By Nia Williams
(Reuters) – TC Energy’s liquids pipeline spin-off, South Bow Corp, edged lower on its first day of trading on the Toronto Stock Exchange on Wednesday, tracking a broader weakness in Canadian energy stocks.
South Bow was spun out of Calgary-based TC to help TC reduce its debt load and focus on moving natural gas. Shareholders received one South Bow common share for every five TC common shares held.
The stock was last down 0.2% at C$29.01 on the Toronto Stock Exchange.
South Bow’s main asset is the 622,000 barrel-per-day Keystone pipeline, which ships Canadian crude from Alberta to the U.S. Midwest and Gulf Coast. In total the company operates 4,900 km (3,045 miles) of oil pipeline infrastructure and ships about 20% of Canadian crude exports to the U.S.
South Bow has made clear it will focus on maximizing operations on its existing assets and returning cash to shareholders, rather than becoming a growth engine, said Martin…
