Enbridge Q2 Earnings Beat, Backlog Hits $41B on $1B Line 5 Sanction
ENB sits 24% above its 52-week low of $44.8.
Summary
Enbridge reported Q2 adjusted earnings of $0.63/share, in line with last year, while adjusted EBITDA rose to $4.8B from $4.6B. Cash from operations jumped to $4.1B from $3.2B. The company reaffirmed 2026 guidance and sanctioned the $1B Line 5 relocation in Wisconsin, with service expected in early 2027. It also signed an exclusive option for the TTC Connector pipeline and sanctioned the 2.6 Bcf/d Bay Runner Twin, expanding Permian-to-LNG connectivity. The secured project backlog grew to $41B, with $9B sanctioned year-to-date. This follows the Q1 report in May and shows accelerating capital deployment. The open season for Project Beacon on Algonquin saw demand exceeding expectations, signaling strong Northeast gas demand. With Line 5 relocation underway and new LNG-linked pipelines, Enbridge is locking in long-term take-or-pay contracts that support DCF growth.
At the time of this announcement, ENB was trading at $55.50 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $121B. The 52-week trading range was $44.80 to $58.45. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: PR Newswire.