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

ENB
  • Enbridge Inc. reported third quarter 2026 GAAP earnings of $1.3 billion ($0.59 per share), an increase from $0.7 billion ($0.30 per share) in the same period of 2025.
  • Adjusted earnings for the quarter were $1.1 billion ($0.49 per share), up from $1.0 billion ($0.46 per share) in 2025, while Adjusted EBITDA rose to $4.4 billion from $4.3 billion.
  • The company reaffirmed its 2026 financial guidance, targeting Adjusted EBITDA between $20.2 billion & $20.8 billion, with Distributable Cash Flow per share between $5.70 & $6.10.
  • Enbridge announced a US$2.6 billion acquisition of Tallgrass Energy LP's crude oil business, which includes the Pony Express 2 growth project, to expand its Rockies-to-Cushing pipeline footprint.
  • The company closed the US$0.6 billion acquisition of Salt Creek Midstream's crude oil gathering business to establish a wellhead-to-water export service in the Permian basin.
  • Enbridge completed a US$0.5 billion agreement to acquire Laramie Energy assets to provide additional natural gas supply for Enbridge Gas Utah customers.
  • A $3.0 billion common equity offering was completed to partially fund the Tallgrass & Salt Creek Midstream acquisitions & enhance financial flexibility.
  • An initial $0.7 billion investment by KKR & Apollo was secured for the Westcoast system, with an additional $2 billion commitment to support the Aspen Point & Sunrise Expansion Programs.
  • The company sanctioned a $0.2 billion Long Lake Expansion project in Northern Alberta, expected to enter service in 2028.
  • Enbridge placed the Aspen Point expansion of the B.C. Pipeline system & the Tennessee Ridgeline project into service during the quarter.
  • CEO Greg Ebel announced his retirement in January 2027, with Michele Harradence named as his successor.
  • The secured growth backlog stands at approximately $38 billion, supported by a $10–20 billion target for new project announcements through 2027.
  • Dividends were declared for common shares at $0.9700 per share & various preference share series, payable on December 1, 2026.
  • The rolling 12-month Debt-to-EBITDA metric was 5.1x at the end of the third quarter 2026, slightly above the target range due to foreign exchange translation.
Company
Enbridge Inc.
Keywords
Enbridge Inc.