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

Read the report

SlidesScroll

1 of 7

←→Full screen

BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING

Payout Durability Takes over the Story as Royalty Names Give Ground

This update covers the two-week period of September 14–28, 2026 across the oil and gas royalties and streaming set: price moves, company news and 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

1

← Previous

1 / 7 · ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING

Next →

What each page shows

The analyst’s walkthrough of the deck, page by page.

1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING

   Cover slide introducing the bi-weekly oil and gas royalties and streaming update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved and why, what transacted, and what it means for the oil and gas royalties and streaming set. We take you through the two-week period ending September 28, 2026, so you can act on the signal, not just the headlines.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS ROYALTIES AND STREAMING Payout Durability Takes over the Story as Royalty Names Give Ground This update covers the two-week period of September 14–28, 2026 across the oil and gas royalties and streaming set: price moves, company news and 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Owners Gave Ground While One Platform Bought Producing Barrels

   Summarizes the two-week period: most covered names declined while one platform closed a producing-barrel acquisition.

   Ten of the eleven names we track fell, with a sector median move of -3.2% against a +1.6% gain for the S&P 500, so this pullback looks sector-specific rather than market-wide. Vitesse Energy closed a $26M non-operated acquisition in the Denver-Julesburg Basin, putting capital to work against depletion while peers gave ground. Permian Basin Royalty Trust disclosed an excess cost position on its Waddell Ranch properties, a reminder that net profits interests absorb operator costs before owners get paid. The precedent transaction set held at a 5.7x median multiple, unchanged from the prior period, so the pricing anchor for buyers and sellers has not moved.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Owners Gave Ground While One Platform Bought Producing Barrels The two-week period in one page · 11 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 10 of 11 Covered Names Fell; The Median Move Was -3.2% The S&P 500 returned +1.6% over the same two-week period. Our read is that the pullback sat inside the sector rather than in the broad market. 2 One Platform Put Capital to Work Against Depletion Vitesse Energy, Inc. (VTS) announced on Sep 16 the closing of a non-operated acquisition in the Denver-Julesburg Basin, reported the next day as a $26M deal adding production and hedged volumes. 3 A Trust Flagged an Excess Cost Position Permian Basin Royalty Trust (PBT) declared its September distribution and disclosed an excess cost position on the Waddell Ranch properties, a reminder that net profits interests absorb operator costs before the owner is paid. 4 The Reference Set for Pricing Did Not Change No transactions were added to the record during the window. The trailing set of 40 precedent transactions still carries a median of 5.7x EV/EBITDA. +7.9% Best mover — San Juan Basin Royalty Trust (SJT) worst: GRNT -13.3% · 1 up / 10 down of 11 covered -3.2% Sector median two-week return vs S&P 500 +1.6%

3. 03
   PUBLIC MARKET MOVERS

   Non-Operated Names Led the Downside; One Trust Ran the Other Way

   Shows which covered names moved most and least over the two-week window, measured close-to-close.

   Non-operated names led the sector's decline this period, with the group's median move at -3.2% against the S&P 500's +1.6%. We set the materiality bar at 8.6% sector-relative, so moves inside that band are read as noise rather than signal. One covered trust moved against the group, a divergence worth watching as we look for what separates resilient payers from the rest. The gap between the sector and the broader market is wide enough that owners and acquirers should treat it as sector-specific.

   Everything on this page

   PUBLIC MARKET MOVERS Non-Operated Names Led the Downside; One Trust Ran the Other Way Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -3.2% · S&P 500 +1.6% · materiality bar ±8.6% (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 Royalties and Streaming 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 -3.2% Vitesse Energy, Inc. (VTS) -9.5% Shares moved following the Sep 16 close of a non-operated Denver-Julesburg Basin acquisition, reported the next day as a $26M deal. The reaction was consistent with the market weighing new spend against a Discount-tier valuation. Acquisition spend is judged on whether the new volumes outrun base decline. COMPANY-SPECIFIC Granite Ridge Resources, Inc (GRNT) -13.3% No notable in-window news was identified that clearly explains the move. The -13.3% decline was the widest among covered names, against a -3.2% median. Discount-tier names absorb more of a broad drawdown than the mineral-only wrappers. UNEXPLAINED San Juan Basin Royalty Trust (SJT) +7.9% No notable in-window news was identified that clearly explains the move. The +7.9% gain was the only advance among the 11 covered names, against a -3.2% median. Trust wrappers trade on their own dynamics; one advance does not change the period's direction. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Two Disclosures That Go Straight to the Durability of the Payout

   Highlights the two highest-impact disclosures of the period and reads why each matters for payout durability.

   Vitesse Energy's announced closing of a $26M non-operated Denver-Julesburg Basin acquisition and Permian Basin Royalty Trust's disclosed excess cost position on Waddell Ranch are the two-week period's highest-impact events. Our read is that the first shows a platform actively replacing produced volumes, while the second is a reminder that net profits interests carry operator cost risk before any distribution reaches the trust. Both disclosures point at the same underlying question: is today's payout backed by growing production or a shrinking base? We link each event to its underlying filing so you can verify the record yourself.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Two Disclosures That Go Straight to the Durability of the Payout 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 16 · NEWS · Business Wire Vitesse Energy closed a non-operated Denver-Julesburg Basin acquisition The purchase adds producing non-operated barrels and hedged volumes. It speaks directly to the replacement question: whether acquisition spend converts into cash flow faster than depletion erodes the producing base. A working ground game keeps the payout funded by new volumes rather than by a shrinking producing stream. Sep 18 · NEWS · PRNewsWire Permian Basin Royalty Trust flagged an excess cost position on the Waddell Ranch properties An excess cost position means operator costs are recovered before the net profits interest pays out. For a Premium-tier name, that puts the quality of the underlying stream, not the wrapper, in focus. Net profits interests pass operator cost inflation to the owner in a way a mineral fee does not.

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds While Asset-Level Buying Continues

   Reviews the trailing precedent transaction record and the period's one closed asset-level deal.

   The trailing precedent set stands at a 5.7x median EV/LTM EBITDA and stayed unchanged this period, so it remains the reference multiple for anyone pricing a royalty or streaming asset today. Vitesse Energy's $26M non-operated Denver-Julesburg Basin acquisition is the one asset-level deal recorded in the window, and it adds production and hedged volumes to the buyer's base. Because no new transactions entered the record, we read this as a pause in headline deal-making rather than a shift in pricing. Acquirers modeling new deals should anchor to the existing 5.7x median until the record moves.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Holds While Asset-Level Buying Continues September 14–28, 2026 · precedent transactions: 40 recorded deals · median 5.7x 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 40 transactions still carries a median of 5.7x EV/EBITDA, and the only asset-level move visible in the window was Vitesse Energy's closed Denver-Julesburg purchase. 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 5.7x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Each Seat at the Table

   Translates the two-week period's evidence into distinct implications for owners, acquirers and advisors.

   For owners and operators, cash margin and decline rate carry the story this period, so net royalty acres, oil cut and realized price against basis are the metrics to watch. For acquirers, the pricing anchor is unchanged: the trailing precedent record still holds a 5.7x median multiple. For advisors, we'd lead with replacement, not headline payout, using the period's one closed deal and one excess-cost disclosure to frame whether today's distribution is replaced by development or funded from a shrinking base. Each seat at the table has a distinct action, but all point to the same underlying durability question.

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Each Seat at the Table 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 Royalties and Streaming Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / Revenue (CY2025A) median 7.7x 10 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Royalties and Streaming Prices Surface Streams, Non-Operated Interests and Coal Royalties Apart FOR OWNERS & OPERATORS Cash Margin and Decline Rate Carry the Story The period rewarded visible replacement of produced volumes. Net royalty acres, oil cut and realized price against basis set cash margin per barrel of oil equivalent FOR ACQUIRERS The Anchor for Pricing Is Unchanged Nothing was added to the precedent record this period, so the trailing set of 40 transactions at a median of 5.7x EV/EBITDA remains the reference. FOR ADVISORS Lead with Replacement, Not Headline Payout The period's evidence is one closed acquisition and one trust excess cost position. Together they frame the standing question in our sector study: is today's distribution replaced by development under the acreage, or funded out of a shrinking producing base.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains how figures are sourced, verified and linked back to underlying filings and market data through September 28, 2026.

   Every figure in this update links back to the filing, press release or market data point it was taken from, so you can verify the record independently. We rely on a fixed reliability order — SEC filings, press releases, then established outlets — and never draw on video or social platforms. This discipline is what lets us make calibrated reads rather than assertions, especially when we talk about why a price moved or a deal happened. Use this page as the audit trail behind everything else in the deck.

   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 Royalties and Streaming 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. 2 names below the floor were excluded from movers and statistics for this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260928T073903Z_314_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 · prnewswire.com

More coverage in Energy

• Sector Report · Sep 28, 2026Oil and Gas Royalties and Streaming Sector Outlook — September 2026
• Bi-Weekly Update · Sep 28, 2026Oil and Gas Refining and Marketing Bi-Weekly Industry Events & M&A Update — September 14–28, 2026
• Sector Report · Sep 28, 2026Oil and Gas Midstream and Pipelines Sector Outlook — September 2026
• Sector Report · Sep 28, 2026Oil and Gas Refining and Marketing Sector Outlook — September 2026