Natural Gas Gathering and Processing Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › NATURAL GAS GATHERING AND PROCESSING

Contracted Offtake Earns the Premium While the Group Gives Ground

This update covers the movers, company announcements and transaction activity in Natural Gas Gathering and Processing from 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

Natural Gas Gathering and Processing 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 › NATURAL GAS GATHERING AND PROCESSING

   The cover introduces the bi-weekly Natural Gas Gathering and Processing industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Natural Gas Gathering and Processing, covering what changed, who moved, what transacted, and what it means for the two weeks ended September 28, 2026. This sets the stage for the detail that follows.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › NATURAL GAS GATHERING AND PROCESSING Contracted Offtake Earns the Premium While the Group Gives Ground This update covers the movers, company announcements and transaction activity in Natural Gas Gathering and Processing from 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 Natural Gas Gathering and Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Contract Quality Carried the Period While the Broader Group Traded Lower

   This page summarizes the two-week period across ten covered names, contrasting the sector's median move with the S&P 500.

   Nine of ten covered names fell over the period, with a median move of -4.7%, while the S&P 500 returned +1.6% over the same window — so the softness sat with the sector, not the broader market. The one name that advanced did so on a long-dated contracted power agreement, underscoring that contract quality, not throughput, drove the period's dispersion. We read this as the single page a client needs to understand the two weeks before we go deeper.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Contract Quality Carried the Period While the Broader Group Traded Lower The two-week period in one page · 10 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. Natural Gas Gathering and Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 10 Covered Names Fell; The Median Move Was -4.7% The S&P 500 returned +1.6% over the same two-week period, so the softness sat with the sector rather than the market. 2 The Single Gainer Earned It on Long-Dated Contracted Power New Era Energy & Digital, Inc. (NUAI) rose +26.1%, with +30.5% on Sep 21 — the day it announced a long-term power purchase agreement for its Texas data center project. 3 The Largest Declines Came Without an Operating Trigger in the Record Summit Midstream Corp. (SMC) fell -9.3% and ONEOK, Inc. (OKE) fell -8.6%. ONEOK's in-window record is balance-sheet work — early results and pricing terms of cash tender offers, both dated Sep 15. 4 The Transaction Record Stood Still No material sector transactions were announced during the period. The trailing reference set of 40 transactions still carries a median EV/EBITDA of 8.8x. +26.1% Best mover — New Era Energy & Digital, Inc. (NUAI) worst: SMC -9.3% · 1 up / 9 down of 10 covered -4.7% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   One Contracted Win Stood Out Against a Broadly Softer Two Weeks

   This page ranks the bi-weekly price moves for covered names against the sector median, the S&P 500 and a materiality bar.

   New Era Energy & Digital, Inc. (NUAI) rose +26.1% for the period, including +30.5% on the day it announced a long-term power purchase agreement for its Texas data center project — the clearest contracted-offtake win we tracked. Against a sector median of -4.7% and a +1.6% S&P 500 return, Summit Midstream Corp. (SMC) fell -9.3% and ONEOK, Inc. (OKE) fell -8.6%, both moves clearing our 7.4% materiality bar. Where our record shows no operating trigger behind a move, we say so plainly rather than guessing — so the client can see exactly which moves carry evidence and which do not.

   Everything on this page

   PUBLIC MARKET MOVERS One Contracted Win Stood Out Against a Broadly Softer Two Weeks Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.7% · S&P 500 +1.6% · materiality bar ±7.4% (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. Natural Gas Gathering and Processing 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 -4.7% New Era Energy & Digital, Inc. (NUAI) +26.1% Shares moved following the long-term power purchase agreement New Era Energy & Digital, Inc. (NUAI) announced on Sep 21 for the first phase of its Texas data center project. The biggest single day, +30.5%, landed the same day. The market paid for firm, long-dated contracted cash flow, not for a volume story. COMPANY-SPECIFIC ONEOK, Inc. (OKE) -8.6% The in-window record for ONEOK, Inc. (OKE) shows early results and pricing terms of cash tender offers, both dated Sep 15 — liability management rather than an operating change. Balance-sheet housekeeping is not what is setting prices for Core-tier names right now. SECTOR-WIDE Summit Midstream Corp. (SMC) -9.3% No notable in-window news was identified that clearly explains the move. The -9.3% decline ran wider than the -4.7% median for the covered set. Names without a period catalyst moved with the group and then some. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: Power Contracts, Debt Buybacks and Payout Scrutiny

   This page lists the period's highest-impact company events, each linked to its underlying filing or article.

   The period's recorded events center on power contracting, debt buybacks and payout scrutiny, each tagged with our read on why it matters. ONEOK's in-window record shows balance-sheet activity — early results and pricing terms of cash tender offers, both dated September 15 — which we link directly to the source filing. We keep every 'why it matters' line tied to a specific event so the client can trace conclusion back to evidence.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: Power Contracts, Debt Buybacks and Payout Scrutiny 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. Natural Gas Gathering and Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 24 · NEWS · 24/7 Wall Street ONEOK lifted its dividend again, drawing commentary on whether the payout is self-funded The commentary reads the payout against acquisition debt and a thinning free cash flow margin. NeuraCap's read: the market is testing return of capital against self-funded growth, not against headline yield. Capital return is being judged on coverage and funding source, not on the size of the raise. Sep 21 · NEWS · GlobeNewsWire New Era Energy & Digital signed a 20-year power purchase agreement for its Midland data center site Firm, contracted offtake with a companion framework for future expansion is exactly the value driver this sector prices highest. It converts a development plan into a contracted revenue line. Residue gas and power demand keep pulling midstream-adjacent assets toward contracted structures. Sep 16 · NEWS · GlobeNewsWire Enterprise Products Partners' co-CEOs sat for an investor interview Enterprise Products Partners L.P. (EPD) is a Premium-tier name in NeuraCap's sector study. Senior management going direct to the investor base is how an integrated wellhead-to-market position gets re-underwritten. Integration across gathering, processing, fractionation and takeaway still anchors the sector's premium. Sep 14 · NEWS · Business Wire An item tagged to DEC covers an entrepreneur innovation center, not the company's operations Nothing in the item speaks to Diversified Energy Company PLC (DEC) gathering or processing activity. NeuraCap reads it as a symbol match rather than a sector development. Symbol-matched news deserves a second look before it enters any comparison set. Sep 21 · NEWS · 24/7 Wall Street Western Midstream featured in income-focused commentary on high-yielding energy names Western Midstream Partners, LP (WES) sits in the Core tier. Recurring income commentary points to where the marginal buyer of these units is looking, which matters when contract quality is the differentiator. The income buyer base is still shopping this sector on cash returned, not volume growth. Sep 15 · NEWS · GlobeNewsWire ONEOK reported early results of its cash tender offers Debt repurchase activity signals a Core-tier name working on its funding stack while growth capital competes with distributions. It speaks to balance-sheet flexibility rather than throughput. Funding discipline is a live topic for the diversified names that anchor the sector.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Reference Set Holds: No New Precedents This Period

   This page shows that no new precedent transactions were announced this period, against a reference set of 40 recorded deals at a median 8.8x EV/LTM EBITDA.

   No material sector transactions were announced during the two weeks, so the reference set holds at 40 recorded deals with a median 8.8x EV/LTM EBITDA. That means the trailing precedent set remains the operative anchor for any conversation on value in this space right now. With the benchmark unmoved, this period's equity dispersion is the new information for a client comparing where value is being assigned.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Reference Set Holds: No New Precedents This Period 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. Natural Gas Gathering and Processing 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 of 40 precedent transactions still carries a median EV/EBITDA of 8.8x, so the benchmark buyers underwrite against is unchanged. 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 the Period Changes for You

   This page translates the period's evidence into implications for owners and operators, acquirers, and advisors.

   For owners and operators, contract mix did the talking, not throughput — the only advance in the covered set followed a long-dated contracted agreement, which points toward fee-based margin, minimum volume commitment coverage and contract roll-off dates as the levers that matter. For acquirers, the transaction benchmark did not move, so the trailing set of 40 precedents at a median 8.8x remains the anchor while this period's equity move becomes the new data point to weigh. For advisors, the clearest story to lead with is contracted offtake evidence lifting one name while the group traded down — so that's where the client conversation should start.

   Everything on this page

   WHAT IT MEANS What the 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. Natural Gas Gathering and Processing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 8.7x 11 companies in the study 3 valuation tiers Standing thesis: Natural Gas Gathering and Processing spans diversified midstream and adjacent models with different value profiles FOR OWNERS & OPERATORS Contract Mix Did the Talking, Not Throughput The only advance in the covered set followed a long-dated contracted agreement. That points at the levers that carry value here: fee-based margin versus POP and keep-whole exposure, minimum volume commitment coverage and roll-off dates FOR ACQUIRERS The Benchmark Did Not Move, so the Equity Move Is the New Information With no transactions announced in the window, the trailing set of 40 precedents at a median 8.8x remains the anchor. FOR ADVISORS Lead with Contract Quality Evidence The period's clearest evidence is a contracted offtake agreement lifting one name while the group traded down.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page explains how the update is built and what each type of statement in the deck rests on.

   Every figure in this update links back to the record it was taken from, and we list the filings and publishers drawn on for the period. This is where a client can verify our sourcing and see the line between observed fact, derived calculation, and our read on it.

   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. Natural Gas Gathering and Processing 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_20260928T070331Z_308_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: 247wallst.com · globenewswire.com · businesswire.com

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