Oil and Gas Midstream and Pipelines Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › OIL AND GAS MIDSTREAM AND PIPELINES

Power Demand Writes New Contracts While the Whole Set Trades Down

This update covers sector moves, company announcements and M&A activity 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

Oil and Gas Midstream and Pipelines 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 › OIL AND GAS MIDSTREAM AND PIPELINES

   Cover slide introducing the September 14–28, 2026 bi-weekly update on Oil and Gas Midstream and Pipelines.

   This is our bi-weekly read on Oil and Gas Midstream and Pipelines, covering September 14–28, 2026. We answer what changed, who moved and why, what transacted, and what it means for the sector.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS MIDSTREAM AND PIPELINES Power Demand Writes New Contracts While the Whole Set Trades Down This update covers sector moves, company announcements and M&A activity 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 Oil and Gas Midstream and Pipelines Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Broad Selling Meets a Building Power-Demand Story

   Summarizes the two-week period: broad price declines alongside emerging power-demand contracts.

   We tracked 13 covered names and every one fell, with the median move at -4.8% against a +1.6% return for the S&P 500 over the same period. The declines were broad, led by moves of -10.1% and -8.2%, without a single dominant driver. At the same time, two operators signed new power contracts and Enbridge opened a season testing demand for new Permian egress. The transaction record held steady at a 9.0x median EV/LTM EBITDA across 40 precedent deals, so what moved is price, not the deal reference set.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Broad Selling Meets a Building Power-Demand Story The two-week period in one page · 13 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. Oil and Gas Midstream and Pipelines Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 13 of 13 Covered Names Fell; The Median Move Was -4.8% The S&P 500 returned +1.6% over the same two-week period. The decline was broad rather than concentrated, with the widest move at -10.1% and the second widest at -8.2%. 2 Two Operators Put Power Load into the Contract Book PROPWR signed new power contracts committing capacity to Targa Resources Corp. (TRGP), and Kodiak Gas Services, Inc. (KGS) agreed to supply behind-the-meter baseload power to a West Texas data center. Demand-side pull is showing up as signed commitments, not commentary. 3 Enbridge Tested Shipper Appetite for New Permian Egress Enbridge Inc. (ENB) launched a non-binding open season for its proposed West Texas Express natural gas pipeline, moving gas west from the Waha area toward El Paso. It is a direct read on how much firm takeaway shippers will commit to. 4 The Transaction Record, Not the Trading Screen, Still Sets the Pricing Reference No new transactions were recorded in the window. The trailing record holds at a 9.0x median EV/EBITDA across 40 precedent transactions, against the study's CY2027E sector median of 9.6x. -0.2% Best mover — Archrock, Inc. (AROC) worst: TGS -10.1% · 0 up / 13 down of 13 covered -4.8% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   The Decline Was Broad, and the Widest Moves Came Without a Clear Record

   Shows the two-week share price moves across covered names and flags which of the widest swings lack a clear recorded driver.

   Every covered name moved lower over the two weeks, with a sector median of -4.8% against the S&P 500's +1.6%. Our materiality bar sits at 7.1%, sector-relative, and the widest moves, -10.1% and -8.2%, crossed it without a filing or headline in our record to explain them. We link each move only to what is recorded in the window; where nothing is recorded, we say so. That gap is itself information worth watching as the record catches up.

   Everything on this page

   PUBLIC MARKET MOVERS The Decline Was Broad, and the Widest Moves Came Without a Clear Record Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.8% · S&P 500 +1.6% · materiality bar ±7.1% (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. Oil and Gas Midstream and Pipelines 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 -4.8% Transportadora de Gas del Sur S.A. (TGS) -10.1% No notable in-window news was identified that clearly explains the move. The -10.1% decline at Transportadora de Gas del Sur S.A. (TGS), a Discount-tier name, was wider than the -4.8% median across the covered set. Discount-tier names carry the least cushion when the whole covered set trades lower together. UNEXPLAINED Genesis Energy, L.P. (GEL) -8.2% No notable in-window news was identified that clearly explains the move. Genesis Energy, L.P. (GEL), a Core-tier name, fell -8.2% against the -4.8% median for the covered set. Core-tier partnerships were marked down alongside the group rather than on their own record. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   The Developments That Change How the Sector Reads

   Highlights the two-week period's highest-impact company announcements and industry developments, each linked to its source.

   This page walks through the two-week period's highest-impact events, each linked back to the filing or article it came from. The two we'd flag first are the power-supply commitments — PROPWR into Targa Resources Corp. (TRGP) and Kodiak Gas Services, Inc. (KGS) into a West Texas data center — alongside Enbridge Inc.'s (ENB) open season for its proposed West Texas Express pipeline. Together they show demand-side pull turning into signed paper rather than just commentary. That is the evidence base the rest of the update builds on.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS The Developments That Change How the Sector Reads 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. Oil and Gas Midstream and Pipelines Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 22 · NEWS · Business Wire PROPWR Signs New Power Contracts to Commit Approximately 230 Megawatts to Targa Resources Corp. MIDLAND, Texas--(BUSINESS WIRE)--PROPWR Signs New Power Contracts to Commit Approximately 230 Megawatts to Targa Resources Corp. Read alongside the movers page for the market's reaction. Sep 21 · NEWS · Business Wire Kodiak Gas Services Announces Power Supply Agreement with West Texas Data Center THE WOODLANDS, Texas--(BUSINESS WIRE)--Kodiak Gas Services, Inc. (NYSE: KGS) (“Kodiak”) today announced that it has entered into an agreement to provide 76 megawatts of behind-the- Read alongside the movers page for the market's reaction. Sep 15 · NEWS · Reuters Enbridge launches open season for proposed Texas natgas pipe Canadian energy company ‌Enbridge said on Tuesday it launched a non-binding open season for its proposed West Texas Express natural gas pipeline to transport gas west from the Waha Read alongside the movers page for the market's reaction. Sep 14 · NEWS · 24/7 Wall Street 3 High-Yield Dividend Stocks That Let You Sleep at Night Income investors who want to stop refreshing their brokerage screens every hour usually converge on the same profile: a business with contracted or recurring cash flows, a long div Read alongside the movers page for the market's reaction. Sep 21 · NEWS · 24/7 Wall Street 4 Ultra-High-Yield Energy Stocks Are September Strong Buys (One Yields Over 10%) Energy prices look set to stay elevated through the rest of 2026 and beyond, and four high-yielding energy stocks are quietly positioned to turn that pressure into serious passive Read alongside the movers page for the market's reaction. Sep 16 · NEWS · GlobeNewsWire Targa Resources Corp. Releases Sustainability Report HOUSTON, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Targa Resources Corp. (NYSE: TRGP) ("Targa", the "Company", or “our”) announced today that our Sustainability Report for 2025 is now ava Read alongside the movers page for the market's reaction.

5. 05
   M&A & STRATEGIC ACTIVITY

   A Quiet Window for Transactions Leaves the Existing Record in Charge

   Reviews the M&A backdrop, noting no new transactions closed in the window and the trailing precedent set that still anchors valuation.

   No new transactions were recorded in this window, so the existing record does the work: 40 precedent deals at a 9.0x median EV/LTM EBITDA. We don't re-present old deals as news, but we do use them as the pricing reference for anything a buyer or seller brings to the table today. Against a sector CY2027E median of 9.6x, that gap is worth watching as the reference point for the next transaction. A quiet two weeks on the deal tape doesn't mean the pricing conversation is quiet.

   Everything on this page

   M&A & STRATEGIC ACTIVITY A Quiet Window for Transactions Leaves the Existing Record in Charge September 14–28, 2026 · precedent transactions: 40 recorded deals · median 9.0x 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. Oil and Gas Midstream and Pipelines 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 remains the pricing reference, at a 9.0x median EV/EBITDA across 40 precedent transactions. 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 9.0x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Operators, Buyers and Advisors

   Translates the two-week period into implications for operators, acquirers and advisors.

   For operators, the differentiators now are contract mix and utilisation — fee-based margin share, take-or-pay coverage, and remaining contract tenor. For acquirers, the reference set hasn't moved: the 9.0x median EV/EBITDA across 40 precedent transactions still anchors any conversation, even as public marks fell. For advisors, the story to lead with is demand-side contracts and firm takeaway evidence, given two signed power agreements and an open season in a single window. These are observations, not recommendations, but they set the agenda for the next two weeks.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Operators, Buyers and Advisors 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. Oil and Gas Midstream and Pipelines Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.6x 13 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Midstream and Pipelines Split Between Diversified Systems and Compression Services FOR OWNERS & OPERATORS Contract Mix and Utilisation Carry the Story When the Group Moves Together Companies in the space traded lower as a set, so the differentiators are operating ones: fee-based share of gross margin, take-or-pay and minimum volume commitment coverage, weighted average remaining contract tenor FOR ACQUIRERS The Reference Set Is Unchanged While Public Marks Moved No transactions were added in the window, so the 9.0x median EV/EBITDA across 40 precedent transactions still anchors the comparison. FOR ADVISORS Lead with Demand-Side Contracts and Firm Takeaway Evidence The period's dominant theme is power load and egress commitment: two signed power agreements and an open season testing firm transport appetite.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update and where each figure originates.

   Every figure in this update links back to the record it was taken from — SEC filings, press releases and established outlets, admitted in that reliability order. We do not draw on video or social platforms. This page is where to check any number before you act 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. Oil and Gas Midstream and Pipelines 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. No covered name fell below the floor in 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_20260928T072155Z_306_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 · 247wallst.com · globenewswire.com · prnewswire.com

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