South Bow (SOBO)

Its core asset is the Keystone Pipeline System, a major cross-border network that links crude supply in Western Canada with refining and storage markets in the United States, including the Midwest and the Gulf Coast region. This system is the company’s largest revenue contributor and underpins its role in connecting producing basins with high-demand refining centres. South Bow’s portfolio also includes assets and projects such as the Marketlink Pipeline System, Grand Rapids Pipeline System, White Spruce Pipeline System, Port Neches Link, and the Blackrod connection project.

The business is organised around three reporting segments: Keystone Pipeline System, Marketing, and Intra-Alberta & Other. Pipeline operations provide contracted transportation services, while the marketing business supports commercial optimisation around crude movements and market access. The Intra-Alberta and other assets give South Bow additional exposure to regional liquids infrastructure in Canada.

As a stock, South Bow is tied to themes including North American energy demand, crude oil logistics, pipeline utilisation, regulatory oversight, and long-term contracting. Its business is less about producing oil and more about moving it safely and reliably across a large network that serves producers, refiners, and other energy market participants.