business is backstopped by a robust outlook for crude oil supply and demand for decades to come WCSB CRUDE OIL SUPPLY OUTLOOK1 WCSB Liquids Pipeline MMbbl/d 5 MMbbl/d Liquids Tank Terminal 1…
Outlook for Western Canadian Egress South Bow is well-positioned to maintain and capture additional market share given its strategic attributes WCSB CRUDE OIL PIPELINE CAPACITY OUTLOOK1 2 MMbbl/d 0.3 0.2 0.1 Production…
Capital Allocation Priorities Disciplined approach to preserve optionality and maximize total shareholder return over the long term In addition to paying a sustainable base dividend, South Bow takes a risk-managed approach in…
South Bow Is a Differentiated Investment Total shareholder return will be delivered organically through a sustainable dividend and low-risk, profitable growth STRONG AND IRREPLICABLE ASSETS FINANCIAL STRENGTH SUSTAINABLE BASE WITH A…
Asset Overview
Keystone Pipeline System Spanning 4,300 kilometres, system safely transports liquids across three Canadian provinces and eight U.S. states AVERAGE THROUGHPUT1 Liquids Pipeline FORT MCMURRAY Mbbl/d Liquids Tank Terminal City 800…
U.S. Gulf Coast Segment Provides a connection to the growing refining and export demand markets in the U.S. Gulf Coast Liquids Pipeline AVERAGE THROUGHPUT Liquids Tank Terminal Mbbl/d City 800 181 600 130 157 147 159 400…
U.S. Gulf Coast Connectivity Enhancing connectivity to refining and terminalling facilities to serve growing demand for heavy crude oil PORT NECHES LINK P66 Beaumont Terminal Motiva Port Neches Terminal CITGO Sour Lake…
Intra-Alberta Pipeline Systems Connecting Alberta's oil sands production to key refining and export markets AB SK REMAINING CONTRACT TERM1 years FORT MCMURRAY Grand Rapids 19.6 White Spruce 19.3 OIL SANDS PRODUCTION…
Blackrod Connection Project Increasing connectivity in Alberta with current growth project AB SK Ready for in-service Early 2026 Capital cost 180 million FORT MCMURRAY EBITDA build multiple1 6x Connection from IPC's Blackrod…
Financial Overview
Investment-grade Financial Position Deleveraging profile de-risked by strong commercial underpinning, stable cash flows, and attractive growth outlook DEBT MATURITIES1 2 INVESTMENT-GRADE CREDIT RATINGS3 U.S. billions Moody's S&P…
Sustainable Dividend South Bow's stable cash flows underpin a sustainable base dividend with an attractive yield DIVIDEND PHILOSOPHY SOUTH BOWS CURRENT DIVIDEND Dividends will be the primary means of returning capital to 0.50…
2025 Outlook Financial outlook driven by highly contracted cash flows 2025 GUIDANCE NORMALIZED EBITDA millions Normalized EBITDA1 1,010 MM 3% 1,091 Interest expense 325 MM 2% Current tax rate 23% - 24% Distributable cash flow1 535 MM…
Appendix
Q4 & Year-end 2024 Results Three Months Ended Year Ended millions, except where noted Dec. 31, 2024 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2023 FINANCIAL RESULTS 1 Normalized EBITDA 290 278 1,091 1,074 Keystone Pipeline System 250 264…
Advisory Statements
Advisory Statements FORWARD-LOOKING INFORMATION This presentation contains certain forward-looking statements and forward-looking information (collectively, forward-looking statements), including forward-looking statements within the…
Advisory Statements BASIS OF PREPARATION All financial figures and information have been presented in U.S. dollars (which includes references to dollars and ), except where another currency has been indicated. ADVISORY CREDIT RATINGS…
Financial Reconciliations
Non-GAAP Reconciliations NORMALIZED EBITDA Normalized EBITDA is used as a measure of earnings from ongoing operations. Management uses this measure to monitor and evaluate the financial performance of the Companys operations and to…
Non-GAAP Reconciliations DISTRIBUTABLE CASH FLOW Distributable cash flow is used to assess the cash generated through business operations that can be used for South Bows capital allocation decisions, helping investors understand the…
Non-GAAP Reconciliations NET DEBT AND NET DEBT-TO-NORMALIZED EBITDA RATIO Net debt is used as a key leverage measure to assess and monitor South Bow's financing structure, providing an overview of the Company's long-term debt…
Contact Information SOUTH BOW CORPORATION 707 - 5 Street SW Calgary, AB Canada T2P 1V8 www.southbow.com INVESTOR RELATIONS Martha Wilmot Director, Investor Relations Ben Pike Investor Relations Analyst…
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