South Bow Corp. has reported rising figures for the first quarter of 2025, including a record throughput. The company said in its quarterly report that its net income was $88 million, up from $55 million for the previous quarter, but well below the $112 million reported for the corresponding quarter a year prior.
The company recorded normalized earnings before interest, taxes, depreciation and amortization (EBITDA) of $266 million. A decline in demand for uncommitted capacity on South Bow’s pipeline systems led to an 8 percent reduction in normalized EBITDA compared to the fourth quarter of 2024.
South Bow said its throughput in the first quarter reached 613,000 barrels per day (bbl/d) on the Keystone pipeline, with a System Operating Factor (SOF) of 98 percent, and approximately 726,000 bbl/d on the U.S. Gulf Coast segment of the Keystone pipeline system.
In April, the company activated emergency response protocols due to an oil release at MP-171 of the Keystone pipeline near Fort Ransom, North Dakota. The company was able to restart the pipeline within days.
South Bow’s Q1 revenue was $498 million, $10 million above that of the fourth quarter of 2024. However, the figure was below the $544 million reported for the corresponding quarter a year prior.
In the Western Canadian Sedimentary Basin, pipeline capacity for crude oil remains greater than the supply, South Bow said. Looking ahead, the uncommitted capacity demand on South Bow’s Keystone Pipeline is anticipated to stay low in the short term. Moreover, swiftly evolving global trade policies and tariffs have created economic and geopolitical instability, resulting in considerable fluctuations in commodity prices and pricing differentials, the company said.
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