# Enbridge Inc. (ENB) - Recent Events Enbridge reports in Canadian dollars and files on US domestic forms (10-K, 10-Q, 8-K). Every amount below is in US dollars: amounts the company reports in Canadian dollars have been converted at the average exchange rate for the period they cover (results) or at the rate on the stated date (balances and transactions), and amounts the company itself states in US dollars are given as stated. ## Filings that contain financial statements Enbridge is a domestic filer, so full quarterly financial statements are in the Form 10-Q, not in 8-Ks. The earnings-release 8-Ks below carry results summaries, segment tables and non-GAAP reconciliations, but not a full set of statements. - Form 10-Q filed July 31, 2026 (accession 0001193125-26-326752): interim financial statements for the quarter and six months ended June 30, 2026. - Form 8-K filed July 31, 2026 (accession 0001193125-26-326744), Exhibit 99.1: second quarter 2026 results release (three and six months ended June 30, 2026) with summary results and non-GAAP reconciliations. - Form 8-K filed May 8, 2026 (accession 0001193125-26-213263), Exhibit 99.1: first quarter 2026 results release. - Form 8-K filed February 13, 2026 (accession 0001193125-26-049808), Exhibit 99.1: fourth quarter and full year 2025 results release. ## Acquisitions and financing, September 2026 - **September 9, 2026 - Tallgrass crude oil business agreed (signed, not closed).** Enbridge announced, through a wholly-owned subsidiary, a definitive agreement with subsidiaries of Tallgrass Energy, LP to acquire its crude oil business for cash of $2.55 billion, subject to customary closing adjustments (an estimated 10-11x forward EV/EBITDA). The business comprises 75% of the Pony Express Pipeline (about 460 kbpd), 51% of the Powder River Gateway system, about 8.4 million barrels of storage across nine terminals, and the Stanchion Energy crude marketing business. It includes the $0.3 billion PXP2 expansion, expected in service in late 2027. Closing is expected later in 2026, subject to regulatory approvals including Hart-Scott-Rodino clearance. The release says it expects the deal to be accretive to DCF per share in the first full year and that 2026 guidance is not materially affected. It also refers to a Salt Creek Midstream crude gathering acquisition "announced on August 26, 2026"; no 8-K in the period covers that transaction. The prospectus supplement (Form 424B5) filed September 10, 2026, accession 0001104659-26-106571, gives its terms: a definitive agreement (signed, not closed) to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash, expected to close later in 2026 subject to Hart-Scott-Rodino clearance (see "Not reflected in 8-Ks" below). Form 8-K, accession 0001104659-26-106344. - **September 9-14, 2026 - Common share offering completed.** Enbridge announced a bought-deal offering of 38,900,000 common shares at $48.42 per share ($1.88 billion), with proceeds to partly fund the announced acquisitions. The 8-K filed September 14 reports the underwriters exercised the over-allotment option in full (5,835,000 shares) and that on September 14, 2026 Enbridge issued and sold 44,735,000 common shares, for gross proceeds of approximately $2.16 billion before commissions and expenses. Accessions 0001104659-26-106404 (announcement) and 0001104659-26-107292 (closing). ## Leadership - **September 7-8, 2026 - CEO succession.** Greg Ebel announced his retirement as President and CEO and director effective December 31, 2026. Michele Harradence, currently Executive Vice President and President, Gas Distribution and Storage, becomes President and CEO and joins the Board on January 1, 2027. Mr. Ebel will advise the Board and Ms. Harradence from January to May 2027. Accession 0001104659-26-105899. - **September 29, 2025 (filed October 3, 2025) - executive changes.** Cynthia Hansen, head of Gas Transmission & Midstream, becomes Special Advisor to the CEO from January 1, 2026 ahead of retirement on January 10, 2027. Matthew Akman succeeds her as President, Gas Transmission & Midstream, and Allen Capps becomes Senior Vice President, Strategy & President, Power, both effective January 1, 2026. Accession 0001193125-25-230205. ## Earnings and guidance - **July 31, 2026 - second quarter 2026.** GAAP earnings attributable to common shareholders were $1.01 billion ($0.46 per share) versus $1.57 billion ($0.72) a year earlier. The release attributes the decline mainly to non-cash unrealized derivative changes, a non-cash pre-issuance hedge loss on a medium-term note exchange and a crude oil inventory adjustment, partly offset by the absence of an Enbridge Gas Ohio rate-regulated asset impairment in the prior year. Adjusted EBITDA was $3.45 billion versus $3.35 billion; adjusted earnings $998.87 million ($0.46 per share) versus $1.02 billion ($0.47); DCF $2.13 billion versus $2.10 billion; cash from operations $2.97 billion versus $2.34 billion. Enbridge reaffirmed 2026 guidance and ~5% medium-term growth outlook. Debt-to-EBITDA was 5.1x at quarter end, which the company said was elevated partly by the period-end rate of 1.42 Canadian dollars per US dollar. Secured backlog rose to about $28.86 billion with the sanctioning of the $1.0 billion Line 5 Relocation project. Also announced: an exclusive option to acquire the TTC Connector pipeline and sanctioning of the 2.6 Bcf/d Bay Runner Twin. Accession 0001193125-26-326744. - **May 8, 2026 - first quarter 2026.** GAAP earnings to common shareholders $1.22 billion ($0.56 per share) versus $1.58 billion ($0.72); adjusted EBITDA $4.24 billion versus $4.06 billion (in line with 2025 in Canadian dollars); adjusted earnings $1.55 billion ($0.71) versus $1.56 billion ($0.72); DCF $2.81 billion versus $2.63 billion. 2026 guidance reaffirmed; backlog $28.67 billion. Accession 0001193125-26-213263. - **February 13, 2026 - fourth quarter and full year 2025.** Full-year GAAP earnings to common shareholders $5.06 billion ($2.31 per share) versus $3.69 billion ($1.71); adjusted EBITDA $14.28 billion (up 7% in Canadian dollars); adjusted earnings $4.71 billion ($2.16 per share); DCF $8.91 billion (up 4% in Canadian dollars); cash from operations $8.78 billion versus $9.20 billion. 2026 guidance reaffirmed; secured backlog $28.44 billion. Accession 0001193125-26-049808. - **November 7, 2025 - third quarter 2025.** GAAP earnings to common shareholders $495.18 million ($0.22 per share); adjusted EBITDA $3.10 billion; adjusted earnings $723.89 million ($0.33 per share); DCF $1.86 billion. 2025 guidance reaffirmed. Accession 0001193125-25-270987. - **December 3, 2025 - 2026 guidance and dividend increase.** 2026 adjusted EBITDA guidance of $14.6-$15.03 billion and DCF per share of $4.12-$4.41 (on about 2,183 million shares). The annualized common dividend rises 3% from $2.70 to $2.78 ($0.69 per quarter, converted at the July 27, 2026 rate) effective March 1, 2026, the 31st consecutive annual increase. Accession 0001193125-25-306723. ## Debt issuance - **March 27, 2026:** completed an offering of $1.0 billion of 4.850% Senior Notes due 2031 and $1.0 billion of 5.450% Senior Notes due 2036, guaranteed by Enbridge Energy Partners, L.P. and Spectra Energy Partners, LP. Accession 0001104659-26-036134. - **November 20, 2025:** completed an offering of $500 million each of 4.200% Senior Notes due 2028, 4.500% due 2031 and 5.200% due 2035, with the same guarantors. Accession 0001104659-25-114619. - **May 11, 2026:** per the Form 10-Q (accession 0001193125-26-326752), Enbridge Pipelines Inc. redeemed at par all of its $292.74 million 3.00% medium-term notes due August 2026. ## Governance - **May 6, 2026 annual meeting (8-K filed May 7, 2026).** Shareholders elected all 12 director nominees and voted to amend and reconfirm the shareholder rights plan, which must next be approved at the annual meeting three years later; other changes were described as non-material. Accession 0001193125-26-212007. - Routine annual meeting materials were furnished on March 10, 2026 (management information circular, accession 0001193125-26-100395) and March 20, 2026 (meeting notice, accession 0001193125-26-117636). ## Not reflected in 8-Ks - **August 26, 2026 - Salt Creek Midstream crude gathering acquisition (signed, not closed).** Enbridge announced a definitive agreement to acquire Salt Creek Midstream's crude oil gathering business for $600 million in cash: 100% of the Orla and Wink North systems and 50% of Delaware Crossing, with combined capacity of about 420,000 barrels per day. Closing is expected later in 2026, subject to Hart-Scott-Rodino clearance. Prospectus supplement (Form 424B5) filed September 10, 2026, accession 0001104659-26-106571. The September 9, 2026 Tallgrass release refers to the deal, but no 8-K covers it. - **August 27, 2026 - Westcoast System Joint Venture (closed September 3, 2026).** Enbridge announced a definitive agreement with KKR to form a joint venture funding the Aspen Point and Sunrise expansions of the Westcoast natural gas pipeline system. Capital accounts advised by KKR, in collaboration with funds managed by Apollo, will invest about $1.95 billion, including about $507.91 million of cash Enbridge received at closing on September 3, 2026. The investors' cumulative indirect interest in Westcoast is expected to reach about 29% when the Sunrise expansion enters service; Enbridge keeps majority ownership and operational control. Prospectus supplement (Form 424B5) filed September 10, 2026, accession 0001104659-26-106571. No 8-K was filed for it.