xbrli:pure iso4217:USD utr:bbl C003649 2025-01-01 2025-06-30 C003649 2025-06-30 C003649 2024-12-31 C003649 2024-01-01 2024-06-30 C003649 2025-04-01 2025-06-30 C003649 2024-04-01 2024-06-30 C003649 2023-12-31 C003649 2024-06-30 C003649 Other Non Cash Adjustments 2025-01-01 2025-06-30 C003649 Other: 2025-01-01 2025-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 Gross Additions to Nonutility Plant 2025-01-01 2025-06-30 C003649 (Less) Allowance for Other Funds Used During Construction 2025-01-01 2025-06-30 C003649 Other (provide details in footnote): 2025-01-01 2025-06-30 C003649 Operating Oil Supply 2025-01-01 2025-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 Distributions 2025-01-01 2025-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 Net Increase (Decrease) in Short Term Debt from Affiliates 2025-01-01 2025-06-30 C003649 Net Increase (Decrease) in Short Term Debt from Affiliates 2024-01-01 2024-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 Other 2025-01-01 2025-06-30 C003649 ferc:CrudeOilMember 2025-01-01 2025-06-30 C003649 ferc:CrudeOilTrunkMember 2025-01-01 2025-06-30 C003649 Cushing OK, ferc:CrudeOilMember 2025-01-01 2025-06-30 <div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">1) N/A</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">2) N/A</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">3) N/A</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">4) Refer to Notes to Financial Statements, Page 122, Note 6.</span></div><div><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">5) N/A</span></div> <div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">1</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Organization and Operations</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Marketlink, LLC (Marketlink or the Company), is a Delaware limited liability company and a wholly owned subsidiary of South Bow Infrastructure Inc. Marketlink offers crude oil transportation services from Cushing, Oklahoma to the United States (U.S.) Gulf Coast. To provide these transportation services, Marketlink leases pipeline capacity from South Bow (USA) LP and has constructed ancillary interconnection facilities at Cushing, including tanks and metering facilities.</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Marketlink’s activities are subject to regulation by various authorities including, but not limited to, the Federal Energy Regulatory Commission (FERC). Regulatory bodies exercise statutory authority over matters such as construction, operations, rates and ratemaking, and agreements with customers.</span></div><div style="margin-top:2pt;padding-left:18pt;text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Spinoff of Liquids Pipelines Business</span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">On July 27, 2023, TC Energy Corporation ("TC Energy" or the "Former Parent") announced plans to separate into two independent, investment-grade, publicly listed companies through the proposed spinoff of its Liquids Pipelines business (the "Spinoff"). On October 1, 2024, the Company completed the spinoff from its Former Parent and formed a new publicly traded Company named South Bow Corporation.</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">2</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Significant Accounting Policies</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">The financial statements of the Company are prepared in accordance with accounting requirements of the FERC, as set forth in the applicable Uniform System of Accounts and published accounting releases, which is a comprehensive basis of accounting other than accounting principles generally accepted in the U.S. </span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">In preparing these financial statements, Marketlink is required to make estimates and assumptions that affect both the amount and timing of recording assets, liabilities, revenues and expenses since the determination of these items may be dependent on future events. The Company uses the most current information available and exercises careful judgment in making these estimates. In the opinion of management, these financial statements have been properly prepared within reasonable limits of materiality and conform in all material respects to the Uniform System of Accounts.</span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Carrier Property</span></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Carrier property is carried at cost. Depreciation is calculated on a straight-line basis once the assets are ready for their intended use. Carrier property is depreciated at various rates that have been filed with and accepted by the FERC. </span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Revenue </span></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">The Company’s revenues are generated from contractual arrangements for committed capacity and from the transportation of crude oil, under a tariff regulated by the FERC, as well as from providing crude oil storage services. Revenues earned from contracted capacity arrangements are recognized ratably over the term of the contract regardless of the amount of crude oil that is transported. Revenues for volumetric-based services are recognized when the service is performed. The Company does not take ownership of the crude oil that it transports for customers.</span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Income Tax</span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">The Company is not subject to federal or state income tax. The income tax effect of the Company’s activities accrues to its parent and has accordingly not been recorded in the Company’s financial statements.</span></div><div style="margin-top:2pt;padding-right:18pt"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">3</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Taxes Payable</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Taxes payable consists of pipeline property taxes.</span></div><div style="margin-top:2pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">4</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Affiliated Party Transactions</span></div><div><span><br/></span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Operating and Administrative Services</span></div><div style="padding-left:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:115%">At June 30, 2025, South Bow Infrastructure Holdings Ltd. (a wholly-owned subsidiary of South Bow PipeLines Limited (SB PipeLines)), through wholly-owned subsidiaries, was responsible for developing and operating the Company’s facilities. Marketlink was charged by SB PipeLines and its wholly-owned subsidiaries for services provided.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Pipeline Capacity</span></div><div style="margin-top:3pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">Marketlink has leased pipeline capacity on South Bow (USA) LP’s system from Cushing, Oklahoma to the U.S. Gulf Coast (Gulf Coast Leg) to provide crude oil transportation services. Marketlink’s lease payments to South Bow (USA) LP are calculated based on its proportional share of the Gulf Coast Leg’s total capacity and cost of service.</span></div><div style="padding-left:18pt;text-align:justify"><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">At June 30, 2025, South Bow Marketing USA Ltd. (SBMU), a wholly owned subsidiary of South Bow USA Infrastructure Holdings LLC. (South Bow USA), had agreements for pipeline and storage capacity with Marketlink. SBMU also transports uncommitted volumes on Marketlink.</span></div><div><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-style:italic;font-weight:700;line-height:112%">Cash Management</span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">At June 30, 2025, a cash management agreement was in place between Marketlink and South Bow USA, a wholly-owned subsidiary of South Bow Infrastructure Holdings Ltd. Monies advanced under the agreement were considered to be a loan, accruing interest and repayable on demand. Marketlink received interest on monies advanced to South bow USA at the rate of interest earned by South Bow USA on its short-term cash investments. Marketlink paid interest on monies advanced from South Bow USA based on South Bow USA’s short-term borrowing costs.</span></div><div style="margin-top:2pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">5</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Commitments and Contingencies</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">At June 30, 2025, the Company had no commitments. </span></div><div style="margin-top:2pt;text-align:justify"><span><br/></span></div><div style="padding-left:36pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%">6</span><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:700;line-height:112%;padding-left:12pt">Legal Matters</span></div><div><span><br/></span></div><div style="padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',serif;font-size:12pt;font-weight:400;line-height:112%">The Company is from time to time subject to litigation incidental to its business. The Company is not aware of any contingent liabilities that would have a material adverse effect on the Company’s financial condition, results from operations, or cash flows. The Company is not aware of any material contingent liabilities with respect to compliance with applicable environmental laws and regulations.</span></div> C003649 6-Q Marketlink, LLC 2025 Q2 Not Applicable 920 Memorial City Way, Suite 800, Houston, Texas 77024 Alison Cowie Manager Suite 900, 707 5 Street SW, Calgary, Alberta T2P 1V8 403-975-5871 O 2025-06-30 Eric Von Engelbrechten Vice President Eric Von Engelbrechten 2025-09-08 6669503 6457282 11535001 13279962 18204504 19737244 270447857 270447857 63547595 60214220 206900262 210233637 9858953 9858953 216759215 220092590 234963719 239829834 193100196 114566806 821004 429338 1805962 1903611 195727162 116899755 195727162 116899755 588000100 588000100 -548763543 -465070021 39236557 122930079 234963719 239829834 101157929 116548312 52855469 57216617 183370045 178033920 80053779 101146005 -82212116 -61485608 -27198310 -43929388 75157 249068 2709 122873 1449528 536352 787532 330663 107035 451 36931 -2 -1481406 -287735 -821754 -207788 -83693522 -61773343 -28020064 -44137176 -83693522 -61773343 -28020064 -44137176 -83693522 -61773343 -28020064 -44137176 -83693522 -61773343 -28020064 -44137176 -465070021 -361481149 83693522 61773343 83693522 61773343 -83693522 -61773343 -548763543 -423254492 -423254492 3333375 3335346 Other Non Cash Adjustments -1532740 -726708 97656728 1323215 Other: 18829321 -56388074 7065 Other Gross Additions to Nonutility Plant 28 29 (Less) Allowance for Other Funds Used During Construction 30 Other (provide details in footnote): 31 Operating Oil Supply 32 7065 Other -7065 40000000 Other Distributions 63 64 Other Net Increase (Decrease) in Short Term Debt from Affiliates 67 68 -18829321 16395139 -18829321 56395139 Other Other -18829321 56395139 100531700 100531700 626229 626229 101157929 135957 135957 135957 175234849 175234849 175234849 341214 341214 341214 175712020 175712020 175712020 50452 50452 50452 2426771 2426771 2426771 3333375 3333375 3333375 1806735 1806735 1806735 40692 40692 40692 7658025 7658025 7658025 183370045 183370045 Cushing OK 106993874 106993874 106502702 106502702 106993874 106993874 106502702 106502702 106993874 106993874 106502702 106502702 106502702 The Workiva Platform