Natural Gas Gathering and Processing Sector Outlook — September 2026

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ENERGY › ENERGY › NATURAL GAS GATHERING AND PROCESSING

Natural Gas Gathering and Processing: The Premium Sits with Durable Cash Flow

The report shows how business mix, contract quality and earnings durability align with market value.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice

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   ENERGY › ENERGY › NATURAL GAS GATHERING AND PROCESSING

   Natural Gas Gathering and Processing: The Premium Sits with Durable Cash Flow

   This is the cover page introducing the Natural Gas Gathering and Processing sector outlook as of September 28, 2026.

   This report examines the Natural Gas Gathering and Processing sector, using EV/EBITDA on CY2027E consensus as the primary valuation lens. We'll show why the premium end of the market pairs forward earnings with a more durable operating case.

   Everything on this page

   ENERGY › ENERGY › NATURAL GAS GATHERING AND PROCESSING Natural Gas Gathering and Processing: The Premium Sits with Durable Cash Flow The report shows how business mix, contract quality and earnings durability align with market value. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This page lists the five numbered sections and the appendix that make up the report.

   We've structured this report so the bottom line comes first — read section one and you have the whole story. The sections that follow build out the landscape, valuation drivers, precedent deals and strategic implications, plus a full appendix. That sequencing lets a reader stop early with the core takeaway or go deep on any part that matters most. So what: you can navigate straight to the section most relevant to your decision.

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   CONTENTS What This Report Covers 01 The Bottom Line Durable Cash Flow Separates the Pricing Tiers 02 The Landscape Diversified Midstream Anchors the Sector 03 Valuation & Situations The Premium End Needs More than Current Margin 04 Precedent Transactions Precedent Transactions Reward Strategic Fit 05 Strategic Implications Contract Quality and Capacity Shape the Next Move 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Natural Gas Gathering and Processing Spans Diversified Midstream and Adjacent Models with Different Value Profiles

   This page summarizes the report's four core conclusions about business mix, valuation spread, growth versus pricing, and contract quality.

   Natural Gas Gathering and Processing spans diversified midstream and adjacent models with meaningfully different value profiles. Diversified midstream anchors the sector, and the premium and discount ends of the valuation range sit a full 10.1x versus 4.8x apart on EV/EBITDA (CY2027E). Faster revenue growth does not carry the higher multiple in this set, which points to earnings durability, not growth alone, as the more useful lens. So what: buyers and owners should focus on contract quality and capacity utilization when assessing where a name sits in this range.

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   01 · THE BOTTOM LINE Natural Gas Gathering and Processing Spans Diversified Midstream and Adjacent Models with Different Value Profiles The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Diversified Midstream Anchors the Sector Diversified gathering, processing and NGL logistics represents 73% of the set. Its integrated position supports a broader earnings base than the adjacent models. 2 The Two Ends Carry a Wide Valuation Gap The premium end sits at 10.1x, while the discount end sits at 4.8x. Because the lens is forward EV / EBITDA, that spread remains after forecast earnings are already credited. 3 Faster Growth Does Not Carry the Higher Price Among the 8 companies with a forward estimate, the faster-growing group sits at 8.7x and the slower-growing group at 9.1x. The observed premium therefore sits outside a simple growth split. 4 Contract Quality Is Associated with Steadier Earnings Acreage dedication, minimum volume commitments and fee-based cash flow can support durability through changing commodity conditions. Spare processing capacity and visible well connects can add volume without requiring a full new build. 8.7x Sector median EV/EBITDA CY2027E consensus · 8 rated of 11 companies 10.1x Premium end EV/EBITDA vs 4.8x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 23 Transactions with disclosed terms 58 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces the market map section covering how business models group across the sector.

   We now turn to how the sector is organized: diversified midstream anchors the center, while a smaller group of adjacent models stretches the valuation range in both directions. So what: understanding where a business sits in this map frames how the market is pricing it.

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   SECTION 02 02 THE LANDSCAPE Diversified Midstream Anchors the Sector Adjacent models widen the range of operations and valuation. 02 of 06 Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Integrated Midstream Holds the Center While Adjacent Models Stretch the Range

   This page groups the 11 approved companies by business segment and shows the median EV/EBITDA (CY2027E) for each group.

   Integrated midstream holds the center of this market, anchoring the largest share of the approved universe. Adjacent models sit at the edges of the range, pulling group medians in different directions. So what: business mix is a first-order signal for where a name is likely to be priced.

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   02 · MARKET MAP Integrated Midstream Holds the Center While Adjacent Models Stretch the Range 11 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED MIDSTREAM: GATHERING, PROCESSING AND NGL LOGISTICS 8 cos median 8.7x Enterprise (EPD) ONEOK (OKE) Western (WES) DT Midstream (DTM) Antero Midstream (AM) Hess Midstream (HESM) Delek Logistics (DKL) Summit Midstream (SMC) Integration from gathering through NGL logistics can deepen basin density and broaden the sources of fee-based cash flow. ADJACENT MODELS 3 cos median 6.7x Diversified (DEC) OPAL Fuels (OPAL) New Era Energy & (NUAI) The group sits at 6.7x and includes operating models with different earnings risks and capital needs.

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   02 · LANDSCAPE

   What Buyers Underwrite Shifts Alongside Business Mix

   This page details what buyers underwrite across each business segment in the approved universe.

   What a buyer underwrites shifts meaningfully with business mix — the same sector contains different operating and valuation profiles. We lay out the segment view here so a reader can see why. Full company-level detail sits in the appendix for anyone who wants to trace it. So what: segment context should shape how any single name's multiple is read.

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   02 · LANDSCAPE What Buyers Underwrite Shifts Alongside Business Mix Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified midstream: gathering, processing and NGL logistics 8 73% 8.7x Enterprise Products Partners L.P. (EPD) · ONEOK, Inc. (OKE) · +6 more Integration broadens the earnings base. The segment represents 73% of the set and combines gathering, processing and NGL logistics. Buyers can assess contract tenor, plant utilization and downstream connectivity together. Adjacent models 3 27% 6.7x Diversified Energy Company PLC (DEC) · OPAL Fuels Inc. (OPAL) · +1 more Different models widen the range. The adjacent group represents 27% of the set. Its construction, upstream and gas-to-power exposure requires a different view of earnings durability and capital intensity.

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   SECTION 03

   03

   This divider introduces the valuation section covering what the premium end needs beyond current margin.

   Forward pricing already credits a good deal of the market's growth forecasts, which raises the bar for what counts as a durable premium. So what: we now test whether growth, margin or something else explains the valuation spread.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Needs More than Current Margin Forward pricing already credits forecasts, raising the bar for durable earnings. 03 of 06 Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Holds a Clear Lead After Forecast Earnings

   This page ranks all 8 rated companies by EV/EBITDA (CY2027E) against a sector median of 8.7x.

   The premium end of the rated set holds a clear lead once forecast earnings are already in the price. With a sector median of 8.7x, the tier zones show how far the top and bottom of the range sit from the middle. So what: the gap between tiers is wide enough that business quality, not just growth, is doing real work in the price.

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   03 · PUBLIC MARKET VALUATION The Premium End Holds a Clear Lead After Forecast Earnings EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 8.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 10.1x CORE · median 8.7x DISCOUNT · median 4.8x Sector median 8.7x WHAT SEPARATES THE TWO ENDS The gap remains wide. The premium end sits at 10.1x against 4.8x at the discount end. Forward pricing raises the test. A forward EV / EBITDA multiple already credits forecast growth. A premium that remains points to confidence in the durability of those earnings. Business quality needs proof. Contract mix, producer concentration, acreage dedication and capacity utilization offer a practical framework for reading the spread.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 41% Margin Line Carry 7.4x Against 9.9x Below It

   This page splits the rated companies by revenue-growth and EBITDA-margin cohorts and shows the median valuation for each.

   Profitability separates the two ends of this market: names above the 41% margin line carry 7.4x, versus 9.9x for names below it. That split runs counter to a simple 'higher margin, higher price' assumption, and it's an association in the data, not a claim of cause. So what: margin alone doesn't sort this valuation range, and a deeper read on durability is warranted.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 41% Margin Line Carry 7.4x Against 9.9x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 21% · EBITDA-margin split at 41% Growth Separates Operations More than Valuation On the 8 companies with a forward estimate, the group above the 21% growth split sits at 8.7x versus 9.1x for the group below it. Headline Margin Carries Limited Separation High margins appear across different valuation tiers. The pattern is consistent with buyers looking beyond current profitability to contract mix, counterparty exposure and reinvestment needs. Capacity Can Support Efficient Growth Spare cryogenic capacity, well connects and downstream access can allow incremental throughput to enter an existing system at attractive incremental economics. Fee Mix Shapes Earnings Durability Fee-based cash flow with acreage dedication and minimum volume commitments is easier to underwrite than percent-of-proceeds or keep-whole exposure.

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    03 · SITUATION MAP

    The Money Sits Across Four Distinct Growth and Valuation Positions

    This page places companies into four positions cut on valuation versus the sector median and growth versus the covered median.

    We cut the rated set on EV/EBITDA versus the 8.7x sector median and revenue growth versus the 21% covered median, producing four distinct positions. This is a map of situations, not a set of recommendations. So what: where a name sits in this grid frames the kind of conversation an owner or acquirer should be having.

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    03 · SITUATION MAP The Money Sits Across Four Distinct Growth and Valuation Positions Cut on EV / EBITDA vs the sector median (8.7x) (rows) and revenue growth vs the covered median (21%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Growth, Higher Valuation Above-median multiple · above-median revenue growth 2 names ONEOK, Inc. (OKE) · Delek Logistics Partners, LP (DKL) ONEOK, Inc. (OKE) and Delek Logistics Partners, LP (DKL) pair above-middle growth with above-middle valuation. The operating agenda is to preserve contract quality while funding expansion. Lower Growth, Higher Valuation Above-median multiple · below-median revenue growth 2 names Enterprise Products Partners L.P. (EPD) · OPAL Fuels Inc. (OPAL) Enterprise Products Partners L.P. (EPD) and OPAL Fuels Inc. (OPAL) hold above-middle valuation despite below-middle growth. Their position is consistent with the market considering attributes beyond near-term expansion. Higher Growth, Lower Valuation Below-median multiple · above-median revenue growth 2 names Western Midstream Partners, LP (WES) · Diversified Energy Company PLC (DEC) Western Midstream Partners, LP (WES) and Diversified Energy Company PLC (DEC) pair above-middle growth with below-middle valuation. Contract mix, concentration and capital requirements are relevant areas to test. Lower Growth, Lower Valuation Below-median multiple · below-median revenue growth 2 names Hess Midstream LP (HESM) · Summit Midstream Corp. (SMC) Hess Midstream LP (HESM) and Summit Midstream Corp. (SMC) sit below the middle on growth and valuation. The commercial question is which operating moves can improve earnings durability.

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    03 · GROWTH VS PROFITABILITY

    Growth and Margin Alone Do Not Sort the Valuation Range

    This page plots revenue growth against EBITDA margin for 8 companies with both estimates and shows the median valuation in each quadrant.

    Growth and margin alone don't sort the valuation range in this set — the quadrant medians don't line up cleanly with either axis. So what: a name's multiple is better explained by contract quality and earnings durability than by growth or margin in isolation.

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    03 · GROWTH VS PROFITABILITY Growth and Margin Alone Do Not Sort the Valuation Range Revenue growth (CY2026E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (21% growth, 41% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=2; margin-only n=2; growth-only n=2; neither n=2). Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 40% 20% 40% 60% 80% MARGIN ONLY median 7.4x BALANCED median 5.9x NEITHER median 10.1x GROWTH ONLY median 9.3x HESM OPAL SMC EPD WES DEC OKE DKL x: revenue growth (CY2026E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The map divides the 8 companies with a forward estimate at 21% growth and 41% margin. Two names sit in every cell. The balanced cell is at 5.9x, while the growth-only and margin-only cells sit at 9.3x and 7.4x. This spread suggests that contract quality, business mix and concentration deserve attention alongside the two operating measures. The balanced median rests on 2 names and is lifted by WES at 8.7x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 6 of 8 names clear it (OKE, DKL, WES, SMC, HESM, DEC).

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    03 · THE AGENDA

    Options in This Sector Start with the Earnings Base and Then Added Capacity

    This page frames the strategic questions an owner or acquirer should resolve, starting with the earnings base and then added capacity.

    The options in this sector start with the earnings base — how durable is the cash flow — before capacity or growth questions come into play. These are framed as questions to resolve, not recommendations. So what: getting the earnings-base question right shapes every subsequent capital decision.

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    03 · THE AGENDA Options in This Sector Start with the Earnings Base and Then Added Capacity NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift the Contract Mix Increase the share of fee-based cash flow supported by acreage dedication, minimum volume commitments and inflation escalators. What changes the answer: The answer changes when commodity-linked margin or a re-contracting cliff becomes material to forward earnings. Fill Existing Capacity First Prioritize well connects and producer agreements that use spare processing, compression and treating capacity before committing to a new build. What changes the answer: The answer changes when utilization tightens or producer activity requires additional capacity. Deepen Basin Integration Assess gathering, processing, residue gas and NGL logistics as one operating chain where shared infrastructure can improve system economics. What changes the answer: The answer changes when basin concentration outweighs the benefit of density. Protect Self-Funded Growth Balance expansion spending with distribution coverage and the flexibility to fund attractive projects without straining the capital structure. What changes the answer: The answer changes when committed projects exceed internally available funding.

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    SECTION 04

    04

    This divider introduces the precedent transactions section covering how strategic fit has been rewarded historically.

    The precedent record spans system consolidation, basin density and broader integration deals. So what: these transactions offer a read on what buyers have actually paid for, beyond what public markets imply.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Reward Strategic Fit The record spans system consolidation, basin density and broader integration. 04 of 06 Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    What Buyers Agreed to Pay in Precedent Transactions, and What the Fit Suggests

    This page presents one precedent transaction as a case study, drawn from a set of 23 transactions with disclosed terms.

    We walk through this transaction as a case study of what a buyer agreed to pay and why the fit made sense, using LTM multiples at announcement. The complete list of transactions sits in the appendix for full detail. These deal multiples aren't directly comparable to the CY2027E public basis used elsewhere in this report, so no spread is claimed between the two. So what: precedent deals show buyers rewarding specific operating attributes, a separate signal from where public markets price the sector today.

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    04 · DEAL CASE STUDIES What Buyers Agreed to Pay in Precedent Transactions, and What the Fit Suggests 1 of 23 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 99 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 35 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Oct-2016 $2.0B American Midstream Partners, LP acquires JP Energy Partners LP EV / LTM revenue n/a EV / LTM EBITDA 6.6x WHY THE DEAL HAPPENED The transaction suggests that buyers assess whether a target can deepen density, improve integration or add contracted cash flow. Those operating links are central to the strategic read. HOW THE TARGET WAS VALUED The valuation should be benchmarked against the target's contract mix, concentration and forward earnings durability. Public-company and precedent-transaction ranges provide the appropriate context.

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    SECTION 05

    05

    This divider introduces the strategic implications section on contract quality and capacity.

    Owners can focus capital on the operating attributes that buyers underwrite: contract quality and capacity. So what: the next section turns this analysis into a set of practical choices.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Contract Quality and Capacity Shape the Next Move Owners can focus capital on the operating attributes that buyers underwrite. 05 of 06 Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    More Strategic Choice Tends to Sit with Better Contracts and Fuller Plants

    This page lays out the strategic questions this data raises for owners, management and boards over the next twelve months.

    More strategic choice tends to sit with better contracts and fuller plants — that's the throughline of everything in this report. We frame this as a set of observations, not recommendations, for the decisions ahead. So what: the companies best positioned to make an active choice are the ones building durability into their revenue base now.

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    05 · STRATEGIC IMPLICATIONS More Strategic Choice Tends to Sit with Better Contracts and Fuller Plants NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Durability into the Revenue Base Prioritize fee-based contracts, longer acreage dedications and well-connect visibility. These attributes support a clearer forward earnings case across commodity conditions. FOR MANAGEMENT Direct Capital Toward Existing Systems Use spare plant, compression and treating capacity before adding major new infrastructure. The operating case is clearest where incremental volume can enter at attractive economics. FOR BOARDS Test Concentration Against Integration Compare the benefits of basin density with producer, contract and regulatory concentration. The right balance depends on the durability of the dedication and the depth of the drilling inventory.

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    SECTION 06

    06

    This divider introduces the appendix covering the full comparables universe, methodology and sources.

    This section carries the comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. So what: anyone who wants to trace a number back to its source can do so here.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This page lists all 8 rated companies on EV/EBITDA (CY2027E), grouped by valuation tier against the 8.7x sector median.

    Every rated company sits here, shaded against the 8.7x sector median, with 3 additional companies not rated for lack of an eligible multiple. So what: this is the full public comparables set underlying every valuation claim made earlier in the report.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (8.7x); amber marks below · 8 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.9x · median 10.1x · 2 companies OPAL Fuels Inc. OPAL Gathering system and processing plant construction $1.2B 10.2x 2% 28% 42 Enterprise Products Partners L.P. EPD Diversified midstream: gathering, processing and NGL… $115B 9.9x 21% 17% 24 CORE — 7.8x–9.9x · median 8.7x · 4 companies ONEOK, Inc. OKE Diversified midstream: gathering, processing and NGL… $89.5B 9.8x 27% 22% 18 Delek Logistics Partners, LP DKL Diversified midstream: gathering, processing and NGL… $5.2B 8.8x 39% 41% 43 Western Midstream Partners, LP WES Diversified midstream: gathering, processing and NGL… $26.2B 8.7x 22% 63% 66 Summit Midstream Corp. SMC Diversified midstream: gathering, processing and NGL… $2.2B 8.2x 15% 42% 42 DISCOUNT — <7.8x · median 4.8x · 2 companies Hess Midstream LP HESM Diversified midstream: gathering, processing and NGL… $8.5B 6.5x -1% 78% 82 Diversified Energy Company PLC DEC Adjacent: upstream exploration and production $3.8B 3.1x 24% 53% 72

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page lists precedent transactions with disclosed terms, newest first, the first of two pages covering 23 transactions.

    These are the precedent transactions with disclosed terms, sorted newest first, with multiples on LTM financials at announcement where disclosed. So what: this is the primary evidence behind the deal case study shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (58 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 99 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 35 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 23 transactions shown; the rest are in the companion workbook. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2025 Sealed Air Corporation → Whitecap Resources Inc.; Veren Inc. n/a n/a 9.7x Sealed Air Corporation and Whitecap Resources Inc.; Veren Inc. were recorded at 9.7x. The announced status makes this an agreed valuation reference. Nov-2023 Undisclosed buyer → Bayou Ethane system n/a n/a 14.0x The Undisclosed buyer agreed to acquire the Bayou Ethane system at 14.0x. The transaction suggests that system-specific positioning can support valuation above much of the public-company range. Aug-2023 AltaGas Ltd. → Tidewater Midstream and Infrastructure Ltd. n/a 0.7x 8.8x AltaGas Ltd. and Tidewater Midstream and Infrastructure Ltd. were recorded at 0.7x revenue and 8.8x EBITDA. The abandoned status limits the read to the terms that were proposed. Oct-2022 Summit Midstream Partners, LP → Outrigger Energy II LLC (Outrigger DJ Midstream LLC) and Sterling Investment Holdings LLC (Sterling Energy Investments LLC, Grasslands Energy Marketing LLC and Centennial Water Pipelines LLC) n/a 0.7x 8.8x Summit Midstream Partners, LP agreed to acquire the named gathering, marketing and water assets at 0.7x revenue. The transaction points to the value of adding operating density around an existing platform. May-2022 EnLink Midstream, LLC → Barnett Gathering and Processing System (Crestwood Equity Partners) n/a 0.7x 8.8x EnLink Midstream, LLC pursued the Barnett Gathering and Processing System (Crestwood Equity Partners). The terminated status makes the proposal, rather than a completed outcome, the relevant reference. Feb-2022 Crestwood Equity Partners LP → Oasis Midstream Partners LP $772M 2.0x 8.8x Crestwood Equity Partners LP completed its acquisition of Oasis Midstream Partners LP for $772M at 2.0x revenue and 8.8x EBITDA. Jan-2022 Enterprise Products Partners L.P. → Navitas Midstream Partners, LLC n/a 0.7x 8.8x Enterprise Products Partners L.P. completed its acquisition of Navitas Midstream Partners, LLC. The combination aligns a midstream asset with a diversified gathering, processing and NGL logistics platform. Feb-2021 Energy Transfer LP → Enable Midstream Partners, LP n/a n/a 7.2x Energy Transfer LP and Enable Midstream Partners, LP were recorded at 7.2x. The announced combination suggests a strategic emphasis on platform breadth and operating overlap. Oct-2019 Energy Transfer LP → SemGroup Corporation n/a n/a 12.1x Energy Transfer LP agreed to acquire SemGroup Corporation at 12.1x. The terms provide a reference for a broader strategic combination rather than a single-system purchase.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This page continues the list of precedent transactions with disclosed terms, newest first.

    This second page completes the list of disclosed-terms transactions referenced earlier in the report. So what: together, these two pages give a full accounting of the deals behind this report's precedent-transaction conclusions.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 23 transactions with disclosed terms in this tier (58 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 99 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 35 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 23 transactions shown; the rest are in the companion workbook. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2019 Hess Midstream → Tioga Midstream, LLC (Summit Midstream Partners LP) n/a 0.7x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Oct-2018 Enterprise Products Partners L.P. → Duncan Energy Partners L.P. n/a n/a 10.6x Sep-2018 Lockheed Martin Corporation → Caprock Midstream Holdings LLC (Energy Spectrum Capital) n/a n/a 10.3x Jul-2018 Q-Free ASA → Enbridge Inc. n/a n/a 13.9x Feb-2017 Mundys S.p.A. (f/k/a Atlantia S.p.A.) → Outrigger Delaware Midstream, LLC; Outrigger Energy, LLC; Outrigger Midland Midstream, LLC n/a n/a 17.6x Feb-2017 SUEZ R&R UK → Delta Natural Gas Company, Inc. n/a n/a 16.9x Jan-2017 ONEOK → NSH n/a n/a 14.0x Oct-2016 American Midstream Partners, LP → JP Energy Partners LP $2.0B n/a 6.6x Value shown as recorded in the filing; deal value unit unresolved. May-2016 SemGroup Corporation → Rose Rock Midstream, L.P. n/a n/a 9.5x Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This page explains the report's sources, assumptions and data-quality treatment.

    Every figure in this report links back to the record it was taken from, and where no link exists, the appendix names the source and basis. So what: a reader can verify any number in this deck against its underlying disclosure.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Natural Gas Gathering and Processing and it clears the coverage gate with 8 of 11 companies (73%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 14 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 342 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (341) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Higher-Priced Names Pair Forward Earnings with a More Durable Operating Case.

    This closing page restates the report's core finding that higher-priced names pair forward earnings with a more durable operating case.

    The higher-priced names in this sector pair forward earnings with a more durable operating case — that's the throughline of this report. Companion tables carry the full universe and source index for any figure a client wants to trace. So what: the durability lens, more than growth or margin alone, is the more useful way to read this market.

    Everything on this page

    The Higher-Priced Names Pair Forward Earnings with a More Durable Operating Case. NeuraCap AI — Natural Gas Gathering and Processing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Natural Gas Gathering and Processing Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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