Oil and Gas Midstream and Pipelines Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS MIDSTREAM AND PIPELINES

Midstream: The Premium Sits with Scale and Durability

This report shows how business mix, earnings durability and strategic fit separate valuation across the peer group.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › OIL AND GAS MIDSTREAM AND PIPELINES

   Midstream: The Premium Sits with Scale and Durability

   Cover slide introducing the September 2026 outlook on Oil and Gas Midstream and Pipelines, framed around scale and earnings durability.

   We open this outlook with the finding that carries through the rest of the deck: the valuation premium in Oil and Gas Midstream and Pipelines sits with scale and durability, not size alone. Everything that follows sets out why.

   Everything on this page

   ENERGY › ENERGY › OIL AND GAS MIDSTREAM AND PIPELINES Midstream: The Premium Sits with Scale and Durability This report shows how business mix, earnings durability and strategic fit separate valuation across the peer group. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Contents page listing the five sections and appendix covered in the report.

   We've built this report to work in five sections plus an appendix, starting with the bottom line so a reader who stops there still gets the whole story. The sections that follow build the landscape, the valuation and situation analysis, the precedent transactions, and the strategic implications. So we recommend starting where the answer is, then working into the evidence behind it.

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   CONTENTS What This Report Covers 01 The Bottom Line Diversified Systems Hold the Premium Ground 02 The Landscape Diversified Systems Define the Market 03 Valuation & Situations The Forward Premium Demands Durable Earnings 04 Precedent Transactions Transaction Pricing Varies Across Assets and Whole Companies 05 Strategic Implications Strengthen the Earnings Base Before Reaching for Growth 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Midstream and Pipelines Split Between Diversified Systems and Compression Services

   The bottom line: Oil and Gas Midstream and Pipelines splits between diversified systems and compression services, with valuation tracking scale and durability.

   We find the peer group splits cleanly between diversified systems, which carry the broader footprint, and compression services, a smaller, distinct model. On EV/EBITDA (CY2027E), the premium end trades at 11.9x against 7.7x at the discount end, a gap that persists even once forecast EBITDA is already priced in. This tells us the market is still paying for confidence in earnings durability, not growth alone. So the sections that follow trace where that confidence comes from and how it shows up in the numbers.

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   01 · THE BOTTOM LINE Oil and Gas Midstream and Pipelines Split Between Diversified Systems and Compression Services 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 (13 of 13 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Forward Premium Still Has to Be Earned The premium end stands at 11.9x EV / EBITDA versus 7.7x at the discount end. With forecast EBITDA already reflected, the remaining gap is associated with confidence in earnings durability. 2 Diversified Systems Hold the Broader Market Position Diversified midstream systems represent 85% of the peer group, while compression services represent 15%. Connectivity across gathering, processing, transport and demand centres gives owners more ways to defend the earnings base. 3 Contract Quality Gives the Multiple Its Operating Proof Fee-based margin, contract tenor and minimum volume commitment coverage shape how durable cash earnings appear. Acreage dedication quality and counterparty strength matter alongside reported growth and margin. 4 Transaction Benchmarks and Asset Fit Move Together Disclosed EV / EBITDA runs from 6.5x to 12.1x in the transaction record. The range sits alongside differences in asset scope, buyer fit and contracted earnings. 9.6x Sector median EV/EBITDA CY2027E consensus · 13 rated of 13 companies 11.9x Premium end EV/EBITDA vs 7.7x at the discount end top quartile (n=4) against bottom quartile (n=4) on EV/EBITDA — the spread the report explains 49 Transactions with disclosed terms 153 recorded in this tier · 3 told as case studies, the full list in the appendix

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   Divider introducing the market-map section on diversified systems versus compression services.

   We turn now to the market map: how diversified systems and compression services divide the peer group, and what that split means for capital needs.

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   SECTION 02 02 THE LANDSCAPE Diversified Systems Define the Market Compression services bring different economics, customers and capital needs. 02 of 06 Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Diversified Systems Dominate the Peer Group While Compression Remains a Distinct Model

   Grouped view of the 13 approved companies by business segment, showing median EV/EBITDA (CY2027E) per group.

   We group the covered universe into diversified systems and compression services and compare median EV/EBITDA (CY2027E) across each. Diversified systems dominate the peer group by count, while compression names stand apart on customer base and capital needs. This separation sets the baseline against which every valuation comparison in this report is drawn. So when we discuss premium versus discount later, we are comparing within a peer group that already contains two different business models.

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   02 · MARKET MAP Diversified Systems Dominate the Peer Group While Compression Remains a Distinct Model 13 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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED MIDSTREAM SYSTEMS 11 cos median 10.0x Enbridge (ENB) Energy Transfer (ET) The Williams (WMB) MPLX Targa Resources (TRGP) Plains All (PAA) Plains GP Holdings (PAGP) Western (WES) Genesis Energy, (GEL) Delek Logistics (DKL) Transportadora (TGS) The group represents 85% of the peer group and spans broader links from producing basins to hubs and demand centres. MIDSTREAM FIELD EQUIPMENT AND COMPRESSION SERVICES 2 cos median 7.7x Archrock (AROC) Kodiak Gas (KGS) The group represents 15% of the peer group and depends more directly on contracted horsepower, utilisation and pricing per horsepower.

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   02 · LANDSCAPE

   Broader Networks and Compression Fleets Serve Different Value Propositions

   Segment-level view describing what diversified network and compression fleet businesses do and why the distinction matters for value.

   We lay out what each segment does: diversified systems connect gathering, processing, transport and demand centres, while compression fleets serve a narrower, service-driven role. The two earn differently, and that shapes how each is capitalised and how durable their cash earnings look. So an owner or acquirer weighing an investment needs to know first which model they are underwriting.

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   02 · LANDSCAPE Broader Networks and Compression Fleets Serve Different Value Propositions 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. Oil and Gas Midstream and Pipelines 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 systems 11 85% 10.0x Enbridge Inc. (ENB) · Energy Transfer LP (ET) · +9 more Networks widen the earnings base. Gathering, processing, fractionation and transport assets can connect multiple basins and demand points. Contract mix, corridor position and brownfield expansion capacity shape the durability of that platform. Midstream field equipment and compression services 2 15% 7.7x Archrock, Inc. (AROC) · Kodiak Gas Services, Inc. (KGS) Fleet economics need separate proof. Contracted horsepower, fleet utilisation and pricing per horsepower frame the model. Emissions obligations, customer concentration and capital needed to maintain the fleet remain important.

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   Divider introducing the valuation section on the forward EBITDA premium.

   We move next into valuation: what the forward multiple demands once expected growth is already priced in.

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   SECTION 03 03 VALUATION & SITUATIONS The Forward Premium Demands Durable Earnings The gap remains after forecast EBITDA is already reflected in the multiple. 03 of 06 Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Retains a Clear Forward EBITDA Gap

   Sorted view of all 13 rated companies' EV/EBITDA (CY2027E) against the sector median of 9.6x.

   We rank all 13 rated companies on EV/EBITDA (CY2027E) against a sector median of 9.6x, splitting the set into tiers at the rated group's own quartiles. The premium end still trades well above the median even though CY2027E growth is already built into every multiple shown. That persistence tells us the market keeps rewarding something beyond the forecast numbers themselves. So the pages that follow test what that something is.

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   03 · PUBLIC MARKET VALUATION The Premium End Retains a Clear Forward EBITDA Gap EV / EBITDA (CY2027E) · all 13 rated companies, sorted descending · sector median 9.6x · 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 (13 of 13 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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.9x CORE · median 9.6x DISCOUNT · median 7.7x Sector median 9.6x WHAT SEPARATES THE TWO ENDS The valuation gap remains. The premium tier sits at 11.9x EV / EBITDA, while the discount tier sits at 7.7x. Both figures use the same forward earnings standard. Forward estimates raise the bar. A forward multiple already gives credit for forecast EBITDA. A premium that remains therefore calls for confidence that the earnings base can hold. Operating proof stays asset-specific. Contract tenor, fee-based margin, acreage dedication and access to demand centres provide the practical evidence behind earnings durability.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 41% Margin Line Carry 8.7x Against 10.5x Below It

   Cohort comparison showing median EV/EBITDA split by revenue growth and by EBITDA margin, cut at the covered group's medians.

   We split the rated names at their own median revenue growth and median EBITDA margin, then compare the multiples each cohort carries. Names above the 41% margin line carry 8.7x against 10.5x for names below it, an association between margin and multiple rather than a proven cause. The growth cohorts move by a smaller margin by comparison. So margin quality reads as the stronger signal on where the premium sits, though we treat it as evidence, not a rule.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 41% Margin Line Carry 8.7x Against 10.5x 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=7; slower n=6; higher-margin n=7; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 7% · EBITDA-margin split at 41% Growth Separates the Groups Modestly Among the seven names in the higher-growth group, the middle EV / EBITDA is 10.0x. Among the six names in the lower-growth group, it is 9.2x, so growth is associated with a measured rather than sweeping difference. Clearing Both Bars Does Not Ensure a Premium Among five names above both operating bars, the middle valuation is 8.1x. Among two names above the growth bar alone, it is 11.0x, which argues for asset-level review before treating combined growth and margin as sufficient. Earnings Quality Needs Operating Evidence Fee-based margin, take-or-pay protection and remaining contract tenor help distinguish durable EBITDA from earnings exposed to recontracting, commodity terms or counterparty concentration.

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    03 · SITUATION MAP

    Four Places to Sit: Hold the Premium, Close the Gap, Earn the Multiple, Rebuild Growth

    Four-quadrant map placing companies by EV/EBITDA versus the sector median and by revenue growth versus the covered median.

    We cut the covered names on EV/EBITDA against the sector median of 9.6x and on revenue growth against the covered median of 7%, producing four situations: hold the premium, close the gap, earn the multiple, and rebuild growth. Each quadrant describes a position, not a recommendation. This framing helps an owner see where their own company or a target sits before deciding what to do about it. So the map is a starting point for the conversation, not the conclusion.

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    03 · SITUATION MAP Four Places to Sit: Hold the Premium, Close the Gap, Earn the Multiple, Rebuild Growth Cut on EV / EBITDA vs the sector median (9.6x) (rows) and revenue growth vs the covered median (7%) (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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium with Growth Above-median multiple · above-median revenue growth 4 names The Williams Companies, Inc. (WMB) · MPLX Lp (MPLX) · Targa Resources Corp. (TRGP) · +1 more Four names sit above both the valuation and growth lines. Their task is to protect contract quality and capital discipline as the earnings base expands. Premium Without Growth Above-median multiple · below-median revenue growth 3 names Enbridge Inc. (ENB) · Plains All American Pipeline, L.P. (PAA) · Genesis Energy, L.P. (GEL) Three names hold above-line valuation despite below-line growth. The operating question is whether durable contracts, asset position and cash returns can continue to support that standing. Growth Without Premium Below-median multiple · above-median revenue growth 3 names Archrock, Inc. (AROC) · Kodiak Gas Services, Inc. (KGS) · Transportadora de Gas del Sur S.A. (TGS) Three names deliver above-line growth without an above-line valuation. The agenda is to test revenue quality, capital intensity and how quickly growth becomes durable cash earnings. Neither Premium nor Growth Below-median multiple · below-median revenue growth 3 names Energy Transfer LP (ET) · Western Midstream Partners, LP (WES) · Delek Logistics Partners, LP (DKL) Three names sit below both lines. Priorities centre on portfolio focus, cost structure, contract mix and capital allocation.

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    03 · GROWTH VS PROFITABILITY

    High Growth and High Margin Do Not Occupy the Highest-Valued Corner

    Scatter of revenue growth against EBITDA margin for all 13 companies, with median EV/EBITDA shown by quadrant.

    We plot revenue growth against EBITDA margin for the 13 companies with both estimates, cut at the covered medians of 7% growth and 41% margin, and show median EV/EBITDA in each quadrant. The highest-growth, highest-margin quadrant does not carry the highest median multiple in this data. That is a useful check against assuming growth and margin automatically buy the top valuation. So we treat this as a reason to look deeper at earnings quality before assuming size or speed sets the price.

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    03 · GROWTH VS PROFITABILITY High Growth and High Margin Do Not Occupy the Highest-Valued Corner Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 13 companies with both estimates · cuts at the covered medians (7% 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=5; margin-only n=2; growth-only n=2; neither n=4). Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 -10% 0% 10% 20% 0% 20% 40% 60% MARGIN ONLY median 8.7x BALANCED median 8.1x NEITHER median 10.3x GROWTH ONLY median 11.0x ENB GEL DKL ET WES PAA MPLX PAGP AROC TGS WMB KGS TRGP x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS The chart uses 7% revenue growth and 41% margin as its operating bars. The Williams Companies, Inc. [WMB] and MPLX Lp [MPLX] sit above both. Targa Resources Corp. [TRGP] is above growth alone, while Western Midstream Partners, LP [WES] is above margin alone. Energy Transfer LP [ET] and Delek Logistics Partners, LP [DKL] sit below both bars. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 8 of 13 names clear it.

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    03 · THE AGENDA

    Owners Weighing Their Next Capital Commitment Start with Earnings Quality, Asset Fit and Capital Needs

    A set of questions on earnings quality, asset fit and capital needs for owners weighing their next capital commitment.

    We frame the questions an owner or acquirer should work through next: how durable is the contracted earnings base, how well does the asset footprint connect to demand, and what capital does growth actually require. These are observations drawn from the cohort data shown earlier, not recommendations. So we use this page to set the agenda before moving into how precedent transactions have actually been priced.

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    03 · THE AGENDA Owners Weighing Their Next Capital Commitment Start with Earnings Quality, Asset Fit and Capital Needs 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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen the Connected Footprint Assess where gathering, processing, fractionation or transport assets can close a physical gap and widen access to demand centres. What changes the answer: The answer changes when adjacent assets improve utilisation or expand fee-based earnings without requiring a full new build. Rebalance Contract Exposure Test the mix of fee-based, take-or-pay, percent-of-proceeds and keep-whole earnings against upcoming recontracting points. What changes the answer: The answer changes when contract renewal, counterparty credit or commodity exposure alters the durability of EBITDA. Prioritise Brownfield Expansion Compare compression and debottlenecking projects with larger network additions on returns, execution risk and time to cash earnings. What changes the answer: The answer changes when existing corridors and facilities can absorb growth with less capital and permitting exposure. Protect Self-Funding Capacity Balance growth capital, maintenance needs and cash returns without stretching the capital structure beyond rating tolerance. What changes the answer: The answer changes when the next project consumes cash that would otherwise support balance-sheet strength or owner returns.

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    04

    Divider introducing the precedent transactions section.

    We now turn to the transaction record: how deals in this space have actually been priced across assets and whole companies.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Transaction Pricing Varies Across Assets and Whole Companies Strategic fit, contract quality and asset scope sit alongside a broad valuation range. 04 of 06 Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Strategic Fit Sits Alongside a Broad Transaction Valuation Range

    Three case studies drawn from the transactions with disclosed terms, showing multiples on LTM financials at announcement.

    We walk through three transactions from those with disclosed terms, each read for what the deal multiple says about strategic fit, contract quality and asset scope. Disclosed EV/EBITDA in the transaction record runs from 6.5x to 12.1x, a spread we associate with differences in asset scope and buyer fit rather than a single driver. These multiples sit on an LTM-at-announcement basis and are not directly comparable to the CY2027E public multiples shown earlier. So the message here is that price follows fit at least as much as it follows scale.

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    04 · DEAL CASE STUDIES Strategic Fit Sits Alongside a Broad Transaction Valuation Range 3 of 49 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. 196 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. 104 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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Aug-2024 $17.1B ONEOK, Inc. ONEOK, Inc. and EnLink Midstream, LLC created a large diversified transaction reference. The disclosed value was $17.1B. EV / LTM revenue 2.5x EV / LTM EBITDA 9.1x WHY THE DEAL HAPPENED The transaction suggests a network-expansion fit between a diversified midstream buyer and an established midstream platform. The combination brings broader gathering, processing and transport exposure under one owner. HOW THE TARGET WAS VALUED EnLink Midstream, LLC was valued at 2.5x EV / revenue and 9.1x EV / EBITDA. The EBITDA multiple sits near the peer group's 9.6x middle. Jan-2023 $13.6B Phillips 66 acquires DCP Midstream, LP EV / LTM revenue 0.9x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer-target combination provides a strategic-fit reference for the sector. HOW THE TARGET WAS VALUED Its valuation relevance rests on the EV / EBITDA framework used across the sector. Aug-2021 $2.0B Southwest Gas Holdings, Inc. acquires Dominion Energy Questar Pipeline, LLC EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer-target combination provides a strategic-fit reference for the sector. HOW THE TARGET WAS VALUED Its valuation relevance rests on the EV / EBITDA framework used across the sector.

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    SECTION 05

    05

    Divider introducing the strategic implications section.

    We close the analysis with what this means in practice: where durable, contracted earnings create the strongest position.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Base Before Reaching for Growth Contract quality, asset connectivity and disciplined capital allocation remain central. 05 of 06 Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Contracted Earnings Remain a Practical Route to a Stronger Position

    Our view on the questions owners, management teams and boards face over the next twelve months.

    We set out our view that durable, contracted earnings remain the most practical route to a stronger position in this sector. For owners, that means building around contract quality, corridor position and counterparty strength. For management teams and boards, it means matching growth capital to cash conversion and setting a clear capital hierarchy. So the throughline across every audience is the same: earnings durability is what the market is paying for.

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    05 · STRATEGIC IMPLICATIONS Durable Contracted Earnings Remain a Practical Route to a Stronger Position 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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Build Around Defensible Cash Earnings Focus portfolio choices on contract quality, corridor position, counterparty strength and links to durable demand. FOR MANAGEMENT TEAMS Match Growth with Cash Conversion Test well connects, throughput and horsepower growth against maintenance capital, recontracting risk and the path to self-funding. FOR BOARDS Set a Clear Capital Hierarchy Compare brownfield investment, portfolio changes and owner returns through the same lens of durable EBITDA and balance-sheet capacity.

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    06

    Divider introducing the appendix covering the full comparable universe, transaction detail and methodology.

    The final section carries the full comparable universe, the transaction detail and the methodology behind every figure in this report.

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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 Oil and Gas Midstream and Pipelines 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

    Full list of the 13 rated companies' EV/EBITDA (CY2027E), grouped by valuation tier against the 9.6x sector median.

    We set out the complete rated set here, with every company's EV/EBITDA (CY2027E) shown against the 9.6x sector median. This is the underlying detail behind every comparison made earlier in the report. So a reader can trace any multiple referenced in the body back to the company it belongs to.

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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 (9.6x); amber marks below · 13 rated companies · 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 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Oil and Gas Midstream and Pipelines 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 — ≥10.9x · median 11.9x · 4 companies The Williams Companies, Inc. WMB Diversified midstream systems $116B 12.2x 14% 67% 82 Targa Resources Corp. TRGP Diversified midstream systems $78.8B 12.1x 26% 27% 53 Enbridge Inc. ENB Diversified midstream systems $187B 11.8x -14% 31% 18 Plains All American Pipeline, L.P. PAA Diversified midstream systems $31.9B 11.0x 4% 5% 9 CORE — 8.2x–10.9x · median 9.6x · 5 companies MPLX Lp MPLX Diversified midstream systems $82.3B 10.5x 7% 56% 63 Plains GP Holdings LP PAGP Diversified midstream systems $29.3B 10.0x 7% 5% 12 Genesis Energy, L.P. GEL Diversified midstream systems $5.8B 9.6x -6% 36% 30 Delek Logistics Partners, LP DKL Diversified midstream systems $5.2B 8.8x 1% 41% 43 Western Midstream Partners, LP WES Diversified midstream systems $26.2B 8.7x 3% 63% 66 DISCOUNT — <8.2x · median 7.7x · 4 companies Energy Transfer LP ET Diversified midstream systems $159B 8.2x 2% 16% 18 Archrock, Inc. AROC Midstream field equipment and compression services $7.7B 8.1x 8% 58% 66 Kodiak Gas Services, Inc. KGS Midstream field equipment and compression services $7.3B 7.3x 16% 57% 73 Transportadora de Gas del Sur S.A. TGS Diversified midstream systems $3.8B 4.8x 8% 53% 61

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First page of the full list of disclosed-terms precedent transactions, newest first.

    We list the disclosed-terms transactions in this tier, newest first, with multiples on LTM financials at announcement where disclosed. Transactions with disclosed terms sit alongside a larger set of recorded transactions in this tier. So this is the evidence base behind the transaction range and case studies discussed earlier in the report.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 49 transactions with disclosed terms in this tier (153 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. 196 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. 104 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 49 transactions shown; the rest are in the companion workbook. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 Pecom Servicios Energía S.A.U. → Manantiales Behr area $410M n/a n/a Pecom Servicios Energía S.A.U. announced the Manantiales Behr area transaction at $410M. The record provides an asset-level value reference. Dec-2025 Northern Oil & Gas, Inc. → Antero Resources Corporation $4.4B 0.9x 2.8x Northern Oil & Gas, Inc. announced the Antero Resources Corporation transaction at $4.4B, 0.9x EV / revenue and 2.8x EV / EBITDA. Feb-2025 Apollo → Midway Pipeline n/a n/a 6.5x Apollo announced the Midway Pipeline transaction at 6.5x EV / EBITDA. The reference shows the pricing attached to a pipeline asset in this record. Oct-2024 Company → Antero Midstream n/a n/a 12.1x Company announced the Antero Midstream transaction at 12.1x EV / EBITDA. It sits at the upper end of disclosed transaction multiples in the record. Aug-2024 Greencore Group Plc → OCP Ecuador n/a n/a 10.7x Greencore Group Plc announced the OCP Ecuador transaction at 10.7x EV / EBITDA. The transaction provides another infrastructure valuation reference. Aug-2024 ONEOK, Inc. → EnLink Midstream, LLC $17.1B 2.5x 9.1x ONEOK, Inc. completed the EnLink Midstream, LLC transaction. The combination placed a large diversified buyer alongside an established midstream network. Aug-2024 Enterprise Products Partners L.P. → Piñon Midstream n/a n/a 9.5x Enterprise Products Partners L.P. completed the Piñon Midstream transaction at 9.5x EV / EBITDA. The deal links a diversified platform with a midstream asset. May-2024 Antero Midstream Corporation → gathering and compression assets in the Marcellus Shale n/a n/a 8.7x Antero Midstream Corporation completed the gathering and compression assets in the Marcellus Shale transaction at 8.7x EV / EBITDA. The asset type aligns with its existing midstream activities. Aug-2023 AltaGas Ltd. → Tidewater Midstream and Infrastructure Ltd. n/a 0.7x 8.8x AltaGas Ltd. proposed the Tidewater Midstream and Infrastructure Ltd. transaction at 0.7x EV / revenue and 8.8x EV / EBITDA. The transaction was abandoned.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second page continuing the full list of disclosed-terms precedent transactions, newest first.

    We continue the same transaction list here, completing the disclosed-terms set shown across both pages. Together the two pages carry the complete set of disclosed-terms transactions in this tier. So a reader working through a specific deal can find it here rather than in the summary case studies alone.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 49 transactions with disclosed terms in this tier (153 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. 196 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. 104 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 49 transactions shown; the rest are in the companion workbook. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters May-2023 ONEOK, Inc. → Magellan Midstream Partners, L.P. n/a n/a 12.1x Jan-2023 Investor Group → National Grid Gas Transmission (NGGT) n/a 8.4x n/a Jan-2023 Phillips 66 → DCP Midstream, LP $13.6B 0.9x n/a Value shown as recorded in the filing; deal value unit unresolved. Dec-2022 Williams Partners Operating LLC → MountainWest Pipelines Holding Company $1.5B n/a n/a Dec-2022 I Squared Capital → WhiteWater Whistler (62.5% interest in pipeline) n/a n/a 12.0x Mar-2022 H&F & Permira → Dominion Energy Questar Pipeline, LLC n/a 5.4x 48.7x Feb-2022 Crestwood Equity Partners LP → Oasis Midstream Partners LP $772M 2.0x 8.8x Value shown as recorded in the filing; deal value unit unresolved. Jan-2022 ArcLight Capital Partners, LLC → 25% Interest in Gulf Coast Express Pipeline (Targa Resources) n/a 0.7x 11.0x Value shown as recorded in the filing; deal value unit unresolved. Sep-2021 Enbridge Inc. → Moda Midstream Operating (EnCap Flatrock Midstream) n/a n/a 8.0x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Explanation of the valuation basis, exclusions and data sources used throughout the report.

    We set out here how this report was built: the valuation basis, what was excluded and why, and where each disclosure sits. This is the reference page for checking any figure used earlier in the deck. So it is the place to return to when a number in the body needs tracing back to its source.

    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. Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 13 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 Oil and Gas Midstream and Pipelines and it clears the coverage gate with 13 of 13 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 13 of the 13 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 3 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 555 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 (554) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Premium Sits with Scale, Durability and Strategic Fit in This Peer Group.

    Closing statement that the premium sits with scale, durability and strategic fit in this peer group.

    We close where we started: the premium in Oil and Gas Midstream and Pipelines sits with scale, durability and strategic fit. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a reader wants to trace. So this deck gives the argument, and the tables behind it give the proof.

    Everything on this page

    The Premium Sits with Scale, Durability and Strategic Fit in This Peer Group. NeuraCap AI — Oil and Gas Midstream and Pipelines Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Midstream and Pipelines Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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