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South Bow Corp (TSX & NYSE: SOBO) has reported its Q4 and full-year 2024 results following its spinoff from TC Energy on October 1, 2024. The company demonstrated strong operational performance with a 95% System Operating Factor and increased pipeline throughput by 5% to 626,000 barrels per day in 2024.
Financial highlights include:
- Q4 2024 revenue of $488 million and full-year revenue of $2.12 billion
- Q4 net income of $55 million ($0.26/share) and full-year net income of $316 million ($1.52/share)
- Q4 normalized EBITDA of $290 million, up 11% from Q3 2024
- Full-year normalized EBITDA of $1.091 billion, a 2% increase from 2023
The company declared a quarterly dividend of $0.50 per share, payable April 15, 2025. For 2025, South Bow projects normalized EBITDA of approximately $1.01 billion, with 90% secured through committed arrangements. The company expects its net debt-to-normalized EBITDA ratio to increase to approximately 4.8 times by end of 2025.
South Bow Corp (TSX & NYSE: SOBO) has announced the schedule for its fourth-quarter and year-end 2024 financial results release. The company will disclose its results after market close on March 5, 2025.
Following the release, South Bow's senior leadership will host a conference call and webcast on March 6, 2025, at 8 a.m. MT (10 a.m. ET) to discuss the results and provide their 2025 outlook. Participants can register in advance to receive a unique PIN for telephone access or use the 'Call Me' feature for automated dialing.
The event will be accessible through both conference call and webcast links provided by the company. A replay of the event will be available on the company's investor website at www.southbow.com/investors.
South Bow Corp (TSX & NYSE: SOBO) has announced its first-ever quarterly dividend of U.S.$0.50 per share. The dividend will be paid on January 31, 2025, to shareholders recorded as of December 31, 2024. The company has confirmed that these dividends will qualify as eligible dividends for Canadian tax purposes.
South Bow Corp (TSX & NYSE: SOBO) warns shareholders about an unsolicited mini-tender offer from TRC Capital Investment Corp. to purchase up to 3 million common shares (1.4% of outstanding shares) at C$31.95 per share. The offer price represents a 4.6% discount to the Oct. 28 closing price and a 7.4% discount to the Nov. 1 closing price. South Bow strongly recommends shareholders reject this below-market offer and exercise caution, noting that mini-tender offers typically avoid many investor protections required by Canadian and U.S. securities laws.
South Bow (SOBO) has officially launched as an independent company, separating from TC Energy The company's shares will begin trading on the Toronto Stock Exchange on Oct. 2, 2024, and are expected to start trading on the New York Stock Exchange around Oct. 8, 2024. South Bow is a liquids pipelines company connecting Canadian crude oil supply to U.S. Midwest and Gulf Coast markets.
The company plans to focus on creating long-term value through a disciplined approach to capital allocation, prioritizing financial strength and low-risk investments. South Bow intends to pay a strong and sustainable base dividend, with the inaugural dividend expected to be declared on Nov. 7, 2024, and paid on Jan. 31, 2025. TC Energy shareholders of record on Sept. 25, 2024, received one South Bow common share for every five TC Energy common shares owned.
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