{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$2.120B vs. cons $2.091B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "NGL fractionation volume",
      "prediction": "BEAT",
      "answer": "pred ~945 MBbl/d vs. cons 934.6 MBbl/d",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Natural-gas pipeline volume",
      "prediction": "IN-LINE",
      "answer": "pred ~7.55 TBtu/d vs. cons 7.504 TBtu/d",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted EBITDA (FY26)",
      "prediction": "LOWER",
      "answer": "guide ~$8.25B midpoint vs. cons $8.361B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Waha-to-Katy optimization commentary (2H26)",
      "prediction": "LOWER",
      "answer": "guide ~normalization vs. no formal consensus; 3Q EBITDA cons $2.105B",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": -2.5,
  "day1_confidence": "LOW",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "FOLLOW-THROUGH \u2014 implicit 4Q EBITDA cut should drive revisions",
  "day5_confidence": "LOW"
}