HG Energy Rel Val Snapshot: HG Energy 2026 Mid-Year Outlook Webinar; WMB in Talks to Buy Momentum Midstream

Research evidence excerpt

HG Energy Rel Val Snapshot: HG Energy 2026 Mid-Year Outlook Webinar; WMB in Talks to Buy Momentum Midstream

J P M O R G A N North America Credit Research

01 July 2026

HG Energy Rel Val Snapshot

HG Energy 2026 Mid-Year Outlook Webinar; WMB in

Talks to Buy Momentum Midstream

High Grade Energy 2026 Mid-Year Outlook Webinar: Please join us on North America Corporate Credit -

Thursday, July 9th, 2026 at 11:30am ET to participate in our HG Energy 2026 Energy (IG)

Mid-Year Outlook Webinar. We will be joined by our partners in trading and Matthew Anavy, CFA AC

syndicate who will provide additional insights, followed by a Q&A session at the (1-212) 834-3568

end of the webinar. Please use the following link to register: Register Here matthew.a.anavy@jpmorgan.com

Amanda Fischer

WMB in Talks to Buy Momentum Midstream: On June 28, Bloomberg reported (1-212) 834-2641

amanda.fischer@jpmchase.com

that WMB was in advanced talks to acquire Momentum Midstream from private J.P. Morgan Securities LLC

equity firm EnCap Flatrock Midstream for ~$5.5bn. The report noted that a deal

could be announced in about a week’s time, but no final decision has been made.

The addition of Momentum would give WMB additional capacity to move gas

from the Haynesville Basin in East Texas and Northern Louisiana to export

terminals on the Gulf Coast. Momentum operates 4,000 miles of pipeline with 6

Bcf/d of system capacity and ~4 Bcf/d of MVCs, serving 10 LNG facilities and 26

power plants. This potential transaction comes at a time of elevated growth capital

spending for WMB, with management expecting net leverage to rise slightly above

the 3.5-4.0x target range to 4.1x at the midpoint in 2026 (3.61x as of 1Q26), with

leverage expected to return to target levels as new projects come online in 2027 and

2028.