Enbridge Reports Strong Third Quarter Results, Places Over $3 Billion of Gas Transmission Projects Into Service, and Reaffirms 2026 Financial Guidance

Greg Ebel, President and CEO of Enbridge

“The global focus on energy security, reliability and affordability continues to reinforce the value of Enbridge's strategically positioned infrastructure. Our scale, connectivity, diversified asset base, and all-of-the-above approach to energy investment position us to serve growing energy demand while delivering predictable, long-term value for customers and shareholders. As energy demand accelerates, driven by AI infrastructure, advanced manufacturing and broader economic growth, our integrated networks are increasingly important to providing the reliable, affordable energy our customers require. That opportunity continues to translate into visible growth across our businesses. Our secured growth backlog stands at $38 billion, even as we placed $3 billion of completed projects into service this quarter. We've consistently added new projects to our backlog this year, positioning us well to deliver on our $10–20 billion target for new project announcements through 2027. Our strong organic opportunity set is complemented by three accretive tuck-in acquisitions in our Liquids Pipelines and Gas Distribution businesses, demonstrating the multiple avenues available to us to deploy capital prudently and create long-term shareholder value. In Liquids Pipelines, we entered into two transactions to grow our leading North American footprint. The acquisition of Tallgrass Energy's crude oil business will expand our presence in the Bakken, Powder River and Denver-Julesburg basins by adding a highly contracted pipeline with connectivity from Guernsey, WY to Cushing, OK. This acquisition is expected to provide us with a new corridor through the U.S. Rockies, complementing our existing assets, including Express-Platte and Seaway. In October, we closed our acquisition of Salt Creek Midstream's crude oil gathering business, extending our position deeper into the Permian basin through the addition of long-term contracted crude oil gathering infrastructure located in the core of the Delaware basin. These gathering assets create a wellhead-to-water platform when combined with transportation on our Gray Oak Pipeline and export at our Enbridge Ingleside Energy Center. We also sanctioned the Long Lake Expansion within our Alberta Regional Oil Sands business, with an expected in-service date of 2028. The project consists of a new lateral pipeline and storage tank while expanding capacity on the Waupisoo and Wood Buffalo Extension pipelines. Together, these investments are building a more connected, flexible and resilient network that gives customers multiple pathways from major producing basins to key storage, refining and export markets. They also demonstrate our ability to selectively deploy capital into high-quality assets that enhance our existing footprint, increase customer optionality, and create long-term opportunities for continued growth. We continue to see a broad range of high-quality opportunities across our Gas Transmission business, underpinned by accelerating electricity and LNG demand, increasing the strategic importance of natural gas transportation and storage. This quarter we placed two projects into service, Tennessee Ridgeline and B.C. Pipeline's Aspen Point expansion. The team is focused on executing our $15 billion portfolio of sanctioned projects across the continent, including the $4 billion Sunrise expansion of the B.C. Pipeline system and nearly 90 Bcf of natural gas storage expansions along the U.S. Gulf Coast and B.C. Looking ahead, strong natural gas demand across North America continues to support a robust pipeline of opportunities that we are actively advancing. In Gas Distribution and Storage, we are engaging with customers, power generators, and regulators to identify the infrastructure required to enable growth while protecting affordability and reliability for existing customers. Our acquisition of Laramie Energy's assets will expand Wexpro's cost-of-service natural gas supply, supporting affordability for our Enbridge Gas Utah customers. In Ohio, we filed for new rates that will support continued investment in the safety, reliability and modernization of our system. These investments demonstrate the important role our utilities play in delivering affordable and reliable energy to customers across North America. In Renewable Power, construction continues on more than 2 GW of generation capacity, with the second phase of Sequoia Solar expected to enter service by year-end. Since 2002, we've built the business to more than 8 GW, with another 1.5 GW of safe-harbored opportunities under development. Looking ahead, the opportunity set across our businesses remains as strong as we've seen in years. With our extensive incumbent footprint, $38 billion secured capital backlog and growing annual investment capacity, we are well positioned to support increasing energy demand. Our focus remains on executing our secured backlog and extending visibility to our 5% growth outlook. We're advancing the next generation of energy investments within our $10–11 billion annual investment capacity, while recycling capital opportunistically, through transactions like the $2.7 billion commitment from KKR and Apollo in the Westcoast system. We remain on track to achieve our financial guidance for the 21st consecutive year, reinforcing Enbridge's ability to perform across varying macro-economic conditions and our first-choice investment proposition. Finally, as I get set to retire in January, I want to express my sincere appreciation to our investors and those in the investment community for your great support over the last couple of decades in my previous and current roles. It has been an honor to have been able to participate in building such a high quality company over the years. In the last four years we have been able to profitably grow Enbridge's position in both Canada and the United States and secure an impressive backlog of growth projects across the company that will continue to fuel Enbridge's growth and investor returns for years to come. I am thrilled that Michele Harradence will be leading Enbridge forward at this time of great opportunity. Michele is a proven leader who has a deep understanding of our strategy, business, and industry and I have incredible confidence in her leading the Enbridge team in this exciting next chapter of our growth. Finally, let me thank our employees, customers, and Board of directors for their loyalty, support, and amazing business partnerships over the years.”