The backlog number is $41 billion. The gas line is the one that touches this desk
Enbridge (TSX: ENB) reported second-quarter 2026 results on July 31 and left 2026 guidance in place: adjusted EBITDA of $20.2 to $20.8 billion, and distributable cash flow per share of $5.70 to $6.10. Adjusted earnings were about $1.4 billion, or $0.63 a share, a bit under last year on depreciation and interest. The board declared a $0.97 quarterly common dividend, payable September 1, 2026. Rolling 12-month debt-to-EBITDA sat at 5.1 times.
The new kit in that packet is what still matters in late August. Enbridge sanctioned a US$1.0 billion Line 5 relocation in Wisconsin and the Bay Runner Twin pipeline. It also described an option to buy TTC Connector, a 26-mile, 350 million cubic feet a day greenfield line from Tres Palacios gas storage to the Coastal Bend Header for delivery toward Freeport LNG. The company said the development is covered by long-term service agreements for available capacity.
Neutral read
ENB is on the listed midstream list. Line 5 relocation is a political and legal project as much as a weld-count. Wisconsin work does not add Canadian takeaway. It tries to keep an existing Great Lakes line in service. TTC Connector is the Canadian-desk item because Freeport is the U.S. LNG plant that has been offline for maintenance. A pipe into that header only earns if Freeport is running. Enbridge is not promising molecules from Alberta. It is promising a Permian-to-Gulf hook. Keep AECO and Kitimat in a different paragraph. The 5 percent growth CAGR the company repeats is guidance language. The 5.1 times leverage is the constraint. Watch the Freeport restart and the Wisconsin permit file, not the backlog headline.