Gas & Power Morning Spotlight (6/4): Data Center Expert Webinar Recap; Delfin FLNG FID

Research evidence excerpt

Gas & Power Morning Spotlight (6/4): Data Center Expert Webinar Recap; Delfin FLNG FID

Equity Research

Industry Update — June 4, 2026

Midstream Energy

Clean Energy

Gas & Power Morning Spotlight (6/4): Data

Center Expert Webinar Recap; Delfin FLNG

FID

Our Call Michael Blum

We recap our data center expert call, which covered a wide array of topics. Delfin FLNG Equity Analyst | Wells Fargo Securities, LLC

Michael.J.Blum@wellsfargo.com | 212-214-5037

reaches FID and is additive to our US natural gas demand forecast.

Praneeth Satish

Equity Analyst | Wells Fargo Securities, LLC

Data Center Expert Webinar Recap. We hosted (along with our Machinery, Industrials Praneeth.Satish@wellsfargo.com | 212-214-8056

& Environmental Services team led by Jerry Revich) a webinar with Data Centers expert Ned Baramov, CFA

Govinda Hira, of Mainspring Energy, covering a wide array of topics. See here for our quick Equity Analyst | Wells Fargo Securities, LLC

note and inside this report for a comprehensive summary of the speaker remarks. Replay Ned.Baramov@wellsfargo.com | 212-214-8021

available upon request. Eric Shiu

Associate Equity Analyst | Wells Fargo Securities, LLC

BTM Momentum Accelerating. The speaker noted ~40% of power deals are shifting Eric.Shiu@wellsfargo.com | 212-214-5038

behind the meter (BTM). BTM power is more expensive than the grid on an LCOE basis, Jack Farrell, CFA

driven by high capex and fuel costs, but hyperscalers prioritize speed and uptime over Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

cost. A 3-5 year payback makes the high BTM capex tolerable given the need to earn a

return quickly before chips depreciate. Post contract/grid connection, BTM assets can run