Tuesday’s Keystone pipeline spill resulted in roughly 3,500 barrels of crude oil being released in North Dakota.While that might not sound like much, the issue has halted the flow of millions of gallons of crude oil on the way from Canada to U.S. refineries. The $5.2 billion pipeline transported an average of 624,000 barrels, roughly 26 million gallons, in 2024.Here’s the rub — refineries keep a supply of crude on hand — but if the shutdown continues for a couple of more days, gas, and diesel in particular, ...

Core Points - South Bow Corp has shut down the Keystone Pipeline due to an oil release incident near Fort Ransom, North Dakota [1] - The shutdown was initiated after leak detection systems identified a pressure drop, with the system being fully shut down within two minutes [2] - Approximately 3,500 barrels of oil have been estimated to be released from the pipeline [2] Response Efforts - The company has activated emergency response procedures, focusing on onsite staff safety, community well-being, and environmental protection [3] - Continuous air and environmental monitoring has been established to mitigate risks associated with the incident [3] - South Bow will provide ongoing updates regarding the situation on its website [3] Forward-Looking Statements - The news release includes forward-looking statements regarding the company's response efforts and future updates related to the oil release [4][5] - These statements are based on assumptions about market conditions, regulatory approvals, and operational costs [5][6] - The company does not guarantee the accuracy of these forward-looking statements, as they are subject to various risks and uncertainties [6][7]

Company Overview - South Bow Corporation has officially listed on the Toronto Stock Exchange (TSX) [1] - The company was previously part of TC Energy's liquid pipelines business and became a standalone entity in 2024 [2] Operational Highlights - South Bow delivers 1.25 million barrels of crude oil daily through its pipeline infrastructure [2] - The company connects Alberta crude oil supplies to U.S. refining markets located in Illinois, Oklahoma, and the U.S. Gulf Coast [2] - South Bow emphasizes safe and reliable transportation to North America's highest demand markets [2]

Financial Data and Key Metrics Changes - South Bow generated normalized EBITDA of $1.09 billion and distributable cash flow of $608 million in 2024 [13] - The company expects to generate normalized EBITDA of $1.01 billion in 2025, reflecting a range of 3% [15] - The net debt to normalized EBITDA ratio is forecasted to be approximately 4.8x by the end of 2025 [16] Business Line Data and Key Metrics Changes - The marketing segment is expected to see a reduction of approximately $30 million year-over-year due to decreased activity and certain unwinds of positions to reduce risk [99] - 90% of normalized EBITDA is secured through committed arrangements, minimizing commodity price or volumetric risk [14][28] Market Data and Key Metrics Changes - There is significant demand for uncommitted capacity on Keystone and continued strength in demand for capacity on the U.S. Gulf Coast segment [14] - The company has observed extreme demand in the Gulf Coast for heavy barrels out of Canada, indicating strong supply and demand fundamentals [24] Company Strategy and Development Direction - The company is focused on leveraging existing infrastructure to deliver high returns for shareholders, with a keen interest in energy solutions in the U.S. and Canada [11] - South Bow's capital allocation priorities include paying a sustainable dividend and strengthening its investment-grade financial position [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to manage risks associated with tariffs and market volatility, with a strong contracted base supporting guidance [28][29] - The company is entering 2025 in a strong financial position and remains on track to meet near-term deleveraging targets [16] Other Important Information - The company received approval from PHMSA to lift pressure restrictions on a segment of the Keystone system, which is expected to improve operational efficiency [96] - The ongoing uncertainty around tariffs may create headwinds for uncommitted capacity, prompting a shift towards a more contracted strategy [15][72] Q&A Session Summary Question: Discussion on open season and interest levels - Management noted that Western Canadian sedimentary basin has been egress constrained for years, but there is encouragement from both supply and demand fundamentals [22][24] Question: Changes in long-term debt-to-EBITDA target - Management confirmed a focus on deleveraging to reach a target of four times by 2028, emphasizing the importance of maintaining a strong balance sheet [26] Question: Guidance on tariffs and downside risks - Management indicated that 90% of EBITDA is contracted, allowing for management of uncertainties within a 3% range [28][29] Question: Future growth opportunities and recapitalized optionality - Management discussed the pre-capitalized corridors and ongoing optimization of existing infrastructure to enhance capacity [38][40] Question: Marketing strategy and market conditions - Management highlighted a shift towards a contracted marketing strategy to mitigate volatility and improve shareholder value [72][106] Question: Variable toll issues and customer relations - Management is prioritizing customer-centric solutions and is in discussions to resolve ongoing commercial and legal issues [78][81] Question: Long-term EBITDA growth outlook - Management expressed confidence in achieving a 2% to 3% growth rate, driven by increased delivery points and capturing additional volumes [87][106] Question: PHMSA approval impact on capacity - Management confirmed that lifting the pressure restriction will enhance operational efficiency but did not provide specific throughput increases [96] Question: Balancing growth and deleveraging - Management stated that growth opportunities are aligned with deleveraging efforts, particularly through projects within pre-capitalized corridors [110][111]

Corporate Presentation MARCH 2025 South Bow at a Glance A strategic liquids pipelines franchise connecting resilient supply to the strongest demand markets in North America OPERATIONAL HIGHLIGHTS | 4,900 | km | Pipeline footprint | | --- | --- | --- | | 1.25 | MMbbl/d | Delivered safely and reliably | | 7.6 | MMbbl/d | Terminal storage capacity | FINANCIAL HIGHLIGHTS1 | 208 million | Shares outstanding | | --- | --- | | $5.5 billion | Market capitalization | | $11.0 billion | Enterprise value2 | | $2.00 /sh ...

Financial Data and Key Metrics Changes - South Bow generated normalized EBITDA of $1.09 billion and distributable cash flow of $608 million in 2024 [13] - The company expects to generate normalized EBITDA of $1.01 billion in 2025, reflecting a range of 3% [15] - The net debt to normalized EBITDA ratio is forecasted to be approximately 4.8% by the end of 2025 [16] Business Line Data and Key Metrics Changes - 90% of normalized EBITDA is secured through committed arrangements, minimizing commodity price or volumetric risk [14] - The marketing segment is expected to see a reduction of approximately $30 million year-over-year due to reduced activity and certain unwinds of positions [99] Market Data and Key Metrics Changes - There is significant demand for uncommitted capacity on Keystone and continued strength in demand for capacity on the U.S. Gulf Coast segment [14] - The company has observed extreme demand in the Gulf Coast for heavy barrels out of Canada, indicating strong supply and demand fundamentals [24] Company Strategy and Development Direction - South Bow aims to leverage existing infrastructure to deliver high returns for shareholders, with a focus on capital allocation priorities and risk management [10] - The company is committed to maintaining a sustainable dividend while strengthening its investment-grade financial position [10][17] - Future growth will be pursued within risk preferences, with a focus on optimizing existing corridors and enhancing contracted strategies [12][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong financial position entering 2025 and the ability to meet near-term deleveraging targets [16] - The ongoing uncertainty around tariffs may create headwinds for uncommitted capacity, but the company believes it can manage risks within its guidance [29] Other Important Information - The company received approval from PHMSA to lift pressure restrictions on a segment of the Keystone system, which is expected to improve operational efficiency [96] - The variable toll complaint process is ongoing, with decisions awaited from both Canadian and U.S. regulatory bodies [78] Q&A Session Summary Question: Discussion on open season and interest levels - Management noted that Western Canadian sedimentary basin has been egress constrained for years, but there is encouragement from both supply and demand fundamentals [22][24] Question: Changes in long-term debt-to-EBITDA target - Management confirmed a focus on deleveraging to reach a target of four times by 2028, emphasizing the importance of maintaining a strong balance sheet [26] Question: Guidance on tariffs and downside risks - Management indicated that 90% of EBITDA is contracted, allowing for stability despite market uncertainties, and they believe they can manage risks within a 3% range [28][29] Question: Future growth opportunities and recapitalized optionality - Management highlighted the importance of leveraging existing infrastructure and optimizing capital investments to support growth [39][40] Question: Marketing strategy and market conditions - Management is shifting towards a more contracted marketing strategy to mitigate volatility and improve shareholder value [71][106] Question: PHMSA approval impact on capacity - Management stated that the approval will enhance operational efficiency but did not provide specific throughput increases at this time [97] Question: Long-term EBITDA growth outlook - Management expressed confidence in achieving a 2% to 3% growth rate, driven by increased delivery points and capturing additional volumes [87][106]

EXHIBIT 99.1 NEWS RELEASE South Bow Reports Fourth-quarter and Year-end 2024 Results, Provides 2025 Outlook, and Declares Dividend CALGARY, Alberta, March 05, 2025 (GLOBE NEWSWIRE) -- South Bow Corp. (TSX & NYSE: SOBO) (South Bow or the Company) reports its fourth-quarter and year-end 2024 financial and operational results and provides its 2025 outlook. Unless otherwise noted, all financial figures in this news release are in U.S. dollars. Highlights Spinoff transaction Safety and operational performance Fi ...

Core Viewpoint - South Bow Corp. reports strong financial and operational results for 2024, highlighting its successful spinoff from TC Energy and providing an optimistic outlook for 2025, despite anticipated challenges in the market. Spinoff Transaction - South Bow launched as an independent company on October 1, 2024, completing its separation from TC Energy Corp. [5] - The company raised approximately $5.8 billion through an initial notes offering on August 28, 2024, and repaid outstanding long-term debt to TC Energy affiliates on the spinoff date [5]. Safety and Operational Performance - South Bow achieved record occupational and process safety performance in 2024 [5]. - The Keystone Pipeline recorded an annual System Operating Factor (SOF) of 95%, with average throughput of approximately 626,000 barrels per day (bbl/d), a 5% increase from 2023 [5]. - The U.S. Gulf Coast segment of the Keystone Pipeline System averaged approximately 795,000 bbl/d, increasing by 15% relative to 2023 [5]. Financial Performance - South Bow generated revenue of $488 million and $2,120 million for the three months and year ended December 31, 2024, respectively [11]. - The company recognized net income of $55 million ($0.26/share) and $316 million ($1.52/share) for the same periods [11]. - Normalized EBITDA for the year ended December 31, 2024, was $1,091 million, a 2% increase from 2023 [11]. - Distributable cash flow was $183 million and $608 million for the three months and year ended December 31, 2024, respectively [11]. Capital Expenditures and Debt - South Bow exited 2024 with total long-term debt of $5.7 billion and net debt of $4.9 billion, with a net debt-to-normalized EBITDA ratio of 4.5 times [11]. - The company expects its net debt-to-normalized EBITDA ratio to increase modestly in 2025 due to investments in the Blackrod Connection Project and one-time spinoff costs [6]. Returns to Shareholders - South Bow declared its inaugural quarterly dividend of $104 million ($0.50/share) on November 7, 2024, and plans to pay a similar dividend on April 15, 2025 [12]. 2025 Guidance - The company projects normalized EBITDA of approximately $1.01 billion for 2025, with about 90% secured through committed arrangements [20]. - Distributable cash flow is expected to be approximately $535 million, which will fund the anticipated annual dividend of $416 million ($2.00/share) [20]. - Capital expenditures for growth are estimated at $110 million for the Blackrod Connection Project in 2025 [20].

Group 1 - South Bow Corporation (TSX: SOBO:CA) (NYSE: SOBO) shares are expected to provide significant upside for investors in the current uncertain environment influenced by US tariffs on other countries [1] - The analyst has over twenty years of experience in sell-side equity research, corporate and project finance, M&A, and valuations, with a focus on Canadian electric utilities and infrastructure sectors [1] - The analyst has been recognized as a top-rated equity research analyst by Institutional Investor and Extel surveys, indicating a strong reputation in the field [1] Group 2 - The article emphasizes the importance of actionable investment ideas and the value of clear arguments in making informed investment decisions [1]

Company Overview - South Bow Corp. operates 4,900 kilometres (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets in Illinois, Oklahoma, and the U.S. Gulf Coast [6] - The company is based in Calgary, Alberta, and is a spinoff from TC Energy, officially becoming a standalone entity on October 1, 2024 [6] Financial Results Announcement - South Bow Corp. will release its fourth-quarter and year-end 2024 financial and operational results after the close of markets on March 5, 2025 [1] - A conference call and webcast to discuss these results and the 2025 outlook will be held on March 6, 2025, at 8 a.m. MT (10 a.m. ET) [2] Conference Call Details - Participants can register for the conference call via a provided link to receive a unique PIN for access [3] - The conference call will also be available for replay on the company's investor relations website following the event [4]