Oil and Gas Storage and Transportation 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 STORAGE AND TRANSPORTATION

Balance Sheets Do the Talking While the Sector Gives Back Ground

What moved, what companies announced, and where the transaction record stands for 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 Storage and Transportation 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 STORAGE AND TRANSPORTATION

   Cover slide introducing the bi-weekly Oil and Gas Storage and Transportation industry events and M&A update for September 14–28, 2026.

   We open this bi-weekly update on Oil and Gas Storage and Transportation for September 14–28, 2026. It covers what moved, who acted and why, what transacted, and what it means for the names we track.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE ENERGY › ENERGY › OIL AND GAS STORAGE AND TRANSPORTATION Balance Sheets Do the Talking While the Sector Gives Back Ground What moved, what companies announced, and where the transaction record stands for 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 Storage and Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Financing and Contracting Decisions Carried the News While the Sector Traded Lower

   This page summarizes the two-week period: nine of eleven covered names fell while financing and contracting drove the headline company actions.

   Nine of eleven covered names fell over the two-week period, with a sector median move of -4.6% against the S&P 500's +1.6%. Against that backdrop, PBF Energy Inc. (PBF) priced $500 million of 0% senior unsecured exchangeable notes due 2032 and rose +4.7%, and a subsidiary of FTAI Infrastructure Inc. (FIP) agreed to acquire crude oil logistics assets at Port Arthur. Balance-sheet and contract decisions, not commodity moves, defined the period. That is where we are directing client attention now.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Financing and Contracting Decisions Carried the News While the Sector Traded Lower 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 Storage and Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 9 of 11 Covered Names Fell; The Median Move Was -4.6% The S&P 500 returned +1.6% over the same two-week period. ONEOK, Inc. (OKE), a Core-tier name, fell -8.6%, and NGL Energy Partners LP (NGL), a Discount-tier name, fell -12.7%. 2 PBF Energy Priced the Period's Headline Financing PBF Energy Inc. (PBF) rose +4.7%, with its biggest day, +6.1%, on Sep 15. The company priced $500 million of 0% senior unsecured exchangeable notes due 2032, with an option for an additional $50 million and net proceeds expected at about $485 million. 3 Asset-Level Logistics Is Still Being Agreed, Even in a Soft Window A subsidiary of FTAI Infrastructure Inc. (FIP) entered a definitive agreement to acquire crude oil logistics assets at Port Arthur. The trailing record carries 40 precedent transactions at a median of 9.8x EV/EBITDA. +4.7% Best mover — PBF Energy Inc. (PBF) worst: NGL -12.7% · 2 up / 9 down of 11 covered -4.6% Sector median two-week return vs S&P 500 +1.6% 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Capital Structure Moves Carried the Two-Week Story

   This page ranks the two-week share-price moves for covered names against a sector median of -4.6% and a materiality bar of 7.0%.

   Covered names moved across a wide range this period, with the sector median at -4.6% against the S&P 500's +1.6% and a materiality bar set at 7.0%. ONEOK, Inc. (OKE) fell -8.6% and NGL Energy Partners LP (NGL) fell -12.7%, both breaching that bar to the downside. PBF Energy Inc. (PBF) was the standout gainer at +4.7%, with its biggest single day at +6.1% on September 15. We link each move only to filings and headlines recorded in the window, and where no driver is recorded, the page says so directly.

   Everything on this page

   PUBLIC MARKET MOVERS Capital Structure Moves Carried the Two-Week Story Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.6% · S&P 500 +1.6% · materiality bar ±7.0% (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 Storage and Transportation 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 -4.6% NGL Energy Partners LP (NGL) -12.7% No notable in-window news was identified that clearly explains the move. At -12.7%, the decline ran well beyond the sector median of -4.6%. Discount-tier units leave the least cushion when the sector as a whole trades lower. UNEXPLAINED ONEOK, Inc. (OKE) -8.6% No notable in-window news was identified that clearly explains the move. The -8.6% decline ran wider than the sector median of -4.6%. Core-tier names sit closest to the benchmark, so their moves reset the reference point for the group. UNEXPLAINED PBF Energy Inc. (PBF) +4.7% Shares moved following PBF Energy's Sep 14 announcement and pricing of $500 million of 0% exchangeable notes due 2032, with an option for a further $50 million. The biggest single day, +6.1%, came on Sep 15. Term capital is available on zero-coupon terms for owners of refining and logistics assets. COMPANY-SPECIFIC

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Contracts, Capacity and Capital: What Companies Actually Did

   This page walks through the two-week period's highest-impact company events in contracting, capacity and capital.

   The period's headline event was PBF Energy Inc. (PBF) pricing $500 million of 0% senior unsecured exchangeable notes due 2032, with an option for an additional $50 million and net proceeds expected at about $485 million. A subsidiary of FTAI Infrastructure Inc. (FIP) entered a definitive agreement to acquire crude oil logistics assets at Port Arthur, and Targa Resources Corp. (TRGP) advanced new power contracts. Each of these is a direct company action, not a market inference, and each links back to its source filing or release. Together they show a sector still investing in balance sheet and contract cover even as share prices softened.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Contracts, Capacity and Capital: What Companies Actually Did 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 Storage and Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · GlobeNewsWire FTAI Infrastructure subsidiary agrees to buy Port Arthur crude oil logistics assets This is an asset-level bolt-on at a dock-connected crude position, the wellhead-to-water end of the chain where fee-based cash flow sits. Carve-outs remain the practical route to adding dock and terminal position. Sep 22 · NEWS · Business Wire Targa Resources signs new power contracts committing capacity to its operations Power supply now sits alongside throughput as an input to gathering, processing and fractionation utilization. Contracting it directly is consistent with protecting run-rate utilization on a Premium-tier system. Electricity availability is becoming part of the midstream operating plan, not just the cost line. Sep 21 · NEWS · CNBC Eli Lilly CEO says 700,000 new seniors have started GLP-1s after Medicare coverage, and 70% are on Lilly drugs Eli Lilly CEO Dave Ricks told CNBC on Monday that 700,000 new seniors have started GLP-1 treatments since Medicare coverage of obesity drugs launched in July. In an exclusive interview, Ricks said 70% of those patients are on Lilly medicines. Sep 17 · NEWS · Business Wire NGL Energy Partners declares quarterly cash distributions on its preferred units Servicing the preferred stack on schedule is the clearest available read on how a Discount-tier partnership is ordering claims on distributable cash flow. Capital-structure obligations set the sequence in which cash reaches the common units. Sep 15 · NEWS · Accesswire The GLP-1 Era Has a Trust Problem - AimwellBio is Building the Physician Network to Solve It Company plans to integrate telemedicine into its verified health intelligence platform and opens a ten-seat Founding Physician Cohort spanning GLP-1 and metabolic care, hormone and menopause health, and physician-directed therapies for men and women. MIAMI, FL Sep 25 · NEWS · CNBC Novo is betting on its next chapter as Eli Lilly gains more ground in GLP-1s Novo this week laid out an ambitious strategy to reignite growth beyond its top-selling Wegovy and Ozempic injections, but faces an uphill battle to win back investors and obesity market share. Meanwhile, Lilly continues to chip away at the company's position

5. 05
   M&A & STRATEGIC ACTIVITY

   The Transaction Record Holds at Its Trailing Benchmark

   This page benchmarks the two-week period against the trailing precedent-transaction record of 40 deals at a median 9.8x EV/LTM EBITDA.

   No new transactions priced during the two-week window, so the trailing record of 40 precedent transactions at a median 9.8x EV/LTM EBITDA still frames the set. That stability matters: the reference multiple acquirers and advisors work from has not moved, even as the Port Arthur agreement adds one more data point to the record. We hold the benchmark steady rather than re-presenting older deals as new news. For anyone underwriting a transaction today, 9.8x remains the number to test against.

   Everything on this page

   M&A & STRATEGIC ACTIVITY The Transaction Record Holds at Its Trailing Benchmark September 14–28, 2026 · precedent transactions: 40 recorded deals · median 9.8x 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 Storage and Transportation 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 still carries 40 precedent transactions at a median of 9.8x EV/EBITDA, which remains the reference for anyone marking a system today. 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 9.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   Reading the Two-Week Period Against the Standing Thesis

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

   For owners and operators, the period tested contract cover — fee-based versus commodity-sensitive cash flow and minimum-volume-commitment coverage are what separated names from the -4.6% median. For acquirers, the reference set is unchanged in price and one asset deal richer in evidence, with the trailing 40-deal, 9.8x benchmark still governing. For advisors, the period's own evidence — PBF Energy Inc. (PBF)'s priced exchangeable notes, the FTAI Infrastructure Inc. (FIP) subsidiary's agreed Port Arthur purchase, and Targa Resources Corp. (TRGP)'s new power contracts — argues for leading with contract quality and capital structure rather than headline share-price moves. These are observations on the recorded evidence, not recommendations.

   Everything on this page

   WHAT IT MEANS Reading the Two-Week Period Against the Standing Thesis 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 Storage and Transportation Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 9.3x 8 companies in the study 3 valuation tiers Standing thesis: Oil and Gas Storage and Transportation Splits Between Integrated Midstream and Adjacent Models FOR OWNERS & OPERATORS Contract Cover Is What This Period Tested Companies in the space traded across a wide range over the two-week period. The variables that separate them are the familiar ones: share of fee-based versus commodity-sensitive cash flow, minimum volume commitment cover, throughput by system and basin FOR ACQUIRERS The Reference Set Is Unchanged in Price and One Asset Deal Richer in Evidence No transactions priced during the window, so the trailing record of 40 precedent transactions at a median of 9.8x EV/EBITDA still frames the set. FOR ADVISORS Lead with Contract Quality and Capital Structure The period's own evidence is a priced 0% exchangeable at PBF Energy Inc. (PBF), an agreed asset-level crude logistics purchase by a subsidiary of FTAI Infrastructure Inc. (FIP), and new power contracts at Targa Resources Corp. (TRGP).

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   This page documents the sources and methodology behind the update, including how figures and driver attributions are sourced.

   Every figure in this update links back to the record it was taken from — SEC filings, company releases and established outlets — admitted in a fixed reliability order that excludes video and social platforms. Market data runs through September 28, 2026, and driver attributions use calibrated language reflecting our read of the recorded evidence, not asserted causation. This transparency is what lets clients act on the two-week period with confidence rather than second-guessing the sourcing. We close the update here so the next one can pick up cleanly from this baseline.

   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 Storage and Transportation 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. 1 name below the floor was 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_20260928T100415Z_305_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 · businesswire.com · cnbc.com · accessnewswire.com

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