Enbridge Inc. (NYSE:ENB) reportedly plans to expand Gray Oak oil pipeline capacity by 80,000 barrels per day (bpd) in 2024 and expects to add another 40,000 bpd in 2025.

The company had initially planned to add 200,000 bpd to the Texas pipeline but revised the target downward to 100,000 bpd-200,000 bpd in February, as per Reuters.

The Gray Oak pipeline runs on the Gulf Coast between the Permian basin in West Texas and Corpus Christi, Texas.

Notably, as per the report, Enbridge's Ingleside Energy Center is the largest crude oil storage and export terminal by volume in the U.S.

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The report quoted Colin Gruending, an executive vice president, as saying, "It's certainly a competitor for Corpus. But given the advantages of our terminal at Corpus, we are confident Ingleside can compete well against SPOT."

Last month, Enbridge reported fourth-quarter FY23 adjusted EPS at C$0.64, driven by increased contributions from various segments.

In its quarterly report, the company reaffirmed its 2024 financial guidance for EBITDA at C$16.6 billion-C$17.2 billion and DCF per share at C$5.40-C$5.80.

Price Action: ENB shares closed higher by 0.65% at $35.75 on Tuesday.