Enbridge Inc: 2Q in Review; Model Update

Research evidence excerpt

Enbridge Inc: 2Q in Review; Model Update

J P M O R G A N North America Equity Research

31 July 2026

Enbridge Inc Neutral

ENB.TO, ENB CN

2Q in Review; Model Update Price (30 Jul 26):C$77.59

▼Price Target (Dec-27):C$81.00

Prior (Dec-27):C$82.00

ENB 2Q26 earnings call commentary framed a materially evolved MLO2 strategy,

with management disaggregating and resequencing the project, first targeting Head of North America Power,

Utilities, Midstream, LNG, anddownstream Chicago-South Market Access segments to move existing egress

Nuclear

barrels further south toward PADD II/III refining centers and USGC export options

(could lead to transitory small system imbalance). Flanagan South and Southern Jeremy Tonet, CFA AC

Access extensions advance as the next phase, with management flagging attractive (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

return economics at FID. On WCSB condensate, Southern Lights retains

Vrathan Reddy

meaningful headroom ahead of any looping, with domestic supply framed as

(1-212) 622-4692

insufficient to meet oil sands growth ambitions, supporting incremental import vrathan.reddy@jpmchase.com

solutions. On Gas Transmission, Project Beacon demand appears “multiple times” Eli Jossen, CFA

the 70 MMcf/d AGT Enhancement currently underway, with management citing (1-212) 622-4113

potential annual utility customer savings exceeding $1bn in New England. We see eli.jossen@jpmchase.com

the project landing in the 200-500mmcf/d range. Blackcomb commissioning Francina Kolluri

ramps through year-end, with progress appearing well ahead of expectations (may (1-212) 270-5796

currently stand at ¼ capacity flowing). On the $20bn sanctioning target for francina.kolluri@jpmchase.com

2026/27, management guided gas transmission to punch above its weight over the J.P.