Liquids Pipelines (LP)

Best liquids system in the world

2026 priorities:

Empowering our people and ensuring safe, efficient delivery of oil are foundational; these pillars enable all priorities

Optimize base business: Maximize volumes, recontract assets and develop Mainline regulatory strategy

Secure new business: Make final investment decisions on egress expansions and advance low carbon

Execute aggregate capital program: Deliver growth on time and on budget

Strengthen right-of-way relationships: Advance economic partnerships and foster relationships

Unparalleled asset base

Leaders in the top continental basins (WCSB, Bakken, Permian). Our combined franchises have created the world’s best liquids system

Connecting best markets to top-tier basins

Critical, long-lived infrastructure connected to resilient demand-pull refining and export markets and low-cost supply basins

Highest returns and growing free cash flows

Strong and diverse business generating highly predictable long-term cash flows to support our dividend, credit rating and growth opportunities

Strategy in action

Safely transported volumes of ~3.1 mbpd on Mainline and achieved high utilization across our 6 mbpd of system capacity

Sanctioned C$2 billion Mainline capital investment through 2028, enhancing reliability and efficiency while preserving long-term capacity of the system

Reached final investment decision on Mainline Optimization 1 and Flanagan South Expansion 2, increasing capacity by 150 kbpd and 100 kbpd, respectively

Sanctioned US$0.3 billion Pelican CO2 hub with Oxy subsidiary advancing low-carbon opportunities

Our 2026 in-year priorities

Gas Transmission and Midstream