Core Insights - Enbridge Inc. (ENB) is a leading midstream energy company with a business model that is less exposed to the volatility of oil and natural gas prices, focusing on stable cash flows for shareholders [1][3] Group 1: Company Overview - Enbridge operates the longest pipeline network in North America, spanning approximately 18,085 miles, and is responsible for transporting 30% of total North American crude oil production [2] - The company also transports about 20% of the total natural gas consumed in the United States through its extensive midstream assets [2] Group 2: Business Model Stability - Enbridge's midstream assets are typically booked by shippers for long-term contracts, which mitigates exposure to extreme price fluctuations in oil and gas, resulting in stable cash flows [3][6] - Similar to Enbridge, other midstream companies like Williams (WMB) and Kinder Morgan Inc. (KMI) also maintain stable business models with significant pipeline networks and fee-based revenues [4] Group 3: Financial Performance - Over the past year, Enbridge's shares have increased by 27.8%, outperforming the industry average growth of 24.5% [5][6] - The company's current enterprise value to EBITDA (EV/EBITDA) ratio stands at 15.51X, which is higher than the broader industry average of 13.91X [7] Group 4: Earnings Estimates - The Zacks Consensus Estimate for Enbridge's 2025 earnings has remained unchanged over the past week, indicating stability in earnings expectations [9][10]

Financial Performance - 2Q25 Adjusted EBITDA attributable to PAA was $672 million[5] - Crude Oil Adjusted EBITDA was $580 million in 2Q25[5] - NGL Adjusted EBITDA was $87 million in 2Q25[5] - The company reaffirmed its full-year Adjusted EBITDA guidance of $2.80 - $2.95 billion[5] - The leverage ratio was 3.3x in 2Q25[5] Strategic Initiatives - The company is divesting its NGL business for approximately $3.75 billion[5] - Net proceeds from the NGL divestiture are expected to be around $3.0 billion after taxes, transaction expenses, and potential special distribution[5,8] - The company acquired an additional 20% interest in the BridgeTex Pipeline, bringing its total ownership to 40%[5] Capital Allocation - The company is targeting approximately $0.15/unit annual distribution growth from 2026 onwards until approximately 160% common unit coverage is reached[26] - The company increased its annual distribution by $0.25/unit to $1.52/unit in 2025[26] - The company has invested approximately $1.4 billion in bolt-on acquisitions since the second half of 2022[11,30]

1Q25 Earnings Call May 9, 2025 Forward-Looking Statements & Non-GAAP Financial Measures Disclosure Investor Relations Contacts Blake Fernandez Vice President, Investor Relations Blake.Fernandez@plains.com Michael Gladstein Director, Investor Relations Michael.Gladstein@plains.com Investor Relations 866-809-1291 plainsIR@plains.com 2 ▪ This presentation contains forward-looking statements, including, in particular, statements about the performance, plans, strategies and objectives for future operations of Pl ...