Caterpillar Inc: Dealer Takeaways: Power surge moves north – look for clues from pipeline event

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Caterpillar Inc: Dealer Takeaways: Power surge moves north – look for clues from pipeline event

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Caterpillar Inc

Dealer Takeaways: Power surge moves

north – look for clues from pipeline event

Maintain Rating: BUY | PO: 989.00 USD | Price: 915.64 USD

Dealer Call Takeaways – power surge to move up north 09 June 2026

Yesterday, we hosted a call with CAT’s largest dealer (Finning) in Western Canada, South Equity

America and the UK. We came away from the call (and Friday’s call with ProPetro) with

Michael Feniger

stronger conviction: i) CAT possesses clear visibility to ramp capacity on recip engines, Research Analyst

ii) recip engines are likely gaining incremental share of orders on power side, iii) likely BofAS michael.feniger@bofa.com

some inventory required in the system as ‘speed to delivery’ is critical, iv) CAT’s

Sherif El-Sabbahy

intersection in oil & gas and power is a competitive advantage, v) proactive approach Research Analyst

across OEM-dealer-provider for big projects. We maintain our Buy rating. BofAS sherif.el-sabbahy@bofa.com

DC opportunity in Alberta ‘early innings’: A ‘generational’ opportunity in Alberta Matthew Palay Research Analyst

(similar to Texas) – abundance of inexpensive nat gas, pipelines, land, cool environment BofAS

(key for power density). Alberta observing DC interconnection requests of 20GW with matthew.palay@bofa.com

only 1GW of spare capacity. What is the likely outcome? Behind the meter is the answer

and CAT’s largest dealer is positioned for rental power (bridge – large scale rental for

long duration), prime (1 GW = 400 recip engines), back up & reman capabilities. Stock Data

Canada’s energy upcycle consumes CAT equipment: A shift in the landscape for W. Price 915.64 USD