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CALGARY, AB, Sept. 8, 2026 /PRNewswire/ - Enbridge Inc. (TSX: ENB) (NYSE: ENB) today announced that Greg Ebel will retire as President and Chief Executive Officer effective December 31, 2026, and that Michele Harradence has been appointed to succeed him as President and Chief Executive Officer and to the Board of Directors effective January 1, 2027.

Do investors make building an income portfolio more difficult than it needs to be? Many of them do.

If you feel like this could be you, there's a simple solution hiding in plain sight. It's an oil and gas pipeline company called Enbridge (ENB +0.74%). A commitment of just $450 per month to this oil stock could eventually turn into a six-figure stash, and perhaps more importantly, generate meaningful income when you finally need it.

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Reliable persistence is the key A pipeline company is an ideal business for producing reliable, recurring dividends. Pipeline operators aren't impacted by the ever-fluctuating price of natural gas or crude oil. Rather, since pipeline network owners like Enbridge simply charge a flat fee based on usage volume, they're only concerned about consumption (which remains steady).

Image source: Getty Images.

And its business's resiliency is evident in this company's long-term performance. Not only has Enbridge paid a quarterly dividend like clockwork for decades now, but it has also raised its per-share payment every year for the past 31 years. Indeed, had you reinvested these dividends in more Enbridge shares, a $10,000 investment made 30 years ago would be worth a little over $206,000 now, mostly thanks to those ever-growing dividends.

Data by YCharts.

That's an annualized growth rate of 10.6%, by the way. Assuming Enbridge stock continues to inflate its stock and its dividend payment at the same pace, investing $450 per month every month -- and reinvesting its dividends -- for the next 20 years would leave you with just a little less than $374,000. Moreover, based on the stock's current forward-looking yield of 5.6%, that position could generate nearly $21,000 in annual dividend income.

Your dividend stock pick doesn't necessarily have to be Enbridge Past performance is no guarantee of future results, of course. On the other hand, past performance is a pretty good indication of what's likely in the future.

Whatever happens with Enbridge going forward, this example illustrates the cumulative, compounding power of consistent dividend payments.

James Brumley has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Enbridge. The Motley Fool has a disclosure policy.

, /PRNewswire/ -- Enbridge Inc. (Enbridge) (TSX: ENB) (NYSE: ENB) announced today that, through a wholly-owned subsidiary, it has entered into a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business, comprising 100% of the Orla and Wink North systems and a 50% interest in the Delaware Crossing (DCX) system for cash consideration of US$600 million.

The business includes approximately 500 miles of crude oil gathering infrastructure located in the core of the Delaware Basin, one of the most prolific and competitive crude oil producing regions in North America. The system serves a diversified group of more than 20 producers and is supported by approximately 320,000 net dedicated acres under long-term commercial agreements. With an average remaining contract life of approximately 10 years, the assets provide stable, long-term cash flows and a durable foundation for future growth. 

The Orla, Wink North and DCX gathering systems have a combined 420,000 barrels per day of throughput capacity and 350,000 barrels of storage capacity and can deliver into multiple long-haul Permian crude egress pipelines including Enbridge's majority-owned Gray Oak Pipeline. The acquisition will provide a direct strategic connection between crude oil production in the Permian Basin to export at Enbridge Ingleside Energy Center, North America's largest crude export terminal.

"The acquisition will extend Enbridge's presence deeper into the Permian Basin through the addition of a highly connected crude gathering platform." Colin Gruending, Executive Vice President and President of Enbridge Liquids Pipelines. "These assets will strengthen our value chain in the Permian Basin and Enbridge can now offer customers full wellhead to water integration via Gray Oak, Cactus II and the Enbridge Ingleside Energy Center."

Enbridge expects the transaction to be immediately accretive to distributable cash flow per share and earnings per share and the Company's 2026 financial guidance remains unchanged by this announcement.

The transaction is expected to close later in 2026, subject to the satisfaction of customary closing conditions, including clearance from the Federal Trade Commission under Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Advisors

RBC Capital Markets acted as financial advisor to Enbridge. Sidley Austin LLP and Sullivan & Cromwell LLP were legal advisors to Enbridge.

About Enbridge Inc.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

Forward-Looking Statement

Forward-looking statements have been included in this news release to provide readers with information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge's and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''expect'', ''project'', ''estimate'', ''forecast'', ''plan'', ''intend'', ''target'', ''believe'', "likely", and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this news release include, but are not limited to, statements regarding the acquisition of Salt Creek Midstream's liquids infrastructure (the "Transaction"), including anticipated accretion and other benefits of the Transaction; characteristics relating to the acquired assets, growth and integration opportunities, and related matters; 2026 financial guidance; and expected closing date of the Transaction.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; anticipated utilization of our assets; exchange rates; inflation; interest rates; tariffs and trade policies; general economic and competitive conditions; availability and price of labor and construction materials; the stability of our supply chain; operational reliability; maintenance of support and regulatory approvals for our projects and transactions, including the Transaction; anticipated in-service dates; weather; the timing, terms and closing of acquisitions, dispositions and other transactions; the realization of anticipated benefits of transactions, including the Transaction; governmental legislation; litigation; estimated future dividends and impact of our dividend policy on our future cash flows; our credit ratings; capital project funding; hedging program; expected earnings before interest, income taxes, and depreciation and amortization (EBITDA); expected earnings/(loss); expected future cash flows; and expected distributable cash flow (DCF).Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty, particularly with respect to expected EBITDA, expected earnings/(loss), expected future cash flows and expected DCF, and all associated per share amounts, and estimated future dividends. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labor and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labor and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters; litigation; acquisitions, dispositions and other transactions, including the Transaction, and the realization of anticipated benefits therefrom; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; dividend policy; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; public opinion; changes in tax laws and tax rates; exchange rates; inflation; interest rates; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; political decisions; global geopolitical conditions; and the supply of, demand for and prices of commodities and other alternative energy, including but not limited to, those risks and uncertainties discussed in this news release and in our filings with Canadian and US securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

FOR FURTHER INFORMATION PLEASE CONTACT:

SOURCE Enbridge Inc.

Salt Creek Midstream is selling its crude oil gathering business for $600 million. The 500-mile system gathers oil in the heart of the prolific Delaware Basin. The buyer is the Canadian energy infrastructure giant Enbridge (ENB +0.52%).

While $600 million might seem like a rounding error for Enbridge, considering its more than 10 billion Canadian dollars ($7.2 billion) annual growth capital investment capacity, it's an important strategic deal for the energy giant. Here's why it's buying these assets and what the deal means for investors in the pipeline stock.

Image source: Getty Images.

What Enbridge is buying and whereEnbridge is buying Salt Creek Midstream's crude oil gathering business, which incudes 100% of the Orla and Wink North systems and a 50% interest in the Delaware Crossing system. The systems feature roughly 500 miles of crude oil gathering infrastructure in the core of the Delaware Basin, which is one of the most prolific and competitive oil fields in North America. The three gathering systems have a combined throughput capacity of 420,000 barrels per day and a storage capacity of 350,000 barrels. The system serves more than 20 oil and gas producers, backstopped by about 320,000 net dedicated acres under long-term commercial agreements with an average remaining term of around 10 years. The assets should generate stable, long-term cash flows and provide a durable foundation for growth.

While that stable cash flow is important for Enbridge to support its high-yielding dividend (currently over 5.5%), the acquisition is far more strategically important. The system delivers crude oil to several long-haul pipelines in the region, including Enbridge's majority-owned Gray Oak Pipeline (68.5% stake) and the Cactus II Pipeline (30% interest). As a result, it will provide a direct strategic connection between oil produced in the Permian Basin and export capacity at the Enbridge Ingleside Energy Center (EIEC), North America's largest crude oil export terminal. It will extend its presence deeper into the Permian Basin and strengthen its value chain, enabling it to offer more customers well-to-water integration through its connected pipeline system and export capacity.

The impact on EnbridgeEnbridge expects the acquisition to be immediately accretive to its distributable cash flow per share and its earnings per share. That will enhance its ability to sustain and grow its dividend. However, the transaction won't boost its results this year, since it doesn't expect to close the deal until later in 2026. Instead, it should be modestly additive to 2027's cash flow and earnings. Enbridge had already expected an acceleration starting next year from its current 3% compound annual growth rate to around 5% per year as its cash tax rate levels out. This acquisition will further pad next year's financial results.

The bolt-on nature of this acquisition also aligns with Enbridge's capital allocation strategy. Thanks to its reasonable dividend payout ratio (60%-70% of its cash flows) and solid investment-grade balance sheet (4.5x-5.0x target range), it has CA$10 billion-CA$11 billion ($7.2 billion-$7.9 billion) in annual growth capital investment capacity. While most of that capacity will go toward its massive and growing backlog of organic expansion projects (CA$41 billion of secured projects as of the end of the second quarter or $25.6 billion), it has room to make accretive acquisitions that enhance its platform.

The acquired assets also provide a foundation for future growth. Enbridge could further extend its value chain in the Delaware Basin by making additional bolt-on acquisitions or approving additional capacity expansions in the region or further downstream. For example, Enbridge has room to expand EIEC, including further export dock expansions. It sees the potential to invest up to another CA$1.5 billion ($1.1 billion) into this terminal in 2027 and beyond.

A small, but notable dealThe purchase of Salt Creek Midstream's crude oil gathering business isn't a needle-mover for Enbridge. However, it's still a strategically important deal for the pipeline giant. It will also be immediately accretive to its earnings when it closes later this year, providing additional support for its growing dividend. That will enhance its ability to continue growing shareholder value. The company's combination of steady growth and reliable income (31 years of increases in Canadian dollars) makes it one of the best energy stocks to buy and hold for the long term.

Enbridge has partnered with private equity companies KKR and Apollo Global Management to fund a 2.7 billion Canadian dollar, or $1.95 billion, expansion of its natural gas pipeline system in British Columbia.

BlackRock Inc. acquired a new position in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 3,387,262 shares of the pipeline company’s stock, valued at approximately $183,623,000. BlackRock Inc. owned approximately 0.16% of Enbridge at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ENB. Deutsche Bank AG purchased a new stake in Enbridge in the 2nd quarter worth $1,850,502,000. Perigon Wealth Management LLC bought a new stake in Enbridge during the second quarter valued at about $570,000. Phillips Wealth Planners LLC purchased a new position in shares of Enbridge in the second quarter valued at about $304,000. Trust Co. of Vermont purchased a new position in shares of Enbridge in the second quarter valued at about $10,103,000. Finally, Principle Wealth Partners LLC bought a new position in shares of Enbridge in the second quarter worth about $796,000. 54.60% of the stock is currently owned by institutional investors.

Analyst Ratings Changes Several analysts recently issued reports on ENB shares. Royal Bank Of Canada increased their target price on Enbridge from $79.00 to $84.00 and gave the stock an “outperform” rating in a research report on Monday, August 3rd. BMO Capital Markets restated a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. Wolfe Research set a $50.00 price objective on shares of Enbridge in a report on Tuesday, August 4th. Canadian Imperial Bank of Commerce raised shares of Enbridge from a “neutral” rating to an “outperform” rating in a report on Thursday. Finally, Raymond James Financial downgraded shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Six analysts have rated the stock with a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Check Out Our Latest Research Report on Enbridge Key Headlines Impacting Enbridge Here are the key news stories impacting Enbridge this week:

Positive Sentiment: Enbridge agreed to form a joint venture with KKR and Apollo to fund approximately C$2.7 billion (US$1.95 billion) of expansions to its Westcoast natural gas pipeline system in British Columbia. The Aspen Point and Sunrise projects are already sanctioned and supported by long-term contracts, while third-party capital reduces Enbridge’s upfront funding requirements and capital burden. Enbridge and KKR form Westcoast pipeline joint venture Positive Sentiment: Enbridge is acquiring Salt Creek Midstream’s crude gathering business in the Delaware Basin for US$600 million. The assets include about 500 miles of infrastructure, full ownership of the Orla and Wink North systems, and a 50% stake in Delaware Crossing. The deal expands Enbridge’s Permian footprint, strengthens its integrated crude export network, and is expected to add contracted earnings and cash flow after closing. Enbridge to buy Salt Creek Midstream crude assets Neutral Sentiment: Air monitoring following a gas leak during work on Enbridge’s Line 5 in Michigan’s Upper Peninsula found no hazardous gas levels. The incident appears contained, but investors may continue to monitor potential safety, regulatory, and operational consequences. Air monitoring after Enbridge Line 5 leak Negative Sentiment: The Salt Creek acquisition requires US$600 million in cash, adding near-term capital outlay to a company that already carries substantial debt. The expected benefits also depend on transaction closing, project execution, and continued activity in the Permian Basin. Enbridge Price Performance Shares of Enbridge stock opened at $49.97 on Friday. The stock has a 50 day moving average of $53.73 and a 200 day moving average of $54.03. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The firm has a market cap of $109.13 billion, a PE ratio of 26.72 and a beta of 0.58. The company has a current ratio of 0.72, a quick ratio of 0.66 and a debt-to-equity ratio of 1.69.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.43 by $0.03. The business had revenue of $9.70 billion for the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the previous year, the company posted $0.65 EPS. On average, research analysts expect that Enbridge Inc will post 2.11 EPS for the current fiscal year.

Enbridge Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be paid a dividend of $0.97 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.8%. Enbridge’s dividend payout ratio is presently 147.06%.

Enbridge Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

Read More Five stocks we like better than Enbridge Nutanix’s Rally Has a Bigger Story Than Earnings as AMD’s AI Bet Takes Shape SEC Probe Puts Wall Street Leverage Risk Back in Focus A Bearish-Dollar Options Surge Raises the Stakes for Warsh at Jackson Hole Five Below’s Turnaround Is Working—But Has the Stock Run Too Far?

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Key Takeaways Enbridge will receive about C$2.7B from KKR and Apollo to fund Aspen Point and Sunrise expansions.The projects are backed by long-term take-or-pay contracts and are slated to enter service in 2026 and 2028.ENB retains control and can repurchase the investors' stake between years seven and fourteen after closing. Enbridge Inc. (ENB - Free Report) , a leading midstream energy player in North America, signed an agreement with KKR, a global investment firm, to establish a joint venture to help fund two major expansion projects —Aspen Point and the Sunrise Expansion Programs. These projects are associated with its Westcoast natural gas pipeline system. The funds will be provided by capital accounts managed by KKR, with additional contributions from funds and affiliates managed by Apollo.

The expansion projects have received regulatory approvals and are backed by long-term take-or-pay contracts. This agreement allows Enbridge to move forward with its growth plans while sharing the capital requirements of these projects with large investment firms. Per the terms of the agreement, KKR and Apollo will provide approximately C$2.7 billion to fund the expansion projects. This also includes a cash payment of $700 million directly to Enbridge at closing. In return, the investors will receive a 29% indirect interest in the aggregate Westcoast pipeline system after the Sunrise expansion comes online.

ENB has stated that the Aspen Point Expansion is expected to become operational in 2026. The Sunrise Expansion is scheduled to enter service in 2028. KKR and Apollo will start receiving distributions as the expansion projects come online.

Enbridge will maintain its majority ownership in the Westcoast pipeline system and remain its controlling owner. The midstream energy firm will also be responsible for the completion and execution of the Aspen Point and Sunrise Expansion projects. The agreement includes a buyback option for ENB.

The company has the option to repurchase KKR and Apollo’s stake anytime between the seventh and 14th year after the deal closes. This arrangement benefits Enbridge by allowing the company to strengthen its financial position and enhance its financial flexibility while continuing to invest in other growth opportunities with attractive returns. It also aligns with the company’s commitment to maintaining a disciplined capital allocation approach and its broader capital-recycling strategy.

Moreover, the option to buy back the investors’ interests provides the company with an opportunity to potentially regain the entire economic interest in the assets after initially using outside funding for their construction. The Westcoast pipeline is a crucial asset that serves increasing natural gas demand in North America and Canada. These expansion projects provide ENB with future revenue visibility, as they are backed by long-term contracts.

ENB’s Zacks Rank & Key PicksENB currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the energy sector are Par Pacific Holdings (PARR - Free Report) , Valero Energy (VLO - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . While Par Pacific and Valero sport a Zacks Rank #1 (Strong Buy) each, Galp Energia carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

Par Pacific Holdings operates an integrated downstream energy business across the United States, with fuel retail operations in Hawaii, Washington and Idaho, refining operations in Hawaii, Wyoming, Washington and Montana, and a supporting logistics network. Its refineries have a combined crude oil throughput capacity of 219,000 barrels per day and produce gasoline, diesel, jet fuel, marine fuels, asphalt and other petroleum products.

Valero Energy is a leading refining player with a robust network of 14 refineries and a combined high-complexity throughput capacity of 3 million barrels per day, which distinguishes it from other independent refiners. Valero’s refineries have a combined Nelson Complexity Index of 11.5, which implies that they can process a wide variety of feedstocks, convert them into higher-value products and shift product yields according to market conditions.

Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.

EP Wealth Advisors LLC raised its stake in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 32.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 44,804 shares of the pipeline company’s stock after buying an additional 11,052 shares during the period. EP Wealth Advisors LLC’s holdings in Enbridge were worth $2,429,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Triumph Capital Management purchased a new stake in shares of Enbridge during the third quarter valued at $26,000. Arlington Trust Co LLC boosted its position in shares of Enbridge by 114.6% in the 2nd quarter. Arlington Trust Co LLC now owns 500 shares of the pipeline company’s stock valued at $27,000 after purchasing an additional 267 shares during the period. Turning Point Benefit Group Inc. purchased a new position in Enbridge in the 3rd quarter worth about $28,000. Inspire Investing LLC purchased a new position in Enbridge in the 4th quarter worth about $29,000. Finally, Garner Asset Management Corp purchased a new position in Enbridge in the 4th quarter worth about $30,000. Institutional investors and hedge funds own 54.60% of the company’s stock.

Enbridge Price Performance NYSE ENB opened at $50.48 on Friday. Enbridge Inc has a fifty-two week low of $45.03 and a fifty-two week high of $58.45. The stock’s 50-day moving average is $54.14 and its two-hundred day moving average is $53.99. The firm has a market cap of $110.25 billion, a P/E ratio of 26.99 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last released its quarterly earnings results on Friday, July 31st. The pipeline company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.43 by $0.03. The company had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. Enbridge had a return on equity of 11.17% and a net margin of 7.20%.During the same quarter in the prior year, the company posted $0.65 EPS. On average, analysts anticipate that Enbridge Inc will post 2.11 earnings per share for the current fiscal year. Enbridge Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Friday, August 14th will be issued a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 7.7%. The ex-dividend date is Friday, August 14th. Enbridge’s payout ratio is 147.06%.

Key Enbridge News Here are the key news stories impacting Enbridge this week:

Positive Sentiment: US Capital Advisors upgraded Enbridge from “hold” to “moderate buy,” signaling improved confidence in the company’s risk-reward profile at recent valuation levels. Zacks.com Positive Sentiment: US Capital Advisors raised its earnings forecasts across several periods. Estimates increased to $0.43 per share for Q3 2026, $0.61 for Q4 2026, $0.48 for Q2 2027, $0.46 for Q3 2027 and $0.69 for Q4 2027. Its FY2027 forecast rose to $2.41 per share from $2.24, above the current full-year consensus of $2.11. These revisions suggest expectations for stronger earnings momentum. MarketBeat analyst estimates Positive Sentiment: Enbridge’s long dividend-growth record remains attractive to income investors. The company has increased its dividend for 31 consecutive years, and the recent share-price pullback may improve its yield and valuation appeal. Enbridge dividend analysis Neutral Sentiment: Some analysis suggests Enbridge is fairly valued after generating roughly a 93% total return over five years, limiting the potential for near-term multiple expansion despite its infrastructure cash flows. Enbridge valuation analysis Negative Sentiment: Risks include weaker second-quarter results, elevated leverage and competition. Enbridge has a roughly CAD 41 billion secured growth backlog, but competing egress pipelines could pressure volumes on its Mainline System, which contributes about one-third of EBITDA. Debt-to-EBITDA of approximately 5.1 times also exceeds the company’s preferred range and leaves earnings more exposed to interest costs. Enbridge growth backlog and Mainline risks Wall Street Analyst Weigh In ENB has been the subject of a number of analyst reports. Royal Bank Of Canada upped their price objective on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research note on Monday, August 3rd. Scotiabank reissued an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Raymond James Financial lowered shares of Enbridge from an “outperform” rating to a “market perform” rating in a report on Friday, July 31st. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Finally, Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a research report on Monday, May 11th. Five analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, Enbridge currently has a consensus rating of “Hold” and a consensus target price of $67.00.

Check Out Our Latest Stock Report on Enbridge

Enbridge Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

Further Reading Five stocks we like better than Enbridge 2 Biotech Stocks Shaping Up for Major Breakouts 3 Stocks Came Roaring Back—Now They’re Flashing Warning Signs 3 Beaten-Down Stocks That Haven’t Gotten the Message About the S&P 500’s Record Run Darden Restaurants Just Hit a 52-Week High–Is the Olive Garden Comeback Story Legit? Want to see what other hedge funds are holding ENB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB).

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Enbridge's CAD 41 billion secured growth backlog supports a 5% long-term CAGR in adjusted EBITDA, DCF per share, and EPS, with 2027 a major commissioning year. The Mainline System contributes roughly one-third of Enbridge EBITDA, making emerging competing egress pipelines a material medium-term throughput risk. Debt to EBITDA is 5.1x, above Enbridge's 4.5x to 5.0x target, while interest expense consumes roughly 27% of adjusted EBITDA. This is a risk to monitor amid rising rates.

Enbridge (ENB +0.17%) has been a very durable dividend stock over the years. The Canadian pipeline and utility company has paid a dividend for over 70 years and increased its payment for 31 consecutive years (in Canadian dollars).

That streak won't end anytime soon. Here's why income investors will want to invest in Enbridge.

Image source: The Motley Fool.

Built on a strong foundation Enbridge raised its dividend by 3% last December, extending its streak to 31 straight years. That's one of the longest streaks in the energy sector. It's a testament to the durability of the company's business model and the strength of its growth profile. At its current payment rate and stock price, Enbridge yields nearly 5.5%, well above the S&P 500's roughly 1% yield.

The pipeline and utility company has one of the lowest-risk business models in the energy sector. It has diversified, high-quality income streams, as more than 98% of its earnings come from regulated rate structures or take-or-pay contracts with investment-grade counterparties (over 95%). It has negligible exposure to commodity price volatility (less than 1%), and 80% of its earnings are inflation-protected. Enbridge's earnings are so stable and predictable that it has achieved its annual financial guidance for 20 straight years.

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Enbridge also has a conservative dividend payout ratio (60% to 70% of its stable cash flows) and a rock-solid investment-grade balance sheet. That provides it with over 10 billion Canadian dollars ($7.2 billion) of annual investment capacity.

Visible growth coming down the pipeline Enbridge expects to grow its cash flow per share by about 3.5% at the midpoint of its guidance range this year, driven by strong market conditions and recently completed expansion projects. It anticipates that its growth rate will accelerate to around 5% annually beyond 2026. That should support annual dividend growth of up to 5%.

The company supports that outlook with a robust backlog of expansion projects. Enbridge ended the second quarter with CA$41 billion ($29.5 billion) in secured projects that should enter commercial service through 2033. Its projects include oil pipeline expansions, a carbon dioxide hub, new gas pipelines, utility expansion projects, and several renewable energy projects. The company has approved CA$9 billion ($6.5 billion) in new capital projects this year, putting it on track to meet its target of securing CA$10 billion–CA$20 billion ($7.2 billion–$14.4 billion) of new projects in the 2026-2027 time frame. That seems easily achievable, as the company is progressing on more than CA$10 billion ($7.2 billion) in additional near-term opportunities in its gas transmission segment alone. Securing additional projects would further enhance its long-term growth profile.

An ideal income stock Enbridge's durable cash flows and conservative financial profile support its high-yielding dividend. Meanwhile, with a multi-year, multi-billion-dollar backlog, it has visible earnings growth ahead to support continued dividend increases, extending its more than seven decades of payments. These features make Enbridge a foundation income investment to anchor a portfolio.

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Midstream energy remains one of the few corners of the market where investors can pair mid-single-digit growth outlooks with above-market income. WTI crude has staged a sharp recovery, rallying 17.0% over the past month to $84.77 per barrel, and U.S. LNG export capacity keeps expanding, with the EIA forecasting LNG exports averaging 17.0 Bcf/d in 2026 and 18.2 Bcf/d in 2027. Pipeline operators sit at the toll booth for all of that throughput.

Three names stand out: two U.S. MLPs and one large-cap Canadian pipeline operator, all US-listed, all posting record volumes, and all raising distributions.

Enterprise Products Partners (EPD) Enterprise Products Partners (NYSE:EPD | EPD Price Prediction) is a master limited partnership that issues a Schedule K-1, so unitholders should factor tax filing complexity into their decision. Shares closed at $38.61 on August 17, up 25.99% year to date, and the partnership carries a market cap near $82.1 billion. The latest quarterly distribution of $0.56 per unit, annualizing to $2.24, was paid on August 14, 2026.

Q2 2026 delivered record operational DCF of $2.3 billion, up 21% year over year, providing 1.9x coverage of the cash distribution. Adjusted EBITDA hit a record $2.83 billion, up 17% YoY, on record equivalent pipeline volumes of 14.7 million barrels per day and marine terminal volumes of 2.8 million barrels per day. The partnership has $6.5 billion in organic growth projects under construction, headlined by an LPG export terminal expansion on the Houston Ship Channel expected online by year-end 2026. CEO Jim Teague said "Enterprise reported strong volumes, earnings and cash flow for the second quarter of 2026". With a distribution track record stretching from $0.225 in 1999 to $0.56 in 2026, it ranks among the cleanest income compounders in midstream.

Risk to watch: Marine terminal volumes benefited from a Middle East demand surge in April and May and, per management, "returned to normal levels in June and July". Second-half comparisons will be tougher.

Energy Transfer (ET) Energy Transfer (NYSE:ET) is also a K-1-issuing MLP. Units finished at $20.94, up 33.84% year to date, making it the top performer of the three in 2026. The current quarterly distribution of $0.34, or $1.36 annualized, represents the 19th consecutive quarterly increase. The next payment is scheduled for August 19, 2026.

Q2 was strong. EPS of $0.59 topped the $0.37 consensus, a 60.41% beat, with revenue of $34.33 billion versus a $28.86 billion estimate. Adjusted EBITDA came in at $5.07 billion, up 31% YoY. Management raised full-year 2026 adjusted EBITDA guidance to $18.8 billion to $19.1 billion, the second raise this year. The Hugh Brinson Pipeline is in commercial service, with full Phase 1 capacity of 1.5 Bcf/d expected September 1, 2026, and the Nederland NGL export expansion adds 240,000 bpd of ethane plus 55,000 bpd of LPG capacity. Data center demand is layering on top: an Abilene AI factory campus signed a 900 MW natural gas supply agreement. CFO Dylan Bramhall put it plainly: "When we look at this opportunity set, we’re not by any means lowering our return threshold. In fact, I think when we look at these projects, our return threshold is probably going up".

Risk to watch: Q1 2026 EPS missed by 7.60% partly on higher interest expense from an expanded capital structure. Leverage sits at the top of the 4.0x to 4.5x EBITDA target range, leaving less cushion if commodity spreads compress.

Enbridge (ENB) Enbridge (NYSE:ENB) is the diversified pipeline heavyweight, with a market cap of roughly $111.2 billion. Unlike the two MLPs, Enbridge is a Canadian corporation that pays a standard 1099-DIV and declares its dividend in Canadian dollars, introducing FX risk for U.S. holders. The board declared a quarterly dividend of C$0.97, payable September 1, 2026 to holders of record August 14. Shares closed at $50.58, up 10.07% year to date but down 9.59% over the past month, which improves the entry point.

Q2 adjusted EPS of $0.63 beat the $0.60 consensus by 5.63%, adjusted EBITDA rose to $4.78 billion, and DCF reached $2.95 billion. Management reaffirmed 2026 guidance of C$20.2 billion to C$20.8 billion adjusted EBITDA and DCF per share of C$5.70 to C$6.10, alongside a post-2026 growth outlook of roughly 5%. The secured backlog stands at approximately C$41 billion, with C$9 billion sanctioned year to date. CEO Greg Ebel called it the "best macro environment for growth in the last 10 years", pointing to over 50 data center opportunities across North America requiring up to 10 Bcf/d of new takeaway capacity.

Risk to watch: Debt-to-EBITDA sits at an elevated 5.1x, GAAP earnings will remain choppy due to non-cash derivative marks, and CAD-denominated dividends fluctuate with the loonie.

What Investors Should Watch Next All three offer growing distributions backed by fee-based cash flows, visible project backlogs, and direct exposure to LNG export, NGL export, and power/data center demand. EPD offers the most conservative coverage profile, ET the strongest earnings momentum and cheapest valuation, and ENB the broadest diversification and largest project pipeline. Key catalysts into the fall include the Hugh Brinson Phase 1 full commercial in-service on September 1, 2026, EPD’s LPG export expansion coming online by year-end 2026, and Enbridge’s plan to sanction C$10 billion to C$20 billion of new projects over 2026 to 2027.

Contact [email protected] for any questions or corrections.

Key Takeaways Enbridge's C$41B backlog and C$50B opportunity set support about 5% annual post-2026 growth.ENB trades at 23.1X forward earnings, above its sub-industry, S&P 500 and five-year median.Enbridge's 5.1X debt-to-EBITDA and higher U.S. rates leave less room for project delays. Enbridge Inc. (ENB - Free Report) pairs long-term contracted infrastructure cash flows with a C$41 billion secured backlog and a 5.4% dividend yield. Management also sees about C$50 billion of organic opportunities through 2030, supporting a visible growth runway.

The trade-off is valuation. ENB trades above its sub-industry, the S&P 500 and its own five-year median on forward earnings, while leverage sits near the top of management's target range and higher U.S. interest rates remain a headwind. That puts execution, project timing and cash-flow conversion at the center of the hold-or-wait decision.

Enbridge’s Backlog Supports a 5% Growth PathEnbridge’s secured capital backlog totals C$41 billion, with projects scheduled through 2033. Management also identifies about C$50 billion of organic opportunities through 2030 and has sanctioned approximately C$9 billion of capital in 2026.

That pipeline underpins post-2026 expectations for about 5% average annual growth in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), earnings per share and distributable cash flow per share. The growth case is visible, but realizing it depends on converting a large opportunity set into timely in-service assets.

Image Source: Enbridge

ENB’s Valuation Demands Consistent DeliveryAt 23.1X forward 12-month earnings, ENB trades above the Zacks sub-industry’s 20.5X multiple, the S&P 500’s 20.8X and its five-year median of 17.9X. The premium leaves less room for delays, weaker earnings or prolonged financing pressure.

Investors comparing pipeline exposure may also look at Kinder Morgan, Inc. (KMI - Free Report) , a large North American energy-infrastructure operator with extensive pipeline and storage assets. The Williams Companies, Inc. (WMB - Free Report) offers a more natural-gas-focused alternative spanning transmission, gathering, processing and storage.

Enbridge’s Cash Flow Supports Shareholder ReturnsSecond-quarter distributable cash flow rose 1.6% to C$2.95 billion, while distributable cash flow per share increased to C$1.35 from C$1.33. Lower maintenance capital helped offset higher interest expense.

Enbridge continues to fund the equity portion of its growth program internally. It returned C$4.2 billion through common-share dividends in the first half of 2026, supporting shareholder returns while the capital program advances.

ENB’s Balance Sheet Narrows the Margin for ErrorDebt-to-EBITDA was 5.1 times at the end of the second quarter, including about 0.1 times from foreign exchange. Adjusting for that effect, leverage was within management's 4.5-5.0 times target range.

Management expects leverage to remain near the upper end while construction spending is elevated, then decline as projects enter service and cash flows build. Higher U.S. interest rates remain a 2026 headwind, narrowing the cushion if project timing slips.

Enbridge’s Projects Need to Convert on ScheduleMainline Optimization Phase 1 is expected in 2027 and the Southern Illinois Connector in 2028. Together, the projects target 180,000 barrels per day of incremental egress, making their schedule important to the liquids-growth thesis.

Blackcomb began commissioning in the second quarter and is expected to reach full service by year-end 2026. Sequoia Solar is also scheduled for full service by year-end, giving Enbridge near-term opportunities to turn construction spending into operating contributions.

Enbridge’s Signals Favor a Balanced Valuation ViewEnbridge's risk-reward is balanced. Contracted cash flows, a visible backlog and a 5.4% yield support the case for patience, but the premium multiple, leverage near the top of the target range and financing costs raise the cost of execution mistakes.

The stock currently carries a Zacks Rank #3 (Hold). Its Value Score of C, VGM Score of C and Growth Score of D are mixed, while the Momentum Score of A is the strongest style reading. Because Style Scores complement the Zacks Rank, the combination does not present a uniformly favorable buy signal despite solid momentum characteristics.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Posted by Defense World Staff on Aug 13th, 2026

Assenagon Asset Management S.A. lessened its stake in Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 54.5% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 80,753 shares of the pipeline company’s stock after selling 96,576 shares during the period. Assenagon Asset Management S.A.’s holdings in Enbridge were worth $4,378,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. 55 North Private Wealth LLC acquired a new stake in shares of Enbridge during the second quarter worth about $251,000. Evanson Financial LLC acquired a new position in shares of Enbridge in the second quarter valued at approximately $917,000. Balefire LLC increased its stake in Enbridge by 11.2% during the 2nd quarter. Balefire LLC now owns 12,670 shares of the pipeline company’s stock worth $687,000 after buying an additional 1,273 shares during the period. Graves Light Lenhart Wealth Inc. increased its stake in Enbridge by 2.6% during the 2nd quarter. Graves Light Lenhart Wealth Inc. now owns 9,169 shares of the pipeline company’s stock worth $497,000 after buying an additional 234 shares during the period. Finally, GAMMA Investing LLC increased its stake in Enbridge by 129.1% during the 2nd quarter. GAMMA Investing LLC now owns 3,056 shares of the pipeline company’s stock worth $166,000 after buying an additional 1,722 shares during the period. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Enbridge Stock Performance NYSE:ENB opened at $51.44 on Thursday. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. The firm has a market capitalization of $112.35 billion, a PE ratio of 27.51 and a beta of 0.58. The business’s fifty day moving average price is $54.88 and its 200 day moving average price is $53.91.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last issued its quarterly earnings data on Friday, July 31st. The pipeline company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The business had revenue of $9.70 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm earned $0.65 EPS. On average, sell-side analysts anticipate that Enbridge Inc will post 2.1 earnings per share for the current fiscal year.

Enbridge Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. Enbridge’s payout ratio is currently 147.06%.

Analyst Ratings Changes Several equities analysts have commented on ENB shares. Weiss Ratings restated a “buy (b)” rating on shares of Enbridge in a research note on Friday, May 22nd. BMO Capital Markets reiterated a “market perform” rating on shares of Enbridge in a research note on Monday, August 3rd. TD Securities reiterated a “hold” rating on shares of Enbridge in a report on Thursday, July 16th. Canadian Imperial Bank of Commerce restated a “neutral” rating on shares of Enbridge in a report on Monday, May 11th. Finally, Wall Street Zen raised Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Four analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $67.00.

Check Out Our Latest Analysis on Enbridge

Enbridge Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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Midstream operator Enbridge (ENB +0.21%) reported earnings on July 31, and its stock has tumbled more than 7% since. The reason was obvious. The company's profit margin narrowed because its heavy debt load is weighing on net earnings.

Enbridge reported earnings per share (EPS) of CA$0.64, down 36% year over year, and the company's total leverage is around 5.1x debt to earnings before interest, taxes, depreciation, and amortization (EBITDA). That's a legitimate concern, even for a company with steady cash flows such as Enbridge. It's important to realize, though, that much of that is from the costs of new energy infrastructure projects that will lead to long-term revenue growth.

Here are three reasons why Enbridge remains a buy.

Image source: Getty Images.

Its above-average dividend appears safe The energy and utility infrastructure company, based in Canada, operates the largest natural gas utility by volume in North America and has more than 18,000 miles of active crude pipeline. Its natural gas transmission and midstream network stretches for about 19,373 miles. It moves about 30% of the crude oil produced in North America and transports nearly 20% of the natural gas consumed in the U.S. It is also a growing player in renewable energy, with solar and wind power operations.

Enbridge continues to grow distributable cash flow (DCF), which powers its above-average dividend, yielding 5.41% at its current share price. In the second quarter, DCF was CA$2.9 billion, up 35.2% year over year.

The company has increased its quarterly dividend for 31 consecutive years, including a 3% increase in December. Enbridge has a low-risk, utility-like business model in which 98% of its cash flow is generated by long-term, inflation-protected, rate-regulated contracts, making it a strong choice for income-oriented investors. The company has said it intends to maintain a DCF payout range of 60% to 70% to keep the dividend safe.

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Enbridge is spending now to cash in later Enbridge has sanctioned up to CA$20 billion in projects to drive revenue and earnings growth through the end of the decade, including projects made to order for hyperscalers, data centers, and other pipeline expansions. The company has a growing relationship with Meta (META +0.48%), with four projects involving solar, wind, and battery-storage development.

Enbridge has a secured capital backlog of CA$41 billion and has approved approximately CA$9 billion of projects this year. It has diversified its planned projects across liquid pipelines, gas transmission lines, gas distribution and storage facilities, and renewable projects, including solar energy. That gives it a balance that allows it to prosper, regardless of which way energy spending grows.

The company has shown the ability to adapt Once primarily a crude oil pipeline operator, the company has adopted a more balanced approach, allowing it to succeed in all market cycles. It now has a portfolio of oil, natural gas, and renewable power assets, enabling it to transition from higher-emission energy sources to natural gas, renewable energy, and lower-carbon solutions.

By acquiring Dominion Energy's gas utilities (East Ohio Gas, Questar Gas, PSNC) in 2023, Enbridge established North America's largest natural gas utility platform by volume, serving more than 7 million customers. Its gas utilities and gas transmission assets generate steady, rate-regulated returns that insulate Enbridge from commodity price swings and offset volume risks in oil transportation.

That's why it can safely stay with its yearly guidance, even in the midst of major projects. Enbridge says it plans to have a yearly DCF between $20.2 billion and $20.8 billion and an annual DCF per share between $5.70 and $6.10.

Taking on debt can be scary, but Enbridge has customers lined up for these projects, and the extra spending will enable it to grow EBITDA and DCF, while maintaining its attractive dividend.

Enbridge (ENB -0.81%) is a simple business on one hand, and a complex one on the other. But the big story here for dividend investors is the reliable 5.3% dividend yield. That yield is backed by a dividend that has been increased annually in Canadian dollars for 31 years. That history, along with the company's big-picture goal, is why I just keep reinvesting the dividend to buy more shares. Here's what you need to know.

What does Enbridge do to support its 5.3% yield? Enbridge is generally classified as a pipeline company, which is completely reasonable. Oil and natural gas pipelines account for more of its revenues than any other business line. These midstream operations are largely fee-based, so the volume of energy moving through the company's system is more important than commodity prices. This allows Enbridge to produce reliable cash flows in an industry known for volatility.

Image source: Getty Images.

I'm a fairly conservative dividend investor, so this is a win for me. But it is only half of the story. Enbridge's real goal isn't to run pipelines; it is to provide the world with the energy it needs. This is why it also operates several regulated natural gas utilities and has a small, but growing, portfolio of renewable power assets. The company is shifting its business in line with the world's shift toward cleaner energy options. From a long-term perspective, that makes me far more comfortable continuing to buy more of the stock.

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However, a key factor here is that regulated natural gas utilities generate reliable cash flows. And the company's clean energy assets are backed by long-term contracts, so they produce reliable cash flows, as well. Enbridge isn't taking wild risks as it shifts its business; it is attempting to recreate the reliable cash flows its pipelines generate in other areas of the energy sector. That's exactly the type of thing that dividend lovers like me are looking for.

I have no plan to stop buying until I need the income When I step back and look at Enbridge, it is the type of high-yield energy stock that I can own for the long term without losing any sleep along the way. Oil prices will spike and plunge, but I can ignore those moves and focus instead on the reliable dividends I'm collecting. Those dividend checks increase with each new share I buy through dividend reinvestment and with each dividend increase. Indeed, when I finally stop working, I'm expecting my dividend check to be materially larger than it is today.

Midstream stocks, or shares in companies that own energy assets like oil and gas pipelines and storage facilities, are an unglamorous yet highly profitable niche within the energy sector. Operating as a "toll road" type business, generating fixed fees largely unaffected by volatile fossil fuel prices, these companies can quietly mint profit during boom times and bust times in the oil sector.

This can create fantastic compounding potential for investors more concerned with capital growth. This holds especially true for owners of the following three pipeline stocks: Enbridge (ENB -2.69%), Enterprise Products Partners (EPD -1.55%), and MPLX (MPLX -0.68%).

Image source: Getty Images.

1. Enbridge: The slow and steady compounder Enbridge is a diversified energy and utility infrastructure company. In addition to owning over 18,000 miles of pipeline across the U.S. and Canada, Enbridge operates a gas utilities company serving over 7 million customers. The company has also invested extensively in renewable energy infrastructure.

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Diversification notwithstanding, it's Enbridge's midstream assets that make it a steady cash generator, enabling it to consistently raise its dividend over time. While the company's dividend growth streak currently stands at just three years, its quarterly payouts have grown by an average of 7.3% annually over the past decade.

With a forward yield of 5.1%, investors who choose to reinvest their dividends can grow an initial investment in this stock into a fairly large portfolio holding. Keep in mind that Enbridge's C-corp status has different tax implications than those of most midstream stocks, which are typically master limited partnerships (MLPs).

2. Enterprise Products Partners: Dividend growth royalty Among dividend growth track records, few pipeline stocks match up to Enterprise Products Partners. For nearly 30 years in a row, this midstream energy MLP has raised its quarterly payouts, known as distributions.

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For investors who held onto this MLP for decades, this has likely led to tremendous compounding over time, assuming they rolled over distributions into new shares. Enterprise Product Partners, by virtue of its MLP status, continues to pay out the lion's share of its pretax earnings as distributions.

As a result, this stock has a fairly high forward yield of nearly 6%. Payouts have increased by an average of 4% each year for the past five years. Per EPD's latest investor presentation, the MLP continues to drive for further per-unit cash flow growth through both organic growth and share repurchases.

3. MPLX: A high-yielder growing at an impressive clip At first glance, you may look at MPLX's relatively high forward yield of 7.3% as a warning sign. Typically, if a stock has a higher-than-average yield, it's due to potential risks that could eliminate and/or outweigh such a high payout down the road.

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However, a closer look suggests that MPLX may be many things, but it's far from a value trap. For one, this MLP, affiliated with Marathon Petroleum, has 10 years of consecutive payout growth. Over the past decade, distributions have grown by an average of 11.5% annually, including 12.5% distribution growth over the past year.

Looking ahead, MPLX continues to expand its asset base, bringing additional capacity online. With this, management anticipates that distribution growth of 12.5% could continue over the next two years.

TOPSHOT - Sections of the Enbridge Line 3 pipeline are seen on the construction site near La Salle Lake State Park in Solway, Minnesota on August 7, 2021. Climate activists and Anishinaabe tribal community members are taking 2 weeks to walk to the Minnesota State Capitol Building to raise awareness for water rights and to rally against Line 3, a proposed pipeline expansion to bringing tar sands from Alberta, Canada to Superior, Wisconsin. (Photo by Kerem Yucel / AFP) (Photo by KEREM YUCEL/AFP via Getty Images)

AFP via Getty Images

On Friday, July 31, 2026 the Michigan Supreme Court vacated a key permit for the tunnel project that allows Canadian pipeline company Enbridge to traverse its Line 5 Pipeline through the Straits of Mackinac between the Upper and Lower Peninsulas of Michigan. The ruling throws the project back into limbo, as the Michigan Public Service Commission now must redo its analysis, further delaying a process that began in 2018. (Source).

In a 6-1 ruling, the Michigan Court, per Justice Elizabeth Welch, stated that …”(t)o accurately assess the environmental consequences of the Replacement Project, the PSC should have determined whether the project would be the proximate cause of Line 5’s continued operation and its alleged attendant harms.”

Line 5, which is 73 years old, runs from Superior, Wisconsin, down through Michigan and into Ontario, ending at the refineries in Sarnia, Ontario. In response to growing concerns that the pipeline needed to be modernized, especially in the freshwaters of the Straits of Mackinac, Enbridge reached an agreement with then Michigan Governor Rick Snyder on its modernization. When Democrat Gretchen Whitmer replaced Rick Snyder in 2019, she sought to shut down the pipeline entirely, which among other things may violate the 1977 Canada-United States Transit Pipelines Treaty governing uninterrupted transmission of hydrocarbons between the two nations. (Source).

The attempt by Governor Whitmer to shut the pipeline down entirely has led to contentious litigation now both in Federal Appellate Court in Michigan and in Michigan State Court. Also on July 31, both the federal governments of the United States and Canada asked the court to block any attempt by Michigan to shut the pipeline down. This continues another part of this drama that goes back to the early days of the Whitmer Administration when her State Attorney General, Dana Nessel, filed a lawsuit in Michigan state court seeking closure of the pipeline. In April 2006 the United States Supreme Court ruled unanimously that the federal government had waited too long to try to transfer the lawsuit to federal court, returning the matter to Michigan state jurisdiction. (Source).

As if all of this wasn’t enough, on July 30, 2026 the U.S. Court of Appeals for the Seventh Circuit upheld a ruling that Enbridge trespassed on the Bad River Bend of Lake Superior Chippewa’s reservation in northern Wisconsin and ordered the pipeline rerouted. (Source).

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The Court ruled that easements permitting the location of Line 5 across Tribal lands expired in 2013 and Enbridge in effect has been trespassing since.

Built in 1953, Line 5 transports up to 540,000 barrels of crude oil and natural gas liquids. It also is a critical conduit for jet fuel for airports such as Detroit Wayne County and Toronto’s Lester Pearson International Airport. As this drama plays out in all of its forms, the one thing that absolutely is clear is that the pipeline is not getting any younger.

Key Takeaways Enbridge's Q2 earnings top estimates as high utilization across its four businesses supported results.Mainline throughput increased 3.6% as higher volumes and optimization lifted ENB's Liquids Pipelines EBITDA.Enbridge reaffirmed 2026 guidance with a C$41B secured capital backlog and up to C$20B in new projects. Enbridge Inc. (ENB - Free Report) reported second-quarter 2026 adjusted earnings of 46 cents per share, down 3.1% from 47 cents a year ago. The bottom line surpassed the Zacks Consensus Estimate of 43 cents by 6.98%.

Revenues increased 97.1% to $21.2 billion from $10.8 billion in the prior-year quarter. The top line surpassed the consensus estimate of $10.8 billion by 96.3%.

The better-than-expected results were driven by high utilization across Enbridge’s four businesses.

Mainline throughput averaged roughly 3.1 million barrels per day (MMBbl/d), up from 3 MMBbl/d a year earlier.

ENB’s Liquids Business Benefits From Mainline VolumesLiquids Pipelines generated adjusted earnings before interest, income taxes and depreciation, and amortization (EBITDA) of C$2.34 billion, largely consistent with C$2.34 billion in the prior-year quarter. Higher Mainline, Line 9 and Seaway volumes, along with optimization initiatives, supported the business. Lower Line 9 tolls partly offset these gains.

Adjusted EBITDA from the Mainline and Market Access Systems rose 5.1% to C$1.6 billion. Average ex-Gretna Mainline throughput increased 3.6% to 3.07 MMBbl/d. However, the Regional Oil Sands and Express-Platte Systems contribution declined to C$351 million from C$376 million.

Enbridge placed the Houston Oil Terminal into service during the quarter. It sanctioned the C$1 billion Wisconsin Line 5 Relocation project, which is under construction and expected to enter service in early 2027.

Enbridge’s Gas Transmission Earnings AdvanceGas Transmission adjusted EBITDA increased 2.7% to C$1.4 billion. U.S. Gas Transmission contributed C$1.2 billion, up 7% from the year-ago quarter, reflecting favorable rate outcomes at East Tennessee and a phased increase from the Texas Eastern rate settlement.

Canadian Gas Transmission adjusted EBITDA declined to C$143 million from C$150 million. Contributions from other gas assets fell to C$103 million from C$136 million.

During the quarter, ENB began commissioning the Blackcomb natural gas pipeline and remained on track to begin full service by year-end. The company sanctioned the Bay Runner Twin project to serve additional liquefaction capacity at Rio Grande LNG.

ENB’s Utility & Power Operations ImproveGas Distribution and Storage adjusted EBITDA rose 4.5% to C$878 million. The U.S. gas utilities generated C$380 million, up 13.4%, primarily due to higher base rates following recent proceedings for Enbridge Gas Utah and Enbridge Gas North Carolina.

Enbridge Gas Ontario’s adjusted EBITDA declined 3.6% to C$481 million. Its adjusted earnings increased to C$166 million from C$153 million due to lower depreciation, interest and income tax expenses.

Renewable Power Generation adjusted EBITDA advanced 9.2% to C$131 million. Enbridge is constructing more than 2 gigawatts of generation capacity across North America and Europe. The Sequoia Solar project remains scheduled to enter full service by the end of 2026.

Enbridge Posts Higher EBITDA & Cash FlowAdjusted EBITDA increased 2.8% year over year to C$4.8 billion. Adjusted earnings declined 2.5% to C$1.4 billion as higher depreciation from newly commissioned assets and increased interest expense offset operating growth.

Distributable cash flow ("DCF") increased 1.6% to C$2.95 billion. DCF per share rose to C$1.35 from C$1.33, aided by the increase in operating performance and lower maintenance capital expenditures.

Maintenance capital expenditure declined to C$227 million from C$316 million. This benefit was partly offset by a rise in interest expense, net of capitalized interest, to C$1.3 billion from C$1.2 billion.

ENB Maintains Its Balance SheetEnbridge ended June 2026 with cash and cash equivalents of $2 billion. Long-term debt was $103.9 billion, while short-term debt totaled $10.1 billion.

The company continues to fund the equity portion of its growth program internally. Enbridge returned C$4.2 billion through common-share dividends during the first six months of 2026, up from C$4.1 billion in the prior-year period.

Enbridge Reaffirms Its 2026 GuidanceManagement reaffirmed the 2026 financial guidance issued in December. Favorable contracting across Gas Transmission and strong Seaway performance provide support, while lower market-access contributions and higher U.S. interest rates remain headwinds.

Enbridge has a C$41 billion secured capital backlog and sanctioned approximately C$9 billion of projects during 2026. The company remains on track to secure as much as C$20 billion of new projects during 2026 and 2027, supported by opportunities across liquids pipelines, natural gas infrastructure, utilities and renewable power.

ENB’s Zacks Rank & Key PicksEnbridge currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks from the energy sector are PBF Energy Inc. (PBF - Free Report) , HF Sinclair Corporation (DINO - Free Report) and Cactus, Inc. (WHD - Free Report) . PBF sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each, at present. You can see the complete list of today’s Zacks Rank #1 stocks here.

PBF reported second-quarter 2026 adjusted earnings of $6.22 per share, surpassing the Zacks Consensus Estimate of $4.05.

As of June 30, 2026, PBF had total debt of $1.75 billion, and cash and cash equivalents of $894.1 million.

HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, topping the Zacks Consensus Estimate of $4.39.

As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.

Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, surpassing the Zacks Consensus Estimate of 71 cents.

As of June 30, 2026, WHD had cash and cash equivalents of $365 million.

The geopolitical conflict in the Middle East has cycled through peace talks and renewed conflict. It appears there won't be an easy solution, which isn't exactly shocking. However, the conflict has material implications for the world, given the importance of energy to the global economy. Here are three oil predictions for the second half of 2026 that may help you weather the turmoil a bit more easily.

1. Oil prices are going to be a rollercoaster ride Oil and natural gas prices are particularly volatile right now. Swinging higher and lower on news from the Middle East. But the news about the conflict is actually overpowering news about the fundamentals of the energy sector. In fact, companies like ExxonMobil (XOM -0.97%), Chevron (CVX +2.35%), and Shell (SHEL +1.62%) have warned that oil prices are likely to remain high even after the conflict ends.

Image source: Getty Images.

The near-term story that Exxon and Chevron have been discussing is about supply and demand. First, it will take time to restore supply to pre-conflict levels. Second, oil stockpiles have been drawn down so deeply that it will take time to replenish them. Both hint that supply and demand will take a while to balance out again.

Shell's warning is longer-term. Oil and natural gas demand continue to increase due to a growing global population and economic growth in developing nations. But oil and natural gas are depleting assets, so as these vital energy commodities are extracted, there is less to extract in the future. Once again, there's a supply and-demand imbalance that will likely keep prices high.

Today's Change

(

1.62

%) $

1.47

Current Price

$

91.98

The big takeaway here is that the conflict is grabbing headlines, but there's more going on beneath the surface that will drive volatility in the energy sector over the next few months and beyond.

2. You should forget about oil prices For many investors, the biggest surprise in the second half of 2026 may be that you don't have to worry about energy prices. That's because you can buy North American midstream businesses like Enterprise Products Partners (EPD +1.30%) and Enbridge (ENB -1.75%). These companies help to move oil and natural gas, collecting fees for the use of their energy infrastructure assets, such as pipelines.

The price of oil and natural gas is less important than the demand for those commodities. The conflict has shown that demand for these fuels remains robust. And since North America is a fiscally and geographically stable region, the conflict may even lead countries worried about energy security to shift their buying habits. That could mean even more demand to support the businesses of Enterprise and Enbridge.

Today's Change

(

1.30

%) $

0.49

Current Price

$

38.05

The real benefit, however, is the dividends. Enterprise's distribution yield is a lofty 5.7% and backed by 27 years of annual increases. Enbridge's dividend yield isn't far behind at 5%, backed by 31 annual increases (in Canadian dollars). If you want energy exposure without the commodity risk, a pipeline stock could be the right call for the second half of 2026 and in the years ahead.

3. Dividends will tell you more than oil prices Energy prices are clearly important for energy companies. However, the world's largest energy companies are used to dealing with energy volatility like the world is seeing today. They have learned to survive the entire energy cycle, building diversified businesses that are robust to what are, in fact, fairly normal commodity price swings. In the second half of 2026, you should probably focus on the biggest and best of the industry and look more closely at dividends.

Today's Change

(

2.35

%) $

4.52

Current Price

$

196.83

The leader here is Exxon, with 43 annual dividend increases. But Chevron isn't far behind at 38 years. That said, Exxon's dividend yield is 2.6%, while Chevron's is 3.8%. For most dividend investors, Chevron will probably be the better option. The big takeaway is that dividends have, over time, told investors more about the resilience of these businesses than the earnings swings driven by volatile oil prices. That is likely to remain true for the rest of 2026 and for the foreseeable future, too.

News is important, but not the whole story Right now, the Middle East has captured the world's attention, and for good reason. But the energy sector is large and complex, a fact that the end of the conflict won't change. Most investors should have some energy exposure, but the decision on which stocks to buy shouldn't be driven by the conflict or near-term swings in oil prices. A long-term view is necessary, with high-yield midstream stocks and reliable dividend-paying industry giants likely to be your best long-term investment options.

Canadian pipeline operator Enbridge said on Friday it was postponing the 250,000-barrel-per-day second ​phase of its Mainline crude pipeline network, partly due ‌to Canadian oil producers not committing to significant output increases.

, /PRNewswire/ - Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today reported second quarter 2026 financial results, reaffirmed its 2026 financial guidance and provided a quarterly business update.

Highlights
(All financial figures are unaudited and in Canadian dollars unless otherwise noted. * identifies non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.)

Second quarter GAAP earnings attributable to common shareholders of $1.4 billion or $0.64 per common share, compared with GAAP earnings attributable to common shareholders of $2.2 billion or  $1.00 per common share in 2025  Adjusted earnings* of $1.4 billion or $0.63 per common share*, compared with $1.4 billion or $0.65 per common share in 2025  Adjusted earnings before interest, income taxes and depreciation and amortization (EBITDA)* of $4.8 billion, compared to $4.6 billion in 2025  Cash provided by operating activities of $4.1 billion, compared with $3.2 billion in 2025  Distributable cash flow (DCF)* of $2.9 billion, in-line with results in 2025  Reaffirmed 2026 full year financial guidance and medium-term financial outlook  Sanctioned and began construction of the US$1.0 billion Line 5 Relocation project in Wisconsin, supporting the continued safe and reliable delivery of energy to the Midwest, Ontario and Quebec  Signed exclusive option to acquire TTC Connector Pipeline (TTC Connector), expanding existing U.S. Gulf Coast footprint and increasing connectivity between Tres Palacios and Freeport LNG  Sanctioned the 2.6 Bcf/d Bay Runner Twin Pipeline (Bay Runner Twin), providing Permian natural gas supply to the Rio Grande LNG facility under long-term take-or-pay agreements  Completed Project Beacon open season for increased capacity on Algonquin Gas Transmission with demand exceeding initial expectations; working to commercialize potential expansion CEO COMMENT
Greg Ebel, President and CEO commented the following:

"Shaped by ongoing geopolitical developments around the world, energy markets have remained volatile in recent months. While supply disruptions persist and uncertainty continues, one thing is clear; energy security, reliability, and affordability are more important than ever. Against this backdrop, Enbridge's scale, connectivity, and portfolio of strategic infrastructure assets position us to help strengthen North America's energy future while delivering value for customers and shareholders. We are advancing projects all across our businesses and in the second quarter added $1 billion to our now $41 billion growth project backlog. Year-to-date, we have sanctioned $9 billion of new projects and are well on track to meet our targeted $10-20 billion of new project announcements over the 2026 to 2027 timeframe. 

"We continue to see a wide array of high-quality opportunities in our Gas Transmission business, driven by customer demand across the continent. In the U.S. Northeast, we completed an open season for Project Beacon, a proposed expansion of our Algonquin Gas Transmission system, which received significantly more interest than our initial expectations. We also signed an exclusive option to acquire the TTC Connector Pipeline. This pipeline will connect Enbridge's Tres Palacios Gas Storage facility to Freeport LNG and is expected to enter service by the end of the year. Lastly in our Permian JV, the Blackcomb Pipeline has begun commissioning and we've sanctioned the Bay Runner Twin to service additional trains at Rio Grande LNG.

"The accelerating momentum we're seeing in Canada to support growth in the Western Canadian Sedimentary Basin presents a differentiated opportunity for Enbridge. As production continues to increase, Enbridge is ideally positioned to help enable that growth through new WCSB egress, including various Mainline Optimizations, as well as opportunities on our other industry-leading Liquids assets. Our Regional Oil Sands system serves around 50% of all Alberta oil sands production, while our Southern Lights and Norlite systems provide critical diluent supply and are expandable alongside future production growth. These assets will become increasingly important to our growth profile as Canadian oil production rises in response to favourable market fundamentals and the implementation of more supportive policies by Canadian governments. As a result, Mainline Optimization Phase 2 has evolved into a broader suite of expansion opportunities, and as greater clarity emerges around policies supporting production growth later this year, Enbridge is well positioned to provide the egress solutions our customers require. This quarter we sanctioned and began construction on the Line 5 Relocation project in Wisconsin, which we expect to enter service in early 2027. The relocation reinforces the long-term reliability of Line 5, which remains essential to delivering secure, affordable energy to the Great Lakes region.

"Our Gas Distribution and Storage business continues to provide year-round reliable and affordable service to over 7 million customers. This quarter the Public Utilities Commission of Ohio Staff filed its report on our Enbridge Gas Ohio rate case. The report was constructive and we look forward to working with the Commission towards a settlement in 2027.

"Lastly, our Renewable Power segment continues to advance over 1.5 GW of safe harboured opportunities. This builds on the momentum we've seen over the past 12 months, which saw us sanction over 1.4 GW of solar and onshore wind generation capacity and 1.6 GWh of battery storage capacity, all underpinned by long-term power purchase agreements with Meta. We expect to sanction additional safe harboured projects during the remainder of the year. 

"As our secured capital backlog continues to grow, our teams also remain focused on execution. This quarter we began construction on our largest project, the $4 billion Sunrise Expansion of our B.C. Pipeline system. This is in addition to a number of projects that are progressing well, including Tennessee Ridgeline, Aspen Point and the second phase of Sequoia Solar, all which are expected to enter service later this year.

"Looking ahead, we remain committed to being the first choice for our customers, policymakers, and regulators to advance essential infrastructure across North America under our all-of-the-above approach to energy investment. With an unmatched incumbent footprint, a $41 billion secured capital backlog, and $10 to $11 billion of annual growth investment capacity, Enbridge is well positioned to capitalize on the best macro environment for growth in the last 10 years. We will continue to add visibility to, and extend, our 5% growth outlook further into the future. Enbridge remains on track to deliver on our financial guidance this year, reinforcing the strength of our first-choice investment proposition."

FINANCIAL RESULTS SUMMARY

Financial results for the three months and six months ended June 30, 2026 and 2025 are summarized in the table below:

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars, except per share amounts; number   
   of shares in millions)

GAAP Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

GAAP Earnings per common share

0.64

1.00

1.41

2.04

Cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

Adjusted Earnings per common share1

0.63

0.65

1.61

1.68

Distributable Cash Flow1

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

GAAP earnings attributable to common shareholders for the second quarter of 2026 decreased by $0.8 billion, or $0.36 per share, compared with the same period in 2025. This decrease was primarily due to non-cash, unrealized changes in the value of derivative financial instruments used to manage foreign exchange, interest rate and commodity price risks. In addition, a non-cash pre-issuance hedge loss was recorded on an exchange of medium-term notes and a non-cash adjustment to crude oil inventory was recorded in our Liquids Pipelines segment. This was partially offset by the absence of an impairment of rate-regulated assets in Enbridge Gas Ohio and the operating performance items discussed below.

The period-over-period comparability of GAAP earnings attributable to common shareholders is impacted by certain unusual, infrequent or other non-operating factors which are noted in the reconciliation schedule included in Appendix A of this news release. Refer to the Company's Management's Discussion & Analysis for Q2 2026 filed in conjunction with the quarter-end financial statements for a detailed discussion of GAAP financial results.

Adjusted EBITDA in the second quarter of 2026 increased by $132 million compared with the same period in 2025. This was primarily as a result of the increased revenues attributable to the East Tennessee, Texas Eastern, and the Enbridge Gas Utah rate cases.

Adjusted earnings in the second quarter of 2026 decreased by $36 million, or $0.02 per share, compared with the same period in 2025, due to higher depreciation from assets placed into service and higher interest expense on incremental debt balances, partially offset by the operating performance discussed above.

DCF for the second quarter of 2026 increased $45 million compared with the same period in 2025, due primarily to EBITDA factors discussed above and the timing of maintenance capital expenditures, partially offset by higher incremental debt balances driving higher interest expense.

Detailed financial information and analysis can be found below under Second Quarter 2026 Financial Results.

FINANCIAL OUTLOOK

The Company reaffirms its 2026 financial guidance for adjusted EBITDA between $20.2 billion and $20.8 billion and DCF per share between $5.70 and $6.10.

The Company also reaffirms its post-2026 adjusted EBITDA, DCF per share, and EPS near-term average compound annual growth rate of approximately 5%.

FINANCING UPDATE

The Company's rolling 12-month Debt-to-EBITDA metric at the end of the second quarter of 2026 was 5.1x, elevated in part due to the period end debt balance translating at a 1.42 CAD/USD foreign exchange rate compared to EBITDA translating at an average trailing 12-month rate of 1.38.

SECURED GROWTH PROJECT EXECUTION UPDATE

Enbridge added over $1 billion to its secured growth backlog through the sanctioning of the Line 5 Relocation project. In addition, the Enbridge Houston Oil Terminal entered service during the quarter.

The secured growth backlog now sits at approximately $41 billion. Financing of the secured growth program is expected to be provided through the Company's anticipated $10 to $11 billion of annual growth capital investment capacity.

SECOND QUARTER BUSINESS UPDATES

Liquids Pipelines: Line 5 Relocation Project

Enbridge has sanctioned and begun construction of the Line 5 Relocation project in Wisconsin, which involves a 41-mile re-route of the existing pipeline system. Upon entering service, Recoverable Line 5 Capital will be added to Mainline rate base. All key state and federal permits have been secured, including right-of-way agreements and the U.S. Army Corps of Engineers' Clean Water Act permit.  Enbridge expects the project to cost US$1.0 billion and enter service in early 2027.

Gas Transmission: TTC Connector

Enbridge has signed an exclusive option agreement to purchase the TTC Connector, an under-construction natural gas development connecting Tres Palacios Gas Storage to the Coastal Bend Header pipeline for delivery to Freeport LNG. TTC Connector is a 25-mile, 300 MMcf/d greenfield pipeline with direct connection to Tres Palacios Gas Storage. The development is supported by long-term service agreements with bp for all available capacity. Upon the pipeline entering service, Enbridge has the option to acquire TTC Connector at an accretive valuation.

Gas Transmission: Bay Runner Twin

Within the Whistler Joint Venture, Enbridge and partners have sanctioned the Bay Runner Twin, a twinning of the under-construction Bay Runner extension project delivering Permian natural gas supply to NextDecade's Rio Grande LNG facility in Texas. The project will run along Bay Runner's existing right-of-way, offering up to 2.6 Bcf/d of incremental capacity between Agua Dulce and Rio Grande. The Bay Runner Twin is underpinned by long-term take-or-pay agreements for all incremental service capacity, and is expected to enter service by 2030.

SECOND QUARTER 2026 FINANCIAL RESULTS

GAAP Segment EBITDA and Cash Flow from Operations

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA1

4,836

5,559

9,856

11,488

Earnings attributable to common shareholders   

1,396

2,177

3,067

4,438

Cash provided by operating activities

4,111

3,238

6,453

6,291

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

For purposes of evaluating performance, the Company makes adjustments to GAAP reported earnings, segment EBITDA and cash flow provided by operating activities for unusual, infrequent or other non-operating factors, which allow management and investors to more accurately compare the Company's performance across periods, normalizing for factors that are not indicative of underlying business performance. Tables incorporating these adjustments follow below. Schedules reconciling EBITDA, adjusted EBITDA, adjusted EBITDA by segment, adjusted earnings, adjusted earnings per share and DCF to their closest GAAP equivalent are provided in the Appendices to this news release.

Adjusted EBITDA By Segment

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1

4,776

4,644

10,586

10,472

Adjusted Earnings1

1,382

1,418

3,512

3,660

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA generated from U.S. dollar denominated businesses was translated to Canadian dollars at a similar average exchange rate (C$1.38/US$) in the second quarter of 2026 when compared with the same quarter in 2025 (C$1.38/US$). A significant portion of U.S. dollar earnings are hedged under the Company's enterprise-wide financial risk management program.

Liquids Pipelines

Three months ended
June 30,

Six months ended
June 30,

2026

2025

20261

20251

(unaudited; millions of Canadian dollars)

Mainline & Market Access Systems2

1,567

1,491

3,016

3,160

Regional Oil Sands & Express-Platte Systems   

351

376

741

725

Gulf Coast & Other Systems3

423

469

887

1,072

Adjusted EBITDA4

2,341

2,336

4,644

4,957

1

Effective January 1, 2026, to better align with our operational structure, Enbridge reorganized the reporting sub-segments of Liquids Pipelines. Prior year comparatives have also been restated to reflect the reporting change.

2

Consists of Mainline System, Flanagan South Pipeline, Spearhead Pipeline, and Seaway Pipeline.

3

Consists of Gray Oak Pipeline, Cactus II Pipeline, Enbridge Ingleside Energy Center, Southern Lights, Bakken System, and others.

4

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Liquids Pipelines adjusted EBITDA increased $5 million compared with the second quarter of 2025, primarily related to:

higher Mainline volumes, net of earnings sharing, higher Line 9 volumes, and benefits from system optimization initiatives; and  higher equity earnings from Seaway Pipeline due to higher spot volumes; partially offset by  lower Mainline tolls on Line 9 deliveries; and  lower revenue from Southern Lights following expiry of cost of service agreements on June 30, 2025. Gas Transmission

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

U.S. Gas Transmission

1,175

1,098

2,351

2,269

Canadian Gas Transmission

143

150

365

317

Other1

103

136

223

237

Adjusted EBITDA2

1,421

1,384

2,939

2,823

1

Other consists of Tomorrow RNG, Gulf Offshore assets, our investment in DCP Midstream, and others.

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Gas Transmission adjusted EBITDA increased $37 million compared with the second quarter of 2025, primarily related to:

increased revenues attributable to East Tennessee rate case settlement and Texas Eastern previously approved rate increase; partially offset by  lower equity earnings from our investment in DCP Midstream. Gas Distribution and Storage

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Enbridge Gas Ontario1

481

499

1,432

1,368

U.S. Gas Utilities1

380

335

1,113

1,050

Other

17

6

42

22

Adjusted EBITDA2

878

840

2,587

2,440

1

Enbridge Gas Inc. doing business as Enbridge Gas Ontario. U.S. Gas Utilities consist of The East Ohio Gas Company (doing business as Enbridge Gas Ohio), Questar Gas Company (doing business as Enbridge Gas Utah) and Public Service Company of North Carolina Incorporated (doing business as Enbridge Gas North Carolina).

2

Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Adjusted EBITDA for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina typically follows a seasonal profile. EBITDA is generally highest in the first and fourth quarters of the year. Seasonal profiles for Enbridge Gas Ontario, Enbridge Gas Utah and Enbridge Gas North Carolina reflect greater volumetric demand during the heating season and the magnitude of the seasonal adjusted EBITDA fluctuations will vary from year-to-year in Ontario reflecting the impact of colder or warmer than normal weather on distribution volumes. Enbridge Gas Ohio's earnings are largely decoupled from volumes and less impacted by weather fluctuations. Enbridge Gas Utah and Enbridge Gas North Carolina have revenue decoupling mechanisms that are not impacted by weather or gas volume variability, but revenues are shaped to align with the seasonal usage profile.

Gas Distribution and Storage adjusted EBITDA increased $38 million compared with the second quarter of 2025 primarily related to:

higher base rates for Enbridge Gas Utah and Enbridge Gas North Carolina due to recent rate cases. When compared with the normal weather forecast embedded in rates, the positive impact of weather to adjusted EBITDA for Enbridge Gas Ontario was approximately $9 million in the second quarter of 2026, net of sharing, in line with the a positive impact of approximately $10 million in the same period of 2025.

Renewable Power Generation

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA1

131

120

333

361

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Renewable Power Generation adjusted EBITDA increased $11 million compared with the second quarter of 2025 primarily related to:

contributions from assets placed into service since the second quarter of 2025. Eliminations and Other

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Operating and administrative recoveries

79

94

162

225

Realized foreign exchange hedge settlement (loss)/gain   

(74)

(130)

(79)

(334)

Adjusted EBITDA1

5

(36)

83

(109)

1 Non-GAAP financial measure. Please refer to Non-GAAP Reconciliations Appendices.

Operating and administrative recoveries captured in this segment reflect the cost of centrally delivered services (including depreciation of corporate assets) inclusive of amounts recovered from business units for the provision of those services. U.S. dollar denominated earnings within operating segment results are translated at average foreign exchange rates during the quarter, and the impact of settlements made under the Company's enterprise foreign exchange hedging program are captured in this corporate segment.

Eliminations and Other adjusted EBITDA increased $41 million compared with the second quarter of 2025 primarily due to:

Lower realized foreign exchange losses on hedge settlements in 2026. Distributable Cash Flow

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; number of shares in millions)

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA1,3

4,776

4,644

10,586

10,472

Maintenance capital

(227)

(316)

(445)

(545)

Interest expense1

(1,283)

(1,202)

(2,530)

(2,449)

Current income tax1

(232)

(227)

(581)

(617)

Distributions to noncontrolling interests and redeemable noncontrolling interest1

(116)

(95)

(215)

(195)

Cash distributions in excess of equity earnings1

135

190

247

197

Preference share dividends

(105)

(104)

(212)

(206)

Other receipts of cash not recognized in revenue2

17

43

(41)

53

Other non-cash adjustments1

(17)

(30)

(10)

(30)

DCF3

2,948

2,903

6,799

6,680

Weighted average common shares outstanding

2,184

2,180

2,183

2,180

1

Presented net of adjusting items.

2

Consists of cash received, net of revenue recognized, for contracts under make-up rights and similar deferred revenue arrangements.

3

Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

Second quarter 2026 DCF increased $45 million compared with the same period of 2025 due to factors discussed above contributing to higher adjusted EBITDA, and:

lower maintenance capital due to timing; partially offset by higher interest expense due to incremental debt issuances. Adjusted Earnings

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Adjusted EBITDA1,2

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense2

(1,288)

(1,213)

(2,541)

(2,474)

Income taxes2

(450)

(429)

(1,201)

(1,138)

Noncontrolling interests and redeemable noncontrolling interest2

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings1

1,382

1,418

3,512

3,660

Adjusted earnings per common share1

0.63

0.65

1.61

1.68

1 Non-GAAP financial measures. Please refer to Non-GAAP Reconciliations Appendices.

2 Presented net of adjusting items.

Adjusted earnings decreased $36 million and adjusted earnings per share decreased by $0.02 when compared with the second quarter of 2025, due to:

higher interest expense due to incremental debt issuances; and higher depreciation from assets placed into service since the second quarter of 2025; partially offset by higher adjusted EBITDA due to the operating factors discussed above.  CONFERENCE CALL

Enbridge will host a conference call and webcast on July 31, 2026 at 9:00 a.m. Eastern Time (7:00 a.m. Mountain Time) to provide a business update and review 2026 second quarter results. Analysts, members of the media and other interested parties can access the call toll free at 1-800-606-3040. The call will be webcast live at https://events.q4inc.com/attendee/193728984/. It is recommended that participants dial in or join the webcast fifteen minutes prior to the scheduled start time. A webcast replay will be available soon after the conclusion of the event and a transcript will be posted to the website. The replay will be available for seven days after the call toll-free 1-(800)-606-3040 (conference ID: 9581867).

The conference call format will include prepared remarks from the executive team followed by a question and answer session for the analyst and investor community only. Enbridge's media and investor relations teams will be available after the call for any additional questions.

DIVIDEND DECLARATION

On July 27, 2026, our Board of Directors declared the following quarterly dividends. All dividends are payable on September 1, 2026 to shareholders of record on August 14, 2026.

Dividend per share

Common Shares

$0.9700

Preference Shares, Series A

$0.34375

Preference Shares, Series B

$0.32513

Preference Shares, Series D

$0.33825

Preference Shares, Series F

$0.34613

Preference Shares, Series G1

$0.30247

Preference Shares, Series H

$0.38200

Preference Shares, Series I2

$0.27789

Preference Shares, Series L

US$0.36612

Preference Shares, Series N

$0.41850

Preference Shares, Series P

$0.36988

Preference Shares, Series R

$0.39463

Preference Shares, Series 1

US$0.41898

Preference Shares, Series 3

$0.33050

Preference Shares, Series 43       

$0.29427

Preference Shares, Series 5

US$0.41769

Preference Shares, Series 7

$0.37425

Preference Shares, Series 9

$0.35450

Preference Shares, Series 11

$0.34231

Preference Shares, Series 13

$0.33719

Preference Shares, Series 15

$0.35163

Preference Shares, Series 19

$0.38825

1

The quarterly dividend per share paid on Preference Shares, Series G was increased to $0.30247 from $0.29616 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

2

The quarterly dividend per share paid on Preference Shares, Series I was increased to $0.27789 from $0.27159 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

3

The quarterly dividend per share paid on Preference Shares, Series 4 was increased to $0.29427 from $0.28797 on June 1, 2026 due to the reset of the dividend on a quarterly basis.

FORWARD-LOOKING INFORMATION

Forward-looking information, or forward-looking statements, have been included in this news release to provide information about Enbridge and its subsidiaries and affiliates, including management's assessment of Enbridge and its subsidiaries' future plans and operations. This information may not be appropriate for other purposes. Forward-looking statements are typically identified by words such as ''anticipate'', ''believe'', "estimate'', ''expect'', ''forecast'', ''intend'', "likely", ''plan'', ''project'', ''target'', and similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information or statements included or incorporated by reference in this document include, but are not limited to, statements with respect to the following: our corporate vision and strategy, including our strategic priorities and enablers; 2026 financial guidance and near-term outlook, including projected DCF per share, EPS and adjusted EBITDA and expected growth thereof; expected dividends, dividend growth and payout policy; expected supply of, demand for, exports of and prices of crude oil, natural gas, natural gas liquids (NGL), liquefied natural gas (LNG), renewable natural gas (RNG) and renewable energy; industry and market conditions; anticipated utilization of our assets; expected EBITDA and adjusted EBITDA; expected earnings/(loss) and adjusted earnings/(loss); expected DCF and DCF per share; expected future cash flows; expected shareholder returns and asset returns; expected performance of Enbridge's businesses; financial strength, capacity and flexibility; financing costs and plans; expectations on leverage, including Debt-to-EBITDA ratio; expectations on sources of liquidity and sufficiency of financial resources; expected costs, benefits and in-service dates related to announced projects and projects under construction; investable capacity and capital allocation priorities; impact of weather and seasonality; expected future growth, development and expansion opportunities, including with respect to the Line 5 Relocation, Bay Runner Twin, and the TTC Connector; the characteristics, anticipated benefits, financing and timing of our acquisitions, dispositions and other transactions; government trade policies, as well as possible impacts of potential and announced tariffs, duties, fees, economic sanctions, or other trade measures and the timing thereof; expected future actions and decisions of regulators and courts and the timing and impact thereof; and toll and rate case discussions and proceedings and anticipated outcomes, timelines and impacts therefrom.

Although Enbridge believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about the following: the expected supply of, demand for, export of and prices of crude oil, natural gas, NGL, LNG, RNG and renewable energy; energy transition, including the drivers and pace thereof; global economic growth and trade; anticipated utilization of our assets; exchange rates; inflation; interest rates; tax laws and tax rates; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures; availability and price of labour and construction materials; the stability of our supply chain; operational reliability and performance; maintenance of support and regulatory approvals for our projects and transactions; anticipated in-service dates and final investment decisions; weather; the timing, terms and closing of announced and potential acquisitions, dispositions and other transactions and projects and the anticipated benefits thereof; governmental legislation; litigation; credit ratings; capital project funding; hedging program; expected EBITDA and adjusted EBITDA; expected earnings/ (loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows; expected future DCF and DCF per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, NGL, LNG, RNG and renewable energy and the prices of these commodities are material to and underlie all forward-looking statements, as they may impact current and future levels of demand for our services. Similarly, exchange rates, inflation, interest rates and tariffs impact the economies and business environments in which we operate and may impact levels of demand for our services and cost of inputs and are therefore inherent in all forward-looking statements. The most relevant assumptions associated with forward-looking statements regarding announced projects and projects under construction, including estimated completion dates and expected capital expenditures, include the following: the availability and price of labour and construction materials; the stability of our supply chain; the effects of inflation and foreign exchange rates on labour and material costs; the effects of interest rates on borrowing costs; the impact of weather; and customer, government, court and regulatory approvals on construction and in-service schedules and cost recovery regimes.

Enbridge's forward-looking statements are subject to risks and uncertainties pertaining to the successful execution of our strategic priorities; operating performance; legislative and regulatory parameters and decisions; litigation; acquisitions, dispositions and other transactions and the realization of anticipated benefits therefrom; evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions or other trade measures; operational dependence on third parties; project approval and support; renewals of rights-of-way; weather; economic and competitive conditions; global geopolitical conflicts and conditions; political decisions; public opinion; dividend policy; changes in tax laws and tax rates; exchange rates; interest rates; inflation; commodity prices; access to and cost of capital; our ability to maintain adequate insurance in the future at commercially reasonable rates and terms; and supply of, demand for, and prices of commodities and other alternative energy, including but not limited to those risks and uncertainties discussed in this news release and in Enbridge's other filings with Canadian and U.S. securities regulators. The impact of any one assumption, risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty, as these are interdependent, and our future course of action depends on management's assessment of all information available at the relevant time. Except to the extent required by applicable law, Enbridge assumes no obligation to publicly update or revise any forward-looking statement made in this news release or otherwise, whether as a result of new information, future events or otherwise. All forward-looking statements, whether written or oral, attributable to us or persons acting on our behalf, are expressly qualified in their entirety by these cautionary statements.

ABOUT ENBRIDGE INC.

At Enbridge, we safely connect millions of people to the energy they rely on every day, fueling quality of life through our North American natural gas, oil and renewable power networks and our European offshore wind portfolio. We're investing in modern energy delivery infrastructure to sustain access to secure, affordable energy and building on more than a century of operating conventional energy infrastructure and two decades of experience in renewable power. We're advancing new technologies including hydrogen, renewable natural gas, and carbon capture and storage. Headquartered in Calgary, Alberta, Enbridge's common shares trade under the symbol ENB on the Toronto (TSX) and New York (NYSE) stock exchanges. To learn more, visit us at enbridge.com.

None of the information contained in, or connected to, Enbridge's website is incorporated in or otherwise forms part of this news release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Enbridge Inc. – Media

Enbridge Inc. – Investment Community

Jesse Semko

Marlon Samuel

Toll Free: (888) 992-0997

Toll Free: (800) 481-2804

Email: [email protected]    

Email: [email protected] 

NON-GAAP RECONCILIATIONS APPENDICES

This news release contains references to EBITDA, adjusted EBITDA, adjusted earnings, adjusted earnings per common share (EPS) and DCF per share. Management believes the presentation of these metrics gives useful information to investors and shareholders, as they provide increased transparency and insight into the performance of the Company.

EBITDA represents earnings before interest, tax, depreciation and amortization.

Adjusted EBITDA represents EBITDA adjusted for unusual, infrequent or other non-operating factors on both a consolidated and segmented basis. Management uses EBITDA and adjusted EBITDA to set targets and to assess the performance of the Company and its business units.

Adjusted earnings represent earnings attributable to common shareholders adjusted for unusual, infrequent or other non-operating factors included in adjusted EBITDA, as well as adjustments for unusual, infrequent or other non-operating factors in respect of depreciation and amortization expense, interest expense, income taxes, noncontrolling interests and redeemable noncontrolling interests on a consolidated basis. Management uses adjusted earnings as another measure of the Company's ability to generate earnings and uses EPS to assess performance of the Company.

DCF is defined as cash flow provided by operating activities before the impact of changes in operating assets and liabilities (including changes in environmental liabilities) less distributions to noncontrolling interests and redeemable noncontrolling interests, preference share dividends and maintenance capital expenditures and further adjusted for unusual, infrequent or other non-operating factors. Management also uses DCF to assess the performance of the Company and to set its dividend payout target.

This news release also contains references to Debt-to-EBITDA, a non-GAAP ratio which utilizes adjusted EBITDA as one of its components. Debt-to-EBITDA is used as a liquidity measure to indicate the amount of adjusted earnings to pay debt, as calculated on the basis of generally accepted accounting principles in the United States of America (U.S. GAAP), before covering interest, tax, depreciation and amortization.

Reconciliations of forward-looking non-GAAP financial measures and non-GAAP ratios to comparable GAAP measures are not available due to the challenges and impracticability of estimating certain items, particularly certain contingent liabilities and non-cash unrealized derivative fair value losses and gains subject to market variability. Because of those challenges, a reconciliation of forward-looking non-GAAP financial measures and non-GAAP ratios is not available without unreasonable effort.

Our non-GAAP financial measures and non-GAAP ratios described above are not measures that have standardized meaning prescribed by U.S. GAAP and are not U.S. GAAP measures. Therefore, these measures may not be comparable with similar measures presented by other issuers.

The tables below provide a reconciliation of the non-GAAP measures to comparable GAAP measures.

APPENDIX A
NON-GAAP RECONCILIATIONS – ADJUSTED EBITDA AND ADJUSTED EARNINGS
CONSOLIDATED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Liquids Pipelines

2,623

2,331

4,580

4,924

Gas Transmission

1,433

1,442

3,003

2,915

Gas Distribution and Storage

878

510

2,587

2,110

Renewable Power Generation

118

109

306

332

Eliminations and Other

(216)

1,167

(620)

1,207

EBITDA

4,836

5,559

9,856

11,488

  Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

  Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

  Income tax expense

(442)

(666)

(1,029)

(1,363)

  Earnings attributable to noncontrolling interests and   
     redeemable noncontrolling interest

(69)

(42)

(69)

(168)

  Preference share dividends

(105)

(102)

(212)

(205)

Earnings attributable to common shareholders

1,396

2,177

3,067

4,438

ADJUSTED EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

Liquids Pipelines

2,341

2,336

4,644

4,957

Gas Transmission

1,421

1,384

2,939

2,823

Gas Distribution and Storage

878

840

2,587

2,440

Renewable Power Generation

131

120

333

361

Eliminations and Other

5

(36)

83

(109)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,482)

(1,441)

(2,967)

(2,900)

Interest expense

(1,288)

(1,213)

(2,541)

(2,474)

Income tax expense

(450)

(429)

(1,201)

(1,138)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(41)

(153)

(95)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

EBITDA TO ADJUSTED EARNINGS

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars; except per share amounts)   

EBITDA

4,836

5,559

9,856

11,488

Adjusting items:

Change in unrealized derivative fair value (gain)/loss

(276)

(1,323)

496

(1,481)

Gain on sale of assets

—

—

—

(114)

Realized hedge loss

—

—

—

139

Asset impairments

—

330

—

330

Other

216

78

234

110

Total adjusting items

(60)

(915)

730

(1,016)

Adjusted EBITDA

4,776

4,644

10,586

10,472

Depreciation and amortization

(1,429)

(1,391)

(2,862)

(2,799)

Interest expense

(1,395)

(1,181)

(2,617)

(2,515)

Income tax expense

(442)

(666)

(1,029)

(1,363)

Earnings attributable to noncontrolling interests and
   redeemable noncontrolling interest

(69)

(42)

(69)

(168)

Preference share dividends

(105)

(102)

(212)

(205)

Adjusting items in respect of:

Depreciation and amortization

(53)

(50)

(105)

(101)

Interest expense

107

(32)

76

41

Income tax expense

(8)

237

(172)

225

Earnings attributable to noncontrolling interests

—

1

(84)

73

Adjusted earnings

1,382

1,418

3,512

3,660

Adjusted earnings per common share

0.63

0.65

1.61

1.68

APPENDIX B
NON-GAAP RECONCILIATION – ADJUSTED EBITDA TO SEGMENTED EBITDA
LIQUIDS PIPELINES

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

2,341

2,336

4,644

4,957

Change in unrealized derivative fair value gain/(loss)   

432

33

80

38

Other

(150)

(38)

(144)

(71)

Total adjustments

282

(5)

(64)

(33)

EBITDA

2,623

2,331

4,580

4,924

GAS TRANSMISSION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

1,421

1,384

2,939

2,823

Change in unrealized derivative fair value gain/(loss)   

17

40

36

(21)

Gain on sale of assets

—

—

—

87

Other

(5)

18

28

26

Total adjustments

12

58

64

92

EBITDA

1,433

1,442

3,003

2,915

GAS DISTRIBUTION AND STORAGE

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)   

Adjusted EBITDA

878

840

2,587

2,440

Asset impairment

—

(330)

—

(330)

Total adjustments

—

(330)

—

(330)

EBITDA

878

510

2,587

2,110

RENEWABLE POWER GENERATION

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

131

120

333

361

Change in unrealized derivative fair value gain/(loss)   

—

—

—

105

Realized hedge loss

—

—

—

(139)

Gain on sale of assets

—

—

—

27

Other

(13)

(11)

(27)

(22)

Total adjustments

(13)

(11)

(27)

(29)

EBITDA

118

109

306

332

ELIMINATIONS AND OTHER

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Adjusted EBITDA

5

(36)

83

(109)

Change in unrealized derivative fair value gain/(loss) -
   Foreign exchange

(194)

1,216

(622)

1,286

Other

(27)

(13)

(81)

30

Total adjustments

(221)

1,203

(703)

1,316

EBITDA

(216)

1,167

(620)

1,207

APPENDIX C
NON-GAAP RECONCILIATION – CASH PROVIDED BY OPERATING ACTIVITIES TO DCF

Three months ended
June 30,

Six months ended
June 30,

2026

2025

2026

2025

(unaudited; millions of Canadian dollars)

Net cash provided by operating activities

4,111

3,238

6,453

6,291

Adjusted for changes in operating assets and liabilities1

(1,234)

(58)

687

841

2,877

3,180

7,140

7,132

Distributions to noncontrolling interests and redeemable   
   noncontrolling interest

(116)

(95)

(215)

(195)

Preference share dividends

(105)

(104)

(212)

(206)

Maintenance capital

(227)

(316)

(445)

(545)

Significant adjusting items:

Other receipts of cash not recognized in revenue

17

43

(41)

53

Distributions from equity investments in excess of
   cumulative earnings2

183

208

425

396

Other items

319

(13)

147

45

DCF

2,948

2,903

6,799

6,680

1 Changes in operating assets and liabilities, net of recoveries.

2 Presented net of adjusting items.

SOURCE Enbridge Inc.

A view of Enbridge’s Mackinaw facility, servicing the company’s existing underwater Line 5 pipeline and its planned replacement tunnel through the Straits of Mackinac between lakes Michigan... Purchase Licensing Rights, opens new tab Read more

SummaryCompanies7th Circuit gives Enbridge a grace period to reroute Line 5 pipelineDamages must be recalculated to avoid 'double-counting'Rights-of-way under tribal land expired in 2013July 30 (Reuters) - A U.S. appeals court found Enbridge (ENB.TO), opens new tab liable for trespass ​for running a pipeline under land belonging to a northern Wisconsin tribe, but gave the ‌Canadian energy company more time to reroute the pipeline and ordered a recalculation of damages.

Thursday's decision by the 7th U.S. Circuit Court of Appeals in Chicago addressed appeals from a federal district judge's June 2023 order that Enbridge pay the Bad ​River Band of the Lake Superior Tribe of Chippewa Indians $5.15 million in restitution plus an additional ​sum for ongoing trespass, and move the pipeline within three years.

Jumpstart your morning with the latest legal news delivered straight to your inbox from The Daily Docket newsletter. Sign up here.

That deadline expired last ⁠month, but had been put on hold. Circuit Judge Michael Scudder urged the district judge to adopt ​measures to ensure that Enbridge reroute the pipeline "as soon as possible."

Enbridge had no immediate comment. Josh Handelsman, a ​lawyer for the tribe, said his client is reviewing the decision.

Built in 1953, the Line 5 pipeline carries up to 540,000 barrels of oil per day through the Great Lakes region from Canada, including about 12 miles (19 km) under the Bad ​River Reservation.

U.S. District Judge William Conley in Madison, Wisconsin, awarded damages and ordered a reroute following a ​non-jury trial. Bad River Band had warned a shutdown was needed because spring rains had eroded a riverbank protecting the ‌pipeline.

DELAY 'DOES NOT ⁠REFLECT OUR APPROVAL'Writing for a three-judge panel, Scudder said the three-year timetable to move the pipeline was too aggressive, but a shutdown risked harming consumers, sparking international fallout with Canada, and violating a 1977 U.S.-Canadian treaty governing transit pipelines.

"Make no mistake: Enbridge must remove the pipeline from the [tribe's land]," Scudder wrote. "The grace period ​we direct the district court ​to afford Enbridge is ⁠the product of the broader public context in which the pipeline operates, and it does not reflect our approval of the company’s behavior."

As to damages, Scudder said ​Conley abused his discretion for "double-counting," by taking into account Enbridge’s profits attributable to ​the trespass ⁠as well as the company’s economic benefit from deferring expenses for a reroute.

A recalculation should consider the ongoing nature of Enbridge's trespass, interest that may be owed, and both sides' conduct concerning a reroute, Scudder said.

The appeals ⁠court refused ​to hold Enbridge liable for nuisance, saying federal law preempted the ​tribe's claim.

Though Enbridge's easement for the pipeline over some tribal land parcels ran through 2043, its rights-of-way over other parcels expired in ​2013.

The tribe sued in 2019 after out-of-court negotiations failed.

Reporting by Jonathan Stempel in New York Editing by Bill Berkrot

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Posted by Defense World Staff on Jul 30th, 2026

Amundi grew its stake in shares of Enbridge Inc (NYSE:ENB – Free Report) (TSE:ENB) by 5.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,012,062 shares of the pipeline company’s stock after buying an additional 598,127 shares during the period. Amundi owned 0.50% of Enbridge worth $596,193,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Retirement Planning Group LLC lifted its stake in Enbridge by 3.6% in the 1st quarter. Retirement Planning Group LLC now owns 5,357 shares of the pipeline company’s stock worth $290,000 after purchasing an additional 187 shares in the last quarter. PFG Investments LLC boosted its stake in Enbridge by 0.9% during the first quarter. PFG Investments LLC now owns 22,208 shares of the pipeline company’s stock valued at $1,202,000 after buying an additional 202 shares during the period. MIdWestOne Financial Group Inc. grew its position in Enbridge by 4.3% during the fourth quarter. MIdWestOne Financial Group Inc. now owns 4,906 shares of the pipeline company’s stock worth $235,000 after buying an additional 203 shares in the last quarter. Sumitomo Life Insurance Co. grew its position in Enbridge by 1.1% during the fourth quarter. Sumitomo Life Insurance Co. now owns 18,621 shares of the pipeline company’s stock worth $891,000 after buying an additional 205 shares in the last quarter. Finally, Arete Wealth Advisors LLC increased its stake in Enbridge by 4.4% in the 4th quarter. Arete Wealth Advisors LLC now owns 4,914 shares of the pipeline company’s stock worth $235,000 after acquiring an additional 208 shares during the last quarter. 54.60% of the stock is currently owned by institutional investors.

Enbridge Price Performance Shares of Enbridge stock opened at $55.14 on Thursday. The firm has a market capitalization of $120.43 billion, a PE ratio of 25.89 and a beta of 0.58. The company has a current ratio of 0.81, a quick ratio of 0.73 and a debt-to-equity ratio of 1.69. Enbridge Inc has a 12 month low of $44.80 and a 12 month high of $58.45. The business’s 50-day moving average price is $55.64 and its 200-day moving average price is $53.50.

Enbridge (NYSE:ENB – Get Free Report) (TSE:ENB) last issued its earnings results on Friday, May 8th. The pipeline company reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.02. Enbridge had a return on equity of 11.21% and a net margin of 9.83%.The business had revenue of $9.37 billion during the quarter, compared to analyst estimates of $8.49 billion. During the same quarter in the prior year, the firm earned $1.03 earnings per share. Sell-side analysts forecast that Enbridge Inc will post 2.13 EPS for the current fiscal year.

Enbridge Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Friday, August 14th will be paid a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a dividend yield of 7.0%. Enbridge’s dividend payout ratio is 133.80%.

Analysts Set New Price Targets ENB has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Enbridge in a research report on Friday, May 22nd. Scotiabank restated an “outperform” rating on shares of Enbridge in a research report on Tuesday, July 21st. Canadian Imperial Bank of Commerce reaffirmed a “neutral” rating on shares of Enbridge in a research note on Monday, May 11th. Wall Street Zen upgraded shares of Enbridge from a “sell” rating to a “hold” rating in a research report on Sunday, July 12th. Finally, TD Securities reissued a “hold” rating on shares of Enbridge in a research note on Thursday, July 16th. Six equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.50.

Check Out Our Latest Stock Report on ENB

Enbridge Company Profile (Free Report)

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.

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Key Takeaways Enbridge is set to report second-quarter 2026 results on July 31 before the opening bell.Enbridge's second-quarter revenues are projected to increase 0.9% year over year to $10.85 billion.ENB's stable contracted business may be offset by higher financing costs in the quarter. Enbridge Inc. (ENB - Free Report) is set to report second-quarter 2026 results on July 31, before the opening bell.

Highlights of Q1 Earnings & Surprise HistoryIn the last reported quarter, Enbridge’s adjusted earnings of 71 cents per share beat the Zacks Consensus Estimate of 69 cents, primarily driven by higher adjusted EBITDA contributions from its Gas Transmission, and Gas Distribution and Storage business segments. Lower adjusted EBITDA contributions from the Liquids Pipelines segment slightly offset the positives.

Earnings surpassed the Zacks Consensus Estimate in three of the trailing four quarters, while missing the same once, delivering an average surprise of 1.79%. This is depicted in the graph below.

Estimate TrendThe Zacks Consensus Estimate for second-quarter earnings per share of 43 cents has witnessed two downward and no upward revisions in the past seven days. The estimated figure suggests a decline of 8.5% from the prior-year reported figure.

The Zacks Consensus Estimate for revenues of $10.85 billion indicates a 0.9% increase from the year-ago recorded figure.

Factors to Consider for ENBAs a leading midstream energy firm, Enbridge serves more than 75% of North American refineries, supplies roughly 20% of the continent's natural gas and reaches more than 7 million utility customers. Backed by long-term contracts and low exposure to commodity price volatility, the company's low-risk business model is expected to deliver stable earnings for the to be-reported quarter.

Despite the stable nature of its business model, ENB’s performance in the to-be-reported quarter is anticipated to have been affected by increased financing costs, which is likely to have weighed on its overall profitability and dampened Enbridge’s quarterly performance.

Earnings WhispersOur proven model does not conclusively predict an earnings beat for ENB this time. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.

Earnings ESP: Enbridge has an Earnings ESP of -0.59%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

ENB’s Zacks Rank: ENB currently carries a Zacks Rank #4 (Sell). 

Key Picks From the Energy SectorSome better-ranked stocks from the energy sector are NOV Inc. (NOV - Free Report) , Cactus, Inc. (WHD - Free Report) and Western Midstream Partners, LP (WES - Free Report) . NOV, Cactus and Western Midstream currently carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.

NOV has an Earnings ESP of +19.69%. The company is scheduled to release second-quarter 2026 earnings on July 28, 2026.

The Zacks Consensus Estimate for NOV’s earnings is pegged at 16 cents per share, indicating a 44.8% decline from the prior-year reported figure.

Cactus has an Earnings ESP of +7.04%. The company is scheduled to release second-quarter 2026 earnings on July 29, 2026.

The Zacks Consensus Estimate for WHD’s earnings is pegged at 71 cents per share, suggesting a 7.6% improvement from the prior-year reported figure.

Western Midstream  has an Earnings ESP of +1.19%.The partnership is scheduled to release second-quarter 2026 earnings on Aug. 5, 2026.

The Zacks Consensus Estimate for WES’ earnings is pegged at 90 cents per share, suggesting a 3.4% improvement from the prior-year reported figure.

In the latest close session, Enbridge (ENB - Free Report) was down 2.66% at $55.35. This move lagged the S&P 500's daily gain of 0.02%. Meanwhile, the Dow experienced a rise of 0.51%, and the technology-dominated Nasdaq saw a decrease of 0.18%.

The oil and natural gas transportation and power transmission company's stock has climbed by 1.1% in the past month, falling short of the Oils-Energy sector's gain of 7.75% and outpacing the S&P 500's gain of 0.77%.

The investment community will be paying close attention to the earnings performance of Enbridge in its upcoming release. The company is slated to reveal its earnings on July 31, 2026. On that day, Enbridge is projected to report earnings of $0.43 per share, which would represent a year-over-year decline of 8.51%. At the same time, our most recent consensus estimate is projecting a revenue of $10.85 billion, reflecting a 0.91% rise from the equivalent quarter last year.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.13 per share and a revenue of $48.33 billion, indicating changes of -1.39% and +3.74%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Enbridge. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 2.36% lower. Currently, Enbridge is carrying a Zacks Rank of #4 (Sell).

In the context of valuation, Enbridge is at present trading with a Forward P/E ratio of 26.74. This represents a premium compared to its industry average Forward P/E of 20.25.

The Oil and Gas - Production and Pipelines industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 208, putting it in the bottom 16% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.