Enbridge Q3 earnings $1.3B, sanctions Long Lake expansion

Calgary-based Enbridge Inc. reported third-quarter earnings of $1.3 billion on Friday, roughly double a year earlier, and said it will spend $200 million expanding oilsands pipeline capacity in northern Alberta while a major gas expansion in British Columbia entered service.

The company said earnings attributable to common shareholders were $0.59 per share, up from $0.30 per share in the third quarter of 2025. Adjusted earnings, which strip out one-time items, were $1.1 billion or $0.49 per share, compared with $1.0 billion or $0.46 per share a year ago.

Adjusted EBITDA, a measure of operating profit, came in at $4.4 billion, up from $4.3 billion. Cash provided by operating activities fell to $2.7 billion from $2.9 billion. Enbridge reaffirmed its 2026 financial guidance and its medium-term outlook, and the board declared a quarterly dividend of $0.97 per common share on Wednesday.

For Albertans, the most direct item is the Long Lake Expansion, which Enbridge sanctioned in the quarter. The $200-million project supports CNOOC Petroleum North America’s operations in northern Alberta and is expected to be in service in 2028, Enbridge said. It includes a new lateral pipeline and storage tank, and adds capacity on the Waupisoo and Wood Buffalo Extension pipelines.

In British Columbia, Enbridge said it placed the Aspen Point expansion of its B.C. Pipeline system into service, along with the Tennessee Ridgeline project in the United States. Together with other projects, the company said it put more than $3 billion of gas transmission work into service in the quarter. It said it is now executing a $15-billion portfolio of sanctioned gas projects, including the $4-billion Sunrise expansion of the B.C. Pipeline system.

The company also said it closed an initial $700-million investment from KKR and Apollo and secured a further $2-billion commitment from them to support the Aspen Point and Sunrise programs on its Westcoast system in B.C.

Most of Enbridge’s deal activity in the quarter was south of the border. It announced a US$2.6-billion acquisition of Tallgrass Energy’s crude oil business, which would give it a pipeline corridor from Guernsey, Wyo., to the Cushing, Okla., storage hub. It also closed the US$0.6-billion purchase of Salt Creek Midstream’s crude gathering business in the Permian basin and agreed to a US$0.5-billion purchase of Laramie Energy’s assets to supply natural gas to its Utah customers. It raised $3.0 billion in a common share offering in September to help pay for the acquisitions, as reported earlier.

“Our secured growth backlog stands at $38 billion, even as we placed $3 billion of completed projects into service this quarter,” chief executive Greg Ebel said in the release. He said demand from AI infrastructure, advanced manufacturing and broader economic growth is increasing the importance of the company’s networks.

The results follow a week of strong pipeline-sector reports, including TC Energy’s third-quarter profit of $1.03 billion. Enbridge’s Alberta-to-Midwest crude flows remain tied to the price Canadian producers receive, which has been under pressure, as shown by the widening Western Canadian Select discount. Separately, Enbridge’s Line 5 reroute continues to face opposition, with Wisconsin issuing the company a notice last month. On the policy side, Ottawa’s Pacific Link pipeline plans would add West Coast export capacity.

The figures come from Enbridge’s third-quarter release, issued Nov. 6, 2026. This is not investment advice.

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