{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~$2.13B vs. cons $2.091B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "NGL Fractionation Volume (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~945,000 Mbpd vs. cons 934,564 Mbpd",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Nat Gas Pipeline Volume (Q2 2026)",
      "prediction": "BEAT",
      "answer": "pred ~6,800 Bbtu/d vs. cons ~6,638 Bbtu/d",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY 2026 Adj. EBITDA (FY 2026)",
      "prediction": "BETTER",
      "answer": "guide ~$8.40B vs. cons $8.361B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY 2026 EPS Diluted (FY 2026)",
      "prediction": "UNCHANGED",
      "answer": "guide ~$5.70 vs. cons $5.676",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Data Center Projects (Forward)",
      "prediction": "BETTER",
      "answer": "signed agreement/FID vs. UNVERIFIED baseline",
      "confidence": "LOW"
    },
    {
      "kpi": "Waha-to-Katy H2 Outlook (H2 2026)",
      "prediction": "UNCHANGED",
      "answer": "reaffirm normalization vs. already in guidance",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": -0.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 short covering exhausts in 1-2 days; neutral H2 implied math limits estimate revisions; warm setup removes the 'better than feared' bid",
  "day5_confidence": "MEDIUM"
}