South Bow Corp., the Canadian company that inherited the Keystone pipeline system, just got a jolt of energy from Washington. Shares surged on the Toronto Stock Exchange after President Donald Trump floated the idea of reviving the Keystone XL pipeline project.
The rally marked South Bow’s biggest single-session gain in over a month.
A pipeline with nine lives
The original Keystone XL project was designed to carry crude oil from the Alberta oil sands to refineries on the US Gulf Coast. President Biden killed the project on January 20, 2021, his very first day in office, revoking its presidential permit. At that point, partial construction had already taken place.
TC Energy spun off its liquids pipeline business into a new standalone entity on October 1, 2024. That entity is South Bow Corp., which trades on the TSX under the ticker SOBO. South Bow inherited certain KXL assets along with the existing Keystone pipeline system.
