Gas & Power Morning Spotlight (6/5): INIO IPO, More Gas Storage, Waha Prices Improving

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Gas & Power Morning Spotlight (6/5): INIO IPO, More Gas Storage, Waha Prices Improving

Equity Research

Industry Update — June 5, 2026

Midstream Energy

Clean Energy

Gas & Power Morning Spotlight (6/5): INIO

IPO, More Gas Storage, Waha Prices Improving

Our Call Michael Blum

INIO post IPO trading signals strong investor demand. Waha prices have improved on Equity Analyst | Wells Fargo Securities, LLC

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

new pipeline startups—lower spreads could be a modest headwind for TRGP, KNTK, OKE,

Praneeth SatishEPD.

Equity Analyst | Wells Fargo Securities, LLC

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

INNIO Group IPO. INNIO Group (INIO), maker of Jenbacher and Waukesha gas Ned Baramov, CFA

reciprocating engines, priced an upsized IPO. INNIO’s recip engines targets the BTM Equity Analyst | Wells Fargo Securities, LLC

market, citing fast deployment and strong transient response for AI workloads. Stock was Ned.Baramov@wellsfargo.com | 212-214-8021

up 23% on first day of trading vs the SPX which was flat. Eric Shiu

Associate Equity Analyst | Wells Fargo Securities, LLC

Caliche (Sixth Street-backed) reached FID on Phase 1 of its Spindletop salt-dome Eric.Shiu@wellsfargo.com | 212-214-5038

storage expansion in Beaumont, TX, adding 2 caverns + KMI/ARM interconnects following Jack Farrell, CFA

FERC approval and ~6× oversubscribed demand; at full buildout, GTS reaches >60 Bcf Associate Equity Analyst | Wells Fargo Securities, LLC Jack.L.Farrell@wellsfargo.com | 212-214-8012

across 8 caverns with 2.2 Bcf/d injection / 2.5 Bcf/d withdrawal, making it the largest Gulf

Coast storage hub with startup late ’28–’29, driven by LNG, power load, and AI demand

tailwinds

Waha Prices Improve Dramatically. In the last 2 weeks, Waha gas prices have improved