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Pipeline company South Bow sees profits, revenues fall in first quarter

South Bow Corp., a crude pipeline operator based in Calgary, reported lower profits and revenues for the first quarter of 2025 compared to 2024.
The decline followed a year-over-year drop in net income from $112 million to $88 million amid a pipeline rupture and reduced oil flow.
In early April, a Keystone pipeline segment ruptured in North Dakota, spilling over 556,000 litres of oil, with most recovered and cleanup expected by mid-year.
In the first quarter, the Keystone pipeline transported approximately 613,000 barrels daily, a decrease from 643,000 barrels per day recorded in the same period last year, reflecting continued low demand for uncommitted capacity.
South Bow cited excess Western Canada pipeline capacity and global trade uncertainties as factors causing volatile commodity prices and subdued near-term capacity demand.

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