South Bow Corp (SOBO) Form 6-K — Nov 4, 2026
South Bow reported Q3 2026 revenues of $503 million, up 9% year-over-year, with net income of $99 million ($0.47 diluted EPS, flat normalized EPS). Normalized EBITDA slipped to $248 million from $254 million as tighter Gulf Coast pricing differentials cut Marketlink and Gulf Coast segment throughput, while distributable cash flow fell to $187 million from $236 million. On the balance sheet, the company repurchased and extinguished $320 million of Senior Notes during the quarter, cutting net debt to $4.4 billion and lowering leverage to 4.3x normalized EBITDA from 4.7x at year-end 2025. The Board declared the regular $0.50 per share quarterly dividend payable January 15, 2027.
Key figures
- Eps
- 0.47
- Revenue
- 503
- Guidance
- 2026 and 2027 guidance referenced; WCSB supply expected to outpace incremental egress additions in 2027, supporting demand for uncommitted Keystone capacity; Prairie Connector FID targeted mid-2027
- Net Income
- 99
- Total Debt
- 5416
- Revenue Yoy
- 9%
- Cash Position
- 564
- Net debt
- 4440
- Keystone sof pct
- 95
- Shares outstanding
- 208663005
- Normalized ebitda 9m
- 785
- Normalized ebitda q3
- 248
- Dividends per share q3
- 0.5
- Doj consent decree fines
- 30000000
- Senior notes repurchased
- 320
- Distributable cash flow 9m
- 530
- Distributable cash flow q3
- 187
- Keystone throughput mbbl d
- 586
- Normalized ebitda q3 prior
- 254
- Gulf coast throughput mbbl d
- 663
- Marketlink throughput mbbl d
- 513
- Net debt to normalized ebitda
- 4.3
- Distributable cash flow q3 prior
- 236
- Net debt to normalized ebitda prior
- 4.6
- Prairie connector open season commitments mbbl d
- 465000
AI analysis
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