First Read Midstream & Natural Gas: Earnings Call Recap - ENB and PPL

Research evidence excerpt

First Read Midstream & Natural Gas: Earnings Call Recap - ENB and PPL

Global Research

31 July 2026ab

First Read

EquitiesMidstream & Natural Gas

Earnings Call Recap - ENB and PPL Americas

Energy

Manav Gupta

ENB - Call takeaways Analyst

On MLO2, ENB is currently focusing on advancing expansions on Flanagan South manav.gupta@ubs.com

and the Chicago South market access segments. This would effectively move +1-212-713 4399

existing egress barrels further south to lower PADD II and PADD III refining centers. Saumya Jain

Associate Analyst

Management noted that while the recent policy environment has been a tailwind saumya.jain@ubs.com

for the overall industry, ENB does not expect producers to start meaningfully make +1-212-882 0089

FIDs on production growth yet. ENB is thus focusing on the downstream section of

Sumantra Banerjee

MLO2 before the upstream section. Associate Analyst

On Permian strategy, ENB has advanced multiple projects over the last few years, sumantra.banerjee@ubs.com

+1-212-713 5104

but noted there is still significant opportunity left for further expansions, not only

in pipelines, but also in storage. Management highlighted gas would continue to Ivan Scotto

move further east from the Houston market and Gulf Coast for LNG and industrial Associate Analyst

uses. ivan.scotto@ubs.com

+1-212-713 3137

Furthermore, management highlighted that Project Beacon is a great example in Richard DeDios

showing the strong demand in the Northeast, which is still catching up in terms of Associate Analyst

building infrastructure. ENB sees the project as very compelling and helpful in richard.dedios@ubs.com

meeting affordability and reliability needs in the region. +1-212-713 8018

On Renewables, ENB has FID'd over ~C$3.4Bn in projects since the company's