South Bow CEO Bevin Wirzba was photographed in the company's downtown offices with the Bow River in the background on June 4, 2024. Gavin Young/Postmedia file

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Two Calgary-based pipeline operators are looking to grow after reporting a sharp increase in profits during the spring quarter, though their expansion plans differ in scale and certainty.

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South Bow Corp. aims to turn increasing producer demand into major oil pipeline projects extending south of the border. At the same time, Keyera Corp. focuses on roping recent acquisitions into its operations, alongside a slate of infrastructure projects.

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The company’s varied approaches were clear during Thursday’s conference calls, where they discussed their quarterly results with analysts.

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South Bow’s ambitions for growth are largely centred on its proposed Prairie Connector line, which would use existing infrastructure from the cancelled Keystone XL project to deliver oil to refineries and export terminals on the U.S. Gulf Coast.

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At the Canada-U.S. border, Prairie Connector could link up with a pipeline headed by Bridger Pipeline LLC, called Liberty Bridge.

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Bevin Wirzba, South Bow’s chief executive, told analysts the company’s “defining” achievement for the quarter was the successful open season — a call for long-term contracts with producers — for its Prairie Connector.

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“Securing 465,000 barrels a day of 20-year customer commitments from a broad producer group was a significant milestone,” Wirzba said.

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He added that it represents a strong endorsement from customers, and may serve to enable larger-scale production growth in Canada.

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South Bow says it aims to reach a final investment decision by mid-2027; however, a permit for Prairie Connector is still needed for the project to move forward. Bridger’s proposal received a permit from U.S. President Donald Trump in April.

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Keyera’s growth strategy is further along, with the company closing a $5.3-billion acquisition of Plains All American Pipeline L.P.’s Canadian natural gas liquids business in May.

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Keyera CEO Dean Setoguchi at the company’s new office in Calgary on February 24, 2026. Darren Makowichuk/Postmedia file

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It also purchased the rest of the Key Access Pipeline System in June. The pipeline, referred to as KAPS, is a 575-kilometre natural gas liquids and condensate system in northern Alberta.

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“We see a ton of opportunity that’s going to carry our growth well beyond 2029,” Dean Setoguchi, Keyera’s chief executive, said on a conference call. “We’re very excited.”

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Still, Keyera’s big acquisition is being challenged by the Competition Bureau, which says the takeover would reduce competition at the country’s “most important” natural gas liquids hub in Fort Saskatchewan. A competition tribunal will determine next steps and timelines, though the regulatory proceedings did not prevent the transaction from closing.

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Keyera disagrees with the bureau, maintaining that its acquisition will “strengthen” competition while providing customers with better access to key markets.

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Keyera’s profits more than doubled in the spring, to $308 million, compared to $127 million last year.

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Meanwhile, South Bow’s profits for the spring quarter rose to US$134 million, nearly 40 per cent higher than the same period last year. The company reports its financial results in U.S. dollars.

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