Enbridge Bets $2 Billion on Mainline Upgrade—Even as Tariffs Hit

Enbridge Bets $2 Billion on Mainline Upgrade—Even as Tariffs Hit | OilPrice.com

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Breaking News:

ByJulianne Geiger– Mar 04, 2025, 12:30 PM CST

Canadian pipeline giant Enbridge (ENB.TO) isn’t letting Trump’s 10% energy tariff slow it down. The company just announced a $2 billion investment in its Mainline network through 2028, doubling down on the very crude oil infrastructure now facing a new round of U.S. trade barriers.

For those unfamiliar, Mainline is the backbone of North American crude transport, carrying vast amounts of both light and heavy crude from Alberta to refineries across Canada and the U.S. Midwest. In fact, Enbridge moves 40% of all North American crude—so when it spends billions upgrading its system, it’s a big deal.

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CEO Gregory Ebel wasn’t shy about Enbridge’s growth outlook, telling investors the company has “approximately $50 billion of combined new growth opportunities through 2030.” That includes not just crude oil but also natural gas expansions like Birch Grove, a 179-million-cubic-feet-per-day boost to its Westcoast Pipeline, expected online in 2028.

The timing of this announcement is interesting. Trump’s new tariffs on Canadian crude imports took effect today, adding costs to an already tight market. Enbridge, however, is brushing off concerns, saying in its last earnings call that the financial impact would be immaterial. Whether that holds true once refiners start passing costs downstream is another story.

Meanwhile, Enbridge is also sinking cash into the T15 project in North Carolina, expanding a natural gas pipeline that will double deliveries to Duke Energy’s Roxboro plant by 2028. The total cost? $700 million.

Despite the tariff drama, Enbridge is playing the long game, betting that the world will still need crude—and a lot of it—for decades to come.

Enbridge’s stock was trading down 1.74% in late morning trade and is down more than 4% over the last 30 days.

By Julianne Geiger for Oilprice.com

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