South Bow Corp
For the period ended Dec 31, 2025. Filed Mar 16, 2026.
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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.
FY2025 · Filed Mar 16, 2026
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Contents
EX-99.2 · Commitments
Commitments
The Company's commitments as at December 31, 2025 are below:
| U.S.$ millions | Total | 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter |
|---|---|---|---|---|---|---|---|
| Operating commitments 1 | 130 | 29 | 8 | 24 | 14 | 15 | 40 |
| Transportation by other parties 2 | 3 | 3 | — | — | — | — | — |
| Capital expenditures 3 | 16 | 16 | — | — | — | — | — |
| Total | 149 | 48 | 8 | 24 | 14 | 15 | 40 |
Includes commitments for in-line inspection runs and power.
Contractual obligations are based on volumes contracted through capacity arrangements and exclude any variable charges that may be incurred when volumes flow.
Capital expenditures relate to the Blackrod Connection Project with targeted completion in 2026 in addition to other capital commitments by the Company. Amounts are estimates and subject to variability based on timing of construction and project requirements. Expenditures include obligations for growth projects and are presented based on projects proceeding as currently planned. Any changes to projects, including timing or possible cancellation, could change these estimates.
The Company has long-term crude oil transportation agreements as well as other purchase obligations, all of which are transacted at market prices and in the normal course of business. Purchases under these contracts in 2025 were $26 million (2024 – $49 million).
At December 31, 2025, the Company had capital expenditure commitments totalling approximately $16 million (2024 – $125 million).
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