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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EX-99.3 · Sensitivity Analysis
Sensitivity Analysis
South Bow’s financial performance and results are impacted by various factors, including changes in foreign currency rates and quantity of uncommitted Keystone volumes shipped. Fluctuations in these, and other factors, can have a positive or negative effect on normalized EBITDA. The following table summarizes the estimated impact of these factors on expected 2025 results:
| U.S.$ millions, except where noted | Increase or Decrease | Estimated Impact on Normalized EBITDA |
|---|---|---|
| Change in U.S. per Canadian dollar exchange rate | $0.05 | ± 10 |
| Change in Keystone uncommitted volumes (bbl/d) at IJT rates 1 | 2,500 | ± 5 |
- Change in uncommitted volumes shipped on Keystone at the posted International Joint Tariff (“IJT”) rates. Does not include make up right volumes charged at the variable toll.
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