Oil and Gas Storage and Transportation Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS STORAGE AND TRANSPORTATION

Oil and Gas Storage: Growth Marks the Upper End

The premium sits alongside forward growth, integrated networks and stronger margins.

September 2026 · Prepared by NeuraCap AI · Confidential

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

Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › OIL AND GAS STORAGE AND TRANSPORTATION

   Oil and Gas Storage: Growth Marks the Upper End

   This is the cover slide introducing the September 2026 Oil and Gas Storage and Transportation sector outlook.

   We open with the headline finding: growth marks the upper end of this peer set. Over the following sections, we show how integrated networks, forward growth and margin combine to set that premium.

   Everything on this page

   ENERGY › ENERGY › OIL AND GAS STORAGE AND TRANSPORTATION Oil and Gas Storage: Growth Marks the Upper End The premium sits alongside forward growth, integrated networks and stronger margins. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the report's five sections plus the appendix.

   We structure this report in five sections plus an appendix, starting with the bottom line, moving through the market landscape, valuation and strategic situations, precedent transactions, and closing with strategic implications. Section one carries the full argument on its own, so a reader who stops there still leaves with the complete picture. That means you can dive straight into whichever section matters most to your decision.

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   CONTENTS What This Report Covers 01 The Bottom Line Integrated Midstream Platforms Hold the Upper Ground 02 The Landscape Integrated Networks Carry the Clearer Valuation Signal 03 Valuation & Situations The Upper End Combines Growth with Stronger Margins 04 Precedent Transactions Precedent Transactions Put Connectivity in Focus 05 Strategic Implications Strengthen the Cash Flow Before Expanding the Footprint 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Storage and Transportation Splits Between Integrated Midstream and Adjacent Models

   This slide presents the report's central finding that the sector splits between integrated midstream and adjacent models.

   We find that Oil and Gas Storage and Transportation does not price as one market: integrated midstream names anchor the clearer valuation reference, while adjacent models sit on a thinner base. The primary basis is EV/EBITDA on CY2027E consensus, with six of eight companies eligible after the platform's plausibility checks. This split matters because it tells you which comparison set is reliable when you size a valuation case. So what: any read of value in this sector should start by placing a name inside the right peer group, not the sector average.

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   01 · THE BOTTOM LINE Oil and Gas Storage and Transportation Splits Between Integrated Midstream and Adjacent Models 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 (6 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Premium Names Pair Growth with Margin Across the two names at each end, the premium end stands at 12.8x against 5.9x at the discount end. Targa Resources Corp. (TRGP) and Kinetik Holdings Inc. (KNTK) also sit above the set on forward growth and EBITDA margin. 2 Integrated Networks Hold the Clearer Benchmark The five integrated gathering, processing and takeaway midstream names with estimates sit at 9.8x. The adjacent-model figure is 5.0x and rests on one name with an estimate. 3 Faster Growth Sits with the Higher Range Among the six names with a forward estimate, the three above -2% stand at 12.1x versus 6.7x for the three below. The small groups make this a directional observation rather than a broad rule. 4 Forward Cash Earnings Fit the Asset Base Forward EV / EBITDA leads because 6 of 6 companies with reported forward EBITDA carry meaningful earnings. The measure already credits forecast growth, so a surviving premium alongside faster growth points to durability beyond forecast inclusion alone. 9.3x Sector median EV/EBITDA CY2027E consensus · 6 rated of 8 companies 12.8x Premium end EV/EBITDA vs 5.9x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 32 Transactions with disclosed terms 74 recorded in this tier · 3 told as case studies, the full list in the appendix

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   SECTION 02

   02

   This divider introduces section two on the market landscape.

   Section two looks at how integrated networks compare with adjacent models on valuation. Integrated networks carry the clearer signal; adjacent models broaden the sector but offer a thinner reference point.

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   SECTION 02 02 THE LANDSCAPE Integrated Networks Carry the Clearer Valuation Signal Adjacent models broaden the sector but offer a thinner valuation reference. 02 of 06 Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Integrated Networks Hold the Sector’s Clearest Valuation Reference

   This slide groups the eight approved companies by business segment and shows the median EV/EBITDA per group.

   We group all eight approved companies by business segment and show each group's median EV/EBITDA on the CY2027E basis. Integrated networks hold the sector's clearest valuation reference, based on group medians drawn from rated names only. So what: when you benchmark a name, match it to its segment median first — the sector-wide average can mask real differences between models.

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   02 · MARKET MAP Integrated Networks Hold the Sector’s Clearest Valuation Reference 8 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 INTEGRATED GATHERING, PROCESSING AND TAKEAWAY MIDSTREAM 5 cos median 9.8x ONEOK (OKE) Targa Resources (TRGP) Kinetik Holdings (KNTK) NGL Energy (NGL) Delek Logistics (DKL) Connected systems combine gathering, processing and takeaway economics within one operating footprint. ADJACENT MODELS 3 cos 5.0x · 1 rated UGI FTAI (FIP) Par Pacific (PARR) Regulated distribution, infrastructure and refining-linked logistics add distinct cash-flow and capital-intensity profiles.

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   02 · LANDSCAPE

   Network Breadth Separates the Main Group from Adjacent Models

   This slide separates the main integrated group from adjacent models on network breadth.

   We show that network breadth is what separates the main group of integrated names from the adjacent models in this universe. The segment view rests on EV/EBITDA medians for rated names only, with full company detail carried in the appendix. So what: breadth of network, not just size, is a useful first filter when you're assessing where a name sits in this landscape.

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   02 · LANDSCAPE Network Breadth Separates the Main Group from Adjacent Models 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 Storage and Transportation 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 Integrated gathering, processing and takeaway midstream 5 63% 9.8x ONEOK, Inc. (OKE) · Targa Resources Corp. (TRGP) · +3 more Networks carry broader connectivity. These platforms link gathering, processing and takeaway, creating more routes for volumes and more opportunities to deepen fee-based cash flow. Adjacent models 3 38% 5.0x n=1 UGI Corporation (UGI) · FTAI Infrastructure Inc. (FIP) · +1 more Economics vary by model. Regulated distribution, diversified infrastructure and refining-linked logistics bring different contract, commodity and capital-allocation considerations.

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   SECTION 03

   03

   This divider introduces section three on public market valuation and situations.

   Section three turns to forward EV/EBITDA across the rated peer set. The data show a compact premium group at the top, growth and margin advantages included, against a discount group at the other end.

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   SECTION 03 03 VALUATION & SITUATIONS The Upper End Combines Growth with Stronger Margins Forward EV / EBITDA separates a compact premium group from the discount end. 03 of 06 Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Top of the Range Combines Growth, Margin and Network Breadth

   This slide ranks all six rated companies by EV/EBITDA (CY2027E) against the sector median.

   We rank all six rated companies by forward EV/EBITDA, sorted descending against a sector median of 9.3x. The top of the range combines growth, margin and network breadth, while tier zones are cut at the rated set's own quartiles. So what: the premium here is earned on multiple dimensions at once, not on one factor alone — a name has to show up on growth, margin and connectivity together to sit at the top.

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   03 · PUBLIC MARKET VALUATION The Top of the Range Combines Growth, Margin and Network Breadth EV / EBITDA (CY2027E) · all 6 rated companies, sorted descending · sector median 9.3x · 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 (6 of 8 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 12.8x CORE · median 9.3x DISCOUNT · median 5.9x Sector median 9.3x WHAT SEPARATES THE TWO ENDS The top carries growth. The premium-end midpoint is 12.8x, while the discount-end midpoint is 5.9x. The two-name groups make the gap meaningful but sensitive to movement by one company. Margins reinforce the split. The premium names also sit above the set on EBITDA margin, while both discount names sit below it. Integration supports the story. The upper end consists of integrated gathering, processing and takeaway platforms with multiple points of network connectivity.

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   03 · VALUATION DRIVERS

   Faster Forward Growth Sits Alongside the Higher Multiple

   This slide splits the rated companies into growth and margin cohorts and compares their median EV/EBITDA.

   We split the rated companies into faster- and slower-growth cohorts, and separately into higher- and lower-margin cohorts, each cut at the covered median. Faster forward growth sits alongside the higher multiple, and the same holds for higher margins — though each cohort is only three names, so this is a directional read rather than a broad rule. So what: growth and margin both look priced in this set, but the small sample means we treat this as an association worth testing, not a formula to apply mechanically.

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   03 · VALUATION DRIVERS Faster Forward Growth Sits Alongside the Higher Multiple 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=3; slower n=3; higher-margin n=3; lower-margin n=3). Driver readings are NeuraCap views on the supplied data — association, not causation. Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at -2% · EBITDA-margin split at 26% Growth Separates the Small Groups Among the six names with a forward estimate, the three above -2% carry a midpoint of 12.1x, compared with 6.7x for the three below. Margin Supports the Upper End Kinetik Holdings Inc. (KNTK) carries a 53% EBITDA margin and Targa Resources Corp. (TRGP) carries 32%. Both sit at the premium end of the peer set. Durability Remains the Operating Test Fee-based cash flow, take-or-pay protection, minimum volume commitments and counter-party quality determine whether forecast earnings can hold through a changing volume environment.

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    03 · SITUATION MAP

    The Peer Set Splits into Four Clear Operating Positions

    This slide maps the peer set into four operating positions based on EV/EBITDA and EBITDA margin against the covered medians.

    We cut the peer set on EV/EBITDA against the sector median of 9.3x and on EBITDA margin against the covered median of 26%, producing four clear operating positions. These are observations on where each name sits today, not recommendations. So what: knowing which quadrant a name occupies tells you which operating question — contract quality, connectivity or capital discipline — is most relevant to it.

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    03 · SITUATION MAP The Peer Set Splits into Four Clear Operating Positions Cut on EV / EBITDA vs the sector median (9.3x) (rows) and EBITDA margin vs the covered median (26%) (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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium Growth and Margin Above-median multiple · above-median EBITDA margin 2 names Targa Resources Corp. (TRGP) · Kinetik Holdings Inc. (KNTK) Targa Resources Corp. (TRGP) and Kinetik Holdings Inc. (KNTK) sit above the set on both forward EV / EBITDA and EBITDA margin. The priority is sustaining growth while protecting fee-based cash flow and capital discipline. Premium with Margin Work Above-median multiple · below-median EBITDA margin 1 names ONEOK, Inc. (OKE) ONEOK, Inc. (OKE) sits above the set on forward EV / EBITDA but below it on EBITDA margin. The operating question is whether mix, pricing and cost structure can strengthen cash conversion. Margin Without Premium Below-median multiple · above-median EBITDA margin 1 names Delek Logistics Partners, LP (DKL) Delek Logistics Partners, LP (DKL) sits below the set on forward EV / EBITDA but above it on EBITDA margin. The question is whether growth, contract duration and network use can support a stronger standing. Rebuild Growth and Margin Below-median multiple · below-median EBITDA margin 2 names NGL Energy Partners LP (NGL) · Par Pacific Holdings, Inc. (PARR) NGL Energy Partners LP (NGL) and Par Pacific Holdings, Inc. (PARR) sit below the set on both forward EV / EBITDA and EBITDA margin. Priorities centre on revenue quality, utilisation, cost structure and disciplined capital allocation.

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    03 · THE AGENDA

    Owners with Contracted Cash Flow Face Different Operating Moves than Owners Building Connected Assets

    This slide frames the different operating questions facing owners of contracted cash flow versus owners building connected assets.

    We frame this page as the questions an owner or acquirer should resolve, grounded in the cohort data shown earlier. Owners with contracted cash flow face a different operating agenda than owners building out connected networks. So what: the right next move depends on which position you're in — protecting durable cash flow is not the same task as expanding connectivity.

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    03 · THE AGENDA Owners with Contracted Cash Flow Face Different Operating Moves than Owners Building Connected Assets 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 Deepen Contracted Cash Flow Increase the share of fee-based cash flow supported by take-or-pay terms, minimum volume commitments and durable counter-parties. What changes the answer: Contract roll, volume concentration or commodity-linked margin weakens earnings visibility. Build Connected Capacity The premium sits alongside integrated gathering, processing and takeaway networks. Expansion has a clearer case where new capacity deepens connectivity, utilisation or commercial reach. What changes the answer: Existing rights-of-way, loading points or customer relationships lower execution risk. Redirect Capital to Returns Prioritise projects that improve throughput, tank turns or self-funded growth before adding standalone assets with limited commercial overlap. What changes the answer: Maintenance needs, leverage or low utilisation constrain the return from expansion.

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    SECTION 04

    04

    This divider introduces section four on precedent transactions.

    Section four turns to precedent transactions, where terminal networks and logistics assets anchor the disclosed benchmarks.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Precedent Transactions Put Connectivity in Focus Terminal networks and logistics assets anchor the disclosed benchmarks. 04 of 06 Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Terminal and Logistics Transactions Set a Broad Benchmark Range

    This slide presents three disclosed-terms precedent transactions as case studies, out of the wider set with disclosed terms.

    We walk through three disclosed-terms precedent transactions as case studies, drawn from the wider set with disclosed terms; the complete list sits in the appendix. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis, so we don't draw a spread between them. So what: these cases show why terminal and logistics connectivity have attracted buyers, but they're a read on disclosed evidence, not a valuation bridge to the public multiples.

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    04 · DEAL CASE STUDIES Terminal and Logistics Transactions Set a Broad Benchmark Range 3 of 32 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 42 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13 Jul-2022 $1.6B PBF Energy Inc. PBF Energy Inc. brought PBF Logistics LP into a connected operating structure. EV / LTM revenue 4.4x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests value in aligning refining operations with the logistics assets that support product movement. It also fits the sector’s recurring pattern of simplifying affiliated structures. HOW THE TARGET WAS VALUED The transaction was recorded at $1.6B and 4.4x EV / Revenue. That revenue benchmark should be read alongside the sector’s primary EV / EBITDA lens. Dec-2016 $1.5B NuStar Logistics, L.P. acquires Martin Midstream Partners L.P. EV / LTM revenue 1.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED Its strategic fit should be assessed against network connectivity, contract quality and commercial overlap. Those attributes shape how comparable infrastructure transactions are interpreted. HOW THE TARGET WAS VALUED Use the transaction as a qualitative reference alongside the disclosed EV / EBITDA and EV / Revenue benchmarks. Aug-2022 $322M Ironhorse Purchaser, LLC Ironhorse Purchaser, LLC paired with Gulf Tank Holdings, Inc. in a storage-focused transaction. EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The pairing suggests an infrastructure investment case centred on tank assets and storage operations. Shell capacity, utilisation and maintenance needs would frame the strategic fit. HOW THE TARGET WAS VALUED The disclosed value was $322M. It provides a scale reference rather than a multiple benchmark.

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    SECTION 05

    05

    This divider introduces section five on strategic implications.

    Section five turns the data into an operating agenda: strengthen the cash flow before expanding the footprint. Contract quality, connectivity and disciplined capital allocation shape how durable that cash flow is.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Cash Flow Before Expanding the Footprint Contract quality, connectivity and disciplined capital allocation shape durability. 05 of 06 Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    Buyers Pay up Where Cash Flow Is Durable and Assets Are Connected

    This slide sets out the operating questions this data raises for owners, management teams and boards over the next twelve months.

    We show that buyers pay up where cash flow is durable and assets are connected — the two threads running through this whole report. This page frames the questions the data puts on the table for owners, management teams and boards over the next twelve months. So what: whichever seat you sit in, the near-term agenda is the same — protect earnings quality and turn network connectivity into utilisation.

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    05 · STRATEGIC IMPLICATIONS Buyers Pay up Where Cash Flow Is Durable and Assets Are Connected 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15 FOR OWNERS Protect the Quality of Earnings Focus the operating plan on fee-based mix, contract duration, counter-party quality and coverage of maintenance capital. FOR MANAGEMENT TEAMS Turn Connectivity into Utilisation Use dock, pipeline, rail and truck access to deepen throughput, improve tank turns and broaden the customer mix. FOR BOARDS Match Capital to Durability Test build-versus-buy choices against contract support, network fit, leverage capacity and the cash needed to sustain the asset base.

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    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    Section six carries the full comparables universe, the valuation methodology and the source for every figure in the body of 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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    This appendix lists all rated and unrated public comparables grouped by valuation tier on EV/EBITDA (CY2027E).

    We list all eight companies in the approved universe here, six rated on EV/EBITDA and two without an eligible multiple, grouped by valuation tier against the sector median of 9.3x. Tickers link through to the underlying source, and the companion workbook carries the complete field set. So what: this is the full company-level detail behind every median shown earlier in the report.

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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 (9.3x); amber marks below · 6 rated companies; 2 not rated (no eligible EV/EBITDA) · 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 6 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥11.5x · median 12.8x · 2 companies Kinetik Holdings Inc. KNTK Integrated gathering, processing and takeaway midstream $16.7B 13.6x 14% 53% 66 Targa Resources Corp. TRGP Integrated gathering, processing and takeaway midstream $78.8B 12.1x 26% 32% 53 CORE — 7.2x–11.5x · median 9.3x · 2 companies ONEOK, Inc. OKE Integrated gathering, processing and takeaway midstream $89.5B 9.8x -5% 20% 18 Delek Logistics Partners, LP DKL Integrated gathering, processing and takeaway midstream $5.2B 8.8x 1% 40% 43 DISCOUNT — <7.2x · median 5.9x · 2 companies NGL Energy Partners LP NGL Integrated gathering, processing and takeaway midstream $5.3B 6.7x -6% 15% 16 Par Pacific Holdings, Inc. PARR Adjacent: refining with captive logistics and… $5.1B 5.0x -15% 15% -1

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page lists precedent transactions with disclosed terms, newest first, continued across two pages.

    We list the precedent transactions with disclosed terms here, newest first, with deal values linked to the underlying filing. Multiples are LTM at announcement and sit on a different basis to the CY2027E public multiples used elsewhere in this report. So what: use this list to see the disclosed deal evidence directly, alongside the case studies discussed earlier.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (74 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 42 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 32 transactions shown; the rest are in the companion workbook. Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2025 Sealed Air Corporation → Whitecap Resources Inc.; Veren Inc. n/a n/a 9.7x Sealed Air Corporation and Whitecap Resources Inc.; Veren Inc. were recorded at 9.7x EV / EBITDA. Jan-2024 Sunoco LP → NuStar Energy L.P. n/a n/a 9.9x Sunoco LP and NuStar Energy L.P. were recorded at 9.9x EV / EBITDA. Aug-2023 AltaGas Ltd. → Tidewater Midstream and Infrastructure Ltd. n/a 0.7x 8.8x AltaGas Ltd. and Tidewater Midstream and Infrastructure Ltd. were recorded at 0.7x EV / Revenue and 8.8x EV / EBITDA. May-2023 Sunoco LP → 16 Inland refined product terminals (Zenith Energy) n/a n/a 6.7x Sunoco LP paired with 16 Inland refined product terminals (Zenith Energy), extending the record for refined-product terminal networks. Aug-2022 Ironhorse Purchaser, LLC → Gulf Tank Holdings, Inc. $322M n/a n/a Ironhorse Purchaser, LLC paired with Gulf Tank Holdings, Inc., adding a storage-focused reference to the transaction set. Jul-2022 PBF Energy Inc. → PBF Logistics LP $1.6B 4.4x n/a PBF Energy Inc. paired with PBF Logistics LP, illustrating the recurring simplification of connected refining and logistics assets. Aug-2021 Sunoco LP → Nine eastern U.S. refined product terminals (NuStar Energy L.P.) n/a n/a 9.0x Sunoco LP and Nine eastern U.S. refined product terminals (NuStar Energy L.P.) were recorded at 9.0x EV / EBITDA. Nov-2020 BWC Terminals → Two refined product, crude oil and chemical terminals located in Texas City, Texas (NuStar Energy L.P.) n/a n/a 11.0x BWC Terminals and Two refined product, crude oil and chemical terminals located in Texas City, Texas (NuStar Energy L.P.) were recorded at 11.0x EV / EBITDA. Nov-2020 Riverstone Holdings LLC → International-Matex Tank Terminals n/a n/a 10.7x Riverstone Holdings LLC and International-Matex Tank Terminals were recorded at 10.7x EV / EBITDA.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    This appendix page continues the list of precedent transactions with disclosed terms, newest first.

    We continue the newest-first list of disclosed-terms precedent transactions here, completing the set introduced on the previous page. As before, deal values link to the underlying filing and the multiples sit on the LTM-at-announcement basis. So what: together these two pages give you the complete disclosed-terms record behind the case studies in section four.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 32 transactions with disclosed terms in this tier (74 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. 85 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate precedent id); figures are shown as recorded in the filing. 42 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 32 transactions shown; the rest are in the companion workbook. Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Sep-2020 Vopak, BlackRock’s Global Energy & Power Infrastructure Fund → Three Industrial Terminals on the Gulf Coast (Dow, Inc.) n/a n/a 9.7x Jan-2020 Buckeye Partners, L.P. → Three Marine Terminals (Magellan Midstream Partners, L.P.) n/a n/a 12.5x Oct-2019 Energy Transfer LP → SemGroup Corporation n/a n/a 12.1x Dec-2018 Zenith Energy Terminals Holdings → Portland Terminal (CorEnergy Infrastructure Trust, Inc.) n/a n/a 9.2x Nov-2018 Sunoco LP → Refined products terminals (American Midstream Partners, LP) n/a n/a 7.3x Sep-2018 ArcLight Capital Partners, LLC → Two refined products and crude oil terminals located in Tacoma, WA and Baltimore, MD (Targa Resources Corp.) n/a n/a 9.6x Jul-2018 PBF Logistics LP → East Coast storage assets (Crown Point International, LLC) n/a n/a 7.5x Jun-2018 J.P. Morgan Asset Management → Marine Products Terminals (American Midstream Partners, LP) n/a n/a 11.8x Jun-2018 Ergon Asphalt & Emulsions, Inc. → Three asphalt terminals (Blueknight Energy Partners, L.P.) n/a n/a 9.3x

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the report's sources, valuation basis and data-quality treatment.

    We set out here how this report was built: the sources behind every figure, the valuation basis used throughout, and what was excluded and why. Every figure in this report links to the record it was taken from, or the appendix names its source directly. So what: this page is where to check the provenance of any number you want to trace before you act on it.

    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 Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (6 of 8 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 Storage and Transportation and it clears the coverage gate with 6 of 8 companies (75%). EV / Revenue, P / E are carried as a cross-check. The set earns: 6 of the 6 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 8 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 353 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 (352) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Upper End Sits with Faster-Growing, Integrated Platforms in This Peer Set.

    This is the closing slide restating that the upper end sits with faster-growing, integrated platforms in this peer set.

    We close on the finding we opened with: the upper end sits with faster-growing, integrated platforms in this peer set. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    The Upper End Sits with Faster-Growing, Integrated Platforms in This Peer Set. NeuraCap AI — Oil and Gas Storage and Transportation Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Storage and Transportation Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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