South Bow Corporation J.P. Morgan Natural Resources Conference Takeaways

Research evidence excerpt

South Bow Corporation J.P. Morgan Natural Resources Conference Takeaways

J P M O R G A N North America Equity Research

24 June 2026

South Bow Corporation Underweight

SOBO, SOBO US

J.P. Morgan Natural Resources Conference Takeaways Price (24 Jun 26):$35.81

South Bow President and CEO Bevin Wirzba presented today at the J.P. Morgan

Natural Resources Conference. Please see below for some quick takeaways.

Net Takeaway: Our discussion centered on Prairie Connector's successful

Head of North America Power,

commercialization and the newly formed JV structure with Bridger. Messaging Utilities, Midstream, LNG, and

emphasized SOBO's pre-invested corridor leverage, sovereign backstopping Nuclear

strategy, and DOE loan guarantee pursuit as key risk mitigation levers ahead of AC Jeremy Tonet, CFA

sanctioning. With producer customers seeing 10% WCSB supply growth as (1-212) 622-4915

achievable, management feels confident in the need for Prairie's cost competitive jeremy.b.tonet@jpmorgan.com

takeaway solution. Vrathan Reddy

(1-212) 622-4692

• Prairie Connector advances toward FID; backstop execution critical to vrathan.reddy@jpmchase.com

de-risking. Following acquiring Liberty Pipeline ROW from Tallgrass, the Eli Jossen, CFA

newly formed SOBO/Bridger JV eyes a permit revision from 24-inch to 36- (1-212) 622-4113

inch, thereby creating a largely permitted corridor from Hardisty to Cushing eli.jossen@jpmchase.com

and beyond. Management targets Prairie Connector project completion by Francina Kolluri

year-end 2028/early 2029, sequencing construction to prioritize the Canada- (1-212) 270-5796

to-Guernsey segment, mitigating political transition risk upon this segment francina.kolluri@jpmchase.com

flowing. In total, management expects three construction spreads in Canada J.P.