Quick initial tidbits from our virtual access day

Research evidence excerpt

Quick initial tidbits from our virtual access day

Midstream & Natural Gas

Quick initial tidbits from our virtual access day June 8, 2026

We hosted virtual group meetings today with mgmt. from WMB, OKE, LNG, DTM,

TRGP, WES, and KNTK. The tone on 2027 growth was bullish, but with concerns of

prolonged Waha gas weakness. Additionally, surprisingly long lead times for steel

and compression is extending the timeline for new gas pipe projects to 3-4 years

independent of permitting. Keith Stanley, CFA

kstanley@wolferesearch.com

WMB (COO Larsen) - BTM power could eventually make up 20-25% of EBITDA even (646) 582-9243

net of JV partner interests (i.e., higher on a headline basis as WMB fully consolidates). View Keith’s Research

View Comp TableWork continues on signing longer duration contracts for power (15-20 years) while

still targeting 6x EBITDA build multiples or better. A financing update for power is Steve Fleishman

sfleishman@wolferesearch.com

expected by the Q2 call. (646) 582-9241

View Steve’s ResearchOKE (CFO Hulse & CCO Swords) - The mid-to-upper single digit EBITDA growth

outlook is achievable at $70-75/bbl oil, low-to-mid single digit Bakken volume Burke Sansiviero

bsansiviero@wolferesearch.com

growth, and $2.0-$2.5B/yr of capex. It doesn't rely on further M&A, and mgmt. noted (646) 582-9247

seller price expectations have risen.

LNG (CFO Davis & CCO Feygin) - The business is fundamentally stronger post war,

creating more cash for buybacks. Less concerned than expected on long-term demand

impacts from 2 periods of geopolitical gas price spikes in 4 years. Patient on Corpus

4 project execution.

DTM (CEO Slater, COO Zona, CFO Jewell): MIST is progressing as two separate

projects (northbound and southbound) that could have staggered in service dates.

Mgmt.