Enbridge reported its third-quarter 2026 results on November 6 and reaffirmed its financial outlook for the year. Adjusted EBITDA was C$4.4 billion, up from C$4.3 billion a year earlier. Adjusted earnings were C$1.1 billion, or C$0.49 per share, compared with C$1.0 billion and C$0.46 per share.
Cash flow from operating activities fell to C$2.7 billion from C$2.9 billion, while distributable cash flow rose to C$2.7 billion from C$2.6 billion. GAAP net income increased to C$1.3 billion from C$0.7 billion.
The company maintained its 2026 adjusted EBITDA guidance of C$20.2 billion to C$20.8 billion and distributable cash flow guidance of C$5.70 to C$6.10 per share. Its medium-term outlook calls for annual growth of about 5% in adjusted EBITDA, cash flow per share and EPS. Enbridge’s secured project backlog is about C$38 billion, and it expects to invest C$10 billion to C$11 billion a year in growth projects.
During the quarter, Enbridge placed the Aspen Point expansion of the B.C. Pipeline and the Tennessee Ridgeline project into service. The projects brought into service were worth more than C$3 billion in total. The company also announced a US$2.55 billion acquisition of Tallgrass Energy’s oil business, including a 75% operating interest in Pony Express Pipeline, a 51% interest in the Powder River Gateway system, about 8.4 million barrels of storage capacity and the Stanchion business.
The acquisition includes the US$0.3 billion PXP2 project, an expansion of Pony Express expected to raise capacity to about 515,000 barrels per day. It is expected to start operating in late 2027, subject to regulatory approvals and other conditions. Enbridge completed its US$0.6 billion acquisition of Salt Creek Midstream’s oil gathering business on October 9.
Enbridge approved the C$0.2 billion Long Lake expansion in Alberta. The project includes a lateral pipeline and a storage tank, as well as increased capacity on the Waupisoo and Wood Buffalo Extension pipelines. It is expected to enter service in 2028. Enbridge also agreed to acquire substantially all of Laramie Energy’s assets for US$485 million plus up to US$65 million in contingent payments. Closing is expected in the fourth quarter of 2026, subject to approvals.
On November 3, the board declared a quarterly dividend of C$0.9700 per common share, payable on December 1 to shareholders of record on November 13. Chief Executive Greg Ebel plans to retire in January, with Michele Harradence set to succeed him.
