Liquefied Natural Gas (LNG) Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › LIQUEFIED NATURAL GAS (LNG)

Contracts Keep Getting Signed While the Equities Give Ground

This update covers LNG sector movers, company announcements and transaction activity for the two-week period September 14–28, 2026.

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

Liquefied Natural Gas (LNG) 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 › LIQUEFIED NATURAL GAS (LNG)

   Cover page introducing the LNG bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update tracks what changed, who moved and why, what transacted, and what it means for the LNG sector across September 14–28, 2026. We start with the market read, then the catalysts and the transaction record, before turning to what it means for each seat.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › LIQUEFIED NATURAL GAS (LNG) Contracts Keep Getting Signed While the Equities Give Ground This update covers LNG sector movers, company announcements and transaction activity for the two-week period September 14–28, 2026. 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 Liquefied Natural Gas (LNG) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Offtake and Financing Carried the Period; The Share Prices Did Not Follow

   Summarizes the two-week period, showing all eight covered names declined while offtake and financing activity continued.

   Every covered LNG name fell over the two-week window, with a sector median move of -5.4% against a +1.6% S&P 500 return, so the decline was broad-based rather than name-specific. Venture Global, Inc. (VG) led the drop at -17.4%. At the same time, the record shows offtake agreements and financing activity continuing, so the equity move looks disconnected from the underlying contract flow. That gap is the story we want clients to carry into the next two pages.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Offtake and Financing Carried the Period; The Share Prices Did Not Follow The two-week period in one page · 8 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. Liquefied Natural Gas (LNG) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 8 of 8 Covered Names Fell; The Median Move Was -5.4% The S&P 500 returned +1.6% over the same two-week period. Venture Global, Inc. (VG) posted the steepest decline at -17.4%, ahead of Excelerate Energy, Inc. (EE) at -12.4% and Nextdecade Corp (NEXT) at -11.5%. 2 Companies Spent the Period Signing Supply, Not Trading Equity Venture Global, Inc. (VG) announced a new long-term LNG agreement on Sep 14, and separate items in the window covered cargo supply into Ukraine for early 2027 and importers seeking alternative sourcing. The NeuraCap read is that contract-level activity, not corporate activity, defined the two-week period. 3 Nothing New to Price in the Transaction Record No material sector transactions were announced during the period. The trailing record still carries 34 precedent transactions at a median of 11.1x EV / EBITDA. 4 The Pullback Did Not Sort by Valuation Tier A Discount-tier name (VG) and two Core-tier names (EE, NEXT) all fell, against a sector median of 10.8x on the CY2027E EV / EBITDA lens. On NeuraCap's read the window is consistent with the standing view that this sector is four businesses priced apart, with the sell-off cutting across the tiers rather than along them. -2.0% Best mover — Navigator Holdings Ltd. (NVGS) worst: VG -17.4% · 0 up / 8 down of 8 covered -5.4% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   Every Covered Name Gave Ground, and Most of the Decline Had No Visible Trigger

   Shows each covered name's share-price move for the period, all negative, against a positive S&P 500 return.

   All eight covered names declined for the period, with the sector median at -5.4% versus the S&P 500's +1.6%. Venture Global, Inc. (VG) fell -17.4%, Excelerate Energy, Inc. (EE) fell -12.4%, and Nextdecade Corp (NEXT) fell -11.5%, the three steepest moves in the set. Most of the decline has no filing or headline attached to it in the window, so we read this as broad sector repricing rather than company-specific news. That distinction matters for how clients frame conversations with the market.

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   PUBLIC MARKET MOVERS Every Covered Name Gave Ground, and Most of the Decline Had No Visible Trigger Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -5.4% · S&P 500 +1.6% · materiality bar ±8.1% (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. Liquefied Natural Gas (LNG) 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 -5.4% Venture Global, Inc. (VG) -17.4% No notable in-window news was identified that clearly explains the move. At -17.4%, the decline was well beyond the -5.4% median across the covered set. A Discount-tier name can travel far past the set's median without a visible catalyst in the window. UNEXPLAINED Excelerate Energy, Inc. (EE) -12.4% Shares moved lower over a stretch in which gas pricing stayed soft; a Sep 14 Zacks piece flagged cooler-weather pressure on natural gas even as LNG demand held firm. Terminal and floating-asset names still trade with the gas curve, even where the cash flow sits under contract. SECTOR-WIDE Nextdecade Corp (NEXT) -11.5% No notable in-window news was identified that clearly explains the move. The -11.5% decline was steeper than the -5.4% median for the covered set. Core-tier developers move with the group when there is no project or FID news to anchor them. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Supply Security Set the Agenda: Feedgas, Offtake and Funding

   Lists the period's highest-impact industry events, led by supply, offtake and financing announcements.

   The two-week period's highest-impact events centered on feedgas security, offtake and funding access, including Venture Global, Inc. (VG)'s new long-term LNG agreement announced Sep 14. Additional items in the window covered cargo supply commitments and importers seeking alternative sourcing, so contract-level activity was the dominant theme. Each event links back to its underlying filing or article, and the why-it-matters read is ours to interpret, not to assert. This is where the two-week period's substance actually sits, ahead of the equity tape.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Supply Security Set the Agenda: Feedgas, Offtake and Funding 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. Liquefied Natural Gas (LNG) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 23 · NEWS · Business Wire Partners take FID on a Nigerian gas development to supply an existing liquefaction plant This is a feedgas decision as much as an upstream one. Firming up gas supply to an operating plant defends train utilisation and protects the margin base at a site that is already built. Brownfield feedgas security is competing well with greenfield capacity for capital. Sep 23 · NEWS · Business Wire An unrelated communications partnership appeared in the feed under the Venture Global ticker The NeuraCap read is that this item carries no LNG operating content and does not bear on the sector theme. Screen feeds mis-tag items; the period's real signal sat in offtake, feedgas and financing. Sep 22 · NEWS · Business Wire Shipbuilder and gas equipment firm sign an MOU to license small-scale liquefaction technology Small-scale liquefaction widens where a train can be built and who can sign an SPA. It adds competition at the small end of the capacity curve without touching utility-scale economics. The capacity race is spreading below utility scale, where tenor and offtaker credit still decide value. Sep 16 · NEWS · Reuters A major supplier flags LNG portfolio expansion in the early 2030s for European and Asian demand Stated expansion ambition tells buyers roughly when new uncontracted supply may land. That timing shapes how long today's SPA fee levels can hold. Long-dated supply plans are the backdrop to every offtake being negotiated now. Sep 14 · NEWS · Business Wire Venture Global announces a new long-term LNG sale agreement Long-tenor offtake is the value driver here: it turns capacity into contracted cash flow and firms up the credit behind the book. Signing it in a soft price window says demand for term supply held. Contracted backlog, not spot margin, is what the buyer pool pays for. Sep 24 · NEWS · GlobeNewsWire Golar LNG Limited prices a private offering of unsecured senior notes due 2031 A Premium-tier owner pricing unsecured paper signals that funding is available to marine infrastructure ahead of the next capital commitment. That access is what lets a fleet owner keep bidding on tonnage. Capital markets stayed open to marine infrastructure through a down window for the equities.

5. 05
   M&A & STRATEGIC ACTIVITY

   No New Prints to Price; The Standing Record Still Sets the Reference

   Confirms no new transactions were announced in the period, leaving the 34-deal precedent record at 11.1x as the reference.

   No new sector transactions priced during September 14–28, 2026, so the standing record of 34 precedent deals at a median 11.1x EV/LTM EBITDA remains the reference point. We are not re-presenting old transactions as news; this page simply confirms the benchmark held steady. For acquirers and targets alike, that continuity is useful: valuation conversations can still anchor to the same multiple. The absence of new prints is itself a data point about where the sector's attention went instead.

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   M&A & STRATEGIC ACTIVITY No New Prints to Price; The Standing Record Still Sets the Reference September 14–28, 2026 · precedent transactions: 34 recorded deals · median 11.1x 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. Liquefied Natural Gas (LNG) 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 record still carries 34 precedent transactions at a median of 11.1x EV / EBITDA, and the period's activity ran through offtake and financing instead. 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. 34 Recorded precedent transactions the reference set buyers and sellers price against 11.1x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What a Contract-Led Period Changes for Each Seat

   Translates the contract-led period into implications for owners, acquirers and advisors.

   For owners and operators, the period rewarded contract quality — SPA tenor, offtaker credit, feedgas security and funding access — over price direction. For acquirers, the reference set held: the 34-deal record at 11.1x EV/LTM EBITDA is unchanged as the benchmark while equity comparisons moved lower. For advisors, the takeaway is to lead with the contract evidence from this window rather than the price chart. Each seat has a distinct, actionable read from the same underlying evidence.

   Everything on this page

   WHAT IT MEANS What a Contract-Led Period Changes for Each Seat 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. Liquefied Natural Gas (LNG) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 10.8x 10 companies in the study 3 valuation tiers Standing thesis: Liquefied Natural Gas Is Four Businesses, and Terminal and Marine Infrastructure Carries Half the Set FOR OWNERS & OPERATORS The Period Rewarded Contract Quality, Not Price Direction The window's announcements ran through SPA tenor and offtaker credit, feedgas security to an operating plant, and funding access for marine assets. FOR ACQUIRERS The Reference Set Held While the Equity Comparison Moved Lower No new transactions landed, so the trailing record of 34 precedent transactions at a median of 11.1x EV / EBITDA is unchanged as the benchmark. FOR ADVISORS Lead with the Contract Evidence, Not the Price Chart The theme to carry into conversations is that companies in the space spent September 14–28, 2026 signing supply and raising funding while share prices drifted.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and calibrated-language claims.

   Every figure in this update links back to the record it was taken from, whether a filing, a press release or an established outlet. Driver attributions and why-it-matters reads use calibrated language and reflect our interpretation of the recorded evidence, not asserted causation. Video and social platforms are never used as sources, and only a fixed reliability order of filings, releases and established outlets is admitted. This page is where clients can verify how each claim in the preceding six pages was built.

   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. Liquefied Natural Gas (LNG) 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. 2 names below the floor were 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_20260928T065746Z_307_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 · reuters.com · globenewswire.com

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