6. ACQUISITION AND DISPOSITIONS

BUSINESS COMBINATIONS

We account for acquisitions using the acquisition method as prescribed by ASC 805 Business Combinations. In accordance with valuation methodologies described in ASC 820 Fair Value Measurement, acquired assets and assumed liabilities are recorded at their estimated fair values as at the date of acquisition.

Salt Creek Midstream Crude Acquisition

On October 9, 2026, through a wholly-owned subsidiary, we acquired from Salt Creek Midstream (Salt Creek) all of the membership interests of FS Crude Holdings, LLC (FS Crude) for total cash consideration of approximately $892 million (US$625 million) (the Salt Creek Crude Acquisition). FS Crude owns 100% of the Orla and Wink North systems and 50% of the Delaware Crossing system, which combined include approximately 500 miles of crude oil gathering infrastructure located in the Delaware Basin. The Salt Creek Crude Acquisition is expected to strengthen our crude oil value chain in the Permian Basin by providing a strategic connection between crude oil production and our Gray Oak and Cactus II Pipeline systems, as well as our Enbridge Ingleside Energy Center.

The purchase price for the Salt Creek Crude Acquisition was preliminarily allocated to the assets acquired and liabilities assumed based on their estimated fair values at acquisition date. The acquisition resulted in the recognition of approximately $0.6 billion of Property, plant and equipment and $0.3 billion of other net assets acquired.

FS Crude's property, plant and equipment constitute crude oil gathering systems, comprised of pipelines, a terminal, land and right-of-ways. The depreciated replacement cost approach was adopted as the primary valuation methodology to determine the fair value of property, plant and equipment. In determining replacement cost, both indirect costing using relevant inflation indices and direct costing using relevant market quotes were utilized.

The purchase price allocation for the Salt Creek Crude Acquisition was prepared on a preliminary basis and is subject to change as additional information becomes available regarding the fair values and tax bases of assets and liabilities acquired. Any adjustments to the purchase price allocation will be made as soon as practicable, but no later than one year from the date of acquisition.

Common Share Issuance

On September 14, 2026, we closed a public offering of 44,735,000 common shares of Enbridge at a price of $66.85 per share for gross proceeds of $3.0 billion. Net proceeds from the sale of common shares were used to partially fund the Salt Creek Crude Acquisition, with the remaining proceeds available to fund future growth opportunities.

REDEEMABLE NONCONTROLLING INTEREST INVESTMENTS

Westcoast Expansion Financing Limited Partnership

On July 30, 2026, Westcoast Energy LP Inc. (WELP), our wholly-owned subsidiary, transferred certain of its non-participating Class C units in Westcoast Energy Limited Partnership (Westcoast LP) to a newly formed limited partnership, Westcoast Expansion Financing Limited Partnership (Westcoast Expansion), in exchange for Class I and Class II units. The remaining Class C units were retained by WELP to meet our obligations to Stonlasec8 Indigenous Investments Limited Partnership (the First Nations Partnership), an entity representing 38 First Nations in British Columbia (BC), under the Class C purchase option.

The Class C unitholders fund designated capital programs within Westcoast LP, which owns and operates our Westcoast Energy Inc. (Westcoast) BC Pipeline system. Westcoast Expansion has committed to invest in our Aspen Point and Sunrise Expansion Programs (the Expansions) in exchange for additional non-participating Class C units in Westcoast LP.

On September 3, 2026, KKR & Co. Inc. (KKR), in collaboration with funds and affiliates managed by Apollo, invested $729 million for all of the Class II units of Westcoast Expansion, resulting in an interest in the partnership. In addition to the initial cash consideration, KKR has committed to contribute approximately $2.0 billion to fund the Expansions in exchange for additional Class II units.

The cash consideration of $729 million and a respective redeemable NCI based on the consideration received less transaction costs were recorded in the Consolidated Statements of Financial Position on close, to reflect the interest held by KKR in Westcoast Expansion. Refer to Note 7 - Variable Interest Entities and Note 9 - Redeemable Noncontrolling Interests.

Westcoast Energy Limited Partnership

On July 1, 2025, Westcoast completed a reorganization in which substantially all of the property and assets relating to the BC Pipeline system were transferred to a newly formed partnership, Westcoast LP. On July 2, 2025, the First Nations Partnership invested approximately $736 million to subscribe for all of the Class A units of Westcoast LP, resulting in a 12.50% interest in the partnership. The cash consideration of $736 million and a respective redeemable NCI based on the consideration received less transaction costs were recorded in the Consolidated Statements of Financial Position on close, to reflect the interest held by the First Nations Partnership.

Following the transactions discussed above, we continue to manage and operate the BC Pipeline system through our ownership interest in Westcoast LP. Refer to Note 9 - Redeemable Noncontrolling Interests.