South Bow Corp. has reported rising figures for the primary quarter of 2025, together with a file throughput. The corporate mentioned in its quarterly report that its web revenue was $88 million, up from $55 million for the earlier quarter, however properly beneath the $112 million reported for the corresponding quarter a 12 months prior.
The corporate recorded normalized earnings earlier than curiosity, taxes, depreciation and amortization (EBITDA) of $266 million. A decline in demand for uncommitted capability on South Bow’s pipeline programs led to an 8 % discount in normalized EBITDA in comparison with the fourth quarter of 2024.
South Bow mentioned its throughput within the first quarter reached 613,000 barrels per day (bbl/d) on the Keystone pipeline, with a System Working Issue (SOF) of 98 %, and roughly 726,000 bbl/d on the U.S. Gulf Coast section of the Keystone pipeline system.
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In April, the corporate activated emergency response protocols resulting from an oil launch at MP-171 of the Keystone pipeline close to Fort Ransom, North Dakota. The corporate was capable of restart the pipeline inside days.
South Bow’s Q1 income was $498 million, $10 million above that of the fourth quarter of 2024. Nonetheless, the determine was beneath the $544 million reported for the corresponding quarter a 12 months prior.
Within the Western Canadian Sedimentary Basin, pipeline capability for crude oil stays higher than the availability, South Bow mentioned. Trying forward, the uncommitted capability demand on South Bow’s Keystone Pipeline is anticipated to remain low within the quick time period. Furthermore, swiftly evolving world commerce insurance policies and tariffs have created financial and geopolitical instability, leading to appreciable fluctuations in commodity costs and pricing differentials, the corporate mentioned.
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