Enbridge Inc. (ENB) is a leading North American energy infrastructure company that operates through several key business segments. The company is involved in the transportation and distribution of energy, including crude oil, natural gas, and renewable power. Enbridge's operations span across pipelines, storage facilities, and renewable energy projects, providing essential energy services to residential, commercial, and industrial customers.
- Liquids Pipelines - Operates the largest global crude oil and liquids network, transporting and exporting various grades of crude oil and other liquid hydrocarbons across Canada and the United States.
- Gas Distribution and Storage - Manages rate-regulated natural gas utility businesses in Canada and the U.S., delivering natural gas to residential, commercial, and industrial customers.
- Gas Transmission and Midstream - Includes investments in natural gas pipelines, gathering, and processing facilities, as well as renewable natural gas (RNG) facilities in Canada and the U.S..
- Renewable Power Generation - Focuses on investments in wind, solar, geothermal, and waste heat recovery assets, with projects in North America and Europe.
You might also like
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Gregory L. Ebel ExecutiveBoard | President & CEO | Chair of the Board at The Mosaic Company | Gregory L. Ebel has been President & CEO of Enbridge since January 1, 2023. He previously served as Chair of the Board (2017–2022) and was CEO of Spectra Energy before its merger with Enbridge. | View Report → |
Colin K. Gruending Executive | EVP & President, Liquids Pipelines | None | Colin K. Gruending has been EVP & President, Liquids Pipelines since October 1, 2021. He previously served as CFO and led Corporate Development. | |
Cynthia L. Hansen Executive | EVP & President, Gas Transmission | None | Cynthia L. Hansen has been EVP & President, Gas Transmission since March 1, 2022. She previously led Gas Distribution and Storage and Utilities and Power Operations. | |
Laura J. Sayavedra Executive | SVP, Safety, Projects & Chief Admin Officer | None | Laura J. Sayavedra became SVP, Safety, Projects & Chief Admin Officer on January 1, 2024. She previously led Safety & Reliability and Finance Transformation. | |
Matthew A. Akman Executive | EVP, Corporate Strategy & President, Power | None | Matthew A. Akman has been EVP, Corporate Strategy & President, Power since January 2023. He leads strategy, renewable power, and new energy technologies. | |
Maximilian G. Chan Executive | SVP & Corporate Development Officer | None | Maximilian G. Chan has been SVP & Corporate Development Officer since March 1, 2022. He oversees mergers, acquisitions, and corporate growth. | |
Michele E. Harradence Executive | EVP & President, Gas Distribution & Storage | None | Michele E. Harradence has been EVP & President, Gas Distribution & Storage since March 5, 2023. She previously served as COO of Gas Transmission and Midstream. | |
Patrick R. Murray Executive | Executive Vice President & CFO | None | Patrick R. Murray became CFO on July 1, 2023. He has been with Enbridge for over 27 years, holding various senior financial roles, including Chief Accounting Officer. | |
Reginald D. Hedgebeth Executive | EVP, External Affairs & Chief Legal Officer | None | Reginald D. Hedgebeth became EVP, External Affairs & Chief Legal Officer on January 1, 2024. He previously held senior legal roles at Capital Group and Marathon Oil. | |
Pamela L. Carter Board | Chair of the Board | Director at Hewlett Packard Enterprise and Broadridge Financial Solutions | Pamela L. Carter has been a director since 2017 and Chair of the Board since January 1, 2023. She is a former President of Cummins Distribution Business and Indiana Attorney General. | |
Stephen S. Poloz Board | Independent Director | Director at CGI Inc. and Omni Conversion Technologies Inc. | Stephen S. Poloz has been an Independent Director since June 4, 2020. He is a former Governor of the Bank of Canada and an economist with extensive leadership experience. |
- With the Mainline earning in the upper half of the ROE performance collar and approaching the ceiling by 2026, how do you plan to sustain earnings growth from the Mainline once you reach the maximum allowed ROE under the current tolling settlement?
- Given the record volumes and high utilization across your Liquids Pipelines, and with apportionment expected to continue, what specific plans do you have to address potential capacity constraints and accommodate additional volumes, especially considering risks like producer shut-ins due to wildfires?
- Regarding the U.S. Gas Utilities acquisitions, can you elaborate on the challenges faced in the regulatory approval processes in Ohio and North Carolina, and how these might affect your integration timelines and expected rate base growth?
- With increasing demand from data centers impacting your Gas Distribution and Storage segment, how are you balancing the need for infrastructure investment with potential regulatory and public concerns about grid stability and rates, and do you anticipate any pushback that could hinder this growth?
- You mentioned a $24 billion secured capital backlog to be funded entirely through internally generated investment capacity; given your commitment not to return to public equity markets and the cancellation of the ATM program, how do you plan to finance additional strategic projects or M&A opportunities without compromising your debt-to-EBITDA ratio of 4.7x?
Research analysts who have asked questions during ENBRIDGE earnings calls.
Jeremy Tonet
JPMorgan Chase & Co.
4 questions for ENB
Manav Gupta
UBS Group
4 questions for ENB
Robert Catellier
CIBC Capital Markets
4 questions for ENB
Theresa Chen
Barclays PLC
4 questions for ENB
Benjamin Pham
BMO Capital Markets
3 questions for ENB
Maurice Choy
RBC Capital Markets
3 questions for ENB
Praneeth Satish
Wells Fargo
3 questions for ENB
Aaron MacNeil
TD Cowen
2 questions for ENB
Keith Stanley
Wolfe Research, LLC
2 questions for ENB
Patrick Kenny
National Bank Financial
2 questions for ENB
Robert Hope
Scotiabank
2 questions for ENB
Rob Hope
Scotiabank
2 questions for ENB
Ben Pham
BMO Capital Markets
1 question for ENB
Robert Kwan
RBC Capital Markets
1 question for ENB
Sam Burwell
Jefferies
1 question for ENB
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Public Service Company of North Carolina | 2024 | Enbridge acquired PSNC on September 30, 2024 for a total purchase price of approximately US$3.2 billion (including US$1.3 billion of assumed debt) to expand its low‐risk gas distribution operations, with PSNC serving about 600,000 customers and operating 13,000 miles of pipelines. |
Questar Gas Company | 2024 | Acquired on May 31, 2024, the US$4.3 billion deal (US$3.0 billion cash and US$1.3 billion assumed debt) secured all membership interests in Fall West Holdco LLC, positioning Questar Gas to serve 1.2 million customers across Utah, southwestern Wyoming, and southeastern Idaho with approved regulatory backing. |
Wexpro Companies | 2024 | Completed on May 31, 2024, this acquisition for approximately $4.1 billion (including US$1.3 billion assumed debt) brought under Enbridge the integrated assets of Wexpro and Questar Gas, enhancing its presence in gas distribution and storage across Utah, Wyoming, and Idaho. |
The East Ohio Gas Company (EOG) | 2024 | Closed on March 6, 2024, the acquisition of EOG for US$6.6 billion (US$4.3 billion in cash and US$2.3 billion in assumed debt) from Dominion Energy expands Enbridge’s operations in Ohio under the new brand Enbridge Gas Ohio, serving approximately 1.2 million customers. |
Hohe See & Albatros Offshore Wind Facilities | 2023 | In November 2023, Enbridge increased its stake by acquiring an additional 24.45% interest for a total consideration of €625 million (comprising €267 million in cash and €358 million in assumed debt), raising its ownership to 49.9% and advancing its renewable power and energy transition objectives. |
Landfill-to-RNG Facilities | 2023 | Announced in November 2023 and expected to close in Q1 2024, this acquisition of seven landfill-to-RNG facilities for a total of $1.7 billion (with staggered payments) adds approximately 4.5 bcf of yearly RNG production under long-term offtake agreements with Shell and BP, aligning with Enbridge’s renewable portfolio strategy. |
Aitken Creek Gas Storage Facilities | 2023 | Completed on November 1, 2023, the deal acquired a 93.8% interest in one storage facility and 100% in another for $400 million in cash (plus adjustments), providing a working gas capacity of about 77 Bcf in British Columbia to support gas production and LNG export strategies. |
Tres Palacios Holdings LLC | 2023 | Finalized on April 3, 2023, this US$335 million cash acquisition added a natural gas storage facility on the US Gulf Coast with 35 Bcf capacity and an integrated 62-mile pipeline system, supporting power generation and LNG export initiatives. |
Tri Global Energy (TGE) | 2022 | Announced on September 27, 2022, the deal for approximately US$270 million (with cash and potential contingent payments) expanded Enbridge’s renewable development platform by adding a 3.9 GW project portfolio and tripling its near-term development capacity, expected to drive future fees and cash flow accretion. |
DCP Midstream, LLC | 2022 | Completed on August 17, 2022, this joint venture with Phillips 66 restructured Enbridge’s indirect assets—increasing its interest in Gray Oak to 58.5% (and assuming operatorship) while reducing its stake in DCP, resulting in cash proceeds of about US$522 million and an accounting gain of US$1.1 billion. |
Recent press releases and 8-K filings for ENB.
- Enbridge reported a strong third quarter of 2025, achieving record adjusted EBITDA.
- The company reaffirmed its 2025 guidance, expecting to finish the year in the upper half of its EBITDA guidance range of $19.4 billion-$20 billion and at the midpoint of its DCF per share guidance of $5.50-$5.90.
- Enbridge's debt to EBITDA ratio for Q3 2025 was 4.8 times, remaining within its target range of 4.5 to 5 times.
- During the quarter, $3 billion of new growth capital was added to the secured capital program, including projects such as the Southern Illinois Connector, Egan and Moss Bluff storage expansions, Algonquin Gas Transmission Enhancement, Eiger Express pipeline, and the Pelican CO2 hub.
- The company anticipates achieving 5% growth through the end of the decade, supported by $35 billion in secured capital.
- Enbridge has sanctioned significant projects, including MLO one (150,000 barrels per day by 2027) and MLO two (250,000 barrels per day by 2028) for liquids egress, the Canyon pipeline system (totaling approximately $1 billion U.S. by 2029), and the Eiger Express pipeline (2.5 BCF a day by 2028).
- The company is expanding natural gas storage by over 60 BCF near major LNG centers, with over $10 billion sanctioned in projects adjacent to export facilities, to meet an anticipated 17 BCF per day of additional LNG-related natural gas demand by 2030.
- The Gas Distribution business is capitalizing on data center and power generation opportunities, identifying over 50 opportunities that could serve up to 5 BCF a day of demand, with nearly 1 BCF per day already secured.
- Enbridge maintains confidence in achieving 5% EBITDA growth over the medium term post-2026, expecting DCF per share growth to converge with EBITDA growth later in the decade as cash taxes plateau.
- Enbridge Inc. reported Q3 2025 GAAP earnings attributable to common shareholders of $0.7 billion or $0.30 per common share, and Adjusted earnings of $1.0 billion or $0.46 per common share.
- The company's Adjusted EBITDA increased to $4.3 billion in Q3 2025 from $4.2 billion in Q3 2024, with Distributable Cash Flow (DCF) remaining comparable at $2.6 billion for both periods.
- Enbridge reaffirmed its 2025 full-year financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.
- The company sanctioned approximately $3 billion of new projects during Q3 2025, expanding its secured growth backlog to approximately $35 billion entering service through 2030.
- Enbridge Inc. reported third quarter 2025 GAAP earnings attributable to common shareholders of $0.7 billion or $0.30 per common share, a decrease from $1.3 billion or $0.59 per common share in 2024. Adjusted earnings were $1.0 billion or $0.46 per common share.
- The company achieved record Q3 Adjusted EBITDA of $4.3 billion in 2025, an increase from $4.2 billion in the third quarter of 2024.
- Enbridge reaffirmed its 2025 full-year financial guidance for adjusted EBITDA between $19.4 billion and $20.0 billion and DCF per share between $5.50 and $5.90.
- During the quarter, Enbridge sanctioned $3 billion of new projects, increasing its secured growth backlog to approximately $35 billion.
- The company's Debt-to-EBITDA ratio at the end of the quarter was 4.8x.
- Enbridge Inc. has made a final investment decision on two Gas Transmission projects: the Algonquin Reliable Affordable Resilient Enhancement project (AGT Enhancement) and the Eiger Express Pipeline (Eiger).
- The AGT Enhancement project, with an expected investment of US$0.3 billion, aims to deliver approximately 75 Mmcf/d of incremental natural gas to the U.S. Northeast and is anticipated to be completed in 2029.
- The Eiger Express Pipeline is designed to transport up to 2.5 Bcf/d of natural gas from the Permian Basin to the Katy area, serving the U.S. Gulf Coast LNG market, with anticipated completion in 2028.
- These projects contribute to the $23 billion of Gas Transmission opportunities Enbridge outlined at its Investor Day in March, extending its growth outlook through the end of the decade.
- Enbridge Inc., through its Matterhorn joint venture, along with WhiteWater, MPLX LP, and ONEOK, Inc., has reached a final investment decision for the construction of the Eiger Express Pipeline.
- The Eiger Express Pipeline is designed to transport up to 2.5 billion cubic feet per day (Bcf/d) of natural gas through approximately 450 miles from the Permian Basin in West Texas to the Katy area.
- The pipeline is owned 70% by the Matterhorn JV (in which Enbridge holds a 10% stake), with ONEOK and MPLX holding additional direct ownership interests, resulting in 25.5% and 22% total ownership in the pipeline, respectively.
- The project is expected to be in service in mid-2028.
- Enbridge is prioritizing expansion of its oil pipeline capacity to the U.S. market, with the Flanagan South Pipeline aiming to increase capacity by 150,000 barrels per day and a final investment decision expected by the end of 2025.
- The Woodfibre LNG project's cost has surged to US$5.1 billion, with Enbridge's share at US$2.9 billion, but the company remains committed to a 2027 completion due to anticipated strong global LNG demand.
- Significant barriers to pipeline expansion in Canada, including the Oil Tanker Moratorium Act, are skewing Enbridge's capital allocation towards the U.S. market where returns are higher.
- Analysts have a mixed outlook, maintaining a 'Hold' rating on Enbridge's stock with expectations of modest downside.
- Enbridge Inc. filed registration for US$2.45 billion aggregate principal amount of senior notes comprising US$400 million 4.600% due 2028, US$600 million 4.900% due 2030, US$900 million 5.550% due 2035 and US$350 million 5.950% due 2054.
- The notes will be unconditionally guaranteed on a senior unsecured basis by Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP.
- Securities will be issued under the Indenture dated February 25, 2005, as amended through the Eighth Supplemental Indenture, with customary optional redemption provisions.
- Sullivan & Cromwell LLP provided an opinion that the debt securities and guarantees constitute valid and legally binding obligations, subject to standard bankruptcy and equity-law exceptions.
- Enbridge Inc. announced a landmark agreement with the Stonlasec8 Indigenous Alliance Limited Partnership, involving a CAD$715 million investment in its Westcoast natural gas pipeline system.
- The transaction grants First Nations a 12.5% interest in the pipeline system and includes a CAD$400 million loan guarantee facilitated by Canada Indigenous Loan Guarantee Corporation.
- The deal is expected to close by the end of Q2 2025, supporting Indigenous economic reconciliation and providing sustained benefits to participating communities.
- Enbridge posted record Q1 2025 GAAP earnings of $2.3 billion and adjusted EBITDA of $5.8 billion, with $1.04 per share—a significant improvement over Q1 2024 .
- The company reaffirmed its 2025 full-year financial guidance and multi-year outlook, continuing a 20-year streak of meeting or exceeding targets .
- Strategic initiatives advanced include sanctioning up to $2 billion for Mainline capital investments and projects like the Matterhorn Express Pipeline and Traverse Pipeline open season .