Enbridge Inc: J.P. Morgan Natural Resources Conference Takeaways

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Enbridge Inc: J.P. Morgan Natural Resources Conference Takeaways

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

23 June 2026

Enbridge Inc Neutral

ENB.TO, ENB CN

J.P. Morgan Natural Resources Conference Takeaways Price (23 Jun 26):C$78.93

We hosted a fireside chat with President and CEO Greg Ebel today at the J.P.

Morgan Natural Resources Conference. Please see below for some quick

takeaways.

Head of North America Power,

Net Takeaway: Our discussion centered on ENB’s $40bn secured project backlog, Utilities, Midstream, LNG, and

including roughly two-thirds weighted towards gas LDC and natgas transmission Nuclear

growth. Northeast energy dynamics proved topical, where management AC Jeremy Tonet, CFA

acknowlwedged a material shift in the political/regulatory backdrop, including (1-212) 622-4915

previous MA resistance evolving into encouraging signing up for ENB’s jeremy.b.tonet@jpmorgan.com

Algonquin open season. While ENB’s ability to offer both renewables and gas Vrathan Reddy

solutions represents a unique capability, conversation focused on speed to power (1-212) 622-4692

taking priority over the color of the molecule. On Liquids, Ebel expressed vrathan.reddy@jpmchase.com

conviction in structurally rising oil demand supporting WCSB and Permian supply Eli Jossen, CFA

growth, with ENB positioned to capitalize via Mainline optimizations and Permian (1-212) 622-4113

super-system expansions (anchored at Ingleside, where even LNG exports remain eli.jossen@jpmchase.com

a possibility). Overall, the tone suggested the growth cycle remains solid, where Francina Kolluri

we appreciate a unique all-of-the-above approach across gas, liquids, renewables, (1-212) 270-5796

francina.kolluri@jpmchase.com

and power underpinning diversified growth. J.P. Morgan Securities LLC