{
  "report_rows": [
    {
      "kpi": "Q2 2026 revenue",
      "prediction": "BEAT",
      "answer": "pred ~$262.0M vs. cons $252.5M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 diluted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$2.33 vs. cons $2.25",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q2 2026 oil and gas royalty production",
      "prediction": "BEAT",
      "answer": "pred ~37.6 Mboe/d vs. cons 37.0 Mboe/d",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Oil and gas royalty production outlook",
      "prediction": "BETTER",
      "answer": "guide ~37.5 Mboe/d vs. cons 37.2 Mboe/d (2H 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Water-sales volume outlook",
      "prediction": "BETTER",
      "answer": "guide ~0.90 MMbbl/d vs. cons 0.87 MMbbl/d (2H 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Phase 2B desalination initial operating throughput",
      "prediction": "LOWER",
      "answer": "guide ~5.0 Mbbl/d vs. cons 10.0 Mbbl/d (2H 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": -2.7,
  "day1_confidence": "LOW",
  "day5_residual_pct": -4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A commodity-driven Q2 beat is likely offset by limited quantified Project Kilby economics, slower desalination ramp and lower out-period commodity math; Q3 revenue revisions could move to ~$246M vs. pre-print consensus of $250M, while Q3 EPS could move to ~$2.17 vs. $2.22.",
  "day5_confidence": "LOW"
}