Alberta Plans to Introduce New Oil Pipeline to Canada's West Coast
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Oct 01 2025
0mins
Should l Buy ENB?
Source: SeekingAlpha
Alberta's Pipeline Initiative: The Alberta government plans to submit a formal application for a new bitumen pipeline to transport up to 1 million barrels per day to British Columbia, despite no private companies committing to the project.
Government's Role and Industry Support: Alberta will invest C$14 million to lead early planning and engineering, with support from companies like Enbridge and Trans Mountain, although they have not pledged to build or invest in the pipeline.
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Analyst Views on ENB
Wall Street analysts forecast ENB stock price to rise
10 Analyst Rating
5 Buy
5 Hold
0 Sell
Moderate Buy
Current: 51.840
Low
45.79
Averages
53.54
High
69.00
Current: 51.840
Low
45.79
Averages
53.54
High
69.00
About ENB
Enbridge Inc. is an energy transportation and distribution company. The Company's segments include Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, and Renewable Power Generation. Liquids Pipelines consists of pipelines and terminals in Canada and United States that transport and export various grades of crude oil and other liquid hydrocarbons, including the Mainline System, Regional Oil Sands System, Gulf Coast and Mid-Continent, and Other. Gas Transmission consists of its investments in natural gas pipelines and gathering and processing facilities in Canada and United States, including United States Gas Transmission, Canadian Gas Transmission, United States Midstream, and Other. Gas Distribution and Storage consists of its rate-regulated natural gas utility operations in Canada and United States. Renewable Power Generation consists primarily of investments in wind and solar assets, as well as equity interests in geothermal power and power transmission assets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Strong Project Backlog: As of the end of FY 2025, Enbridge had a project backlog worth approximately C$39 billion, with around C$8 billion expected to come online this year, providing substantial support for future revenue growth.
- Consistent Dividend Growth: Enbridge has increased its dividend for 31 consecutive years, highlighting its status as a dividend aristocrat, with the CEO noting that the company exceeded its 2025 guidance for both EBITDA and DCF per share, demonstrating long-term financial stability and investment appeal.
See More
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- Fossil Fuel Demand Surge: Soaring energy demands from data centers and a modernizing global economy are expected to boost fossil fuel demand, with rising natural gas exports anticipated to provide stable revenue streams for energy companies despite renewable energy growth.
- Chevron's Reliable Dividends: Chevron (CVX) has increased its dividend for 37 consecutive years, currently yielding 3.7%, and expects a 10% annual growth in free cash flow over the next five years, bolstered by its $55 billion acquisition of Hess to enhance its resource base in Guyana.
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See More
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- Stable Dividend Policy: The company has increased its dividend for 31 consecutive years and achieved its financial guidance for 20 straight years, and with a strong financial profile and low-risk business model, Enbridge is expected to continue its stable dividend growth, making it a reliable income source for investors.
See More
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- Steady Cash Flow Growth: The company generated CA$12.5 billion ($9.2 billion) in distributable cash flow in 2025, a 4% increase from 2024, enabling Enbridge to raise its dividend by 3% for 2026, pushing its yield to 5.2%, thereby attracting long-term investors.
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- Stable Dividend Policy: The company has raised its dividend for 31 consecutive years and has met its financial guidance for 20 straight years, demonstrating its low-risk business model and predictable growth potential, making it an attractive option for long-term investors.
See More
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- Risk Aversion: Enbridge CEO Gregory Ebel stated that the company will not take on the development risk for a proposed new oil pipeline from Alberta to Canada's West Coast, reflecting a protective stance towards investors and infrastructure firms amid long project timelines and shifting political landscapes.
- Historical Lessons: Ebel cited the canceled Northern Gateway pipeline, where Enbridge spent approximately C$600 million before the project was terminated, highlighting the risks associated with developing projects in jurisdictions that have historically posed challenges, indicating a more cautious approach moving forward.
- Market Strategy: Enbridge executives asserted that increased Venezuelan crude exports would not undermine their plans to transport more Alberta oil sands to Texas refineries, emphasizing the significance of Canadian crude in the U.S. Gulf Coast market.
- Supplementary Role: Ebel noted that Venezuelan crude serves as a supplement to Canadian heavies rather than a replacement, demonstrating the company's deep understanding of market demand and strategic positioning for future oil and gas supply chains.
See More
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- Record Financial Performance: Enbridge Inc achieved record EBITDA in 2025, increasing by $83 million compared to Q4 2024, demonstrating strong profitability and sustained growth potential, further solidifying its leadership position in the energy sector.
- Significant Capital Investment: The company sanctioned $14 billion in capital expenditures in 2025 and placed $5 billion of assets into service over the past year, enhancing its infrastructure capabilities and laying a solid foundation for future business expansion.
- Consistent Dividend Growth: Enbridge increased its dividend for the 31st consecutive year, reinforcing its status as a dividend aristocrat, which helps attract long-term investors and boosts market confidence.
- Optimistic Growth Outlook: The growth backlog increased by 35% since the last Investor Day, with 2026 EBITDA expected to range between $20.2 billion and $20.8 billion, indicating strong business growth potential and sustainable profitability.
See More
