Enbridge Inc.

Enbridge said adjusted EBITDA increased by over $130 million year over year in Q2 2026. Mainline volumes averaged 3.1 million barrels per day. DCF per share increased, while EPS was slightly down year over year because of higher depreciation from assets placed into service and higher interest expense on debt. Management reaffirmed full-year 2026 guidance. It also pointed to a $41 billion secured capital backlog, about $9 billion of capital sanctioned in 2026, and a goal to secure up to $20 billion in new projects in the 2026-'27 time frame. Leverage exited Q2 at 5.1x debt to EBITDA, which management said would be within its target range after FX adjustment.

Greg Ebel’s tone was highly confident and growth-oriented. He framed the industry as reentering a growth phase and said Enbridge has one of the best environments for growth in recent memory, supported by opportunities across liquids, gas transmission, utilities, and renewables. He emphasized the company’s scale, optionality, and ability to customize infrastructure solutions for customers, while repeatedly pointing to long-term backlog and low-risk brownfield growth.

Pat Murray emphasized that high utilization across all four businesses drove another strong quarter despite geopolitical tensions and commodity volatility. He cited adjusted EBITDA up over $130 million year over year, DCF per share higher on stronger operations and lower maintenance capex, and EPS slightly lower due to depreciation and interest expense. He reaffirmed 2026 guidance, noted debt to EBITDA of 5.1x at quarter-end, and said that excluding FX the ratio would be within target; he also reiterated capital allocation priorities of self-funding growth and supporting dividend growth, with $38 billion returned over the past five years and a plan to return $40 billion to $45 billion over the next five years.

Analysts focused on what is changing in MLO2, returns on capital, Project Beacon, Permian gas growth, renewables, leverage, and Canadian condensate supply. Management said MLO2 is being resequenced toward downstream Chicago South market-access segments first because the policy and production framework in Western Canada is still developing, and because producers are not yet making binding FID-able commitments. On Beacon, Enbridge said the open season materially exceeded expectations and it is pursuing a larger phase, but permitting remains the key hurdle. On Southern Lights/Norlite, management said domestic condensate will be insufficient as oil sands production grows and Enbridge has meaningful headroom and expansion options.