President & CEO of Enbridge (TSX/NYSE: ENB) — North America's largest energy-infrastructure operator; running synthesis of his interviews, with per-transcript breakdowns and a stock index. An operator's view of pipelines, Canadian energy policy and capital allocation (an executive source, not a money manager).
Ebel's own company (CEO's book): North America's largest energy-infrastructure operator — self-funded $40B backlog (aiming $60B), moves ~30% of NA oil / 20% of gas, "no commodity risk," 30-yr growing dividend + 10–12% TSR hit 21 years; says the multiple is "absolutely" too low on recency bias.
Government-owned Alberta–BC crude pipeline (TMX); Ebel expects Ottawa to eventually "recycle" the capital into private hands, and argues the northern tanker ban is unhelpful; policy context, not publicly traded.
In one line: An operator's worldview from the CEO of North America's largest energy-infrastructure company — production before pipes (the pipeline is "the last of the multiple Ps"), Canadian competitiveness as a decade-long "disaster" now slowly turning, and capital forms only where the conditions — tax, regulatory speed, market size and certainty — are right. On his own stock he's plainly bullish: a self-funded $40B backlog, "no commodity risk," a 30-year growing dividend, and a multiple he says is too low.
Production is the leading indicator, not the pipe. "There are multiple Ps here and the pipeline's the last one — the first is production. Without production there's no need for a pipeline." The whole pipeline debate is "asked backwards"; new lines only matter once producers get the deal (and certainty) to green-light millions more barrels a day.
Private capital isn't sold yet — it's "a show-me world." Enbridge is not a proponent on either new government pipeline: the risk-reward "isn't attractive quite yet," the government owns Trans Mountain and is "front-running" the risk, and producers won't commit the ~$100B upstream-to-ports build without regulatory certainty, not just clarity.
Canada had a "lost decade"; the turn is real but slow. GDP per capita would rank ~51st "if we were a state." Two pipeline announcements + moderation on conventional energy = "game on," but "a big tanker, slow turn." To attract capital "we have to run faster" — Canada completed 1 of ~8 LNG proposals while the US went from banned to world's largest exporter in a decade.
Capital goes to the most competitive jurisdiction — "Enbridge is a company, not a country." Fiduciary duty first; most growth capital has gone to the US on tax, regulatory speed and a 10×-bigger market — though the balance "could tilt" back to Canada if policy keeps improving.
Fortress North America + the infrastructure arbitrage. Cheap energy exists only where there's pipe ("$3 gas vs $20 JKM"); exporting is now "a geopolitical tool as powerful as military activity," and gas is being pulled by data-center/AI power demand. Enbridge's edge: moves ~30% of NA oil / 20% of gas, is the largest US oil exporter, and its "first choice" access to policymakers surfaces demand early.
On the stock (his book): aim for 10–12% total return (dividend grown 30 straight years + earnings growth), targets hit 21 years running, ~5% growth off a big base through 2030, 4.5–5× debt/EBITDA. He says the multiple is "absolutely" too low — investors should stop asking about terminal value and ask "how long can the growth go on."
Transcripts
One dated page per appearance — each has its talking points and the saved transcript. Newest first.
Greg Ebel appearances discovered via search (Greg Ebel Enbridge interview), not yet processed — verify publish dates & channels, newest first. Limited to the last ~2 years. None queued yet.