The South Bow Corporation (SOBO) SEC filings page brings together the company’s cross-border regulatory disclosures as an oil and gas midstream issuer. South Bow is a foreign private issuer that files with the U.S. Securities and Exchange Commission under Commission File No. 001-42021, using Form 40-F for its annual report and Form 6-K for current reports.
In these filings, investors can review South Bow’s management’s discussion and analysis, interim and annual financial statements, and detailed segment information for the Keystone Pipeline System, Marketing, and Intra-Alberta & Other. Recent Form 6-K submissions reference MD&A for periods ended June 30 and September 30, interim financial statements, and certifications by the chief executive officer and chief financial officer under Sections 302 and 906 of the Sarbanes-Oxley Act.
South Bow also files notices of reliance for South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., which relate to outstanding senior notes and junior subordinated notes. Separate filings describe exchange offers that allow holders of certain Canadian and U.S. notes to exchange their securities for new notes on specified terms, as outlined in Canadian and U.S. prospectuses.
Through these SEC documents, users can analyze how South Bow reports normalized EBITDA, distributable cash flow, net debt, capital expenditures, and leverage metrics, along with risk factors, market outlook commentary, and discussions of events such as the Milepost 171 incident on the Keystone Pipeline. Real-time updates from EDGAR combined with AI-powered summaries on this page can help readers quickly understand the content of lengthy filings, including 40-F annual reports, 6-K current reports, and subsidiary-related notices, without having to parse every technical detail manually.
South Bow Corporation furnished a Form 6-K providing Canadian securities regulators with notices that two financing subsidiaries, South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., rely on South Bow’s own continuous disclosure under National Instrument 51-102.
The filing includes unaudited consolidating summary financial information for the three months ended March 31, 2026 and 2025, showing total consolidated revenue of $491 million versus $498 million a year earlier and consolidated net income of $77 million versus $88 million. As at March 31, 2026, total consolidated current assets were $2,177 million and non-current assets $9,063 million, with current liabilities of $1,444 million and non-current liabilities of $7,135 million. South Bow fully and unconditionally guarantees the payment obligations under the notes issued by these 100%-owned subsidiaries.
South Bow Corporation furnished a Form 6-K providing Canadian securities regulators with notices that two financing subsidiaries, South Bow USA Infrastructure Holdings LLC and South Bow Canadian Infrastructure Holdings Ltd., rely on South Bow’s own continuous disclosure under National Instrument 51-102.
The filing includes unaudited consolidating summary financial information for the three months ended March 31, 2026 and 2025, showing total consolidated revenue of $491 million versus $498 million a year earlier and consolidated net income of $77 million versus $88 million. As at March 31, 2026, total consolidated current assets were $2,177 million and non-current assets $9,063 million, with current liabilities of $1,444 million and non-current liabilities of $7,135 million. South Bow fully and unconditionally guarantees the payment obligations under the notes issued by these 100%-owned subsidiaries.
South Bow Corporation reported first‑quarter 2026 revenue of $491 million, slightly below $498 million a year earlier, as weaker Marketing results offset stronger Keystone Pipeline performance. Net income was $77 million versus $88 million, with diluted EPS of $0.37.
Normalized EBITDA was $257 million, down from $266 million, while distributable cash flow increased to $168 million from $157 million, helped by lower current income taxes. The Keystone segment benefited from higher variable tolls, strong U.S. Gulf Coast demand, and $18 million of revenue from historical toll adjustments, while the Marketing segment saw lower volumes and realized and unrealized losses on risk management contracts.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion and distributable cash flow around $655 million, and expects its net debt‑to‑normalized EBITDA ratio of 4.7x to decrease modestly through 2026. The company maintained a quarterly dividend of $0.50 per share and ended the quarter with $599 million in cash and $5.75 billion of long‑term debt, with its first bond maturity in 2027.
Management again disclosed a material weakness in internal control over financial reporting tied to general IT controls following its ERP transition, noting that remediation efforts are largely designed and implemented but must operate for a longer period and be tested before the weakness is considered fully remediated.
South Bow Corporation reported first‑quarter 2026 revenue of $491 million, slightly below $498 million a year earlier, as weaker Marketing results offset stronger Keystone Pipeline performance. Net income was $77 million versus $88 million, with diluted EPS of $0.37.
Normalized EBITDA was $257 million, down from $266 million, while distributable cash flow increased to $168 million from $157 million, helped by lower current income taxes. The Keystone segment benefited from higher variable tolls, strong U.S. Gulf Coast demand, and $18 million of revenue from historical toll adjustments, while the Marketing segment saw lower volumes and realized and unrealized losses on risk management contracts.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion and distributable cash flow around $655 million, and expects its net debt‑to‑normalized EBITDA ratio of 4.7x to decrease modestly through 2026. The company maintained a quarterly dividend of $0.50 per share and ended the quarter with $599 million in cash and $5.75 billion of long‑term debt, with its first bond maturity in 2027.
Management again disclosed a material weakness in internal control over financial reporting tied to general IT controls following its ERP transition, noting that remediation efforts are largely designed and implemented but must operate for a longer period and be tested before the weakness is considered fully remediated.
South Bow Corporation reported that shareholders approved all resolutions at its annual general meeting held May 7, 2026. Investors confirmed an 11‑member board, with support for individual directors ranging from 97.76% to 99.68% of shares represented at the meeting.
Shareholders also approved the appointment of KPMG LLP as auditors with 99.84% support, and endorsed South Bow’s approach to executive compensation with 96.96% support. The company operates 4,900 kilometres of crude oil pipelines connecting Alberta supply to key U.S. refining markets.
South Bow Corporation reported that shareholders approved all resolutions at its annual general meeting held May 7, 2026. Investors confirmed an 11‑member board, with support for individual directors ranging from 97.76% to 99.68% of shares represented at the meeting.
Shareholders also approved the appointment of KPMG LLP as auditors with 99.84% support, and endorsed South Bow’s approach to executive compensation with 96.96% support. The company operates 4,900 kilometres of crude oil pipelines connecting Alberta supply to key U.S. refining markets.
South Bow Corporation reported first-quarter 2026 results showing steady operations and cash generation. Revenue was $491 million, with net income of $77 million or $0.37 per share. Normalized EBITDA reached $257 million, slightly above the prior quarter, supported by stronger Marketing contributions.
The company generated $168 million of distributable cash flow and declared a quarterly dividend of $0.50 per share, returning $104 million to shareholders. Net debt was $4.7 billion, for a net debt-to-normalized EBITDA ratio of 4.7x. Keystone Pipeline throughput averaged 616,000 barrels per day with a 95% System Operating Factor.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion, with roughly 90% expected from committed arrangements. The Blackrod Connection Project entered commercial service and is expected to contribute about $10 million in normalized EBITDA in 2026, while the board approved a July 15, 2026 dividend payment for shareholders of record on June 30, 2026.
South Bow Corporation reported first-quarter 2026 results showing steady operations and cash generation. Revenue was $491 million, with net income of $77 million or $0.37 per share. Normalized EBITDA reached $257 million, slightly above the prior quarter, supported by stronger Marketing contributions.
The company generated $168 million of distributable cash flow and declared a quarterly dividend of $0.50 per share, returning $104 million to shareholders. Net debt was $4.7 billion, for a net debt-to-normalized EBITDA ratio of 4.7x. Keystone Pipeline throughput averaged 616,000 barrels per day with a 95% System Operating Factor.
South Bow reaffirmed its 2026 guidance, projecting normalized EBITDA of about $1.03 billion, with roughly 90% expected from committed arrangements. The Blackrod Connection Project entered commercial service and is expected to contribute about $10 million in normalized EBITDA in 2026, while the board approved a July 15, 2026 dividend payment for shareholders of record on June 30, 2026.
South Bow Corporation has filed a Form 6-K announcing key upcoming investor events. The company will release its first-quarter 2026 financial and operational results after markets close on May 7, 2026, followed by a results conference call and webcast on May 8, 2026 at 8 a.m. MT (10 a.m. ET).
South Bow will also hold its virtual annual general meeting of shareholders on May 7, 2026 at 8 a.m. MT (10 a.m. ET). The company notes that audited financial statements and management’s discussion and analysis for the year ended December 31, 2025 are available online or as free printed copies on request.
The filing also reiterates that South Bow operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure connecting Alberta supplies to U.S. refining markets and that its common shares trade on the TSX and NYSE under the symbol SOBO.
South Bow Corporation is convening a fully virtual 2026 annual general meeting of shareholders on May 7, 2026 at 8:00 a.m. Mountain time via the LUMI platform. Shareholders will vote on electing 11 directors, appointing KPMG LLP as auditor, and a non-binding “say on pay” resolution, and will receive the 2025 audited financial statements.
The circular outlines South Bow’s liquids pipeline business, including 4,900 km of pipelines, 1.25 MMbbl/d delivery capacity, 7.7 MMbbl of storage, and a sustainable base dividend of $2.00 per share. The board is majority independent, operates four key committees, and emphasizes governance, risk oversight, and board renewal.
South Bow Corporation filed a Form 6-K providing Canadian “notice of reliance” for its U.S. and Canadian infrastructure holding subsidiaries, which use South Bow’s own disclosure to satisfy their reporting obligations under NI 51-102. South Bow fully and unconditionally guarantees the notes issued by these 100%-owned subsidiaries.
The filing includes unaudited consolidated summary financial information in millions of U.S. dollars. Total consolidated revenue was 1,986 for 2025 and 2,120 for 2024, with net income of 433 for 2025 and 316 for 2024. As of December 31, 2025, total consolidated current assets were 2,015 and non-current assets were 9,178, against current liabilities of 1,341 and non-current liabilities of 7,143.
South Bow Corporation has filed its 2025 annual disclosure documents dated for the year ended December 31, 2025. These include audited consolidated financial statements with notes, management's discussion and analysis, and the annual information form.
The documents are available on South Bow's website, its SEDAR+ profile, and through its U.S. Securities and Exchange Commission filings. South Bow operates 4,900 kilometres of crude oil pipelines linking Alberta supplies to key U.S. refining markets, and its common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under the symbol SOBO.
South Bow Corporation filed its Annual Report on Form 40-F, incorporating its Annual Information Form, audited financial statements and MD&A by reference.
The filing states 208,250,512 common shares outstanding as of December 31, 2025. The MD&A (incorporated by reference) describes a disclosed material weakness and remediation efforts in the Company’s internal controls over financial reporting.
South Bow Corporation reports a proposed sale of 150,451 common shares. The notice shows the shares arise from a stock option exercise through a cashless exercise on 03/09/2026 and lists the TSX as the trading market. The filing is a Rule 144 notice of proposed sale by the holder.