South Bow Corp
For the period ended Dec 31, 2024. Filed Mar 6, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Mar 6, 2025
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Contents
EX-99.3 · Capital Program
Capital Program
| Year Ended December 31, | ||
|---|---|---|
| U.S.$ millions | 2024 | 2023 |
| Growth capital expenditures | 73 | 28 |
| Maintenance capital expenditures 1 | 61 | 19 |
| Separation capital expenditures | 7 | — |
| Total capital expenditures | 141 | 47 |
| Non-cash capital expenditures 2 | (19) | (10) |
| Capital expenditures 2 | 122 | 37 |
Maintenance capital expenditures are generally recoverable through South Bow’s tolling arrangements.
Per the consolidated statements of cash flows in the accompanying financial statements. Capital expenditures are presented in cash used in investing activities and non-cash capital expenditures are presented in the supplementary cash flow disclosures.
Capital expenditures were $122 million for the year ended December 31, 2024 attributable to growth capital and maintenance capital expenditures.
South Bow invested $73 million in growth capital expenditures in 2024, with $60 million of that towards the Blackrod Connection Project. The increase in maintenance capital expenditures incurred in 2024 are primarily attributable to capital investments incurred to support the Spinoff, including information systems and leasehold improvements.
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