Core Viewpoint - South Bow Corp. has announced the extension of the expiration dates for its Canadian and U.S. Exchange Offers related to certain outstanding notes, providing holders additional time to exchange their notes for new series with the same interest rates and due dates [1][3][6]. Canadian Exchange Offer - The expiration date for the Canadian Exchange Offer has been extended from 5:00 p.m. ET on August 4, 2025, to 5:00 p.m. ET on August 6, 2025 [3]. - Holders of the 7.625% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 and 7.500% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 are offered the opportunity to exchange their notes for new series with the same interest rates and due dates [2][4]. - The deadline to withdraw tenders of the Initial Canadian Notes has also been extended to the new expiration date, with all other terms remaining unchanged [3][4]. U.S. Exchange Offer - The expiration date for the U.S. Exchange Offer has similarly been extended from 5:00 p.m. ET on August 4, 2025, to 5:00 p.m. ET on August 6, 2025 [6][7]. - Holders of the 4.911% Senior Notes due 2027, 5.026% Senior Notes due 2029, 5.584% Senior Notes due 2034, and 6.176% Senior Notes due 2054 are offered the opportunity to exchange their notes for new series with the same interest rates and due dates [5][8]. - The deadline to withdraw tenders of the Initial U.S. Notes has also been extended to the new expiration date, with all other terms remaining unchanged [7][8]. Company Overview - South Bow operates 4,900 kilometers (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets [12]. - The company is based in Calgary, Alberta, and is an investment-grade spinoff of TC Energy, having become a standalone entity on October 1, 2024 [12].

Financial Performance - Kinder Morgan reported quarterly earnings of 28 cents per share, exceeding the analyst consensus estimate of 27 cents [1] - Quarterly revenue reached $4.04 billion, surpassing the analyst consensus estimate of $3.74 billion and showing an increase from $3.572 billion in the same period last year [1] Future Outlook - The company affirmed its fiscal 2025 adjusted EPS guidance of $1.27 per share, aligning with the $1.27 estimate [3] - Executive Chairman Richard D. Kinder expressed optimism about the company's future, citing growing natural gas demand forecasts and a supportive regulatory environment [2] Stock Performance - Kinder Morgan's stock was up 0.14% at $27.95 in extended trading on the day of the earnings release [3]

Core Insights - Kinder Morgan (KMI) is recognized as one of the largest and most renowned companies in the energy sector, headquartered in Houston, Texas [1] Investment Strategy - The focus is on long-term growth and dividend growth investing, with an emphasis on identifying undervalued stocks and high-quality dividend-growing companies [1] - Profitability is prioritized as a safer driver of gains compared to low valuation, highlighting the importance of margins, free cash flow stability and growth, and returns on invested capital [1] - Continuous research is conducted on high-quality companies to uncover potential investment opportunities [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 an investment-grade spinoff of TC Energy, having become a standalone entity on October 1, 2024 [6] Financial Results Announcement - South Bow Corp. will release its second-quarter 2025 financial and operational results after the close of markets on August 6, 2025 [1] - A conference call and webcast to discuss these results will be held on August 7, 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 can be accessed by telephone or through an automated call option [3] - A replay of the event will be available on the company's investor relations website [4]

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The service offers a free two-week trial for potential investors to explore exclusive income-focused portfolios [1] Group 2 - The author has over 14 years of investment experience and an MBA in Finance, focusing on defensive stocks with a medium- to long-term investment horizon [2]

Financial Data and Key Metrics Changes - The company reported a normalized EBITDA of $266 million for the first quarter of 2025, demonstrating a solid financial start to the year [4] - The company reaffirmed its normalized EBITDA guidance for 2025 at $1.01 billion, indicating confidence in its financial resilience despite market volatility [8][13] Business Line Data and Key Metrics Changes - Approximately 90% of the company's EBITDA is contracted over the next seven years, which mitigates commodity price and volumetric risks [7] - The company successfully completed the pipeline scope of the Blackrod Connection project, contributing to its operational capabilities [5] Market Data and Key Metrics Changes - The company expects to maintain its contractual commitments of 585,000 barrels per day despite operational pressure restrictions due to the Milepost 171 incident [10][71] - The company has observed headwinds against uncontracted volumes due to increased pipeline egress capacity and tariff uncertainties [43][46] Company Strategy and Development Direction - The company is focused on maintaining a risk-managed approach to capital allocation while pursuing growth opportunities that leverage existing infrastructure [17] - The management emphasized the importance of pipeline integrity and safety, committing to ongoing investments in integrity programs [6][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of cash flows due to highly contracted business, despite challenges from the Milepost 171 incident [22] - The company is committed to providing transparent updates to stakeholders as it learns more about the incident and its implications [16] Other Important Information - The company has mobilized over 300 resources in response to the Milepost 171 incident, successfully containing environmental impacts and restoring operations [9][10] - The management highlighted that insurance policies are expected to cover most costs associated with the incident [10][40] Q&A Session Summary Question: Can you elaborate on the range of outcomes post-incident? - Management emphasized that 90% of EBITDA is contracted, reducing risk on the base business, and they are working closely with regulators to assess maintenance activities [21][22] Question: What are the learnings from the incident for future prevention? - Management stated that pipeline integrity and safety are top priorities, with significant investments made in inline inspections and integrity programs [24][25] Question: What is the expected duration of pressure restrictions? - Management indicated it is too early to speculate on the timeframe for pressure restrictions, as investigations are ongoing [30][32] Question: How will the incident impact leverage and costs? - Management expects all costs related to the incident to be covered by insurance or variable tolls, maintaining the debt to EBITDA ratio [39][40] Question: What is the outlook for uncommitted volumes? - Management noted that while there are headwinds against uncontracted barrels, the base business remains stable due to high contract commitments [43][46] Question: What is the long-term growth outlook? - Management highlighted the Blackrod project as a key contributor to future EBITDA growth, with expectations for tightening egress volumes in 2026 [49][50] Question: What is the company's stance on potential asset sales? - Management confirmed that all assets are core and there are no current plans for asset sales, but they remain open to future opportunities [57][58] Question: How is the company responding to market conditions post-election? - Management expressed optimism about the regulatory environment and its impact on capital allocation decisions [53][54]

Core Points - South Bow Corp. held its annual general meeting on May 15, 2025, where shareholders approved all resolutions presented [1][2] - The company appointed 11 board members with voting in favor ranging from 96.51% to 99.83% [1] - KPMG LLP was appointed as the company's auditors with 99.76% of votes in favor [2] - The approach to executive compensation was accepted with 95.95% of votes in favor [2] Company Overview - South Bow operates 4,900 kilometers (3,045 miles) of crude oil pipeline infrastructure, connecting Alberta crude oil supplies to U.S. refining markets [2] - The company is based in Calgary, Alberta, and is a spinoff from TC Energy, officially becoming a standalone entity on October 1, 2024 [2]

Group 1 - Pembina Pipeline reported revenue of $1.59 billion for the quarter ended March 2025, reflecting a 39.2% increase year-over-year [1] - The company's EPS for the quarter was $0.56, slightly up from $0.54 in the same quarter last year [1] - Revenue fell short of the Zacks Consensus Estimate of $1.6 billion, resulting in a surprise of -0.48%, while EPS also missed the consensus estimate of $0.57 by -1.75% [1] Group 2 - Over the past month, Pembina Pipeline's shares returned +9.4%, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market [3] Group 3 - Total pipeline volumes reached 2808 million barrels of oil equivalent per day, slightly above the average estimate of 2799.12 million barrels [4] - Conventional pipeline volumes were 1033 million barrels per day, compared to the average estimate of 1052.21 million barrels [4] - Transmission pipeline volumes were 740 million barrels per day, exceeding the average estimate of 707.5 million barrels [4] - Marketing & New Ventures volumes totaled 369 million barrels per day, significantly higher than the estimated 302.01 million barrels [4] - Facilities volumes for gas services were 619 million barrels per day, close to the estimate of 621.53 million barrels [4] - NGL services volumes were 277 million barrels per day, surpassing the average estimate of 264.34 million barrels [4]

Core Insights - Enterprise Products Partners (EPD) reported a revenue of $15.42 billion for the quarter ended March 2025, reflecting a year-over-year increase of 4.5% and a positive surprise of 9.42% over the Zacks Consensus Estimate of $14.09 billion [1] - The earnings per share (EPS) for the quarter was $0.64, down from $0.66 in the same quarter last year, resulting in an EPS surprise of -7.25% against the consensus estimate of $0.69 [1] Financial Performance Metrics - NGL Pipelines & Services reported daily NGL fractionation volumes of 1,652 million barrels of oil, exceeding the average estimate of 1,613.15 million barrels [4] - Fee-based natural gas processing volumes were 7,181 million barrels of oil, surpassing the estimated 7,062.97 million barrels [4] - NGL pipeline transportation volumes were 4,447 million barrels of oil, slightly below the estimate of 4,458.61 million barrels [4] - Natural gas transportation volumes reached 20,310 BBtu/D, exceeding the average estimate of 20,175.16 BBtu/D [4] - Butane isomerization volumes were 114 million barrels of oil, below the estimate of 120.07 million barrels [4] - Propylene fractionation volumes were 113 million barrels of oil, above the estimate of 104.11 million barrels [4] - Octane enhancement and related plant sales volumes were 46 million barrels of oil, significantly exceeding the estimate of 31.03 million barrels [4] - Equity NGL production was 225 million barrels of oil, surpassing the estimate of 196.18 million barrels [4] Gross Operating Margins - Gross operating margin for NGL Pipelines & Services was $1.42 billion, slightly below the average estimate of $1.46 billion [4] - Gross operating margin for Petrochemical & Refined Products Services was $315 million, below the estimate of $352.84 million [4] - Gross operating margin for Natural Gas Pipelines & Services was $357 million, exceeding the estimate of $342.12 million [4] - Gross operating margin for Crude Oil Pipelines & Services was $374 million, below the estimate of $411.62 million [4] Stock Performance - Shares of Enterprise Products have returned +2.1% over the past month, compared to the Zacks S&P 500 composite's +11.3% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Performance - Q1 2025 - Loews Corporation's net income was $370 million, or $1.74 per share, compared to $457 million, or $2.05 per share, in Q1 2024[13] - Dividends from subsidiaries totaled $686 million in Q1 2025[13] - Parent company cash and investments stood at $3.5 billion as of March 31, 2025[8, 13] - Book value per share excluding AOCI increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024[13] Subsidiary Performance - Q1 2025 - CNA's net income attributable to Loews decreased to $252 million, primarily due to lower underwriting income[14, 16] - Boardwalk's net income attributable to Loews increased to $152 million due to increased revenues[14, 16] - Loews Hotels' net income attributable to Loews decreased to $0 million primarily due to lower equity income from joint ventures[14, 16] CNA Financial Highlights - Q1 2025 - CNA's net written premiums increased to $2.606 billion from $2.390 billion[27] - CNA's underlying combined ratio was 92.1%, while the combined ratio was 98.4%[27] Boardwalk Pipelines Highlights - Q1 2025 - Boardwalk's operating revenue increased to $619 million from $511 million[30] - Boardwalk's net income attributable to Loews increased to $152 million from $121 million[30] - Boardwalk's EBITDA was $346 million[30] Loews Hotels & Co Highlights - Q1 2025 - Loews Hotels & Co's revenue increased to $245 million from $216 million[32] - Loews Hotels & Co's Adjusted EBITDA was $81 million[32]