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We’ve taken a successful liquids pipeline business that delivers strong results and combined it with the extensive experience of our leadership team to create a disciplined, resilient and strategically positioned franchise – South Bow.

A premier liquids pipeline company

South Bow is a low-risk, liquids transportation and storage business focused on enhancing the value of its unrivalled asset base.  

Shareholder value will be created through our:  

Strategic franchise in a premium corridor

Commercial and operational excellence

Unrivalled contractual framework

Robust business fundamentals

Why South Bow ?

South Bow will build upon its already established business and solid foundation to unlock the full potential of its competitive corridor, connecting critical western Canadian crude oil supply to key refining and demand markets in the U.S. Midwest and Gulf Coast. 

South Bow’s Premium Value Proposition

Number 1
Strong and sustainable base dividend

South Bow will pay a sustainable dividend with an attractive yield.

Number 2
Irreplaceable assets with a compelling growth profile

South Bow’s growth is focused on expanding its strategic corridor to offer competitive delivery connections and enhanced optionality to customers.

Number 3
Financial strength and investment-grade capital structure

South Bow has de-risked its deleveraging profile with its resilient business model and stable, low-risk cash flows.


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Investor presentation
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Management information circular
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Annual general meeting
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Shareholder information

Separation from TC Energy is in progress with an anticipated close date between late Q3 2024 and mid-Q4 2024. For historical information related to the South Bow spinoff, please visit TC Energy | South Bow Spinoff. TC Energy shareholders are not required to take any immediate action.

Tax information

The transaction is generally expected to be tax-free to TC Energy’s – and now South Bow’s – Canadian and U.S. shareholders as well as the company and its affiliates. TC Energy has shareholders across the globe, many of whom have unique tax profiles. We encourage you to seek tax advice for your particular situation.


The initial combined dividends of TC Energy and South Bow will be equivalent to TC Energy’s annual dividend immediately prior to the completion of the spinoff, with the expected dividend split being 14% for South Bow and 86% for TC Energy. Following the spinoff, future dividends will be at the discretion of each company’s board of directors.

Treatment of South Bow Shares

TC Energy shareholders will receive 0.2 of a South Bow common share and one new TC Energy common share for each common share of TC Energy held as of the distribution record date. The distribution record date will be communicated via press release in the coming weeks. The spinoff is expected to be tax-free for TC Energy’s Canadian and U.S. shareholders.