South Bow, a new company that will own and operate the Calgary company’s 4,900-km oil pipeline network, will be led by TC Energy executive Bevin Wirzba. Under the arrangement, existing shareholders will receive one new common share of TC Energy and 0.2 South Bow shares in exchange for every TC share they own. (The Logic)

Talking point: The new company draws a line between the pipeline company’s oil and natural gas assets. TC has been contemplating the future of its oil pipeline business since about 2020, according to public documents, as it continued to expand its natural gas business, which is seen by some as a strategically superior commodity given its lower emissions profile. TC Energy—formerly TransCanada, the company behind the high-profile and controversial Keystone XL pipeline proposal—will become more of a utility company under the deal, focused on natural gas transmission, transportation and carbon capture.