Midstream of Consciousness 07/12/26

Research evidence excerpt

Midstream of Consciousness 07/12/26

JulyJuly12,12,20262026

Momentum would be a strategically logical tuck-in for WMB or other Haynesville players. We estimate

Momentum is the second largest player in the Haynesville behind WMB and of similar size to ET’s Haynesville

footprint. Momentum has 6 bcf/d of system capacity and 4 bcf/d of MVC commitments, likely including the 2.3

bcf/d NG3 pipeline from the Hayesville to the Gillis Hub. Other major players in the basin include KMI, DTM, ET,

and EPD (see Ex. 3). We discuss the strategic rationale for potential buyers below the exhibit.

Exhibit 3: Haynesville gathering market share based on stated capacity

Source: Wolfe Research, Company Filings & Websites. *Momentum backs out the 2.3 Bcf/d for the NG3 pipeline from the advertised 6 Bcf/d capacity. *ET

reflects Haynesville treating capacity. *KMI includes 1 Bcf/d for KinderHawk treating capacity that will be in service this year.

WMB is a logical buyer of Momentum…but so are several others

Williams (WMB). Acquiring Momentum would further solidify WMB’s position as the market share leader in the

Haynesville. Momentum would also extend WMB’s gathering footprint to cover more acreage in the fast-growing

western Haynesville region in east Texas. There would likely be synergies with the marketing business, and

Momentum could better diversify the DTM growth story. However, the WMB investment story is currently very

focused on high-returning organic power projects tied to data centers, and an acquisition of a midstream asset

at a higher upfront EBITDA multiple could be viewed as a concern. Additionally, financing for an acquisition has

also been a big question for investos, which we address later in this report.