Enbridge reported a profit attributable to common shareholders of $1.29 billion, or 59 cents per share, for the quarter ended Sept. 30.
The Story
Enbridge executives said they are poised to pursue opportunities that could emerge in northeastern Alberta, pointing to a potential resurgence in oil sands activity that would extend beyond crude oil to diluent and, potentially, carbon-related infrastructure.
Speaking on a conference call with analysts about the company’s third-quarter results, Colin Gruending, president of liquids pipelines, said, “It's been quiet up there for a number of years,” adding that he believes the region is “on the cusp of a huge cyclical, and hopefully sustaining, growth wave.”
Enbridge is a major shipper in the oil sands region, operating trunk lines and smaller laterals connecting to individual operations. The company also said it has given the go-ahead for a $200-million project to expand pipeline and storage infrastructure serving the Long Lake project operated by China National Offshore Oil Corp.
Gruending said conditions for oil sands growth are tied to negotiations involving the federal and Alberta governments over the Pathways carbon storage project. He noted that some of the company’s larger customers are in the middle of major negotiations, and that oil sands CEOs have indicated they are willing to take additional time to secure a deal. The top oil sands producers had targeted a Nov. 15 date for a binding agreement.
The Pathways project is described as a condition for a new crude export pipeline to southern British Columbia that Enbridge is not involved with. Enbridge said the concept is to offset some of the greenhouse gas emissions the export pipeline would enable through greater oil sands output.
Enbridge CEO Greg Ebel said the company has capabilities that could be used if it had the “right risk package” to build the carbon pipe associated with Pathways. He also pointed to Enbridge’s ability to move diluent, including shipping it from domestic producers and importing it to Edmonton from Illinois via its Southern Lights pipeline.
Enbridge also provided details of its results for the quarter ended Sept. 30. The company said it earned a profit attributable to common shareholders of $1.29 billion, or 59 cents per share, compared with $682 million, or 30 cents per share, in the same quarter a year earlier. On an adjusted basis, Enbridge reported 49 cents per share for the latest quarter, compared with 46 cents per share in the third quarter of 2025.
Looking ahead within its leadership, Enbridge said Ebel is set to retire in January and that Michele Harradence will take over as CEO. Harradence, currently president of Enbridge’s gas distribution and storage business, told analysts her vision is grounded in the company’s past and said Enbridge’s assets and people give it advantages.
The company said it has been active on acquisitions as well. In September, Enbridge announced a deal to buy the crude oil business of Tallgrass Energy LP in the United States, and it recently closed its purchase of Salt Creek Midstream’s crude oil gathering business in Texas. Enbridge also said that during the quarter it entered into an agreement to buy assets of Laramie Energy for US$485 million, plus up to US$65 million in contingent payments.
Enbridge said the Laramie acquisition would provide stable supply for its business in Utah, and it is expanding its system in British Columbia to serve liquefied natural gas demand.
← More stories