TC Energy shareholders approved the spin-off of its crude oil pipelines business, creating South Bow Corp.

TC Energy shareholders approved the spinoff of the company's crude oil pipelines business, leading to the creation of South Bow Corp. The new company will own approximately 4,900 km of liquid pipelines connecting oil supplies in Alberta and the US to refining markets in Illinois, Oklahoma, and Texas. The spin-off will help TC Energy reduce its high debt and focus on natural gas transportation.