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    Aly Hemraj

    Vice President and Equity Research Associate at TD Cowen

    Aly Hemraj is a Vice President and Equity Research Associate at TD Cowen, specializing in North American infrastructure and construction services sectors. He is notably involved in researching and publishing on companies such as Ensign Energy Services Inc. and Trican Well Service Ltd., providing forward-looking investment conclusions and target prices based on market and commodity trends. With credentials including CFA, CPA, and CA designations, Hemraj brings technical expertise to his role and is recognized for contributing to major industry conferences such as the TD Securities Infrastructure Services Conference. He began his financial services career in 2012 and has since developed a track record of analytical rigor and sector-specific insights.

    Aly Hemraj's questions to South Bow (SOBO) leadership

    Aly Hemraj's questions to South Bow (SOBO) leadership • Q2 2025

    Question

    Aly Hemraj from TD Cowen, on for Aaron McNeil, asked for perspective on the recent Alliance pipeline settlement and whether it could signal future negative toll revisions for other Canadian pipelines like Keystone.

    Answer

    President and CEO Bevin Wirzba distinguished Keystone's situation, emphasizing its market-driven contracts with renewal provisions already approved by regulators. He expressed confidence in their ability to renegotiate contracts favorably by continuing to provide customers with the most competitive route and the highest netback to the strongest demand market.

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