Enbridge Inc. approved compensation for Michele Harradence, who will become President and Chief Executive Officer effective January 1, 2027. Her base salary will be US$1,200,000, with a 150% base-salary target under the Short Term Incentive Plan and an 850% base-salary target under the 2019 Long Term Incentive Plan, split 60% performance stock units, 20% restricted stock units and 20% incentive stock options.
Greg Ebel will continue as an employee in an advisory capacity from January 1 through May 7, 2027, receiving his current annualized base salary pro rata, with transition support through 2027.
Enbridge Inc. (ENB) reported third-quarter operating revenue of C$21.077 billion, versus C$14.639 billion a year earlier, and earnings attributable to common shareholders of C$1.288 billion, versus C$682 million. Commodity sales were C$14.851 billion, compared with C$8.396 billion; transportation and other services were C$4.888 billion, compared with C$4.940 billion.
For the first nine months, revenue was C$72.752 billion versus C$48.017 billion, while earnings attributable to common shareholders were C$4.355 billion versus C$5.120 billion. Operating cash flow was C$9.156 billion, compared with C$9.159 billion, and capital expenditures were C$8.856 billion versus C$5.944 billion.
On October 9, 2026, Enbridge acquired all membership interests in FS Crude for approximately C$892 million (US$625 million); its systems include approximately 500 miles of crude-oil gathering infrastructure. A public offering that closed September 14, 2026, issued 44,735,000 shares at C$66.85 per share for C$3.0 billion in gross proceeds, used partly to fund the acquisition. KKR, with funds and affiliates managed by Apollo, invested C$729 million for Westcoast Expansion Class II units; KKR also committed approximately C$2.0 billion to fund the Aspen Point and Sunrise expansion programs.
Enbridge Inc. (ENB) reported third-quarter 2026 GAAP earnings attributable to common shareholders of C$1.288 billion, versus C$682 million in the third quarter of 2025; the company attributed the increase mainly to non-cash unrealized derivative-value changes and operating factors. Adjusted earnings were C$1.074 billion versus C$997 million, adjusted EBITDA was C$4.434 billion versus C$4.267 billion, and distributable cash flow was C$2.689 billion versus C$2.566 billion. Cash provided by operating activities was C$2.703 billion, compared with C$2.868 billion. For the nine months ended September 30, 2026, GAAP earnings were C$4.355 billion versus C$5.120 billion.
Enbridge reaffirmed 2026 adjusted EBITDA guidance of C$20.2 billion to C$20.8 billion and DCF per share of C$5.70 to C$6.10. Its secured growth backlog was approximately C$38 billion; Aspen Point and Tennessee Ridgeline entered service. The US$0.6 billion Salt Creek acquisition closed October 9, 2026, while the US$2.55 billion Tallgrass transaction remains subject to approvals and closing conditions. The board declared a C$0.9700 quarterly common-share dividend, payable December 1, 2026, to shareholders of record November 13, 2026.
Enbridge Inc. (ENB) completed a marketed equity offering of its common shares. On September 10, 2026 it entered into an underwriting agreement for a bought deal public offering of 38,900,000 common shares at CDN$66.85 per share, with underwriters exercising in full an over-allotment option for 5,835,000 additional shares. On September 14, 2026 the company issued and sold a total of 44,735,000 common shares, generating aggregate gross proceeds of approximately CDN$3.0 billion before underwriting commissions and expenses. The transaction was conducted under an effective U.S. shelf registration statement and parallel Canadian short form base shelf prospectus, with customary underwriting terms, indemnities and legal opinions.
Enbridge Inc. (ENB) is conducting a primary offering of 38,900,000 common shares at $66.85 per share, raising gross proceeds of $2.60 billion, with an underwriters’ option for up to 5,835,000 additional shares. Estimated net proceeds are about $2.5 billion, or $2.9 billion if the over-allotment option is fully exercised.
Enbridge plans to use the funds to partially finance recently announced acquisitions and to maintain financial flexibility for future growth, with a portion potentially used temporarily to reduce debt or held in short-term investments. The offering will increase common shares outstanding to 2,223,008,639 (2,228,843,639 if the over-allotment option is fully exercised).
Enbridge Inc. (ENB) announced a CDN$2.6 billion bought-deal offering of its common shares, with underwriters agreeing to purchase 38,900,000 shares at CDN$66.85 per share. The syndicate, led by RBC Capital Markets and CIBC Capital Markets, has an option to buy up to 15% additional shares to cover over-allotments, which would increase gross proceeds to approximately CDN$3.0 billion.
Enbridge states that net proceeds are intended to partially fund previously announced acquisitions, enhance financial flexibility for potential future growth opportunities, and may be temporarily used to reduce indebtedness or be invested in short-term liquid investments. The offering is expected to close on or about September 14, 2026, subject to customary conditions, and will be made via Canadian and U.S. prospectus supplements under existing shelf registration documents.
Enbridge Inc. (ENB) plans a primary offering of common shares under its shelf registration, with an over-allotment option for additional shares, to raise equity capital. The common shares trade on the TSX and NYSE under the symbol ENB. Net proceeds are expected to be used to partially fund recently announced acquisitions and to preserve financial flexibility for future growth. A portion may be used temporarily to reduce debt or be invested in short-term liquid instruments. Enbridge recently agreed to acquire Tallgrass Energy’s crude transportation assets for approximately US$2.55 billion and Salt Creek Midstream’s crude gathering business for US$600 million, and to form a Westcoast System joint venture in which investors will fund about $2.7 billion of expansions, including $0.7 billion of cash already received by Enbridge. Certain directors and executive officers have indicated non-binding interest in purchasing about $1.82 million of the offered shares.
Enbridge Inc. (ENB) announced that, through a wholly owned subsidiary, it has entered into a definitive agreement to acquire Tallgrass Energy’s crude oil transportation, gathering, storage and terminaling business for US$2.55 billion in cash, representing an estimated 10–11x forward enterprise value-to-EBITDA multiple. The assets include the Pony Express pipeline system, providing strategic connections between the Bakken, Powder River Basin and Denver-Julesburg basins through Cushing and complementing Enbridge’s existing Express-Platte system. Pony Express is described as highly contracted with predominantly investment-grade counterparties. The deal also includes the PXP2 expansion, an incremental US$0.3 billion project expected to increase Pony Express capacity to about 515 kbpd and enter service in late 2027, to be added to Enbridge’s US$41 billion secured growth backlog upon closing. Enbridge expects the acquisition to generate significant free cash flow and be accretive to distributable cash flow per share in the first full year of ownership. Closing is expected later in 2026, subject to customary regulatory approvals, including Hart-Scott-Rodino clearance.
Enbridge plans an equity offering to partially fund this transaction, the previously announced Salt Creek Midstream crude gathering acquisition and future growth, while targeting 4.5x–5.0x Debt-to-Adjusted EBITDA, and it reaffirms a medium-term outlook of roughly 5% compound annual growth in EBITDA, distributable cash flow per share and EPS.
Enbridge Inc. (ENB) announced a planned CEO transition. Greg Ebel intends to retire as President and Chief Executive Officer and from the Board effective December 31, 2026. The Board has appointed Michele Harradence, currently Executive Vice President and President, Gas Distribution and Storage, to become President and Chief Executive Officer and join the Board effective January 1, 2027.
Ebel will remain on the Board through his retirement date and then serve as an advisor to the Board and Harradence from January through May 2027. The company states that Ebel’s retirement is for personal reasons and not due to any disagreement regarding operations, policies or practices. Enbridge notes that Harradence’s appointment follows a multi-year succession planning process and highlights her leadership of the gas utilities business, including integration of U.S. utility acquisitions.
Enbridge Inc. reported higher operating revenues for the three and six months ended June 30, 2026. Quarterly operating revenues were C$29,318 million and year-to-date revenues were C$51,675 million, compared with C$14,876 million and C$33,378 million in the prior-year periods, largely reflecting higher commodity sales.
Earnings attributable to common shareholders were C$1,396 million (basic EPS C$0.64) for the quarter versus C$2,177 million (C$1.00) a year earlier; for the first half, earnings were C$3,067 million (C$1.41) compared with C$4,438 million (C$2.04). Operating income rose to C$2,910 million from C$2,289, while other income/(expense) moved to a C$35 million loss from a C$1,369 million gain and interest expense increased.
Segment earnings before interest, income taxes, depreciation and amortization totaled C$5,052 million in the quarter, led by Liquids Pipelines at C$2,623 million and Gas Transmission at C$1,433 million. Net cash provided by operating activities for the first half was C$6,453 million, modestly above C$6,291 million, funding capital expenditures of C$5,523 million. At June 30, 2026, total assets were C$231,647 million and long-term debt was C$103,852 million. Enbridge had 2,184 million common shares outstanding, declared a quarterly common dividend of C$0.97 per share, and reported C$57.6 billion of future contracted revenues, including C$5.1 billion expected in the remainder of 2026 and C$8.6 billion in 2027.