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Call it the FedEx of energy. Calgary-based Enbridge has grown into the largest oil and gas pipeline company in the world by market cap\u2014$120 billion\u2014delivering vital energy supplies across the globe. Just don\u2019t simplify Enbridge to only putting pipe in the ground.<\/p>\n
With assets that span renewables to utilities, Enbridge boasts a broad array of businesses that\u2019s matched by the lofty role it sees itself playing on the world stage. Enbridge\u2014whose name is a contraction of energy bridge\u2014is committed to keeping the economic and cultural bonds between North America\u2019s neighbors strong and healthy; it doesn\u2019t hurt that CEO Greg Ebel, a dual citizen, is an unofficial diplomatic whisperer to the White House and Canadian Prime Minister Mark Carney helping to ease tensions between the two.<\/p>\n
Enbridge is positioning itself to help power the AI data center boom and to lead oil and gas exports for the world as the war in the Middle East places more emphasis on secure American supplies\u2014capturing all the key facets of the industry\u2019s growth. For good measure, Enbridge even develops offshore wind farms in Europe.<\/p>\n
\u201cWe want to be the first choice for energy delivery in North America and beyond,\u201d Ebel said, sitting down with Fortune.<\/p>\n
\u201cOne of the unfortunate\u2014but positive for North America\u2014outcomes of this Middle East situation will be a greater recognition that there\u2019s less of a risk premium needed in North America,\u201d Ebel said. \u201cI think that\u2019s an upside for Canada and the United States and for infrastructure players like us.\u201d<\/p>\n
Scaling up for \u2018energy dominance\u2019<\/p>\n
Apart from becoming the preeminent pipeline player, Enbridge is the fourth-largest Canadian company by market cap, trailing Shopify. Enbridge ranks one spot above Netflix in the Fortune Global 500. And, to complete the delivery circle, Enbridge exceeds both FedEx and UPS in market cap. In fact, its market value is on par with Big Oil giant BP.<\/p>\n
Splitting his time between Calgary and Houston, Ebel has helped Enbridge expand to 43 U.S. states and eight of the 10 Canadian provinces. Enbridge also pipes U.S. natural gas directly to Mexico. Enbridge moves nearly one-third of North American oil and 20% of U.S. natural gas.<\/p>\n
\u201cWe like being part of that North American energy dominance play,\u201d he said. \u201cThe company, by design, is bi-cultural.\u201d<\/p>\n
Ebel even alternates between hockey and baseball metaphors. Looking at projected growth for renewables, natural gas, and oil exports, he said Enbridge \u201cskated to the puck in multiple areas.\u201d<\/p>\n
And, focusing on infrastructure expansions and modest acquisitions, he added, \u201cYou\u2019re not going for home runs; you\u2019re going for singles and doubles.\u201d<\/p>\n
Through its expanding Mainline pipeline network, Enbridge is the top exporter of Canadian oil into the U.S., and\u2014out of its Texas Ingleside hub\u2014it\u2019s the top exporter of U.S. oil to the rest of the world. Enbridge is building more pipelines to service the construction boom of liquefied natural gas (LNG) export terminals along the U.S. Gulf Coast, and Enbridge\u2019s Woodfibre LNG terminal is slated to come online in 2027 in British Columbia as Canada\u2019s West Coast becomes a growing LNG exporter to Asia.<\/p>\n
The pipeliner is even top gas utility player in the U.S. and Canada, and it\u2019s now building gas pipelines and solar farms to service hyperscalers\u2019 data centers. It\u2019s working closely with Google, Amazon, Meta, and more. Enbridge last year announced a massive solar farm campus to power a Meta data center complex outside of San Antonio. And it recently built the big Sequoia solar farm in Texas for Toyota and AT&T.<\/p>\n
\u201cIn all of our businesses, both on the renewable side and the gas distribution and transmission side, we are hooking up or building projects for data centers for AI,\u201d Ebel said.<\/p>\n
White House whisperer<\/p>\n
A native of Ottawa, before entering the energy sector, Ebel worked in the Canadian government and then with the World Bank in Washington, gaining a sharp literacy in North American politics.<\/p>\n
That early career experience is serving him well now. From President Donald Trump\u2019s tariffs on Canada and repeated taunts about making Canada the 51st state, Ebel has managed to help keep Canadian oil above the fray.<\/p>\n
\u201cThere have not been, nor do I believe there will be, discussion of tariffs on Canadian energy coming south,\u201d Ebel said, noting how crude oil is excluded from the tariffs. \u201cIt\u2019s too important to energy dominance.\u201d<\/p>\n
He acknowledged he\u2019s taking a lot more phone calls these days from the Trump and Carney administrations, the latter of whom is moving the Liberal Party to support more oil and gas pipelines. And Ebel is happy to help bridge any gaps between the two countries.<\/p>\n
\u201cTrade tensions are always going to be there,\u201d Ebel said. \u201cYou\u2019ve got big brother and little brother, but it is one North American family.<\/p>\n
\u201cI feel confident that symbiotic relationship will continue to be the ultimate driving force, despite whether we win or lose a gold medal in Olympic hockey, which is a sore point for a lot of Canadians,\u201d he added with a laugh.<\/p>\n
In April, Trump issued a presidential permit to Enbridge\u2019s Line 5 pipeline for the St. Clair River border crossing between Michigan and Ontario. Enbridge\u2019s Line 5 tunnel project in the Great Lakes\u2019 Straits of Mackinac remains under review and hotly contested for environmental reasons. But it\u2019s good to have political allies in powerful places.<\/p>\n
While the war in Iran is potentially placing more demand on North American oil and gas, the U.S. military operation in Venezuela to arrest former leader Nicolas Maduro potentially created more competition for Enbridge.<\/p>\n
After all, the Canadian oil sands produce a heavier grade of crude, as does Venezuela. That could create more competition with the U.S. Gulf Coast refineries that are built to process a lot of heavier oil.<\/p>\n
But Ebel isn\u2019t concerned, he said. While it falls short of a \u201cnothing burger,\u201d he said, the refineries may end up desiring more heavy crude overall, which is good for Venezuela and Canada. And, if Venezuela produces more additional oil than anticipated, then that\u2019s just more oil for Enbridge to export overseas, he said.<\/p>\n
Domestic and foreign demand<\/p>\n
Calgary-based Enbridge got its start in 1949 as the Interprovincial Pipe Line Company (IPL). As the company expanded more into the U.S., IPL changed its name in 1998 to Enbridge.<\/p>\n
That same year, Ebel left politics and banking to enter the oil and gas sector, joining Vancouver-based Westcoast Energy as a vice president. Westcoast was acquired by Charlotte-based Duke Energy. Ebel then moved to Houston with Duke\u2019s gas pipeline spinoff business, Spectra Energy, rising to CEO in 2009. Enbridge acquired Spectra in 2016, and Ebel was promoted to CEO in 2023. Essentially, he kept getting acquired and promoted.<\/p>\n
Much of his career rise focused on natural gas, and that\u2019s where Ebel sees the most bullish growth, both for global exports from the U.S. and Canada, and to power the AI boom. The Iran war is bolstering that argument even more.<\/p>\n
\u201cAt least for a very long time, people will wonder about the security of supply from that [Middle East] region. I think that\u2019s a real winner for North American LNG that is safe and secure,\u201d Ebel said. \u201cIt seems like, if you look at the fundamentals\u2014and we\u2019ve been big believers\u2014that the demand for LNG is going to be ferocious right through the 2030s.\u201d<\/p>\n
Within North America, Ebel also aims to take advantage of the largest surge of electricity demand in many decades, largely thanks to AI.<\/p>\n
That means building or expanding gas distribution and pipelines to hyperscalers\u2019 campuses or building new infrastructure to the integrated utility companies servicing the data centers. And Enbridge will even build renewable energy directly for hyperscalers, such as in Texas.<\/p>\n
\u201cIf you can offer them lots of different choices, you\u2019re probably going to be the winner in this arms race,\u201d Ebel said. It helps to be agnostic to the energy sources and offer up everything for the customers to choose from, he said.<\/p>\n
Scale matters, and Enbridge has the size to do just that, he said.<\/p>\n
\u201cNorth America is just in the catbird seat from both the oil and the gas perspective.\u201d<\/p>\n
#Enbridge #aims #North #America #win #boom #Iran #war #FedEx #energy<\/p>\n","protected":false},"excerpt":{"rendered":"
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