CALGARY, Alberta, Oct. 01, 2024 (GLOBE NEWSWIRE) -- South Bow Corporation (South Bow) is launching as an independent company after completing its planned separation from TC Energy Corporation (TC Energy). South Bow's common shares will commence trading on the Toronto Stock Exchange (TSX) on Oct. 2, 2024, and are expected to commence trading on the New York Stock Exchange (NYSE) on or about Oct. 8, 2024, under the ticker symbol SOBO.
"Today is an exciting day for South Bow as we start a new chapter of safely and reliably delivering energy and forging progress as a critical North American energy infrastructure company," said Bevin Wirzba, South Bow's President and Chief Executive Officer. "We are confident that as a standalone, publicly traded company, we will unlock significant value from our unrivalled market position. Supported by strong business fundamentals and a robust backdrop for crude oil supply and demand, we are focused on creating long-term value for our customers, communities, employees, and shareholders."
"On behalf of South Bow's leadership team and board of directors, I want to thank our team of founders for their tremendous efforts and dedication in getting us to this new beginning. It is a privilege to launch this company and celebrate this milestone alongside them," added Wirzba.
South Bow is a liquids pipelines company that connects resilient Canadian crude oil supply to the strongest demand and refining markets in the U.S. Midwest and Gulf Coast through its strategic corridor, high-quality contractual framework, and investment-grade financial position. South Bow plans to take a disciplined approach to capital allocation to deliver a compelling return to shareholders, prioritizing strengthening its financial position and pursuing low-risk, modest capital investments that enhance and expand its pre-capitalized corridor. South Bow intends to pay a strong and sustainable base dividend that is underpinned by a stable cash flow profile.
South Bow intends to declare its inaugural dividend on Nov. 7, 2024. The dividend is expected to be paid on Jan. 31, 2025 to shareholders of record on Dec. 31, 2024. Dividends are subject to the discretion and approval of South Bow's board of directors.
South Bow common shares were distributed on Oct. 1, 2024 to ...
