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Elion

Research Analyst at JPMorgan Securities

Elion Yu is an Executive Director and Equity Research Analyst at J.P. Morgan Securities, specializing in China Internet and eCommerce companies. He provides in-depth coverage of major platforms including Alibaba Group, JD.com, Pinduoduo, and Meituan, and has established a solid track record with successful stock recommendations and sector insights, as reflected by his consistently high Institutional Investor survey rankings. Elion began his career at UBS in research coverage before moving to BNP Paribas, joining J.P. Morgan Securities in 2018, and brings over a decade of industry expertise. He holds relevant securities licenses, maintains active FINRA registration, and is recognized for his analytical rigor and thoughtful investment theses within the Asian internet sector.

Elion's questions to South Bow (SOBO) leadership

Question · Q3 2025

Elion, asking for Jeremy Tonet, inquired about South Bow's organic growth opportunity set, including the types of projects, their location, and whether BlackRod serves as a template. He also sought context on how the Milepost 171 remediation plan fits into reducing the downside risk, providing upside, and its process, timing, and integration into guidance.

Answer

Bevin Wirzba, President and CEO, mentioned that growth opportunities would be a key topic at the upcoming investor day, noting a more constructive environment since mid-2023. He highlighted that 90% of EBITDA is contracted and system operating performance has been strong. Richard Prior, Senior VP and COO, detailed the comprehensive Milepost 171 remediation, including six inline inspection runs and 37 integrity digs, with a goal to incrementally lift pressure restrictions in 2026. Van Dafoe, Senior VP and CFO, cautioned that even with lifted restrictions, tighter differentials would limit EBITDA from spot volumes.

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