Enbridge (ENB) Q3 2026 Earnings Call Transcript

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DATE

Fri, Nov. 6, 2026

CALL PARTICIPANTS

• Vice President of Investor Relations and Insurance - Marlon Samuel
• President and CEO - Gregory Lorne Ebel
• EVP and Chief Financial Officer - Patrick Robert Murray
• Liquid Pipelines - Colin Kenneth Gruending
• Gas Transmission - Matthew Akman
• Gas Distribution and Storage - Michele Harradence
• Renewable Power - Allen Capps

TAKEAWAYS

• Adjusted EBITDA -- $4.4 billion, reflecting a $167 million increase driven by strong utilization and rate case settlements in Gas Transmission and Gas Distribution.
• Distributable Cash Flow -- $2.7 billion, representing a $123 million increase due to higher EBITDA and reduced maintenance capital spending.
• Liquids Pipelines Adjusted EBITDA -- $2.2 billion, representing a $101 million decrease caused by lower tolls on Line 9 and reduced throughput on the Flanagan South pipeline.
• Gas Transmission Adjusted EBITDA -- $1.4 billion, increasing $165 million due to rate settlements on Texas Eastern and East Tennessee assets.
• Gas Distribution and Storage Adjusted EBITDA -- $665 million, growing $105 million reflecting higher rates in Utah and North Carolina.
• Renewable Power Generation Adjusted EBITDA -- $127 million, up $27 million following the commencement of the first phase of Sequoia Solar.
• Tallgrass Energy Acquisition -- US$2.6 billion, expanding the liquids footprint into the Rockies region with a 75% interest in the Pony Express Pipeline.
• Salt Creek Midstream Acquisition -- US$0.6 billion, establishing a wellhead-to-water export service in the Delaware Basin.
• Laramie Energy Acquisition -- US$0.5 billion, increasing natural gas supply assets for utility customers in Utah under a cost-of-service framework.
• Common Equity Offering -- $3 billion, providing funding for recent acquisitions and maintaining the targeted leverage profile.
• Secured Growth Backlog -- $38 billion, supported by approximately $10 billion to $11 billion in annual growth capital investment capacity.
• Long Lake Expansion -- $200 million, sanctioned to support oil sands operations in Northern Alberta with a targeted 2028 in-service date.
• Debt-to-EBITDA Ratio -- 5.1 times, slightly exceeding the target range due to foreign exchange rate fluctuations at the end of the quarter.
• Blackcomb Pipeline Capacity -- 2.5 billion cubic feet per day, entering service during the quarter to transport gas out of the Permian Basin.
• Bayrunner Pipeline Capacity -- 2.6 billion cubic feet per day, achieving mechanical completion to transport gas to the Rio Grande LNG facility.
• GAAP Earnings Per Share -- $0.59, increasing from $0.30 in the previous year primarily due to non-cash changes in derivative values.
• Adjusted Earnings Per Share -- $0.49, compared to $0.46 in the prior year quarter, reflecting improved operating performance across core business segments.
• Future Shareholder Returns -- $40 billion to $45 billion, projected in dividends over the next five years following $39 billion returned in the previous five-year period.
• 2026 Adjusted EBITDA Guidance -- $20.2 billion to $20.8 billion, representing the company's objective to achieve its targets for the 21st consecutive year.
• 2026 DCF Per Share Guidance -- $5.70 to $6.10, reflecting management's confidence in the underlying performance of the diversified asset base.
• KKR and Apollo Partnership -- $2.7 billion, representing the total commitment to fund capital expenditures for the B.C. Pipeline expansion programs.
• Maintenance Capital -- $231 million, decreasing from $303 million in the previous year due to enterprise-wide saving initiatives.

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RISKS

• Murray stated, "The decrease in Liquids Pipelines results reflects impacts similar to the first 2 quarters, with lower tolls on the Line 9 deliveries and reduced throughput on the Flanagan South pipeline due to high PADD II utilization and market pricing dynamics," acknowledging persistent headwinds in the liquids segment.

SUMMARY

Enbridge Inc. (NYSE:ENB) reported an increase in adjusted earnings and reaffirmed its full-year financial targets during its third-quarter call. Management reported that President and Chief Executive Officer Gregory Ebel will retire on Dec. 31 and be succeeded by Michele Harradence on Jan. 1. The company completed a $3 billion common equity offering to fund US$3.2 billion in acquisitions across the Permian and Rockies regions, strengthening its integrated crude oil and natural gas infrastructure. Strategic initiatives highlighted during the call included the closing of a $2.7 billion capital recycling partnership with KKR and Apollo to support expansions of the B.C. Pipeline system, providing further financial flexibility to fund the company's $38 billion secured growth backlog.

• Gregory Lorne Ebel stated, "In the spring of 2024, we expressed a strong view that supply growth out of Western Canada would reach 1 million barrels by 2035," indicating that this prediction may now be too low.
• The company is securing long-term contracts with hyperscalers and blue-chip customers to meet rising power demand, including 1.4 gigawatts of generation capacity currently under construction for Meta.
• Management noted that the Woodfibre LNG project remains on track for first gas in 2027 following the completion of the pipeline tunnel breakthrough and ongoing drilling at the site.
• Michele Harradence stated, "We believe in the future of the energy that our customers produce and demand, whether it is natural gas liquids, or renewable energy, and we will keep doing that," while emphasizing the role of natural gas in providing affordable energy.
• A settlement in the Enbridge Gas Ohio rate case was filed for approval during the quarter, which includes increases to revenue requirements and the rate base to support system modernization.
• Negotiations for the West Coast toll settlement on the B.C. Pipeline system are well advanced, with an agreement and regulatory approval expected in early 2027.
• Management indicated that the macro backdrop remains constructive for energy infrastructure due to population growth, manufacturing investment, and the increasing global importance of North American resources.

INDUSTRY GLOSSARY

• Bcf/d: Billion cubic feet per day, a common unit of measure for natural gas flow rates.
• DCF: Distributable Cash Flow, a non-GAAP financial measure used to assess the company's ability to pay dividends.
• EBITDA: Earnings Before Interest, Income Taxes, and Depreciation and Amortization.
• GAAP: Generally Accepted Accounting Principles.
• GW: Gigawatts, a unit of power equal to 1 billion watts.
• LNG: Liquefied Natural Gas, natural gas that has been cooled to a liquid state for easier shipping and storage.
• PADD II: Petroleum Administration for Defense District 2, a U.S. region including 15 states in the Midwest.
• WCSB: Western Canadian Sedimentary Basin, a major source of crude oil and natural gas production in North America.

Full Conference Call Transcript

Marlon Samuel: Good morning. And welcome to the Enbridge Inc. Third Quarter 2026 Conference Call. My name is Marlon Samuel, I am the Vice President of Investor Relations and Insurance. Joining me this morning are Greg Ebel, President and CEO Pat Murray, EVP and Chief Financial Officer and the heads of each of our business units. Colin Gruending, Liquid Pipelines, Matthew Akman, Gas Transmission Michele Harradence, Gas Distribution and Storage and Allen Capps, Renewable Power. At this time, all participants are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session for the investment community. Please note this conference call is being recorded.

As per usual, this call is being webcast and I encourage those listening to follow along with the supporting slides. We will try to keep the call to roughly 1 hour. And in order to answer as many questions as possible, we will be limiting questions to 1 plus a single follow-up if necessary. We will be prioritizing questions from the investment community. So if you are a member of the media, please direct your inquiries to our communications team We will be happy to respond. As always, our Investor Relations team will be available after the call for any follow-up questions. On to Slide 2.

Where I will remind you that we will be referring to forward looking information on today's presentation and Q&A. By its nature, this information contains forecast assumptions and expectations about future outcomes, which are subject to the risks and uncertainties outlined here and discussed more fully in our public disclosure filings. We will also be referring to non-GAAP measures summarized below. With that, I will turn it over to Greg Ebel.

Gregory Lorne Ebel: Well, thank you very much, Marlon, and good morning, everyone. We appreciate you joining us today. We delivered another quarter of strong operational and financial performance, positioning us to achieve our 2026 financial guidance for the 21st consecutive year. During the quarter, we made a number of important strategic announcements that continue to strengthen our long term growth outlook. Our announcements also included my intent to retire at year end and Michele's appointment as the next CEO of Enbridge. Now looking at the quarter, utilization remains strong across all 4 of our businesses, reflecting the essential nature of the diverse energy infrastructure we operate.

We placed 2 projects into service in our gas transmission business, Aitken Point, BC, and Tennessee Ridgeline. And we also filed an agreement in the Enbridge Gas Ohio rate case this quarter. We closed the previously announced West Coast partnership with KKR and Apollo providing financial flexibility to fund our organic growth opportunities. We also announced the acquisition of Tallgrass's, crude transportation business and acquired Salt Creek Midstream's crude gathering assets, both of which expand our liquids pipeline footprint across some of North America's most attractive producing regions. To support those strategic transactions, we completed a $3 billion common equity offering.

And in liquids pipelines, we sanctioned the Long Lake expansion with our regional oil sands business, supporting CNQ growing operations. In our gas distribution business, we announced the acquisition of Natural Gas supply assets that will increase the amount of affordable gas that we can provide for our Enbridge Gas Utah customers. Taken together, these transactions demonstrate our disciplined and versatile approach to capital allocation. Allowing us to capitalize on opportunities that align with our strategy. Now before discussing the business updates, let me offer a few comments about my upcoming retirement. 4 years ago, when I accepted the board's invitation to take on the Enbridge CEO position, I was focused on accomplishing 4 things in relatively short order.

First of all, improving our customer focus and experience. Second, improving the investor experience. Third, I wanted to expand our footprint in both the Canadian and US markets and finally ensure that in 3 to 4 years, the board would have a great CEO successor from within the company. As a management team and with my board colleagues, we got working on all those priorities immediately. Today, our customers have a growing set of offerings across all of our businesses. They have shown their great support for us by backing virtually all of our $38 billion in growth backlog. Investors have seen good returns via both growing dividends and share appreciation.

And today, our geographic footprint in Canada and the US is bigger than it is ever been. Our assets continue to benefit and grow from the all of the above energy infrastructure build-out that we believed was getting underway and today still has a long runway ahead. And last but not least, after a multiyear succession planning effort with the board, I am thrilled that we have an excellent leader in Michele Harradence to lead and advance Enbridge into its next growth chapter. Michele has played a critical role in leading our gas distribution and storage business in recent years and brings extensive operational, commercial and leadership experience.

Michele is set to take on the CEO role January 1, and I have great confidence in her, the leadership team, and our great women and men in the field delivering safely and reliably 27 as they continue building on the strong foundation we have established. I am very proud of what we have accomplished together and thank them for their incredibly hard work and support. This will be my last earnings call. My first was with Duke Energy more than 20 years ago, and some of you were investors and analysts then. And so I appreciate all the support and counsel over the years. Thanks to you all.

Now as we head towards the end of the year and into 2027, the macro backdrop for the energy environment remains very constructive. With demand for reliable and affordable energy is continuing to grow across North America, and globally. Population growth, manufacturing investment, electrification, and rapidly rising power demand are creating new requirements for energy infrastructure. At the same time, North America's resources are increasingly important to global energy security. Thus supporting growing export demand for both oil and LNG. Taking a look at the map, we see a number of regions in the continent that are expecting significant energy demand, and supply growth into the next decade, and all 4 of our businesses are currently capitalizing on that opportunity.

In liquids, we continue to anticipate significant growth in Canada and expect more certainty on that growth in the near future as governments and industry progress policy alignment. In the spring of 2024, we expressed a strong view that supply growth out of Western Canada would reach 1 million barrels by 2035. Not many shared our view at that time, but today, that prediction is probably too low. This growth will require expansions of the Alberta regional oil sands business, increased diluent supply, support for carbon sequestration and transportation, and increased capacity out of the basin. All areas in which we are an industry leader currently and see numerous future opportunities.

In gas transmission, we see significant demand all over North America, including in British Columbia, The US Northeast, and The U.S. Southeast, as well as along the Gulf Coast where our Texas Eastern and Valley Crossing assets are strategically located. All of our utility franchises are also seeing tailwinds from population growth and power demand. In fact, we are seeing more opportunities in The U.S. than when we initially decided to buy the gas utility assets in 2023. And lastly, renewables will remain an important part of the generation mix needed to meet North America's growing power demand.

Our all of the above approach to energy investment allows us to win in multiple ways regardless of the commodity type, color of the electron, or frankly, the ever changing makeup of governments. We deliver multiple sources of reliable and affordable energy and that works for our customers and investors in all conditions. During the quarter, we announced 2 accretive and strategic liquids acquisitions that further strengthen our North American crude oil franchise. The acquisition of Tallgrass's crude oil business, which includes the Pony Express Pipeline, and Powder River Gateway system, will build on our existing Rockies footprint. And adds new connectivity to the DJ and Powder River basins.

Importantly, the acquisition will add access to growing supply regions while creating additional customer optionality across our broader liquids network over time. We also announced the acquisition of Salt Creek Midstream's crude gathering assets in the core of the Delaware Basin. This transaction strengthens our Permian position and extends our wellhead to water strategy, adding high quality gathering infrastructure, upstream of the Gray Oak Pipeline and our Ingleside export terminal. Together, these acquisitions build upon our existing network advantages and expand our ability to provide integrated solutions across North America's most important crude oil corridors. As previously mentioned, this quarter, we sanctioned the Long Lake expansion supporting CNQ's growing operations in the Western Canadian Sedimentary Basin.

Adding a new lateral pipeline and storage tank while also expanding multiple lines in our regional oil sands system. The project is expected to cost $200 million and enter service in 2028. We also closed a successful open season on Flanagan South, which is the downstream component of the resequenced MLO2 project. This just further highlights our demand-pull pipelines and our ability to modularly expand our system based on our customers' current and long term needs. As we indicated at our last quarterly earnings call, we see a number of opportunities across our liquids footprint, and these 2 projects are evidence of that.

We are encouraged by the increasingly constructive industry outlook and are well positioned to support our customers with our leading liquids pipeline network. Regardless of evolving market conditions, or public sentiment for oil, our mainline system has continued to operate at or near capacity. Volumes have steadily increased over the years, and we are confident as supply grows out of the Western Canadian Sedimentary Basin so too will our capacity to support our customers. The mainline's many advantages, like reliability and safety, market access to refining capacity, and established rate making model continue to reinforce the long term value proposition of the franchise to our customers and investors alike Turning to gas transmission. Fundamentals remain exceptionally strong. Across the continent.

The portfolio remains robust with a number of high quality opportunities supporting growing LNG and power generation demand. Starting in Canada, Aitken Point entered service under budget and ahead of schedule. Providing additional transportation capacity to support regional demand growth and LNG exports on the West Coast. With the current West Coast toll settlement expiring at year end, negotiations are well advanced. With an agreement and CER approval expected to be realized in early 2027. We also closed the previously announced $2.7 billion joint venture with KKR and Apollo. Providing us with financial flexibility as we advance our organic project backlog.

We are also advancing a number of opportunities across Texas Eastern, after seeing strong customer demand on various paths for incremental capacity. Within our Permian joint venture, the Blackcomb pipeline has now entered service, providing up to 2.5 Bcf/d of capacity out of the basin. And the 2.6 Bcf/d Bayrunner pipeline has achieved mechanical completion. Ready to move gas to the Rio Grande LNG Facility. In The US Northeast, we continue to progress the previously sanctioned Algonquin enhancement project and the team is working hard on commercial negotiations with customers on Project Beacon. A further expansion of the Algonquin system. We appreciate the strong support from the state governments like Massachusetts to quickly achieve federal approval of such projects.

More generally, we are having a number of conversations with power and utility customers in both The US Northeast and Midwest. And the opportunities in the region remains robust. Despite some construction challenges on the Tennessee Ridgeline project, it entered service on time on November 1st. Ready to provide natural gas to our customers under long term take or pay agreements. Further south, Florida continues to be a growing market for gas. Driven by power demand, population growth, and industrialization.

And we are looking at opportunities through our interest in the Sabal Trail pipeline, and our connected storage assets along the Gulf Coast. it is worth remembering that across the gas transmission business, we have almost 90 Bcf of natural gas storage projects already sanctioned. Positioning us to support the growing power demand and LNG opportunities on both sides of the border. Stepping back, these projects are part of a much broader opportunity set. Across the franchise, we see a growing set of near term opportunities driven by demand for LNG, power generation and utility load growth. Our extensive existing network positions us well to capture that growth through capital efficient expansions of our existing infrastructure.

As we have said before, natural gas remains 1 of the most attractive areas of growth across North America energy systems and Enbridge is uniquely positioned to benefit from that trend. Turning to GDS. Today, we are announcing an agreement to acquire the gas assets of Laramie Energy expanding gas supply so supporting Enbridge Gas, Utah, The transaction leverages our existing successful Wexpro business model to provide our utility customers with a stable cost of service source of natural gas helping improve affordability and moderate commodity price volatility while providing us a utility return without taking on commodity exposure. The transaction will close following regulatory approval which we expect to receive later this month.

We have also reached a settlement in the Enbridge Gas Wyoming rate case with rates expected to be effective in early 2027. In Ohio, we made meaningful progress on the rate case that was filed last year. Settlement was filed for approval during the quarter, with increases to our revenue requirement, rate base and equity thickness. Which will support investment in the system as we continue to serve our customers safely and reliably. Both these rate cases reinforce our strong track record for achieving constructive regulatory outcomes across our gas distribution business while focusing on affordability for our customers. Now turning to renewable power. Our renewable power business continues to focus on disciplined customer backed growth.

Since 2002, we have built a renewable power portfolio of more than 8 gigawatts across North America and Europe. Including more than 2 gigawatts of projects under construction. These projects under construction are supported by long term contracts with high quality counterparties, including 1.4 GW of generation capacity with Meta. We continue to see opportunities to grow this business with hyperscalers and blue chip customers seeking reliable, long term power solutions. With that, let me turn the call over to Patrick Robert Murray.

Patrick Robert Murray: Thanks, Greg, and thanks everyone for joining us today. We delivered yet another strong quarter supported by consistent high utilization across our diversified asset base. Adjusted EBITDA increased by $167 million compared to the third quarter of 2025, reflecting continued strength across our business. The decrease in Liquids Pipelines results reflects impacts similar to the first 2 quarters, with lower tolls on the Line 9 deliveries and reduced throughput on the Flanagan South pipeline due to high PADD II utilization and market pricing dynamics. In gas transmission, year over year results benefited from favorable contracting and rate case settlements in our U. S. Assets.

Gas distribution benefited from higher rates in Enbridge Gas, Utah and North Carolina due to recent rate cases, and customer growth in Enbridge Gas Ontario. Our renewable power was up slightly as the first phase of Sequoia Solar was placed into service at the end of 2025. The year over year increase in DCF was primarily driven by the higher adjusted EBITDA, which I just spoke to, as well as reduced maintenance capital spend partially offset by higher financing costs associated with incremental debt issuances. As Greg noted, management's been very focused on securing new growth projects.

We have also been very focused on improving results within our existing assets continued cost discipline, optimization efforts and increased buying power help us mitigate inflationary pressures, with those efficiencies reflected across our operating costs, maintenance capital that I just spoke to, and our growth projects. Given our strong performance to date and confidence in the underlying business, I am pleased to reaffirm our 2026 guidance and expect results to finish at the midpoint of the range. The strength and resilience of our business model enabled us to deliver reliable results across varying market conditions. Even amid macroeconomic uncertainty and commodity price volatility.

As we look to the remainder of 2026, strong commercial and regulatory execution in gas transmission, the tailwinds realized in Q2 at Seaway, provide positive support while we continue to reflect lower liquid market access contribution and higher U. S. Interest rates in our outlook. Let's now turn to our capital allocation priorities. Our capital allocation strategy remains consistent. We continue to equity self fund our organic growth backlog while maintaining a strong balance sheet. As Greg mentioned earlier, we completed a $3 billion equity offering this quarter to derisk financing of our recent acquisitions.

By funding these transactions with a balance of debt and equity, we maintained our targeted leverage profile while preserving financial flexibility to capitalize on significant organic growth opportunities we continue to see across the business. We also increased our financial flexibility for funding that organic portfolio through our capital recycling initiative with KKR and Apollo that closed this quarter This transaction provides further capacity beyond our base annual investment of 10 billion to 11 billion Our debt to EBITDA ratio at the end of Q3 2026 was 5.1 times, driven by quarter end foreign exchange movements, as the CAD to US dollar spot rate spiked to close at 1.42.

On an FX adjusted basis, leverage would have remained within our target range. Looking ahead to the next quarter, we expect to be in a similar position in regards to leverage. As we close the previously mentioned acquisitions, but on a full year run rate EBITDA basis for these assets, expect to remain well within our leverage target. Our track record of shareholder returns remains strong, with $39 billion returned in the form of dividends over the past 5 years and a further $40 billion to $45 billion expected through the next 5 years. Supported by a $38 billion backlog we have a well defined path to grow through the decade.

Driven by a disciplined focus on low risk, accretive brownfield investments. I will now hand it back to Greg for some closing remarks. But before I do, I would like to thank Gregory for his leadership, guidance, and many contributions to Enbridge over the last 10 years. it is been a privilege to work alongside you, and I wish you all the best. Your well deserved retirement.

Gregory Lorne Ebel: Well, thanks, Patrick. it is been a great pleasure working with you as well. And as we step back and look at Enbridge today, I believe our investment proposition remains compelling. We continue to offer a combination of stability, strength, consistency, growth, and optionality that is difficult to find elsewhere in the energy infrastructure sector. Our low risk business model diversified franchise mix, and predictable cash flows provide a strong foundation for long term value creation. At the same time, we have 1 of the largest growth backlogs in our-- supported by approximately $38 billion of secured capital and significant opportunities above and beyond.

Strategic actions we took this quarter, the Tallgrass and Salt Creek acquisitions, further expanding the available across our liquids franchise, while still continuing to prioritize the balance sheet. Enbridge is 1 of the only energy companies that can allocate capital across crude oil, natural gas transmission, gas utilities, and renewable power with scale, and flexibility. We believe that positions us well to capture growing North American energy demand while continuing to deliver attractive returns to shareholders. As I look back at the incredible success we have achieved together this past decade, I am reminded of exactly what it is that makes Enbridge unique. We are the largest transporter of liquids in North America.

And handle some of the most complex egress systems in the world. And we will continue to grow this segment well into the future. Our gas transmission business stands at the precipice of the largest demand cycle in recent history driven by growing power, industrial, and LNG needs. We own and operate the largest North American gas utility business and we continue to see growth beyond what we initially forecasted when we first acquired The U. S. Utility business a couple of years back. And the renewable power business has grown into a significant player in the industry, backed by some of the largest hyperscaler and blue chip customers in the world. Few companies touch as many lives as Enbridge.

Every day, our assets carry the energy that powers economies, strengthens communities, and underpins modern life across North America. I know that Enbridge is in good hands with Michele and the rest of the leadership team And as a forever shareholder, I look forward to the future ahead. You for your time this morning. Operator, we are now ready to take questions.

Operator: Thank you. We will now begin the question-and-answer session. In the interest of time, please limit yourself to 1 question and 1 follow-up. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Your first question comes from the line of Robert Catellier with CIBC Capital Markets. Robert, your line is open. Please go ahead.

Robert Catellier: Hey. Good morning, everyone, and congratulations to both Gregory and Michele on the on the big transition here. I think, since I am first, I will start with that. So Michelle, I know it is really early for this question, but what do you think investors should expect will remain the same under your leadership? And where could we see capital allocation priorities in portfolio construction evolve after the transition starts?

Michele Harradence: Oh, sure. Thanks, Robert, and I appreciate the question. You know, I think it is really important to. That folks understand that certainly my vision for this company is very much grounded in our past. For over 75 years, we have been disciplined capital allocators exceptional project developers, and top tier operators. And what that is done for our investors who-- by the way, I have family members who have owned Enbridge shares since we IPOd 1.95 thousand. They remind me of this all the time, and that is generate predictable durable cash flows. So 31 consecutive years of dividend increases. That dividend aristocrat status it is held by a very small group in energy.

And I think it demonstrates our long standing commitment to our shareholders regardless of what economic political, or commodity cycle we are in. So as far as I am concerned, Enbridge is North America's preeminent energy infrastructure company, and it is built on an incredible foundation of 4 premier franchises. And what we have, the footprint, the quality, the quality of our assets, quality of our people really gives us advantages others just cannot have. So what I think you are going to be seeing, not just from me, but from what is a very strong executive leadership team, is that we build off of that foundation.

So we continue to operate our existing businesses exceptionally well, That safety, reliability, cost discipline, and capital efficiency, those. Have been and will continue to be very core for us. We have got a great set of assets, and we are going to protect the foundation of what drives that value for our shareholders. We are going to be the partner of choice. We are going to continue to be the partner of choice for meeting North America's growing energy needs. So that is not only that recognition we have now for all of the above, but more of the above. And what we are really appreciative of and seeing is that pragmatism and balance are there.

So I think you will see Enbridge at the center of all of those conversations. And then the key thing is finally, we are going to continue to translate those advantages into superior long term returns for our shareholders. So that is just continuing to be what you already know us to be, disciplined capital allocators, attractive risk adjusted total returns, and a real suite of competitive projects that are meeting the demand for energy. I mean, we are talking about taking a great company and making it even better here. And with that, we are going to continue to be grounded in those energy fundamentals. that is what drove us to spend $19 billion on the gas utilities.

A few years ago, and you just saw us invest over $3 billion in expanding our liquids footprint this past quarter. We believe in the future of the energy that our customers produce and demand, whether it is natural gas liquids, or renewable energy, and we will keep doing that.

Robert Catellier: Well, thank you. That was a very fulsome answer. I just had a quick small 1 on the liquids business. There was a small project for the oil sands lateral with CNQ. I find that interesting because we have not seen something like that in a little while. So maybe you can update us on the customer momentum in terms of oil sands projects and some of the various MLO2 options.

Colin Kenneth Gruending: Hey, Robert. Good morning. Yeah. Thanks for the question. Astute observation Indeed, it has been quiet, up there for a number of years and for obvious reason. But I think we are on the cusp of a huge cyclical and hopefully sustaining growth wave up there. And so as you know, we have got a strong position in the oil sands region. 7 trunk lines, lots of laterals, lots of customers. And I think a number of the bigger customers are in the midst of a big negotiation. They are likely positioning some projects to grow their supply as well.

In the interim, some of the smaller customers are already kind of moving ahead and the CNQ announcement today is an example. Of that. They are an existing customer. We are basically twinning a lateral over to 1 of our trunk lines to grow their existing production. So I think it is a sign of more to come, and we will certainly look to, you know, capture our share. there is a lot of operating leverage in these. They are prebuilt. there is some headroom in them.

So I think it is a pretty exciting leg of 1 of the legs of the Enbridge stool we have not talked about in a long time, but it is it is 1 of the boats that gets floated right when the tide rises. And we have got other boats in the fleet. We will talk about probably later in the call. Alright.

Gregory Lorne Ebel: But just a quick add to that. I think the team's supersized with this. That opportunity, and Colin is bang on. Let's not forget, and I see some discussion of this, our position on what I will call antecedents there, so things like diluent. We are in a great diluent spot in that region. So that is domestic. But do not forget, as we see this growth and we are seeing great moves by the Canadian government to make it more attractive, import of diluent too. I mean, a little thing like Southern Lights that people seem to forget about. So I think we are in a great spot, and the team's working really hard.

And as the becomes more clear on production growth that we are starting to see I think there will be opportunities not only regionally, but also with the things like diluent. As you know, our regional system is partially owned by our indigenous partners, which is a critical component here of getting this right, getting it done quickly. And making sure as many people participate, not only our investors, not only our customers, but also our indigenous partners. So I think that is a huge competitive advantage for us. Well, thanks, everyone, and congrats again. Thanks.

Operator: Your next question comes from the line of Jeremy Tonet with JPMorgan. Jeremy, your line is open. Please go ahead.

Eli: Hey. This is Elias on for Jeremy. Just wanted to wish Gregory the best in the next chapter, and congratulate Michele and look forward to working with you in the new role. Starting with the Permian landscape, obviously, there is been significant platform expansion across multiple fronts. Can you frame what the strategy looks like from here? Are there complementary assets that make sense, or do brownfield expansions make more sense at this point or both?

Colin Kenneth Gruending: Elias, it is Colin. I can talk about crude system if that is what you are looking for. I mean, I can recap the whole 7- or 8-year journey here, but you would see us kind of crawl, walk, run, into the basin on a very disciplined base, basis you know, port, then the pipe, now reaching further up in the gathering system. By the way, we are going to rename Salt Creek and. Very creatively, Enbridge Permian Gathering System. So there may indeed be more of that. I think I would emphasize the word selective. Right? And create that super system, that value chain, that, 1 stop shop service for our customers.

So yeah, I think you are seeing it develop. We have ambition for more. But discipline. Right? Discipline. We believe in the basin. it is a great basin. We like all the basins, frankly, and I think you have seen us invest in 2 US basins here recently with tuck in acquisitions. All in kind of the service of the greater vision that North America's got a huge role to play here to supply itself. Affordably and increasingly the world. And so we like all the basins. We think, there is a higher oil price floor long term, and certainly, a lot more terminal value than some have been thinking.

So a lot of conviction, in all the basins, but the Permian, near the top of that list.

Gregory Lorne Ebel: Yeah. The gas side too, Matthew. I know your team's been working at that. You wanna comment on your goals in the Permian?

Matthew Akman: Yeah. Thanks. So obviously, we have been we have been working on the whitewater assets and I do not know if everyone noticed, but Bayrunner is mechanically complete now and ready for Rio Grande to start utilizing it. And so we are very excited about that. And, you know, we have announced recently, as you know, the storage expansion Tres Palacios, another 25 Bcf/d, which is all related to moving and storing a lot of that gas.

You know, the next phase of this for the industry and for us is some very exciting opportunities to move that Permian gas further east and west And, you might have noticed that we have a whole bunch of exciting commercial activity around that in both directions, that we are working diligently on and seeing very strong interest. And so I think that Permian opportunity both directly out and then from some of those points further beyond continues to be a very exciting opportunity for us.

Eli: And then opening remarks obviously referenced upward revisions in WCSB production and as we look across the landscape, we have seen a number of expansions sanctioned. So just wanna get a sense of your longer term expectations for incremental egress beyond MLO1 and when might we see updates on that front? Thanks.

Colin Kenneth Gruending: Elias, yeah, it is Colin. I can take that. And Gregory mentioned that we have successfully closed an open season here recently on Flanagan South which is more of the same. Right? We have been I think this is the third kind of expansion of Flanagan South and have another open season still open on Southern Access Extension, Extension, which will close later this year. Both you know, trending to a capital FID or a series of capital investments in those downstream pipes. Likely by the next quarterly call. And you recall we initially had paired this with m l o 2, I e, the main line upstream companion expansion.

But given policy uncertainty in Canada, it was untimely to align customers to underpin, that mainline capital investment at the time. So we disaggregated, focused on the downstream part, which is trending successfully. And so that will pull incremental barrels through our mainline path And, you know, we can come back at the appropriate time with m l o 2 or a different version of it, MLO 2 point a or 2.1 or MLO3, whatever and rebalance the system. Because it is important that these downstream contracts come with entitlements for downstream verification on the main line. So when the main line is apportioned, right, these contracts get filled.

Which is very valuable in a time of apportionment, which we think will persist on the mainline for the foreseeable future. So that is a quick update on our main line path. We also have other egress ideas and development on express as you would imagine as well. Appreciate the color. Thanks.

Operator: Your next question comes from the line of Robert Hope with Scotiabank. Robert, your line is open. Please go ahead.

Rob Hope: Morning, everyone. And I will also have my congrats to Gregory and Michele. Maybe the first question is on capital allocation. So we have seen Enbridge be quite acquisitive of late with 3 relatively large tuck ins. Can you maybe, you know, provide some incremental color there Are these just opportunistic? Are you seeing increasing opportunities on the tuck in side, and could we continue to see Enbridge go away on that capital allocation side as well?

Gregory Lorne Ebel: Yeah. Patrick may wanna add to this too, but, Robert, first of all, thanks for your congrats. Appreciate that. And look, we are we are very diligent on this front. You are right. We have, you know, and you do not always have the timing and when things come in, but, you know, And Michele, I am sure will not see any difference in this. She's been involved with all these acquisitions. They have got to be accretive. They have to add to our strategic footprint as well. And they have gotta be able to be carried on the balance sheet. Right?

So those things are absolutely critical to keep within our 4.5 to 5 times, which is why you saw this issue, the equity with 3 pretty large deals. Yeah. They are tuck in, but in terms of when you add them all up. So I do not see that changing. We will be very diligent on that front. You know, as Colin just laid out, the Salt Creek assets that we bought really complete the wellhead to water. Situation. Obviously, the Laramie acquisition in the GDS area that is critical from an affordability, but also rate based growth. Perspective. And then new optionality customers, etcetera, and just a new basin to be involved in with the Tallgrass assets as well.

So you know, that is that is critical. We have gotta be able to finance it. We gotta keep into our balance sheet metrics, and it is got to be accretive from the get-go. But, Pat, Maybe just add a couple things.

Patrick Robert Murray: First 1 being the other the other metric we really look at is what it does to our growth going forward. And if you think about the optionality and stuff of all these assets, I think it helps with that ongoing growth. You know, we wanted to make sure that we funded it appropriately because, you know, to be fair, the vast majority of our growth is going to come from our organic program, and we need to make sure that we are funding that appropriately. Hence, why we went and got the capital that we needed. You know, kind of all happened at the same time.

As Greg said, you cannot always time that, so that is part of it. But you know, I think the plan going forward, and it has been through time, is to continue to lean on that organic growth to expand the company, and we want to make sure we have the capacity to continue to do that.

Rob Hope: Alright. that is great. And then maybe for my second question, I wanna go back to the concept of crawl, walk, run-in the Permian. So the West Texas Express is kind of the first we will call it Enbridge led and wholly owned gas pipeline out there. You have done large line partnerships to date. So is this a shift in how you are looking at the basin? Could we see you do some incremental projects largely being self led And I guess secondly there, how did the West Texas open season go?

Matthew Akman: Hey, Robert. it is Matthew. Thanks for the question. It is, as I said, it is a very exciting area for us. I think naturally, when you look at where gas is landing out of there and there is a lot of it, you know, around Katy, for example, we have a lot of assets that store gas around there and then move it from there already. Texas Eastern, of course, across the Gulf Coast, And then there are greenfield opportunities like you talked about interstate stuff. West Texas Express is 1 of those.

And so we have seen strong demand across those corridors from a wide range of customers from, you know, utility, LNG looking to push that gas offshore, and, of course, power customers. So you have seen, as you mentioned, you referenced the open season we had on West Texas Express. And it is really that full range of customers that we are seeing express interest in that stuff. it is a little bit early, but we have seen strong indications of interest actually in both directions out of there. And we think we have the expertise and the mousetrap. And so, yeah, I think you are right. it is more on our own.

In those areas because we can utilize some of our brownfield corridors. We can utilize our storage positions. And, of course, our execution capabilities that our customers rely on across our entire system. So stay tuned on those projects. that is great. Thank you. Thanks.

Operator: Your next question comes from the line of Maurice Choy with RBC. Maurice, your line is open. Please go ahead.

Maurice Choi: Thank you, and good morning, everyone. Wanted to just touch on of your prepared remarks about you know, winning in multiple ways regardless of the changing government Enbridge obviously has dealt with many permutations of The US political landscape over roughly 75 years since IPO. I can appreciate that you can work with everyone. But if I could ask you to dive a little bit deeper into that and can you share what opportunities you think may perhaps open up a little bit more given the election results and the political partners you will be working with and which businesses may perhaps require a little bit more focus and engagement? Moving forward.

Gregory Lorne Ebel: Sure. So, Maurice, you are right. We are in know, 40 plus states and all the provinces, different countries. So first thing I would say, you will recognize that our all of the above strategy has been 1 we have stayed very true to for a very long time. And why is that? Well, 1, yeah, the diversification is great, but it is also the best way to achieve what I think has been a big issue in recent elections, affordability and reliability. So we go to those jurisdictions where the opportunities are recognized around that, hence you see where we bought gas assets in very productive locations like North Carolina and Utah and Ohio.

You have seen us be in the renewable business for a very long time and careful in those areas. And even in places like the Northeast on the gas side of things, governments that may not always have been entirely supportive of us, You would have noticed in my comments, we now have governors of states like Massachusetts asking the federal government, which as you know is a different strike, to actually quickly approve gas pipelines. So for us, it is like the long term fundamentals matter. The same way Colin was just talking about on the on the liquid side. You will see growth. Term fundamentals around gas.

You see that happening in the jurisdictions And then just the overall move to electrification, the need for power, all that works well for the gas business, works well for the renewable business as well. So we are not we are not typically following the shiny item. We are following the fundamentals. And that means the ability to stay close with the governments of all different stripes and really add value for consumers and our customers. And in the end, that is what works for. Best for investors.

Maurice Choi: Thank you very much for that. And if I could just ask about your project sanctionings through Q3 this year. I think you are about halfway through your target of sanctioning up to $20 billion for 2026 and 2027. Is this $20 billion target still something you are looking at What are some of the push and takes or even, areas within your pillars of growth that you are looking at that might push this $20 billion higher or lower?

Gregory Lorne Ebel: Yeah for sure. And, again, that is sanctioned. Right? So not just the opportunity set would be a. Obviously, a multiple. Of that. Look, I think you are gonna continue to see opportunities in all of them. I mean, Colin just went through the opportunities on the liquid side. Michele's business, and, Alan Capps' business on the power side, and then and then, of course, Matthew on the gas side. So we look. This is a very long runway. I think you will get a great opportunity investor day when Michele comes forward and lays this all out at just how great the opportunity is on a go forward basis.

As we have said, we see that continued 5% growth right through the end of the decade. And, you know, just since our last investor day, think our backlog's up 50% from even that time. So gas is there is no doubt gas is the big winner right now in this full electrification. You see that in our business just this quarter, the gas transmission business. Is up double digit. The gas distribution business is up double digit. Those kinda give you some indication where things are.

And then with the changing government structures, attitude, etcetera, and really an improved market in Canada and then just the global need for North American energy I think you are gonna see oil exports of gas and oil create great opportunities for us too. So that is. that is the whole purpose of structuring the company the way it is. That in ebbs and flows of macro issues government changes, etcetera, that Enbridge always has to grow in 1, if not all, of its sectors. Thanks for that. And on behalf of my partners at RBC, my best wishes and congratulations to both Gregory and Michele. Thank you.

Operator: Your next question comes from the line of Manav Gupta with UBS. Manav, your line is open. Please go ahead.

Manav Gupta: Good morning, Gregory. We will definitely miss you. In 4 years, you took a company, if it is like, $15.5 billion EBITDA to 25. 20 plus 20 point 5 plus and then positioned it well for a decade that is a very enviable track record. I will keep my question just to 1. Wood fiber LNG is big part of the growth in 2027. Can you give us a status update on how that project is progressing? Thank you.

Matthew Akman: Sure. Hi, Manav. it is Matthew. So, yeah, still on track for first gas and the next year. Lots of progress. Been up to the site to visit recently. Lots of good construction activity. You know, breakthrough on the pipeline tunnel, which is key milestone. Drilling continues, and so, you know, the site looks great. Obviously, there is, you know, gonna continue to be lots of work to do between now and then, but still remain on track for that in service date. Thank you so much. I will turn it over.

Operator: Your next question comes from the line of Benjamin Pham with BMO. Benjamin, your line is open. Please go ahead.

Ben Pham: Hi. Thanks. Good morning. Just wanna start off with Tallgrass, and then you have had investments here prepared. Remark. Remark in your thought process around the rationale for the acquisition. Could you maybe unpack the longer term outlook of with Tallgrass. You have to initial economic of 10x to 11x EBITDA Is there more expansions beyond PXP? Is it is it part of our broader MLO sequencing and anything that you think with that late decade outlook with Tallgrass? Thank you.

Colin Kenneth Gruending: Hey, Benjamin. it is Colin. Yeah. Thanks. Excited about this opportunity. I think it falls in the opportunistic category that was asked about earlier. And it also falls in the framework of the kind of the. All the basins we like in North America. This is a pipeline from a series of light basins. It has supply diversity. Fundamentals look attractive, in the powder It comes with an expansion opportunity in construction. We like that. We think that it is contracted. We think it makes sense. We will be looking to further expand that value chain and super system as well. In light water service. Think of it as kind of a like for like substitution of Enbridge into Tallgrass.

And longer term, sure. there is there is there is other opportunities. You know, you can imagine. But, for the foreseeable future, we see this in light oil service. And we will try to expand that light oil franchise. K. Got it. Thanks for that, Sam.

Ben Pham: Switching to the BC pipeline, referenced a 2027 expiring year end. And you are working on a new agreement into 2027. Could you perhaps highlight what you are targeting in this new set of months? And the I know you referenced you like to see better returns in BC in previous remarks. Is that is that a part of the conversation as well?

Matthew Akman: Yeah. Thanks for the question. it is Matthew. So first, you know, as you can imagine, this is this is a very good type of business environment to be talking to our customers about this kind of thing because it is a very robust environment now. And so that is the kind of environment where you can find win solutions with your customers, and that is what we always look for. Of course, the BC assets are 1 of the lower returning assets in our gas portfolio, and we have got a lot of capital we are putting in there.

So we are definitely looking for higher achieved returns there, to compete with all the great US opportunities that we have. And I think our customers understand that know, when you look at the fundamentals up there, the first production is growing. I think that is gonna accelerate. You look at the need for just diluent with growth in oil production and a lot of that liquids rich gas in the BC Montney we see acceleration. I think our customers do too. And then, of course, there is the opportunity offshore Terrific government and stakeholder support for that, and there is opportunity for increased drilling. So the customers really wanna see growth there, and we wanna grow with them.

So in that context, there is an opportunity, we think, to continue to maintain very competitive tolls for them while also achieving higher returns. As you know, our nameplate return there is like a just above 10% on a 40%. And so we are working, and we have made great progress. We are not quite over the finish line yet. But we are making great progress on this kind of a win solution. Where we can earn higher returns and they get toll certainty. And so we do expect to finalize that year end or very early in the New Year. And that is trending quite well. Okay. That. that is good color.

Also want to extend my congratulations to you, Gregory, on your well deserved retirement. it is been a great run and congratulations also, Michele, on your promotion. Thank you.

Operator: Your next question comes from the line of Theresa Chen with Barclays. Theresa, your line is open. Please go ahead. Or a reminder if you are muted locally, to please unmute your device. Hello, can you hear me now?

Michele Harradence: Yeah. There we go. Yes, Theresa.

Operator: Thank you. We can hear you now.

Theresa Chen: Okay. Excellent. Sorry about that. First, wanted to echo congratulations again to Gregory and Michele. And I wanted to go back to the PRB discussion. As you prepare to integrate these assets later this year, can you provide more color on your macro and growth outlook within the region itself into next year? And longer term, going back to Colin's comments about other opportunities potentially involving Express, Is there an opportunity to connect these assets with Express to provide incremental WCSB egress into the Mid Con and ultimately the Gulf Coast?

Colin Kenneth Gruending: Yeah. Thanks, Theresa. I think I will maybe just reemphasize what I said earlier. I do not know if you heard the response. Fully, but yeah, we are thinking light service. For this Pony series of assets. that is what it is in service for today. Are those customers are cross customers of ours from around the continent? We need to serve them. There are some exciting things we can do further with our partners. there is great partners we are stepping into here with SM Energy as well in light oil service. So I. That is our focus. For the foreseeable future here. Yeah. Sure. there is long term optionality.

You know, if those basins were to deplete, but we do not we do not see that anytime soon. Yeah.

Gregory Lorne Ebel: And, you know, the. And, you know, the other thing is just on that front, you know, we bought it for what it is today. And, you know, we believe in the fundamentals from an oil perspective, you know, and you know, you see some growth there, in particular, the current price of oil, which we actually think is probably more in line with what we see in North America. You know, we have always been in that kind of $80 range that makes everything hunt pretty darn close. You are even seeing, not PRB, but if you are looking at the Bakken, You are seeing well counts go up there.

So I think there is plenty to do with the product that we are Moving There Today. To Serve Those Customers Without Thinking Or Being Too Concerned About The Future Optionality, Which Is Nice To Have. Yeah. Maybe On The Downstream, You. I Think You are Talking More. Talking About The Upstream. You Know, Map, But The Downstream Map Into Cushing and beyond, to other markets, there are some things, you know, we can do there. That can enhance the existing partnership and service for those light oil So that is something to think about too, Theresa.

Theresa Chen: Understood. And then turning to the gas side of things, would you be able to provide an update on Project Beacon following its successful open season? And how have those commercial discussions progressed to date? And what are the key gating items from here?

Matthew Akman: Thanks, Theresa. it is Matthew. Yeah. Happy to talk about Beacon and I mean, this is a great example of a project that is really founded on affordability. And, you know, the key theme of the day And it is something that where we see commercial and stakeholder interest getting stronger all the time. In this. In the environment we are in. So as you know, we had a successful open season earlier this year. And we have been working on commercializing the project since that time. Of course, you know, these brownfield projects have a fair bit of complexity. there is some subtlety in that. We are making good progress and working through that while talking to our customers.

We do see a strong potential for commercialization of this by very early in the New Year. And, so that is what we are aiming for. You know, we are still talking to our customers, but, it is trending very well. I think for us, this could be. And, again, this is a win-win type of project because, you know, it crushes the basis. it is it is demand pull. it is it is all about affordability. it is got strong political support on both sides of the aisle. You have seen some of the governors write letters asking for acceleration of permitting of it.

And so we believe the environment is right, the demand is strong, and, we hope to have more concrete news on the commercialization of it very early in the New Year. Thank you so much. Thanks.

Operator: Your next question comes from the line of Aaron MacNeil with TD Cowen. Aaron, your line is open. Please go ahead.

Analyst: Hey. Morning, all. Thanks for fitting me in, and I will echo that congratulations to both Gregory and Michele. But maybe I will start with Colin. You know, you briefly mentioned other egress opportunities under development on Express. Can you expand on what you are evaluating and how those opportunities compare with sort of further MLO expansions in terms of timing and customer demand?

Colin Kenneth Gruending: Yeah. I will link any. Like, we. You should imagine that we have got engineers that, you know, have dozens of ideas and are engineering them operatively to see what fits, what fits which puzzle. And we are well aware of the various competing bigger greenfield ideas. And so we will continue to offer up kind of a series of expansions in the questions earlier around kind of singles and doubles and incrementalization of super systems, that is that is what we have.

We have this incumbency, and we are gonna play to those strengths whether it is on the mainline path with its 7 pipelines, or the express path, which is, as a reminder, has a presidential permit for larger volume. So you should think about everything from you know, small expansions to bigger expansions. And all the kind of the physical scope that goes with that. So we are we are at the ready. We will continue to offer those up. And I think that is the strength of our of our playbook that, you know, Michele talked about. We will continue to have these available, and we are we are quite bullish on the basin.

So we think our suite of singles and doubles, if I will call it that, Brownfield projects are quite executable and economic. And, you know, at worst, would be insurance. To the bigger greenfield, moonshots. Okay. Nope. Fair enough.

Analyst: And then maybe bringing the sort of US midterm election discussions specifically to Ohio and the new governor there. I think early indications would point to some pragmatism, but you have highlighted sort of 10 gigawatts of data center and power opportunities in the state. Obviously, Enbridge Gas, Ohio gives you a significant utility presence there. Has the election outcome changed how you think about the pace or nature of that opportunity, either within the utility or on the gas infrastructure side?

Gregory Lorne Ebel: Well, I think I will let Michele speak to the utility side, but, yeah, we have all our business there. it is 1 of the few places where we have got renewables there. We have got, obviously, Serve. Refineries there and, of course, GTM has Texas Eastern there too. All of which goes to affordability, which is what I heard in the election, is maybe turned to you, Michele, from a utility perspective.

Michele Harradence: Yeah. A 100%. So, I mean, I think you will see that the governor-elect. like a lot that were elected this week, got there by taking a moderate and a balanced approach. And, you know, if we look across our jurisdictions, and certainly Ohio is a good example of it, the ones that are the most effective at attracting investment are those that have that policy clarity and the regulatory processes that match it. You know, Ohio, and we get. Like to have a little healthy competition between our franchise areas, but Ohio passed North Carolina recently as the number 1 place to do business according to CNBC.

And that is by having that certainty, that clarity, that sort of thing. And certainly with Governor-elect Husted, she's been pretty clear. She's not opposed to data centers, but she does expect the data centers to meet certain standards, the foremost of which would be being responsible operators, paying their own way. We are seeing that largely across the board. Now in Ohio, they introduced recently the concept of a large load framework. So they have been getting ahead of this for a while, and they have introduced this concept of large load framework that is really intended to address those sorts of concerns that folks have.

And, again, as Gregory said, from an affordability perspective, Enbridge Gas Ohio is the lowest cost to serve of all 4 of the utilities, and that is by a significant amount because we provide that access to the East to the commodity, which is really a competitive commodity. You know, 1 of the things I would be remiss if I did not point out is that for our customers across the board, their typical electricity bill is somewhere between 1.5x to 2x what they pay for natural gas.

We like to remind that whether it is Chick fil A in North Carolina or McDonald's in Ohio, for what it costs to feed a family of 4, you are hitting your home for a good couple of weeks with natural gas. So keeping it competitive like that is what we are doing. But, no, we are not concerned. I mean, and maybe the last thing I would just say is as much as there is been a lot of data center focus in Ohio, I think its location between New York and Chicago makes it pretty special. Our growth there has largely been focused on modernization.

I mean, we have a $4 billion modernization program there that is that is in the riders. That continues to be in the riders. So short cycle capital and the data centers and power generation is kind of the gravy on top that, I would say, we were watching. Matthew, anything you would add?

Matthew Akman: No. that is perfect. it is good.

Analyst: that is great. Well, appreciate all the color there, and congrats again. Thanks for that. Thank you.

Operator: Your final question comes from the line of Patrick Kenny with National Bank. Patrick, your line is open. Please go ahead.

Patrick Kenny: Thank you. Good morning, and my congrats to Gregory and Michele as well. Just on the momentum around LNG expansions along the West Coast, even over and above LNGC 2. Just curious how we should be thinking about future expansions of T-South or other parts of the West Coast system to provide more feed gas capacity, especially into the Lower Mainland. And then you know, what capital light opportunities might be available on the system, but also if larger scale, given the regulated nature of the return profile, was just curious if you might be open to taking on a little bit more risk or, you know, whether it is the capital or the operational front.

In exchange for opportunity to earn higher ROEs.

Matthew Akman: Hey, Patrick. it is Matthew. Thanks for the question. So I think you are on point about the potential and higher returns as well. So just as a reminder, we have a very significant capital expansion program going on now Sunrise, multibillion dollar project will add a few hundred thousand a day there. On that system, which is good. Actually, we just brought Aitken Point online and that was $1.2 billion just under that adding over 500 thousand on T-North, fully contracted for 25 years. Those are great projects. But as you point out, there is there is a lot of potential.

I mean, we are probably 2 or 3 LNG export facilities behind where we want to be in Canada off the West Coast, I think, and then we are all singing from the same songbook there now. And we have opportunities for that as you are probably aware, we have a permitted pipeline to the West Coast so that is a potential opportunity. That we will work through I think your question was more around the T South and T North opportunities there. And, you know, I think certainly, again, if there were further expansions beyond these ones we are working on now, are quite substantial. Then we would be looking at for higher returns on that.

We are not super keen on more risk. I think it is more we do take-- we are always taking construction risk, but we are not big on things like volume risk as you know. So but, again, we do think there are opportunities, for win-wins with our customers on those, and we would be looking to market based, you know, competitive returns if we do further expand the West Coast system. Up there after these large expansions we are working through currently.

Gregory Lorne Ebel: Hey, Patrick. The 1 thing, just so we are not remiss and leave you with a note, Matthew, is storage. Remember, we have the only storage facility, the only 1 in British Columbia, and we are currently expanding. We bought that a couple of years ago, fully seeing these LNG opportunities. That does provide upside optionality because, as you know, they are contracted different than, say, regulated pipe. And I think you are gonna see the team continue to create opportunity there as well. So, yeah, full on and, you know, our partnerships to the West Coast and working with some other players, I think there is LNG opportunities plenty there. Okay. that is great, guys.

Patrick Kenny: Thanks for that. And then moving over to the oil side and I guess on the back of the Long Lake expansion, wondering if you could just provide an update on the total opportunity set that you see over the next few years. For your regional oil sands franchise and also while you are at it, maybe your interest level in perhaps becoming involved in the Pathways Pipeline just given your expertise and, you know, vested interest in seeing the Pacific Link pipeline going ahead to support more production growth out of the oil sands?

Colin Kenneth Gruending: Yeah. Good shoehorn. A couple of questions right at the end there, Patrick. Yes and yes, in short. So we see significant I think there was a question near the beginning of the queue of this. Right? This. it is kinda been a part of the business that we had long built out. You know, a decade or 2 ago. And it is flattened out. But there is there is a huge wave of production coming up in Alberta that we need to get to the Edmonton and Hardisty hubs We have some prebuilt capacity there. As a reminder, we have got 7 trunk lines up there.

So, and then there is there is laterals. there is terminaling, Etcetera, for a number of customers. You should expect us to be chasing all that very assertively with some. You know, it is competitive, but we have got some incumbent advantages Secondly, on the carbon pipe opportunity, yes. We are, interested in that with the right risk package, obviously. I think we have a lot of capabilities to bring to bear. You know, like, 7 trunk lines already in that corridor.

I think we are capable of building an 8th efficiently and safely, and to Gregory's reminder earlier, we have indigenous, partners to the tune of 11% of that package And so we have, we have got a strong partner there to help, you know, attract and enable both the oil pipe and the carbon pipe, solutions for industry. So I think we are set up pretty well there and keen to get back into that region and Yeah. that is the other leg of the stool.

Gregory Lorne Ebel: Mid November is a good, you know, when we look for a settlement of deals between the producers, Alberta and the federal government on the full round of packages, if you will, that accelerates growth. Looks like everybody's lined up well. Canadian government put together a positive budget yesterday. Obviously, we know the. Alberta government's separate. So I will be watching there mid November, and then it is all on for activity for Enbridge. Perfect. Appreciate all the color, guys. Thanks. You too.

Operator: This concludes our Q&A session. I will now turn the call back to Marlon Samuel for closing remarks.

Marlon Samuel: Great. Thank you. We appreciate your ongoing interest in Enbridge. As always, our investor relations team is available following the call for any additional questions that you may have. Once again, thank you, have a great day.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

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