Energy Infrastructure Holdings Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS

Contracted Cash Flow Holds While the Broad Sector Gives Ground

This update covers Energy Infrastructure Holdings over the two-week period September 14–28, 2026, including movers, company news and the transaction record.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS

   The cover introduces this bi-weekly update on Energy Infrastructure Holdings for September 14–28, 2026.

   We open this bi-weekly update on Energy Infrastructure Holdings, covering what changed, who moved and why, what transacted, and what it means for September 14–28, 2026.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › ENERGY INFRASTRUCTURE HOLDINGS Contracted Cash Flow Holds While the Broad Sector Gives Ground This update covers Energy Infrastructure Holdings over the two-week period September 14–28, 2026, including movers, company news and the transaction record. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Pullback Across the Set

   This page summarizes the two-week move across 23 covered names against the S&P 500.

   Over September 14–28, 2026, 22 of 23 covered names fell, with a median move of -3.7% against a +1.6% gain for the S&P 500. That breadth of selling, rather than a pattern tied to one business model, is what makes the period's single gainer worth a closer look. We read this as a broad repricing across the set rather than an isolated event, which sets up everything that follows on this page.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Pullback Across the Set The two-week period in one page · 23 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 22 of 23 Covered Names Fell; The Median Move Was -3.7% The S&P 500 returned +1.6% over the same window. The selling was broad rather than concentrated in one business model, which is what makes the single gainer worth reading closely. 2 GE Vernova Ran Against the Set on Order-Book and Dispute News GE Vernova Inc. (GEV) returned +9.5%, with its strongest session of +4.8% on Sep 16. A Premium-tier name in NeuraCap's standing view, it was the only covered name to finish the two-week period higher. 3 Capital Recycling and Term Funding Carried the News Flow TC Energy Corporation (TRP) announced the sale of the Guadalajara-Manzanillo Pipeline for cash proceeds of approximately $560 million (US$400 million), and Golar LNG Limited (GLNG) priced $500 million of senior notes due 2031. 4 The Transaction Record Stood Still While Operators Kept Moving Assets No new transactions entered the precedent set this period. The trailing record of 40 transactions carries a median of 8.8x EV/EBITDA, against a CY2027E sector median of 10.2x in NeuraCap's standing view. +9.5% Best mover — GE Vernova Inc. (GEV) worst: KGS -6.6% · 1 up / 22 down of 23 covered -3.7% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   One Turbine Story Against a Broad Two-Week Pullback

   This page details the two-week price moves for covered names, highlighting GE Vernova as the sole gainer.

   GE Vernova Inc. (GEV) returned +9.5% over the two weeks, with its strongest session at +4.8% on Sep 16, standing alone against a sector median of -3.7%. The move is associated with recorded order-book and dispute-related news in the window, and we treat that link as a NeuraCap read rather than a proven cause. Every other name we cover moved lower, against a materiality bar of ±5.6% on a sector-relative basis. That contrast is the clearest signal here: contract-linked catalysts moved prices even when broad sentiment did not.

   Everything on this page

   PUBLIC MARKET MOVERS One Turbine Story Against a Broad Two-Week Pullback Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.7% · S&P 500 +1.6% · materiality bar ±5.6% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -3.7% GE Vernova Inc. (GEV) +9.5% Shares rose following the Sep 16 settlement resolving the dispute over a $4.5 billion New England offshore wind project and the Sep 15 gas turbine supply agreements covering Southeast Asia; the biggest session, +4.8%, came on Sep 16. Order-book and dispute news at the equipment end can decouple from a set otherwise trading on contracted cash flow. COMPANY-SPECIFIC Kodiak Gas Services, Inc. (KGS) -6.6% Kodiak Gas Services, Inc. (KGS) returned -6.6%, with its largest session of -4.2% on Sep 21, the same day it announced an agreement to supply behind-the-meter baseload power to a West Texas data center. New demand-centre contracts get re-read through tenor, counterparty credit and take-or-pay coverage before they re-rate anything. COMPANY-SPECIFIC SunocoCorp LLC (SUNC) -5.7% No notable in-window news was identified that clearly explains the move. SunocoCorp LLC (SUNC) returned -5.7%, steeper than the -3.7% median across the covered set. Ownership-change filings move the register, not the valuation lens; contract quality and coverage do that work. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Asset Sales, Term Funding and Order Books Set the Period's Agenda

   This page lists the period's highest-impact filings and news items across the covered set.

   The period's news flow centered on capital recycling and term funding: TC Energy Corporation (TRP) announced the sale of the Guadalajara-Manzanillo Pipeline for cash proceeds of approximately $560 million (US$400 million), and Golar LNG Limited (GLNG) priced $500 million of senior notes due 2031. Each event on this page links back to the filing or article it was drawn from, and our "why it matters" reads are NeuraCap's interpretation of that recorded evidence. Together, these actions show operators funding and reshaping portfolios even as the broader market pulled back — a signal worth tracking into the next window.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Asset Sales, Term Funding and Order Books Set the Period's Agenda The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 21 · NEWS · Business Wire Kodiak Gas Services agreed to supply behind-the-meter baseload power to a West Texas data center A compression operator putting fleet capability behind a data centre load extends the revenue mix beyond wellhead volumes. Equipment fleets are finding demand-centre offtake; the pricing follows the contract, not the announcement. Sep 16 · NEWS · GlobeNewsWire Enterprise Products co-CEOs sat for a published investor interview on the midstream business Both co-CEOs fronting an investor interview signals a management team taking the fee-based cash flow story directly to income capital. Income buyers price the coverage story they hear from the top of the house. Sep 15 · NEWS · Reuters GE Vernova signed two agreements to supply gas turbines and partner on power generation in Southeast Asia Load growth is now writing orders across borders, and the equipment end captures it earlier than tariff-based systems do. Demand-centre growth reaches turbine and grid-adjacent suppliers before it reaches recontracting spreads. Sep 25 · NEWS · Reuters Phillips 66 said it is using AI to predict refinery outages and raise crude processing Availability and throughput are the operating levers that sit closest to earnings at the processing end of this sector. Reducing unplanned downtime works on both maintenance cost and utilisation at once. Where cash flow is volumetric rather than contracted, uptime is the KPI that carries the multiple. Sep 24 · NEWS · GlobeNewsWire Golar LNG priced a $500 million offering of senior unsecured notes due 2031 Long-dated unsecured funding at the Premium-tier end of the set indicates term capital is available to contracted LNG infrastructure. Funding access is what converts a backlog into contracted cash flow. Where offtake is contracted and long, the debt market will still fund the build. Sep 21 · NEWS · GlobeNewsWire TC Energy agreed to sell the Guadalajara-Manzanillo Pipeline and redeploy proceeds in North America Cash proceeds of approximately $560 million (US$400 million) move capital from a non-core corridor toward the company's North American footprint. Partial and asset-level sales remain the working tool for reshaping a system without a whole-company transaction.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Precedent Record Stands Still While Operators Reshape Portfolios

   This page reports the state of the M&A precedent record, which added no new transactions this period.

   No new transactions entered the precedent set this period, leaving the trailing record at 40 transactions with a median of 8.8x EV/LTM EBITDA. That multiple compares with a CY2027E sector median of 10.2x in NeuraCap's standing view, a gap that keeps the trailing record as the operative anchor for now. We read the standing record, not new deal flow, as the reference point to use until fresh transactions are recorded.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Precedent Record Stands Still While Operators Reshape Portfolios September 14–28, 2026 · precedent transactions: 40 recorded deals · median 8.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing precedent record still carries 40 transactions at a median of 8.8x EV/EBITDA, and TC Energy Corporation (TRP) announced an asset-level pipeline sale during the window. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 40 Recorded precedent transactions the reference set buyers and sellers price against 8.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What This Two-Week Period Changes for You

   This page translates the two-week period into implications for owners, acquirers and advisors.

   For owners and operators, the moves that stood out tracked contract mechanics — a dispute resolved, turbine orders signed, a supply agreement struck — rather than headline noise. For acquirers, the reference set is unchanged at 40 transactions and a median 8.8x EV/EBITDA against a 10.2x sector benchmark, even as the underlying asset supply keeps shifting. For advisors, the period reinforces that the premium sits with contracted earnings: the one name that rose did so alongside order and settlement news, while 22 of 23 covered names fell. These are observations drawn from the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS What This Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.2x 20 companies in the study 3 valuation tiers Standing thesis: One label, several businesses: diversified midstream systems hold the middle of Energy Infrastructure Holdings. FOR OWNERS & OPERATORS Contract Mechanics, Not Headlines, Carried the Period The moves that stood out tracked contract events: a dispute resolved, turbine orders signed, a power supply agreement struck. FOR ACQUIRERS The Reference Set Is Unchanged; The Asset Supply Is Not No new transactions entered the record this period, so the trailing set of 40 at a median of 8.8x EV/EBITDA remains the anchor, against a CY2027E sector median of 10.2x. FOR ADVISORS Lead with Contract Quality, Then Structure The period supports the standing thesis that the premium end sits with contracted earnings, and extends it: the one name that rose did so alongside order and settlement news, while 22 of 23 covered names fell.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains the sources and methodology behind every figure in the update.

   Every figure in this update links to the record it was taken from, drawing on SEC filings, consensus estimates and market prices through September 28, 2026. We hold driver attributions to calibrated language tied to recorded filings and headlines rather than asserted causation. That discipline is what lets you use this update as a reliable starting point for your own follow-up.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Energy Infrastructure Holdings Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. 1 name below the floor was excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T080323Z_318_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · globenewswire.com · reuters.com

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