Enbridge CEO Greg Ebel's $23.7M payout makes him Alberta's highest-paid executive in 2024
Enbridge president and CEO Greg Ebel, whose compensation included almost $13 million in share-based awards, climbed to No. 1 on the list of Alberta's highest-earning executives in 2024.
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At $23.78 million, Ebel was closely trailed by Canadian Pacific Kansas City president and CEO Keith Creel, a perennial top earner who received $23.57 million in total pay last year.
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In 2023, Ebel ranked third among all top executives in Alberta, earning $18.7 million, while Creel was second behind Suncor's Rich Kruger at just over $20 million.
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Ebel, who was named president and CEO of the Calgary-based pipeline giant in January 2023, had a base salary of about $2 million last year. He received $12.74 million in share-based awards — often meant to incentivize executives to align their interests with shareholders — and almost $8 million more in stock options and other bonuses.
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As CEO, Ebel is paid 'for the results he delivers for the company and shareholders,' said Enbridge in an emailed statement.
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'Our compensation philosophy is rooted in pay-for-performance. As such, 89 per cent of our (CEO's) pay is 'at-risk.' That is, payouts are not guaranteed, and the value of at-risk components depends on how well the company performs.'
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Supporting Ebel's compensation package for 2024 was the delivery of record financial results, achievement of distributable cash flow within the company's financial guidance range and the garnering of over 37 per cent total shareholder return, according to Enbridge.
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Total shareholder return is a way of measuring financial performance, an indicator of the total amount shareholders reap from an investment.
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Enbridge added that its executive compensation is benchmarked against industry peers across North America, such as Chevron, Suncor and others.
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'Several of our senior executives, including our CEO, are compensated near the 50th percentile in this industry peer group,' its statement read.
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These statements relate to analysis and other information based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. In particular, statements concerning estimates related to future acquisitions, dispositions and capital expenditures, increase or reduction of vacancy rates, increase or decrease of rental rates and rental revenue, future income and profitability, timing of refinancing of debt and completion, timing and costs of renovations, increased or decreased funds from operations and cash flow, the Corporation's liquidity and financial capacity, improved rental conditions, future environmental impact the Corporation's goals and the steps it will take to achieve them the Corporation's anticipated funding sources to meet various operating and capital obligations and other factors and events described in this document should be viewed as forward-looking statements to the extent that they involve estimates thereof. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions of future events or performance (often, but not always, using such words or phrases as 'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate', 'plans', 'estimates' or 'intends', or stating that certain actions, events or results 'may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and should be viewed as forward-looking statements. Article content Such forward-looking statements are not guarantees of future events or performance and by their nature involve known and unknown risks, uncertainties and other factors, including those risks described in the Corporation's AIF, dated December 5, 2024 under the heading 'Risk Factors', that may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 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This is not an exhaustive list of the factors that may affect Mainstreet's forward-looking statements. Other risks and uncertainties not presently known to the Corporation could also cause actual results or events to differ materially from those expressed in its forward-looking statements. Article content Forward-looking statements are based on management's beliefs, estimates and opinions on the date the statements are made, and the Corporation undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions should change except as required by applicable securities laws. Article content Management closely monitors factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements and will update those forward-looking statements where appropriate in its annual and quarterly financial reports. Article content Certain information set out herein may be considered as 'financial outlook' within the meaning of applicable securities laws. The purpose of this financial outlook is to provide readers with disclosure regarding the Corporations reasonable expectations as to the anticipated results of its proposed business activities for the periods indicated. Readers are cautioned that the financial outlook may not be appropriate for other purposes. Article content Article content Article content Article content Article content Contacts Article content
