Weekender: Q1'26 Sum-of-the-Parts (SOTP) Refresh

Research evidence excerpt

Weekender: Q1'26 Sum-of-the-Parts (SOTP) Refresh

Equity Research

Industry Update — June 26, 2026

Midstream Energy

Weekender: Q1'26 Sum-of-the-Parts (SOTP)

Refresh

A Look at Who Screens Attractive/Expensive on SOTP

Our Call Michael Blum

Post-Q1’26 earnings, we publish our updated sum-of-the-parts (SOTP) valuations. Equity Analyst | Wells Fargo Securities, LLC Michael.J.Blum@wellsfargo.com | 212-214-5037

Companies (>$5B market cap) trading at the largest discount to our SOTP valuations

Praneeth Satishinclude ET, LNG and VG. Those trading at the highest premium: GEI-CA, ENB and KEY-CA.

Equity Analyst | Wells Fargo Securities, LLC

Praneeth.Satish@wellsfargo.com | 212-214-8056

Who Screens Attractive on SOTP? Companies (over $5B market cap) trading at Ned Baramov, CFA

the largest discount to our SOTP valuations: ET, LNG, VG, KGS, and EPD. Large-cap Equity Analyst | Wells Fargo Securities, LLC

companies trading at the highest premium: GEI-CA, ENB, KEY-CA, TRGP and TRP. See Ned.Baramov@wellsfargo.com | 212-214-8021

Exhibit 3. Eric Shiu

Associate Equity Analyst | Wells Fargo Securities, LLC

Note: We’re now using a 2031E SOTP discounted back to 2027E plus the present value of Eric.Shiu@wellsfargo.com | 212-214-5038

dividends for 2028-2031E. This approach rewards future growth in EBITDA for investments Jack Farrell, CFA

announced today, while capturing dividend income to be received until then. Associate Equity Analyst | Wells Fargo Securities, LLC

Jack.L.Farrell@wellsfargo.com | 212-214-8012

G&P M&A Multiples Mostly In Line

• On 5/6/26, WES acquired Brazos Midstream for 8.0x.

• On 3/31/26, 2PointZero acquired Traverse Midstream, which owns 35% in the Rover

Pipeline and 25% in Ohio River System - dry gas gathering, at ~11.3x (based on S&P

Global ests).