Oil and Gas Refining and Marketing 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 REFINING AND MARKETING

Refiners Raise Cash on Convertible Paper While Deal Flow Stays Quiet

This update covers Oil and Gas Refining and Marketing over the two-week period of September 14–28, 2026: what moved, what companies did, and what changed in the transaction record.

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 Refining and Marketing 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 REFINING AND MARKETING

   This is the cover page for the September 14–28, 2026 bi-weekly update on Oil and Gas Refining and Marketing.

   We open this bi-weekly on Oil and Gas Refining and Marketing for September 14–28, 2026. The pages that follow answer what changed, who moved and why, what transacted, and what it means for your next decision.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS REFINING AND MARKETING Refiners Raise Cash on Convertible Paper While Deal Flow Stays Quiet This update covers Oil and Gas Refining and Marketing over the two-week period of September 14–28, 2026: what moved, what companies did, and what changed in the transaction record. 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 Refining and Marketing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Financing Decisions, Not Transactions, Set the Tone

   This page summarizes the two-week period: price moves across 20 covered names, two note financings, and one agreed transaction with undisclosed terms.

   We saw 14 of the 20 covered names fall over the two weeks, with the sector median move at -1.6% against the S&P 500's +1.6%, so the group underperformed the broad market. Two downstream issuers, Delek US Holdings, Inc. (DK) and PBF Energy Inc. (PBF), priced convertible and exchangeable notes within days of each other, marking the period's real activity. The only agreed transaction was YPF Sociedad Anónima's (YPF) assignment of a 20% interest in two Vaca Muerta joint-venture contracts, with no monetary terms disclosed. So what: the period's signal is balance-sheet financing, not deal-making, and that should shape how you read the next two weeks.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Financing Decisions, Not Transactions, Set the Tone The two-week period in one page · 20 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 Refining and Marketing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 14 of 20 Covered Names Fell; The Median Move Was -1.6% The S&P 500 returned +1.6% over the same window, so the group trailed the broad market. The gains were concentrated: Cosan S.A. (CSAN) at +7.3% and CVR Energy, Inc. (CVI) at +5.9%. 2 Two Downstream Issuers Priced Convertible and Exchangeable Notes in the Same Stretch Delek US Holdings, Inc. (DK) announced and priced $400.0 million of convertible senior notes due 2031 on Sep 24. PBF Energy Inc. (PBF) priced a $500 million 0% senior unsecured exchangeable offering due 2032 with a $50 million option. 3 The Only Agreed Transaction Was Portfolio Housekeeping YPF Sociedad Anónima (YPF) assigned a 20% interest in two Vaca Muerta joint-venture contracts, leaving its subsidiary with 25%, and no monetary terms were disclosed. 4 The Period Fits the Standing Three-Way Split Rather than Challenging It NeuraCap's sector study frames the group on EV/EBITDA at a 6.7x CY2027E median, with the Premium tier at 10.4x and the Discount tier at 2.2x. The period's financing came from Core-tier DK and Discount-tier PBF. +7.3% Best mover — Cosan S.A. (CSAN) worst: DK -8.9% · 6 up / 14 down of 20 covered -1.6% Sector median two-week return vs S&P 500 +1.6% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 2 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   The Documented Moves Were About Funding; The Upside Was Less Documented

   This page shows each covered company's close-to-close price move for the period and links documented moves to recorded filings and headlines.

   Gains were concentrated in Cosan S.A. (CSAN) at +7.3% and CVR Energy, Inc. (CVI) at +5.9%, while most of the group traded down against a sector median of -1.6%. We hold to a materiality bar of 5.6% (sector-relative) and only attribute a move to a driver where a filing or headline is on record in the window. Where no driver is recorded, we say so rather than guess. So what: the documented movers were funding stories, and the rest of the dispersion is still unexplained by anything in the public record.

   Everything on this page

   PUBLIC MARKET MOVERS The Documented Moves Were About Funding; The Upside Was Less Documented Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -1.6% · S&P 500 +1.6% · materiality bar ±5.6% (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 Refining and Marketing 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 -1.6% Delek US Holdings, Inc. (DK) -8.9% Shares moved following Delek's Sep 24 announcement and same-day pricing of $400.0 million of convertible senior notes due 2031. The reaction was consistent with equity holders weighing potential dilution from convertible paper. Convertible funding is open to Core-tier refiners, and the equity carries part of the cost. COMPANY-SPECIFIC YPF Sociedad Anónima (YPF) -7.5% Shares moved following the Sep 15 filing disclosing that YPF's subsidiary assigned a 20% interest in the La Escalonada and Rincón La Ceniza joint-venture contracts, retaining 25%, with no monetary terms disclosed. Partial farm-downs shift capital commitments without selling the position outright. COMPANY-SPECIFIC CVR Energy, Inc. (CVI) +5.9% The largest session was Sep 15, when coverage marked a +7.3% day to $52.17, and a Sep 25 report noted an institutional holder raised its stake by 11.0%. The available evidence points to buying interest rather than a company disclosure. A Core-tier refiner can catch a bid on flows alone when company news is thin. COMPANY-SPECIFIC Cosan S.A. (CSAN) +7.3% No notable in-window news was identified that clearly explains the move. The +7.3% gain sits well above the sector median of -1.6%. Some of the period's strongest moves arrived without a documented catalyst. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Funded Balance Sheets and Worked the Customer, Not the Deal Pipeline

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

   The period's highest-impact events centered on financing: Delek US Holdings, Inc. (DK) announced and priced $400.0 million of convertible senior notes due 2031, and PBF Energy Inc. (PBF) priced a $500 million 0% senior unsecured exchangeable offering due 2032 with a $50 million option. These are balance-sheet moves rather than commercial or deal-pipeline announcements, and we read them as issuers securing capital ahead of need. So what: the funding calendar, not the M&A calendar, is where this period's real information sits.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Funded Balance Sheets and Worked the Customer, Not the Deal Pipeline 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 Refining and Marketing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · GlobeNewsWire Star Gold Corp. Launches Regulation A Offering, Inviting Public to Invest in Its Nevada Gold-Silver Project COEUR D'ALENE, Idaho, Sept. 16, 2026 (GLOBE NEWSWIRE) -- Star Gold Corp. (OTCQB: SRGZ) (“Star Gold” or the “Company”), a U.S. precious metals company developing scalable, calculated high-margin gold and silver assets in Nevada, has launched a Regulation A publ Sep 15 · 8-K · SEC EDGAR YPF farmed down a 20% interest in two Vaca Muerta joint ventures, keeping a 25% position The assignment shares development commitments rather than adding throughput. It is the period's clearest example of capital being rearranged inside existing portfolios instead of through platform acquisitions. Portfolio trims are the quiet way to fund capital plans when platform deals are absent. Sep 15 · NEWS · Newsfile Corp Contango Intersects 506 g/t AgEq over 13.90 Meters at Torbrit and 807 g/t AgEq over 4.96 Meters at North Star Infill and Expansion Drilling Fairbanks, Alaska--(Newsfile Corp. - September 15, 2026) - Contango Silver and Gold Inc. (NYSE American: CTGO) (TSX: CTGO) ("Contango" or the "Company") is pleased to announce initial assay results from the Torbrit and North Star silver deposits as part of the Sep 15 · NEWS · GlobeNewsWire Announcement Regarding the Opening Price of All 116,071,386 Common Shares Issued and Outstanding by Star Bulk Carriers Corp. (the “Company”) on the Main Market IMPORTANT NOTICE – DISCLAIMER Not for release or distribution or publication in whole or in part, directly or indirectly, in or into, Australia, Canada, Japan or the Republic of South Africa. These materials do not contain or constitute an offer for sale or th Sep 14 · NEWS · Business Wire Casey's extended its 4-H partnership across the rural communities its stores serve Inside sales carry the convenience store, and standing in rural markets feeds traffic and merchandise mix. For a Premium-tier name, the action signals continued investment in the customer relationship behind each gallon. Store-network names compete on traffic and merchandise, not on the crack spread. Sep 14 · NEWS · GlobeNewsWire Five Star Bancorp Deepens Community Commitment with Appointment of Lydia Ramirez as Chief External Affairs Officer New executive role places dedicated expertise behind Five Star Bank's commitment to listen, partner, and respond to communities across California New executive role places dedicated expertise behind Five Star Bank's commitment to listen, partner, and respond t

5. 05
   M&A & STRATEGIC ACTIVITY

   YPF Farms Down Vaca Muerta Acreage While Platform Deals Stay on the Sidelines

   This page covers the period's one agreed transaction and situates it against the trailing record of 40 recorded precedent deals.

   YPF Sociedad Anónima (YPF) assigned a 20% interest in two Vaca Muerta joint-venture contracts, leaving its subsidiary with 25%, and no monetary terms were disclosed. Set against 40 recorded precedent transactions, this is the only new entry to the period's transaction record. Because it carries no disclosed pricing, it does not move the trailing multiples used for valuation reference. So what: acquirers still have to underwrite off the standing deal record, not this period's addition.

   Everything on this page

   M&A & STRATEGIC ACTIVITY YPF Farms Down Vaca Muerta Acreage While Platform Deals Stay on the Sidelines September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 40 recorded deals 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 Refining and Marketing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 15 · YPF Sociedad Anónima (YPF) YPF assigned a 20% interest in the La Escalonada and Rincón La Ceniza joint-venture contracts, retaining 25% The record shows a partial sell-down that closed Sep 14 with no monetary terms disclosed, so it sets no price benchmark. NeuraCap reads it as portfolio housekeeping rather than fresh appetite for downstream platforms. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 40 Recorded precedent transactions the reference set buyers and sellers price against

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for You

   This page translates the two-week period into implications for owners, acquirers, and advisors.

   For owners and operators, wide dispersion with no sector-wide news driving it means operating detail is still deciding the print. For acquirers, one agreed transaction with no disclosed terms leaves the trailing set of 40 precedent deals unchanged as a pricing guide. For advisors, the period's dominant theme is funding structure and tier positioning, with DK and PBF both raising capital via convertible-type paper within days of each other. So what: the conversation to have right now is about financing structure and tier, not live deal terms.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for You The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Oil and Gas Refining and Marketing Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 6.7x 16 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Refining and Marketing Splits Three Ways: Merchant Refining, Fuel and Convenience, Adjacent Models FOR OWNERS & OPERATORS Operating Detail Still Decides the Print Companies in the space traded across a wide range with no sector-wide news driving it. FOR ACQUIRERS The Reference Set Gained a Transaction, Not a Price Point One agreed transaction was announced and it disclosed no monetary terms, so the trailing record of 40 precedent transactions is unchanged as a pricing guide. FOR ADVISORS Lead with Funding Structure and Tier Positioning The period's dominant theme is balance-sheet action: DK priced $400.0 million of convertible notes and PBF priced $500 million of 0% exchangeables within days of each other.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page lists the sources and methodology behind every figure and read in the update.

   Every figure in this update ties back to a recorded filing, priced transaction, or market close through September 28, 2026. We rank sources in a fixed order, SEC filings first, then press releases, then established outlets, and we do not draw on video or social platforms. Attribution language throughout is calibrated: where a driver is recorded, we link it, and where it isn't, we say so. So what: every number and claim on these pages traces to something you can open.

   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 Refining and Marketing 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_20260928T064946Z_304_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: globenewswire.com · sec.gov · newsfilecorp.com · businesswire.com · accessnewswire.com

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