CALGARY – Enbridge is poised to jump on opportunities that may arise in northeastern Alberta with a potential resurgence in oilsands activity — not just crude pipelines, but diluent and perhaps carbon emissions, too, executives at the energy infrastructure giant said Friday.
“It’s been quiet up there for a number of years,” Colin Gruending, president of liquids pipelines, told a conference call with analysts to discuss third-quarter results, which included a near-doubling in profits.
“But I think we’re on the cusp of a huge cyclical, and hopefully sustaining, growth wave up there.”
Enbridge is a dominant crude oil shipper in the oilsands region, operating several large-scale trunk lines and smaller laterals that connect to individual operations. Some growth is already underway; Enbridge has given the go-ahead to a $200-million project to expand pipeline and storage infrastructure serving the Long Lake project operated by China National Offshore Oil Corp.
The top five oilsands producers are the midst of talks with the federal and Alberta governments to nail down a firm agreement to move the Pathways carbon storage project forward while at the same time fostering the conditions for future oilsands growth. They had targeted a Nov. 15 date for a binding agreement to be completed, but oilsands CEOs have signalled they’re willing to take more time to get the right deal.
“A number of the bigger customers are in the midst of a big negotiation. They are likely positioning some projects to grow their supply as well,” Gruending said.
Pathways is a condition for a new crude export pipeline to southern British Columbia — in which Enbridge is not involved — being built, and vice versa. The idea is to offset some of the greenhouse gas emissions that the pipeline would enable through greater oilsands output.
Gruending said Enbridge would be interested in getting involved with building the carbon pipe “with the right risk package.”
“We have a lot of capabilities to bring to bear.”
Enbridge CEO Greg Ebel noted the company’s ability to also move diluent, a light petroleum product that is used to thin out tarry oilsands crude, enabling it to more easily move through pipelines. It can ship it from domestic producers, but also import it to Edmonton from Illinois on its Southern Lights pipeline.
“We’re in a great spot and the team’s working really hard,” Ebel said.
He said it seems like “everybody’s lined up well” to finalize a three-way agreement on Pathways and oilsands growth.
“Then it’s all on for regional activity for Enbridge.”
Ebel is set to retire in January, with Michele Harradence appointed to take on the top job. Harradence is currently president of Enbridge’s gas distribution and storage business.
“My vision for this company is very much grounded in our past,” she told the call Friday, adding that she has family members who have owned Enbridge shares since it first went public in 1953 who appreciate the stock’s predictable cash flow.
“Our footprint, the quality of our assets, the quality of our people really gives us advantages others just can’t have. So what I think you’re going to be seeing — not just from me, but from what is a very strong executive leadership team — is that we build off of that foundation, so we continue to operate our existing businesses exceptionally well.”
Earlier Friday, Enbridge said it earned a profit attributable to common shareholders of $1.29 billion or 59 cents per share for the quarter ended Sept. 30. It brought in a profit of $682 million or 30 cents per share a year earlier.
On an adjusted basis, Enbridge says it earned 49 cents per share in its latest quarter compared with an adjusted profit of 46 cents per share in the third quarter of 2025.
In September, Enbridge announced a deal to buy the crude oil business of Tallgrass Energy LP in the United States. The company also recently closed its purchase of Salt Creek Midstream’s crude oil gathering business in Texas.
Enbridge has been busy growing its natural gas business, too. 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, providing a stable supply for its business in Utah. It is also expanding its system in B.C. to serve liquefied natural gas demand.
This report by The Canadian Press was first published Nov. 6, 2026.
Companies in this story: (TSX:ENB)
