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Commodities

Canada's Enbridge to Acquire Tallgrass's Oil Logistics Assets for $2.55 Billion

Canada's Enbridge (ENB) will acquire the crude oil logistics operations of Tallgrass Energy for $2.55 billion, it said in an regulatory filing and news release on Wednesday, a deal it expects will deliver synergies, free cash flow and growth potential.In a form 8-K, Enbridge said that it had entered into a definitive agreement to acquire the oil transportation, gathering, storage and terminal assets of Tallgrass.In a separate news release, the company said the deal will give it a 75% stake in the 1,050 mile Pony Express, 460,000 barrel-per-day pipeline connecting the Rockies to Cushing, with access to 500,000 bpd of refining capacity.The deal will also grant it a 51% stake in the Powder River Gateway system that includes two crude pipelines that can deliver a combined 240,000 bpd.It will also gain 8.4 million barrels of crude storage capacity actress nine terminals connected to Pony Express and a 60.3% non-operating interest in Deeprock Crude Terminal in Cushing, it said.It will also take on crude marketing business Stanchion Energy to further boost throughput and add value to the other acquired assets, the statement said."Enbridge believes that [US] crude oil production will continue to play a critical role in meeting global energy demand for decades and this transaction further positions the company to lead this mission," the company's statement said."Specifically, this acquisition provides Enbridge with a strategic connection between the Bakken, Powder River Basin (PRB) and Denver-Julesburg (DJ) basins through Cushing and complements Enbridge's existing Express-Platte system."

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Mining & Metals

Enbridge to Buy Tallgrass' Crude Business for $2.55 Billion; Launches CA$2.6 Billion Bought-Deal Offering

Enbridge (ENB.TO, ENB) said Wednesday it agreed to acquire Tallgrass Energy's crude oil business for US$2.55 billion in cash through a wholly owned subsidiary.The assets include a 75% interest in the Pony Express Pipeline, a 1,050-mile crude system with capacity of about 460,000 barrels per day connecting Rockies production to Cushing, Oklahoma, and a 51% interest in the Powder River Gateway system, which includes two pipelines with combined capacity of about 240,000 barrels per day.Enbridge will also acquire about 8.4-million barrels of storage capacity across nine crude terminals connected to Pony Express, including a 60.3% non-operating interest in the Deeprock Crude Terminal in Cushing.The transaction is expected to close later this year.Enbridge plans an equity offering to partially fund the Tallgrass acquisition and its previously announced acquisition of Salt Creek Midstream's crude gathering business, as well as provide flexibility for future growth. The company israising CA$2.6 billion through a bought-deal offering of 38.9-million shares at CA$66.85 each.Enbridge dropped $1.24 to $48.91 in US after-hours trading after closing down CA$0.41 to CA$69.28 on Toronto Stock Exchange.

$ENB$ENB.TO
Sectors

Sector Update: Energy Stocks Mixed Late Afternoon

Energy stocks were mixed late Thursday afternoon, with the NYSE Energy Sector Index up 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) fractionally lower.The Philadelphia Oil Service Sector Index was rising 3.5%, and the Dow Jones US Utilities Index was down 0.8%.In the Middle East, about 6 million to 8 million barrels a day of crude oil are now being shipped through the Strait of Hormuz, Bloomberg reported, citing estimates from traders monitoring cargo activity. Flows slipped in July, when an onslaught of Iran's attacks on supertankers led to the breakdown of an interim ceasefire agreement between Washington and Tehran and heightened risks to navigation, the news report said, adding that flows remain at roughly half prewar levels.Meanwhile, Qatar's Foreign Ministry said Iran and Qatar discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.Front-month West Texas Intermediate crude oil rose 2.1% to $83.93 a barrel, and the global benchmark Brent crude contract advanced 2.6% to $90.11 a barrel. Henry Hub natural gas futures added 2.3% to $2.91 per 1 million BTU.In sector news, US natural gas stocks rose by 15 billion cubic feet in the week ended Aug. 21, as expected in a survey compiled by Bloomberg and following an increase of 16 billion cubic feet in the previous week.In corporate news, Shell (SHEL) ended talks with Unimot months ago over offloading its stake in Germany's Russia-linked Schwedt refinery, Bloomberg reported. The refinery, majority-owned by Russian oil firm Rosneft, has been stuck in an ownership deadlock since 2022, the report said. Shell shares were down 0.3%.BP (BP) is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt, Reuters reported. BP shares were down 0.3%.Enbridge (ENB) has entered into a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said Thursday. Enbridge shares declined 0.9%.Canadian Solar (CSIQ) has hired Guggenheim Securities to help it evaluate strategic options for its Recurrent Energy unit, Bloomberg reported Wednesday. Canadian Solar shares were down 0.8%.

$BP$CSIQ$ENB$SHEL
Sectors

Sector Update: Energy Stocks Lower in Afternoon Trading

Energy stocks were softer Thursday afternoon, with the NYSE Energy Sector Index and the State Street Energy Select Sector SPDR ETF (XLE) each shedding 0.3%.The Philadelphia Oil Service Sector Index was rising 1.3%, and the Dow Jones US Utilities Index was down 0.78%.In the Middle East, about 6 million to 8 million barrels a day of crude oil are now being shipped through the Strait of Hormuz, Bloomberg reported, citing estimates from traders monitoring cargo activity. Flows slipped in July, when an onslaught of Iran's attacks on supertankers led to the breakdown of an interim ceasefire agreement between Washington and Tehran and heightened risks to navigation, the news report said, adding that flows remain at roughly half prewar levels.Meanwhile, Qatar's Foreign Ministry said Iran and Qatar discussed an agreement to implement a "joint project" to clear mines from the Strait of Hormuz as well as "efforts to reduce escalation and create appropriate conditions for dialogue," according to a report from Al Jazeera, a Middle Eastern broadcaster.Front-month West Texas Intermediate crude oil rose 0.7% to $82.80 a barrel, and the global benchmark Brent crude contract advanced 0.8% to $87.67 a barrel. Henry Hub natural gas futures added 0.8% to $2.87 per 1 million BTU.In sector news, US natural gas stocks rose by 15 billion cubic feet in the week ended Aug. 21, as expected in a survey compiled by Bloomberg and following an increase of 16 billion cubic feet in the previous week.In corporate news, BP (BP) is in exclusive talks with Energean to sell some of its upstream oil and gas assets in Egypt, Reuters reported. BP shares were down 0.8%.Enbridge (ENB) has entered into a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said Thursday. Enbridge shares declined 0.9%.Canadian Solar (CSIQ) has hired Guggenheim Securities to help it evaluate strategic options for its Recurrent Energy unit, Bloomberg reported Wednesday. Canadian Solar shares fell 1.1%.T1 Energy (TE) shares jumped past 6% after it said Thursday that local officials in Mo i Rana, Norway, have rezoned part of the company's Giga Arctic campus for the development of a data center.

$BP$CSIQ$ENB$TE
Commodities

Enbridge, KKR, Apollo Form $1.9 billion Westcoast Pipeline Joint Venture

Enbridge (ENB) said on Thursday it had agreed to form a joint venture with KKR and Apollo Global Management (APO), securing CA$2.7 billion ($1.94 billion) to fund natural gas pipeline expansions in British Columbia.KKR and Apollo will invest about CA$2.7 billion in the projects, including CA$700 million in cash to Enbridge at closing, in exchange for an indirect, cumulative 29% stake in the Westcoast system once the Sunrise expansion enters service.The Canadian energy infrastructure firm said the deal will help it recycle capital while retaining majority ownership and operational control of the pipeline system."This transaction allows us to efficiently recycle capital, strengthen our balance sheet, and maintain financial flexibility while advancing a strong pipeline of high-returning growth opportunities," said Pat Murray, chief financial officer at Enbridge.The partnership will finance Enbridge's Aspen Point and Sunrise expansion programs, which have regulatory approval and are backed by long-term take-or-pay contracts.Aspen Point is projected to enter service this year, while Sunrise is targeted for late 2028.The investors will begin receiving distributions as each expansion enters service.Enbridge said it would remain responsible for executing the projects and will have an option to repurchase the investors' interest in the joint venture between the 7th and 14th years after the transaction closes.The company said the transaction is not expected to have a material impact on Enbridge's 2026 financial guidance or medium-term financial outlook.Enbridge said its capital recycling program has generated CA$19 billion in proceeds since 2014.The Westcoast system transports natural gas across Western Canada and serves markets in British Columbia, the US Pacific Northwest and international LNG markets.Price: $49.82, Change: $-0.55, Percent Change: -1.09%

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Sectors

Sector Update: Energy Stocks Lean Lower Pre-Bell Thursday

Energy stocks were leaning lower pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) and United States Natural Gas Fund (UNG) were 0.8% higher.Front-month US West Texas Intermediate crude oil was 0.5% higher at $82.63 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.9% to $88.66 per barrel, and natural gas futures were up 1.2% at $2.88 per 1 million British Thermal Units.Enbridge (ENB) signed a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said. Enbridge shares were marginally lower premarket.BP (BP) is pressing the United Steelworkers to return to the bargaining table and agrees to federal mediation concerning the company's Whiting, Indiana refinery, according to a letter sent to union leaders. BP stock was 0.2% higher premarket.Nabors Industries (NBR) has completed a $35 million strategic investment in Quaise Energy, making it the largest shareholder in the latter with a 14% stake. Nabors Industries shares were down 0.2% pre-bell.

$BP$ENB$KKR$NBR$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were leaning lower pre-bell Thursday, with the State Street Energy Select Sector SPDR ETF (XLE) declining by 0.3%.The United States Oil Fund (USO) was up 1% and the United States Natural Gas Fund (UNG) was 0.3% higher.Front-month US West Texas Intermediate crude oil was 0.5% higher at $82.62 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 0.9% to $88.63 per barrel, and natural gas futures were up 1.6% at $2.89 per 1 million British Thermal Units.Enbridge (ENB) signed a definitive agreement with KKR (KKR) to form a joint venture that will invest about $2.7 billion Canadian dollars ($1.94 billion) to fund the expansion of the Aspen Point and Sunrise programs on the Westcoast natural gas pipeline system, the company said. Enbridge shares were marginally lower premarket.

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Sectors

Sector Update: Energy Stocks Rise Wednesday

Energy stocks rose Wednesday with the NYSE Energy Sector Index gaining 0.2% and the State Street Energy Select Sector SPDR ETF (XLE) climbing 0.6%.The Philadelphia Oil Service Sector Index fell 0.4%, and the Dow Jones US Utilities Index advanced 0.5%.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported.West Texas Intermediate crude oil shed 0.5% to $81.96 a barrel, and global benchmark Brent fell 1.2% to $87.48 a barrel. Henry Hub natural gas futures gained 3.4% to $2.86 per 1 million BTU.In sector news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 3.6 million barrels in the week ended Friday following a drop of 900,000 in the previous week. Excluding inventories in the SPR, commercial crude oil stocks increased by 100,000 after a gain of 4.4 million in the previous week, a smaller increase than the 1.6 million expected in a survey compiled by Bloomberg.In corporate news, Public Service Enterprise Group (PEG) shares rose 1% after the company's PSE&G unit launched its GridSmart Battery Program, which is intended to help offset the costs of customers installing a home battery system.Par Pacific (PARR) shares rose 2.6%, a day after the company said its 46%-owned Laramie Energy agreed to sell almost all of its oil and gas assets for $485 million.Enbridge (ENB) shares rose 1.2% after the company agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million.

$ENB$PARR$PEG
Sectors

Sector Update: Energy Stocks Rise Wednesday Afternoon

Energy stocks were higher Wednesday afternoon, with the NYSE Energy Sector Index up 0.5% and the State Street Energy Select Sector SPDR ETF (XLE) adding 1%.The Philadelphia Oil Service Sector Index was down 0.8%, and the Dow Jones US Utilities Index advanced 0.5%.In geopolitical news, the Iranian military said it reached a revenue-sharing deal with Oman on the Strait of Hormuz, Bloomberg reported. "Agreements have been reached regarding each country's share of the strait's waters as well as Iran and Oman's share of its revenues," Bloomberg cited the Islamic Revolutionary Guard Corps' spokesman Hossein Mohebbi on Wednesday as telling the state-run Sepah News agency. Reuters cited the IRGC as saying the strait would not open unless the US met Tehran's conditions under an interim ceasefire agreement that was struck in June before unravelling. Those conditions include an end to the US blockade on Iranian ports, compensation and removal of sanctions, the news outlet said.Front-month West Texas Intermediate crude oil rose 0.3% to $82.61 a barrel, and the global benchmark Brent crude contract increased 0.2% to $88.42 a barrel. Henry Hub natural gas futures gained 4.9% to $2.91 per 1 million BTU.In sector news, California Senate Democrats are backing a proposal that would not limit insurers from suing utility companies to recover wildfire-related payouts to policyholders, Bloomberg reported Tuesday, citing a proposal. The measure puts lawmakers at odds with Governor Gavin Newsom, who is pushing changes to how financial responsibility is assigned for wildfires caused by equipment owned by publicly traded utilities, Bloomberg said.In corporate news, Par Pacific (PARR) shares popped 3.2%. The company said late Tuesday its 46%-owned Laramie Energy has struck a deal to sell substantially all of its oil and gas assets for $485 million in cash.Enbridge (ENB) shares rose 1.2% after it said Wednesday it has agreed to buy Salt Creek Midstream's crude oil gathering business for $600 million in cash.Exelon (EXC) Chief Operating Officer Mike Innocenzo will depart in 2027, the company said late Tuesday. The company also named Robert Kleczynski as chief financial officer, succeeding Jeanne Jones, who will assume the role of executive vice president of finance and strategy, both effective Oct. 5. Exelon shares were fractionally lower.

$ENB$EXC$PARR
Commodities

Enbridge to Acquire Salt Creek Crude Gathering Business in $600 Million Deal

Enbridge (ENB) said on Wednesday it had agreed to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash, expanding the pipeline operator's footprint in the prolific Permian Basin.The deal includes 100% of Salt Creek's Orla and Wink North gathering systems, as well as a 50% stake in the Delaware Crossing system.Enbridge said the assets comprise about 500 miles of crude-gathering infrastructure in the Delaware Basin and serve over 20 producers, with about 320,000 net dedicated acres under long-term commercial agreements.The systems have a combined gathering capacity of 420,000 barrels per day and storage capacity of 350,000 barrels, the energy firm said in a statement. The system connects to several long-haul Permian crude pipelines, including Enbridge's majority-owned Gray Oak Pipeline.Enbridge said the acquisition will strengthen the link between Permian oil production and the company's Ingleside Energy Center on the Texas Gulf Coast, which it describes as North America's largest crude export terminal."The acquisition will extend Enbridge's presence deeper into the Permian Basin through the addition of a highly connected crude gathering platform," said Colin Gruending, executive vice president and president of Enbridge Liquids Pipelines.The transaction is expected to be immediately accretive to Enbridge's distributable cash flow per share and earnings per share, while the company maintains its 2026 financial guidance.Enbridge expects the deal to close later this year, subject to customary conditions.Price: $50.20, Change: $+0.46, Percent Change: +0.92%

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Sectors

Sector Update: Energy Stocks Decline Premarket Wednesday

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% lower.The United States Oil Fund (USO) was down 0.4% and the United States Natural Gas Fund (UNG) was 1.2% higher.Front-month US West Texas Intermediate crude oil was 2.1% lower at $80.63 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.3% to reach $86.59 per barrel, and natural gas futures were up 2.3% at $2.83 per 1 million British Thermal Units.Enbridge (ENB) said it signed a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash. Enbridge stock was 0.2% higher pre-bell.SLB (SLB) has received access to Venezuela's oilfield data, following a contract signed between the company and the state-run Petroleos de Venezuela, Reuters reported, citing three sources close to the negotiations. SLB shares were down 0.5% premarket.

$ENB$SLB$UNG$USO$XLE
Sectors

Sector Update: Energy

Energy stocks were declining premarket Wednesday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.8% lower.The United States Oil Fund (USO) was down 0.7% and the United States Natural Gas Fund (UNG) was 1% higher.Front-month US West Texas Intermediate crude oil was 2.5% lower at $80.33 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil lost 2.5% to $86.33 per barrel, and natural gas futures were up 1.8% at $2.82 per 1 million British Thermal Units.Enbridge (ENB) said it signed a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash. Enbridge stock was slightly declining pre-bell.

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Equities

Enbridge to Acquire Salt Creek Midstream's Crude Oil Gathering Business for $600 Million

Enbridge (ENB) said Wednesday it signed a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash.The business includes about 500 miles of crude oil gathering infrastructure in the Delaware Basin that will connect crude oil production in the Permian Basin to Enbridge's Ingleside Energy Center for exports, the company said.The acquisition, expected to close later this year, will be immediately accretive to distributable cash flow per share and earnings per share and 2026 financial guidance remains unchanged, Enbridge said.

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Commodities

AI-Driven Selloff, Softer Frac Pricing Pressure Energy Services Outlook, TPH Says

Investor optimism over oilfield service pricing weakened last week as frac pricing gains failed to materialize and AI-linked energy stocks sold off, TPH Energy Research said in its Monday energy weekly note.Halliburton (HAL) and Liberty Energy (LBRT) cooled expectations for broader hydraulic fracturing pricing gains, TPH said.Upstream companies had already signaled mostly stable pricing in early July, but the industry's reluctance to discuss its 2027 outlook surprised investors, according to TPH.The AI-driven market pullback weighed on modular power companies. Shares of Solaris Energy Infrastructure (SEI) fell about 36% from June 30 before rebounding 18% since Thursday, TPH said.TPH attributed the selloff to the unwinding of AI trades after leveraged South Korean retail investors and AI-focused funds, including Situational Awareness, managed by Leopold Aschenbrenner, liquidated positions.Despite slower-than-expected contract awards, TPH said electricity markets remain short of power over the next several years. That supply imbalance continues to support the long-term investment case, according to the note.Enbridge (ENB) said the Blackcomb pipeline, with about 2.5 billion cubic feet per day of Permian takeaway capacity, is moving toward commissioning. The startup should provide a clearer picture of Permian gas production, according to TPH.TPH expects Blackcomb to further tighten the Waha basis by about 20 cents to 30 cents during the first half of 2027 as additional pipeline capacity enters service.TPH added the market continues to overestimate Permian production shut-ins. Improvements in Waha pricing since the Hugh Brinson project and the Gulf Coast Express expansion entered service support a stronger outlook.On natural gas, TPH said weaker prices are prompting producers to adjust 2027 development plans.Price: $32.04, Change: $-0.22, Percent Change: -0.67%

$ENB$HAL$LBRT$SEI
Research

Raymond James Downgrades Enbridge to Market Perform From Outperform, Trims Price Target to CA$79 From CA$80

Enbridge (ENB) has an average rating of overweight and mean price target of CA$80, according to analysts polled by FactSet.

$ENB
Research

Raymond James Downgrades Enbridge to Market Perform From Outperform

Raymond James Downgrades Enbridge to Market Perform From Outperform

$ENB
Commodities

Midstream Firms Bet on AI, LNG Demand, New Growth Projects, UBS Says

Midstream energy companies are advancing billions of dollars in pipeline and natural gas infrastructure projects as they position for rising power demand, export growth and renewed production activity across key US basins, UBS strategists said in a note on Thursday.UBS analysts said that TC Energy, Enterprise Products Partners (EPD) and DT Midstream (DTM) highlighted continued investment opportunities, citing expanding natural gas demand, artificial intelligence-driven efficiency gains and long-term infrastructure needs as key growth drivers.TC Energy plans to sanction between CA$6 billion ($4.28 billion) and CA$8 billion of new projects in 2026, including its Crossroads pipeline initiative, which represents about CA$1 billion of investment.The energy firm has signed precedent agreements with several anchor customers for Crossroads and is in advanced discussions with additional potential shippers. TC Energy expects to make a final investment decision on the project in Q4.TC Energy is also pursuing artificial intelligence initiatives aimed at improving operational efficiency, targeting about CA$100 million in incremental EBITDA benefits in 2026.Management said it has already achieved about half of that target and expects to provide further details later in the year.TC Energy said it sees opportunities to expand within its existing portfolio in Mexico rather than pursue major new investments in the near term.Enterprise Products raised its 2026 growth capital expectations to between $2.9 billion and $3.4 billion, up from its previous estimate of $2.5 billion to $2.9 billion.The energy firm said the increase reflects early spending on long-lead items for several projects, including Midland Plant 11, Delaware Plant 13 and Frac 15.Enterprise expects growth capital spending in 2027 to remain around $3 billion, with about 80% allocated to projects that have already been sanctioned or publicly announced.The company's management said a recovery in Permian Basin production following recent curtailments would be a long-term positive for the region.Enterprise expects to benefit from increased processing activity and higher equity gas production even if producers do not require significantly higher Waha gas prices to bring additional volumes online.The energy firm is also expanding sour gas infrastructure, with construction underway on Train 5 at its Dark Horse facility acquired from Pinon Midstream, while evaluating the potential addition of Train 6.Meanwhile, DT Midstream said its proposed Midwestern Interstate System Transmission project could enter service as early as the end of 2029.The company said the scale and capital requirements of MIST are comparable to its G3 project, with the pipeline expected to benefit from its strategic location near major demand centers and access to multiple supply sources.DT Midstream highlighted the system's connectivity to pipelines including Vector, Alliance, Texas Gas and Tennessee Gas, while potential expansions of Rockies Express Pipeline and Borealis could provide additional supply options.The company said the strategic value of the Midwestern asset would make replacement costs significantly higher than its current installed value, potentially three to four times greater, supporting longer contract renewal periods.The energy firm expects additional opportunities on its Millennium pipeline system as Enbridge's (ENB) Beacon project advances.Price: $54.95, Change: $-0.48, Percent Change: -0.87%

$DTM$ENB$EPD
Commodities

Enbridge Advances LNG, Pipeline Expansion Projects Following Strong Q2 Utilization

Enbridge (ENB) reported Q2 earnings Friday after maintaining strong utilization across its businesses, commissioning new assets and advancing major pipeline and natural gas infrastructure projects.The company began commissioning the Blackcomb pipeline during the quarter, while the Enbridge Houston Oil Terminal entered service. Enbridge also reported record monthly volumes on the Gray Oak Pipeline during the quarter, according to the company.Enbridge sanctioned the Bay Runner Twin expansion, which will provide up to 2.6 billion cubic feet per day of natural gas capacity to the Rio Grande LNG facility by 2030.The company also secured an option to acquire the 300 MMcf/d TTC Connector Pipeline, which targets a late-2026 in-service date.The company also started construction on the 180,000-barrels-per-day Mainline Optimization Phase 1 and Southern Illinois Connector projects, both targeted to enter service in 2027.Enbridge sanctioned the 41-mile Line 5 Relocation Project in Wisconsin, which is expected to begin operations in early 2027.The company also sanctioned a 25-billion-cubic-foot expansion of the Tres Palacios Gas Storage facility, adding three new caverns that are scheduled to enter service between 2028 and 2030.The company also started construction on the T-South Sunrise expansion in British Columbia.Enbridge said it has more than 2 gigawatts of renewable power generation capacity under construction across North America and Europe, with projects scheduled to enter service between 2026 and 2027.The development portfolio includes the 815-megawatt Sequoia solar project, 152-MW Easter wind project, 365-MW Cowboy Phase 1 solar and battery project, 600-MW Clear Fork solar project, 300-MW Cone wind project, and the 448-MW Courseulles offshore wind project.Price: $55.02, Change: $-0.41, Percent Change: -0.74%

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Wire

Enbridge Keeps Quarterly Dividend at CA$0.97 a Share, Payable Sept. 1 to Shareholders of Record on Aug. 14

Enbridge Keeps Quarterly Dividend at CA$0.97 a Share, Payable Sept. 1 to Shareholders of Record on Aug. 14

$ENB
Wire

Enbridge Growth Outlook Supported by Oil Pipeline Demand, Backlog, RBC Says

Enbridge (ENB) could meet or beat its 5% growth target as western Canadian oil output rises, pipeline expansion demand improves, its backlog grows, and its balance sheet supports more investment, RBC Capital Markets said in a note Wednesday.RBC said higher crude production in the WCSB should support lower-cost pipeline expansions such as MLO1 and MLO2 and investors appear less concerned about whether MLO2 will move ahead and win more market share.Enbridge believes any new west coast oil pipeline would need producer backing, durable permits, and production growth before construction, according to the note.The company has the tools to keep, and possibly raise, its medium-term 5% growth target for earnings before interest, taxes, depreciation, and amortization, distributable cash flow per share, and earnings per share through the end of the decade, RBC noted.RBC kept its outperform rating and 79 Canadian dollars ($56.33) price target, saying that Enbridge's $40 billion secured backlog, stronger project returns, and large supplier network should help it manage execution and supply chain risks.Price: $54.98, Change: $-0.70, Percent Change: -1.26%

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