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1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
2 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Weighted average build multiple is calculated across all projects based on each project’s capital expenditures. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
3 Based on forecasted 2026 annual average USD/CAD foreign exchange rate of 1.38.
4 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
Operational Highlights
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Canadian Natural Gas Pipelines deliveries averaged 24.3 Bcf/d, up 6 per cent compared to third quarter 2025
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NGTL System receipts averaged 14.3 Bcf/d, up 2 per cent compared to third quarter 2025
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Canadian Mainline Western receipts averaged 4.3 Bcf/d, up 7 per cent compared to third quarter 2025
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U.S. Natural Gas Pipelines daily average flows were 27.0 Bcf/d, up 3 per cent compared to third quarter 2025
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Mexico Natural Gas Pipelines flows averaged 3.7 Bcf/d, up 8 per cent compared to third quarter 2025
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Bruce Power achieved 96.6 per cent availability in third quarter 2026
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Cogeneration power plant fleet achieved 89.6 per cent availability in third quarter 2026, primarily reflecting fall planned outages.
Project Highlights
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Announced approximately $3 billion of new, low-risk, in-corridor growth projects. Year-to-date, sanctioned capital projects now total approximately $6 billion at a weighted average build multiple of approximately 6.5 times
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Approved the Crossroads Expansion project with an expected build multiple of approximately 6.0 times. This is an expansion of our Crossroads pipeline system designed to provide incremental capacity of 1.4 Bcf/d to support growing power generation demand, including data centres, in the U.S. Midwest. The project is supported by long-term take-or-pay contracts. It has an anticipated in-service date in 2030, and the estimated project cost is approximately US$1.8 billion
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Approved the American Midwest project in connection with the Crossroads Expansion project with an expected weighted average build multiple of approximately 6.0 times. The project is an expansion of our Northern Border pipeline system designed to provide incremental capacity of 1.0 Bcf/d to support growing power generation demand, including data centres, in the U.S. Midwest. It is supported by long-term take-or-pay contracts. It has an anticipated in-service date in 2030 and a total estimated project cost of approximately US$0.4 billion, of which our proportionate share of equity contributions is approximately US$0.1 billion
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Approved the Coastal GasLink Phase 2 Expansion following a positive final investment decision by LNG Canada and its joint venture participants. With an estimated project cost of $4.9 billion, the project will add five compressor stations and associated facility modifications, increasing firm transportation capacity by approximately 2.0 Bcf/d to approximately 4.5 Bcf/d. Construction is expected to commence in early 2027, with an anticipated in-service date in the early 2030s. LNG Canada will lead project execution and construction, and the commercial structure includes defined limits on Coastal GasLink LP’s capital commitments and exposure to construction cost and schedule risk. Coastal GasLink LP secured project-level financing of up to $3.3 billion, and our proportionate share of committed equity is up to approximately $250 million
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Approved the ANR Optimization project, an expansion of our ANR pipeline system designed to provide approximately 0.3 Bcf/d of firm transportation service to support coal-to-gas conversion, with an anticipated in-service date in 2029 and an estimated project cost of approximately US$0.1 billion
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Completed a transaction with FN CGL Pipeline Limited Partnership, an Indigenous-led investment entity representing five First Nations, providing participating communities with an economic interest in the entity that holds our limited partner interest in Coastal GasLink. A second transaction involving additional First Nations is expected to close in fourth quarter 2026
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Year-to-date, we placed approximately $2.5 billion of projects in service, and we continue to expect approximately $3.4 billion of capital to be placed in service in 2026. We also expect to place approximately $4.5 to 5.0 billion of capital into service in 2027. Projects placed in service from 2025 to 2026 year-to-date were delivered more than 10 per cent under budget in aggregate, including:
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Placed the Gillis Access project extension in service on Nov. 1, 2026, with a total project cost of approximately US$0.4 billion, to connect supplies from the Haynesville basin at Gillis
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Bruce Power commenced the Unit 5 Major Component Replacement (MCR) in November 2026. Unit 4 MCR is ahead of schedule and under budget; calandria tube installation using robotic tooling pioneered on Unit 3 was completed 25 days faster than on Unit 3. Bruce Power also set a world record of 20 calandria tubes installed in a 24-hour period
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Advanced U.S. rate case settlements. FERC approved the Great Lakes Stipulation and Agreement of Settlement on Sept. 15, 2026, and on Oct. 15, 2026, GTN filed the Stipulation and Agreement of Settlement with FERC subject to approval.
three months ended
September 30
nine months ended
September 30
(millions of $, except per share amounts)
2026
2025
2026
2025
Income
Net income (loss) attributable to common shares from continuing operations
1,026
813
2,912
2,653
per common share – basic
$0.98
$0.78
$2.79
$2.55
Segmented earnings (losses)
Canadian Natural Gas Pipelines
531
533
1,585
1,600
U.S. Natural Gas Pipelines
1,013
801
3,080
2,817
Mexico Natural Gas Pipelines
411
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Source: finance.yahoo.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.
