Enbridge pipeline terminals and transmission infrastructure move approximately 30% of all crude oil produced in North America and 20% of all natural gas consumed in the United States — a scale that makes the Calgary-headquartered company the continent’s dominant midstream operator by almost any measure. With a market capitalisation of $101 billion as of January 2026, a secured project backlog of $39 billion, and a 20th consecutive year hitting or exceeding financial guidance in 2025, Enbridge operates across four core businesses: Liquids Pipelines, Gas Transmission & Midstream, Gas Distribution & Storage, and Renewable Power.
Company Overview
Founded in 1949 as Interprovincial Pipe Line Inc., Enbridge adopted its current name in 1998 — a portmanteau of “energy” and “bridge.” Headquartered in Calgary, Alberta, the company is dual-listed on the TSX and NYSE under the ticker ENB. CEO Greg Ebel leads a business that generated $45.9 billion in revenue over the trailing twelve months to Q3 2025 and recorded its highest-ever EBITDA and distributable cash flow per share during the year.
The company’s four-division structure reflects a deliberate strategy to balance exposure across liquids transportation, natural gas transmission, regulated gas utilities, and renewable generation. Gas Distribution & Storage became a significantly larger contributor following the $14 billion acquisition of three Dominion Energy utilities completed across 2024, which made Enbridge the largest natural gas utility in North America by volume.
Enbridge Pipeline Terminals and Liquids Network
The Liquids Pipelines division operates North America’s longest and most complex crude transportation system — approximately 18,085 miles (29,104 km) of active pipe. The Canadian Mainline averaged 3.1 million barrels per day (MMbpd) in 2025, transporting roughly 65% of US-bound Canadian crude production and accounting for around 40% of total US crude oil imports.
The Ingleside Energy Center on the Texas Gulf Coast serves as Enbridge’s primary crude oil export terminal, connecting Permian Basin and US Gulf Coast production to international markets. The Flanagan South Pipeline expansion, adding 100,000 barrels per day (kbpd), is advancing alongside the broader Mainline Optimization Phase 1 programme — a sanctioned project that adds 150 kbpd of Western Canadian Sedimentary Basin egress with a 2027 in-service date.
Enbridge also holds a 10% interest in the Matterhorn Express Pipeline, a 645-mile Texas system that moves 2.5 billion cubic feet per day (Bcf/d) from the Permian Basin to the Houston area. The combined liquids and gas pipeline portfolio delivers approximately 5.8 million barrels of oil and liquids per day across North America. For further context on the competitive midstream landscape, see the Top 10 Pipeline Companies in 2026.
Gas Transmission, Midstream & Storage Assets
Enbridge’s Gas Transmission & Midstream division spans approximately 19,373 miles (31,178 km) of gas transmission network across North America and the Gulf of Mexico. When the DCP Midstream joint venture with Phillips 66 is included — contributing around 46,000 miles of gathering pipe and 4,900 miles of gas and NGL transmission — the total gas transmission footprint reaches approximately 70,273 miles (113,093 km).
Key named assets include Algonquin Gas Transmission, Texas Eastern Transmission, Maritimes & Northeast Pipeline, and Westcoast Pipeline in British Columbia. Two Westcoast expansion projects are underway: the T-South expansion adds up to 300 MMcf/d of additional capacity, while the proposed T-North expansion would add up to 535 MMcf/d to support BC LNG exports. Total gas transported across the network reached 24.575 Bcf/d in 2025 figures.
The division is actively advancing more than 50 data centre opportunities across North America, with those projects requiring up to 10 Bcf/d of new natural gas takeaway capacity from Enbridge’s gas transmission assets. The Eiger Express Pipeline, upsized in November 2025, is growing Permian natural gas egress capacity to serve that demand. The role of gas transmission in energy security is covered in more detail in the 2026 outlook on underground gas storage.
Gas Distribution, Storage & 2026 Projects
The Gas Distribution & Storage division, led by EVP Michele Harradence, encompasses four regulated utility businesses following the Dominion acquisitions: Enbridge Gas Ohio (formerly East Ohio Gas), Enbridge Gas Utah (formerly Questar, with 1.2 million customers across Utah, Wyoming, and Idaho), Enbridge Gas North Carolina, and the Ontario-based Enbridge Gas. The four utilities together invest approximately $3 billion per year in growth capital and contributed around 80% of annualised EBITDA from the Dominion transaction as of late 2025.
Active storage projects in 2026 include the 2026 Storage Enhancement Project, which applies to the Ontario Energy Board to increase Maximum Operating Pressure across the Dawn storage pools at Bentpath and Rosedale. The Kimball-Colinville Well Drilling Project in St. Clair Township, Ontario, is advancing two new gas storage wells. Gulf Coast gas storage expansion also featured in Enbridge’s 2025 secured backlog. Enbridge Gas Utah operates its own LNG storage facility alongside 21,000+ miles of distribution and transmission infrastructure.
Enbridge Pipeline Terminals in the Global Market
Enbridge’s competitive position rests on the near-irreplaceable nature of its pipeline and terminal infrastructure. No other single operator moves a comparable share of North American crude exports, and the company’s regulated utility assets provide rate-of-return certainty that pure midstream players cannot match. The $39 billion project backlog — up approximately 35% since Enbridge Day — signals a multi-year capital deployment programme well in excess of most peers.
On renewables, Enbridge has invested approximately $12 billion since 2002, reaching 6,612 MW of gross capacity across 38 projects including European offshore wind assets at Fécamp in France (448 MW). The Woodfibre LNG project in British Columbia — a partner project producing 2.1 million tonnes per year with 250,000 m³ of floating storage — adds LNG exposure that complements the company’s gas transmission franchise. Broader LNG infrastructure trends are tracked in the 2026 LNG Storage Tsunami analysis. Enbridge has set a net-zero emissions target for 2050 with an interim 35% emissions intensity reduction by 2030.
Company Snapshot
| Attribute | Detail |
|---|---|
| Founded | 1949 (as Interprovincial Pipe Line Inc.) |
| Headquarters | Calgary, Alberta, Canada |
| CEO | Greg Ebel |
| Market Capitalisation | $101 billion (January 2026) |
| Revenue (TTM to Q3 2025) | $45.9 billion |
| Secured Project Backlog | $39 billion |
| Crude oil transported | ~5.8 million bbl/d |
| Natural gas transported | ~24.575 Bcf/d |
| Liquids pipeline network | ~18,085 miles (29,104 km) |
| Gas transmission network (incl. DCP) | ~70,273 miles (113,093 km) |
| Renewable capacity | 6,612 MW gross |
| Stock listing | TSX: ENB / NYSE: ENB |
| Net-zero target | 2050 |
What are Enbridge’s main pipeline and terminal assets?
Enbridge operates approximately 18,085 miles of liquids pipelines including the Canadian Mainline, the Ingleside Energy Center crude export terminal in Texas, and a gas transmission network totalling around 70,273 miles when the DCP Midstream JV with Phillips 66 is included. Key named assets include Algonquin Gas Transmission, Texas Eastern Transmission, and Westcoast Pipeline.
How much crude oil does Enbridge move?
Enbridge pipeline terminals and systems deliver approximately 5.8 million barrels of oil and liquids per day, transporting around 65% of US-bound Canadian crude production and accounting for roughly 40% of total US crude oil imports.
What storage projects is Enbridge developing in 2026?
Active 2026 storage projects include the Dawn storage pool pressure enhancement in Ontario (Bentpath and Rosedale pools), the Kimball-Colinville Well Drilling Project in St. Clair Township adding two new gas storage wells, and Gulf Coast gas storage expansion that featured in the 2025 secured project backlog.
Who owns Enbridge and where is it headquartered?
Enbridge is a publicly listed company, dual-listed on the Toronto Stock Exchange and NYSE under the ticker ENB. It is headquartered in Calgary, Alberta, Canada, and led by President and CEO Greg Ebel.
What is Enbridge’s project backlog and financial scale?
As of early 2026, Enbridge’s secured project backlog stands at $39 billion — up approximately 35% since Enbridge Day. The company reported $45.9 billion in revenue over the trailing twelve months to Q3 2025 and recorded its 20th consecutive year hitting or exceeding financial guidance.