CIBC Turns Bullish on Enbridge (ENB) After KKR-Apollo Deal

Enbridge's Line 5, delivering Canadian oil and natural gas liquids, faces shutdown risks due to legal disputes and a recent accident. A closure could disrupt fuel supplies and economies in Michigan, Ohio, and Ontario. Meanwhile, Canada's Trans Mountain pipeline reports record performance and proposes a C$3.97 billion optimization project, potentially generating C$33.5 billion in income over 25 years.

Enbridge (TSX: ENB) and Canadian National Railway (TSX: CNR) reported Q2 2026 earnings beating estimates. ENB grew EBITDA by $130M YoY, reaffirmed guidance, and plans $50B in investments by 2030. CNR saw 11% sales growth, raised outlook, and has lower leverage at 2.6x. CNR's new Mexico route and cost savings add to its appeal.

Enbridge (ENB) agreed to buy Salt Creek Midstream’s crude oil gathering business for $600 million, gaining upstream exposure in the Delaware Basin. The deal includes pipelines, storage, and long-term contracts, enhancing ENB's Permian-to-Gulf Coast platform. ENB aims to capture cash flow at multiple points in the value chain, supporting its 'wellhead-to-water' strategy. According to ENB, the acquisition provides stable fee-backed cash flows and growth potential.

Wisconsin DNR asked Enbridge to stop work on Line 5 pipeline after a spill. The spill released 31,000 barrels of natural gas liquids, mostly propane and butane, which vaporized. Enbridge is addressing the issue and has contained some liquid. The DNR seeks responses and assurances from Enbridge.

Enbridge (ENB) has paused construction of a $1B pipeline in Wisconsin after an incident involving a third-party truck striking a bypass valve. The pause, requested by the state's DNR, will last two days. The pipeline is part of a network transporting oil and gas from Canada. Enbridge is addressing a spill of 2,000 barrels of natural gas liquids, with 31,000 barrels already vaporized. The DNR has requested Enbridge provide plans for controlling and mitigating the vapor release.

Enbridge Inc. partners with KKR & Co. and Apollo Global Management to invest $1.95 billion in expanding its Westcoast natural gas pipeline system. Enbridge will receive $504 million upfront and retain majority control. The expansion includes the Aspen Point and Sunrise projects, set to increase capacity to 3.9 Bcf/d by 2028, with regulatory approval and long-term contracts secured.