Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-05-07

Enbridge (ENB)

CEO Gregory Ebel was paid $24,388,263 in fiscal year 2025, the 79th percentile of its disclosed peer group (SEC filing 0001193125-26-100426 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$24,388,263
Gregory Ebel total, FY2025
79th
CEO pay percentile vs peers
—
CEO-to-median pay ratio
96.01%
Say-on-pay support, latest vote

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”
- Gregory Ebel (President & Chief Executive Officer), FY2025 total compensation $24,388,263 (base salary $1,962,497) [exec_comp, SEC accession 0001193125-26-100426, filed 2026-03-10]

Answered within 24 hours, every figure cited to its SEC filing. If our database cannot answer your question, you are refunded automatically.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Gregory Ebel$1,962,497—$13,441,627$3,360,381$4,331,924$1,008,000$283,834$24,388,263
President & Chief Executive Officer
Cynthia Hansen954,687—3,174,029793,4891,350,590797,00028,7877,098,582
Executive Vice President & President, Gas Transmission & Midstream
Colin Gruending930,568—3,094,071773,5051,241,923428,00006,468,067
Executive Vice President & President, Liquids Pipelines
Patrick Murray810,510—2,599,025649,7451,069,978681,00005,810,258
Executive Vice President & Chief Financial Officer
Reginald Hedgebeth947,627—2,594,739648,6691,126,200321,00028,7875,667,022
Executive Vice President, External Affairs & Chief Legal Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Gregory Ebel$24,388,263———
Cynthia Hansen7,098,582———
Colin Gruending6,468,067———
Patrick Murray5,810,258———
Reginald Hedgebeth5,667,022—1,998,218—

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against ENB
2 companies name ENB as a compensation peer

Each company listed discloses ENB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named ENB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

02

Equity transactions since the proxy statement was filed

No insider equity transactions reported since the proxy statement.

05

Incentive-plan design — the Compensation Discussion & Analysis

Enbridge employs a rigorous pay-for-performance philosophy embedded in short-, medium-, and long-term compensation programs to align executive interests with shareholders. The program is designed to attract and retain a highly effective executive team, with total direct compensation targeted at the median of a North American peer group, and a significant portion of pay (91% for the CEO) is 'at risk' and linked to strategic priorities and performance outcomes.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMercer (Canada) Limited
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-061,183,803,37549,202,6925,580,02596.01%Passed
20252025-05-071,094,891,923120,109,7674,488,58590.11%Passed
20242024-05-08991,890,028115,831,7224,436,61389.54%Passed
20232023-05-031,020,360,41994,556,7599,491,15691.52%Passed
20222022-05-041,017,891,44989,625,70218,358,07291.91%Passed
20212021-05-051,060,874,37972,362,28213,526,70393.61%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0696.01%a
20252025-05-0790.11%b
20242024-05-0889.54%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Steven W. WilliamsIndependent · Board Chair$0$682,600———$700,005
Teresa S. MaddenIndependent · Audit (Chair) · Governance237,108237,108———485,827
Susan M. CunninghamIndependent · Sustainability (Chair) · Human Resources and Compensation · Human Capital153,771313,470———478,486
Stephen S. PolozIndependent · Sustainability · Human Resources and Compensation (Chair) · Human Capital (Chair)303,707163,534———477,226
Gaurdie E. BanisterIndependent · Audit · Safety and Reliability (Chair)313,470153,771———474,852
Jason B. FewIndependent · Audit, Finance and Risk · Governance (Chair) · Sustainability237,253219,673———470,294
M.M. (Mike) AsharIndependent · Governance · Safety and Reliability6,779439,346———453,602
S. Jane RoweIndependent · Audit · Governance · Human Resources and Compensation · Human Capital0————452,714
Theresa B.Y. JangIndependent · Audit · Sustainability219,673219,673———448,602
Manjit MinhasIndependent · Sustainability · Safety and Reliability219,673219,673———448,602
Douglas L. FosheeIndependent · Audit · Human Resources and Compensation · Safety and Reliability · Human Capital0————448,457
Pamela L. CarterIndependent · Departed during FY149,564104,695———303,802
Gregory L. EbelEmployee director—————0
09

Board fee structure and ownership guideline

Annual cash retainer$315,000
Annual equity retainer—
Per board meeting fee$1,500
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline$3
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,840,998
Equity awards (grant-date value)$2,753,543
All other compensation$0
Total cost of the board$4,594,541

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Enbridge names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Enbridge.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1The Southern Company2025Christopher Womack$1,560,577$13,830,054$0$3,665,025$28,223,562
2Chevron Corporation2025Michael Wirth1,900,00013,524,9954,376,6403,562,50026,828,240
3Suncor Energy Inc.2025Jack Fusco1,765,38519,291,78404,569,60025,647,769
4Enbridge2025Gregory Ebel1,962,49713,441,6273,360,3814,331,92424,388,263
5ConocoPhillips2025Ryan Lance1,800,00016,543,43404,590,00023,450,085
6Union Pacific Corporation2025V. James Vena1,475,0009,000,1306,000,0033,437,25020,296,362
7Energy Transfer LP2025Marshall McCrea1,553,10015,779,38402,718,00020,076,651
8Marathon Petroleum Corporation2025Maryann Mannen1,400,00013,391,32203,303,30019,016,261
9Occidental Petroleum Corporation2025Vicki Hollub1,596,78112,298,20703,200,00018,055,969
10SLB2025Olivier Le Peuch1,650,00012,374,95302,083,95017,347,291
11Halliburton Company2025Jeffrey Miller1,700,0007,992,78205,944,83616,525,407
12Duke Energy Corporation2025Harry Sideris1,200,00010,068,66301,974,10213,652,630
13Kinder Morgan Inc.2025Kimberly Dang523,07711,750,0270012,331,566
14The Williams Companies, Inc.2025Chad Zamarin829,7885,999,96201,492,2558,682,793
15NextEra Energy Inc.2025Alan Liu655,2881,099,9860550,0002,371,641

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Enbridgenot disclosednot disclosednot disclosedMercer (Canada) Limited
Chevron Corporation125%PSU 50 · RSU 25 · Options 25Yes — Relative Total Stockholder Return (TSR)Meridian Compensation Partners, LLC
ConocoPhillipsnot disclosednot disclosedNoFW Cook
Duke Energy Corporation114.7%PSU 70 · RSU 30Yes — Relative TSRFW Cook
Energy Transfer LPnot disclosedRSU 75 · CRSU 25not disclosedMeridian Compensation Partners, LLC
Halliburton Companynot disclosednot disclosedYes — Total Shareholder Return (TSR)not disclosed
Kinder Morgan Inc.102.5%not disclosedNoNone retained in 2025 (used Equilar Insight benchmarking software platform instead of a compensation consultant)
Marathon Petroleum Corporation143%not disclosedYes — Relative TSRFW Cook
NextEra Energy Inc.not disclosedPSU 100Nonot disclosed
Occidental Petroleum Corporation125%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
SLB84%PSU 75 · RSU 25Yes — Total Shareholder Return (TSR)Pay Governance
Suncor Energy Inc.160%PSU 50 · RSU 50Yes — ATSRMeridian
The Southern Company179%not disclosedYes — Relative TSRPay Governance
The Williams Companies, Inc.136%PSU 60 · RSU 40Yes — Relative TSRFW Cook
Union Pacific Corporation138%PSU 60 · Options 40NoPay Governance

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Enbridge in fiscal 2025?
As disclosed, Gregory Ebel (President & Chief Executive Officer) was the highest-paid executive at Enbridge in fiscal 2025, with total compensation of $24,388,263.
How does Enbridge's chief executive pay compare to its disclosed peer group?
As disclosed, Gregory Ebel's total compensation ranked at the 79th percentile of Enbridge's disclosed peer group.
How did shareholders vote on Enbridge's executive compensation?
As disclosed, 96.01% of shareholders supported Enbridge's executive compensation in the latest say-on-pay vote.
How much does Enbridge spend in total on board compensation for fiscal 2025?
As disclosed, Enbridge reported total board compensation of $4,594,541 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Gregory EbelDEF 14A2026-03-100001193125-26-100426Section “Executive Compensation”. As printed: 24,388,263. Filing ↗
2Section 01, Cynthia HansenDEF 14A2026-03-100001193125-26-100426Section “Executive Compensation”. As printed: 7,098,582. Filing ↗
3Section 01, Colin GruendingDEF 14A2026-03-100001193125-26-100426Section “Executive Compensation”. As printed: 6,468,067. Filing ↗
4Section 01, Patrick MurrayDEF 14A2026-03-100001193125-26-100426Section “Executive Compensation”. As printed: 5,810,258. Filing ↗
5Section 01, Reginald HedgebethDEF 14A2026-03-100001193125-26-100426Section “Executive Compensation”. As printed: 5,667,022. Filing ↗
6Section 08, Steven W. WilliamsDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 700,005. Filing ↗machine: span 3538314–3538605
7Section 08, Teresa S. MaddenDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 485,827. Filing ↗machine: span 3501328–3501619
8Section 08, Susan M. CunninghamDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 478,486. Filing ↗machine: span 3464336–3464627
9Section 08, Stephen S. PolozDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 477,226. Filing ↗machine: span 3519811–3520102
10Section 08, Gaurdie E. BanisterDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 474,852. Filing ↗machine: span 3455089–3455380
11Section 08, Jason B. FewDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 470,294. Filing ↗machine: span 3473575–3473866
12Section 08, M.M. (Mike) AsharDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 453,602. Filing ↗machine: span 3445843–3446134
13Section 08, S. Jane RoweDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 452,714. Filing ↗machine: span 3529072–3529363
14Section 08, Theresa B.Y. JangDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 448,602. Filing ↗machine: span 3492085–3492376
15Section 08, Manjit MinhasDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 448,602. Filing ↗machine: span 3510568–3510859
16Section 08, Douglas L. FosheeDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 448,457. Filing ↗machine: span 3482841–3483132
17Section 08, Pamela L. CarterDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 303,802. Filing ↗machine: span 3566106–3566397
18Section 08, Gregory L. EbelDEF 14A2026-03-100001193125-26-100426Section “Director Compensation”. As printed: 0. Filing ↗
19Section 06, 2026 voteForm 8-K2026-05-070001193125-26-212007Item 5.07 · say-on-pay result. As reported: 96.01% (votes for as printed: 1,183,803,375). Filing ↗
20Section 06, 2025 voteForm 8-K2025-05-080001193125-25-115979Item 5.07 · say-on-pay result. As reported: 90.11% (votes for as printed: 1,094,891,923). Filing ↗
21Section 06, 2024 voteForm 8-K2024-05-090001193125-24-135302Item 5.07 · say-on-pay result. As reported: 89.54% (votes for as printed: 991,890,028). Filing ↗
22Section 09b board cost (computed)Computed——Cash 1,840,998 + equity 2,753,543 + all other 0 = 4,594,541, summed across the director compensation table rows.machine: formula: Σ = 4,594,541
23The Southern Company, Section 10b CEO totalDEF 14A2026-04-030000092122-26-000028CEO total compensation as printed in The Southern Company's own proxy. As printed: 28,223,562. Filing ↗machine: r2 · c21 · span 1349281–1349291
24Chevron Corporation, Section 10b CEO totalDEF 14A2026-04-070001193125-26-145617CEO total compensation as printed in Chevron Corporation's own proxy. As printed: 26,828,240. Filing ↗machine: span 1241206–1241216
25Suncor Energy Inc., Section 10b CEO totalDEF 14A2026-04-070001193125-26-144572CEO total compensation as printed in Suncor Energy Inc.'s own proxy. As printed: 25,647,769. Filing ↗machine: t411 · r3 · c27 · span 1229633–1229643
26Enbridge (subject), Section 10b CEO totalDEF 14A2026-03-100001193125-26-100426CEO total compensation as printed in Enbridge's own proxy. As printed: 24,388,263. Filing ↗
27ConocoPhillips, Section 10b CEO totalDEF 14A2026-03-300001104659-26-036366CEO total compensation as printed in ConocoPhillips's own proxy. As printed: 23,450,085. Filing ↗machine: span 1829926–1829936
28Union Pacific Corporation, Section 10b CEO totalDEF 14A2026-03-250000100885-26-000098CEO total compensation as printed in Union Pacific Corporation's own proxy. As printed: 20,296,362. Filing ↗machine: span 1158158–1158168
29Energy Transfer LP, Section 10b CEO totalDEF 14A2026-02-190001276187-26-000013CEO total compensation as printed in Energy Transfer LP's own proxy. As printed: 20,076,651. Filing ↗machine: r5 · c54 · span 2802013–2802023
30Marathon Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-160001510295-26-000023CEO total compensation as printed in Marathon Petroleum Corporation's own proxy. As printed: 19,016,261. Filing ↗machine: t228 · r3 · c8 · span 2936922–2936932
31Occidental Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019816CEO total compensation as printed in Occidental Petroleum Corporation's own proxy. As printed: 18,055,969. Filing ↗machine: r2 · c17 · span 2031997–2032007
32SLB, Section 10b CEO totalDEF 14A2026-02-260001308179-26-000024CEO total compensation as printed in SLB's own proxy. As printed: 17,347,291. Filing ↗machine: t235 · r1 · c14 · span 700975–700985
33Halliburton Company, Section 10b CEO totalDEF 14A2026-03-310000045012-26-000033CEO total compensation as printed in Halliburton Company's own proxy. As printed: 16,525,407. Filing ↗machine: r2 · c18 · span 2610544–2610554
34Duke Energy Corporation, Section 10b CEO totalDEF 14A2026-03-200001104659-26-032443CEO total compensation as printed in Duke Energy Corporation's own proxy. As printed: 13,652,630. Filing ↗machine: r1 · c50 · span 1542349–1542359
35Kinder Morgan Inc., Section 10b CEO totalDEF 14A2026-04-020001506307-26-000024CEO total compensation as printed in Kinder Morgan Inc.'s own proxy. As printed: 12,331,566. Filing ↗machine: t55 · r2 · c18 · span 515403–515413
36The Williams Companies, Inc., Section 10b CEO totalDEF 14A2026-03-180001193125-26-112643CEO total compensation as printed in The Williams Companies, Inc.'s own proxy. As printed: 8,682,793. Filing ↗machine: r5 · c17 · span 4189334–4189344
37NextEra Energy Inc., Section 10b CEO totalDEF 14A2026-03-260001104659-26-035232CEO total compensation as printed in NextEra Energy Inc.'s own proxy. As printed: 2,371,641. Filing ↗machine: r2 · c64 · span 639787–639796
38Section 10a, Occidental Petroleum Corporation reciprocityDEF 14A—0001628280-26-019816Occidental Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
39Section 10a, Energy Transfer LP reciprocityDEF 14A—0001276187-26-000013Energy Transfer LP's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
40Section 10a, Marathon Petroleum Corporation reciprocityDEF 14A—0001510295-26-000023Marathon Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
41Section 10a, Kinder Morgan Inc. reciprocityDEF 14A—0001506307-26-000024Kinder Morgan Inc.'s most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
42Section 10a, The Williams Companies, Inc. reciprocityDEF 14A—0001193125-26-112643The Williams Companies, Inc.'s most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
43Section 10a, The Southern Company reciprocityDEF 14A—0000092122-26-000028The Southern Company's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
44Section 10a, Chevron Corporation reciprocityDEF 14A—0001193125-26-145617Chevron Corporation's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
45Section 10a, Halliburton Company reciprocityDEF 14A—0000045012-26-000033Halliburton Company's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
46Section 10a, SLB reciprocityDEF 14A—0001308179-26-000024SLB names Enbridge in its own disclosed peer group (read from its most recent proxy). Filing ↗
47Section 10a, Suncor Energy Inc. reciprocityDEF 14A—0001193125-26-144572Suncor Energy Inc.'s most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
48Section 10a, ConocoPhillips reciprocityDEF 14A—0001104659-26-036366ConocoPhillips's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
49Section 10a, Duke Energy Corporation reciprocityDEF 14A—0001104659-26-032443Duke Energy Corporation's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗
50Section 10a, Union Pacific Corporation reciprocityDEF 14A—0000100885-26-000098Union Pacific Corporation's most recent proxy was read; its disclosed peer group does not include Enbridge. Filing ↗

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