South Bow Corp. / South Bow Corp.: Awaiting color on project commercialization

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South Bow Corp. / South Bow Corp.: Awaiting color on project commercialization

Equity Research

13 July 2026

South Bow Corp. / South Bow Corp.

Awaiting color on project

commercialization

We think investor attention is focused on whether SOBO will North America Midstream and Refining

be able to commercialize Prairie Connector, in tandem with NEUTRAL Unchanged

the third leg of its Alberta to Cushing route through the North America Midstream and Refining

Theresa Chen, CFArecently acquired Liberty pipeline corridor. Near-term, in 2Q

we expect steady contribution across its base assets. +1theresa.chen@barclays.com212 526 7195

BCI, US

• We look for 2Q26 EBITDA of $259mm vs. consensus' $255mm and $257mm in 1Q26. Catherine King

+1 212 526 8674

• With earnings we await more details on SOBO/Bridger's plans to jointly develop a catherinelynn.king@barclays.com

pipeline from Guernsey to Cushing. Earlier this month, Reuters reported SOBO and Bridger BCI, US

acquired the right-of-way of the previously canceled Liberty Pipeline from Tallgrass Energy. Eve Abraham

The proposed pipeline would represent the third and final leg of the partners' proposed long +1 212 526 7805

haul route from Alberta to Cushing. While SOBO has not disclosed much surrounding this leg eveanna.abraham@barclays.com

of the project, the company did note the route is fully permitted to build a 24-inch pipe, but BCI, US

that it would need to be expanded to 36 inches to fit the scope of the broader project. Kelsey Zhu

Additionally, since the pipe would traverse private land only, we do not anticipate the need to +1 212 526 5146

secure permits across public land. We look for further updates with 2Q26 earnings. kelsey.zhu@barclays.com

• We also await more color on how the commercialization process is progressing on