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    Sam Burwell • Jefferies

    Sam Burwell's questions to South Bow Corp (SOBO) leadership

    Sam Burwell's questions to South Bow Corp (SOBO) leadership • Q2 2025

    Question

    Sam Burwell from Jefferies asked for characterization of South Bow's organic and inorganic growth opportunities, including the balance between Canada and the U.S., and questioned how cash flow from the Blackrod project would be allocated.

    Answer

    President and CEO Bevin Wirzba noted that the company is maturing a large list of opportunities, with a recent increase in prospects on the Canadian side. He clarified that after covering dividends and interest, the priority for cash flows from Blackrod and other sources is to meet deleveraging targets, while maintaining a consistent annual growth capital budget of roughly $100-$130 million.

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    Sam Burwell's questions to Enbridge Inc (ENB) leadership

    Sam Burwell's questions to Enbridge Inc (ENB) leadership • Q2 2025

    Question

    Sam Burwell from Jefferies Financial Group Inc. asked about Enbridge's appetite for developing a new greenfield gas pipeline in Canada to serve a pending LNG project.

    Answer

    President & CEO Gregory Ebel and EVP of Gas Transmission Cynthia Hansen confirmed they are well-positioned with assets like the certified Pacific Trails pipeline project and strong indigenous partnerships. However, they stressed that any such project would need to offer superior returns compared to existing assets to compete for capital, given the company is not 'opportunity poor'.

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