NorthAmOil: TC Energy to spin off North American crude pipeline business

Shareholders of Calgary-based TC Energy have voted to spin off a North American oil pipeline business. South Bow Corp.’s signature asset will be the 622,000 barrel per day (bpd) Keystone oil pipeline. The company will be publicly traded.

The separation will enable faster growth, said TC. The spin-off plan had been announced 11 months ago.

TC will retain its interests in gas infrastructure, as well as low-carbon opportunities.  

South Bow, to be based in Calgary with an office in Houston, will be led by Bevin Wirzba, the current executive vice president for natural gas and liquids pipelines at TC Energy. Its assets consist of almost 4,900 km of pipelines that connect Alberta’s oil sands and parts of the US to refining markets in Illinois, Oklahoma and Texas.