{
  "report_rows": [
    {
      "kpi": "Oil & gas royalty revenue",
      "prediction": "BEAT",
      "answer": "pred ~$132M vs. cons $126M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Water-sales revenue",
      "prediction": "IN-LINE",
      "answer": "pred ~$52M vs. cons $52M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Produced-water royalty revenue",
      "prediction": "BEAT",
      "answer": "pred ~$36M vs. cons $34M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Q3 2026 oil-and-gas royalty production outlook",
      "prediction": "BETTER",
      "answer": "guide ~38.0 Mboe/d vs. cons 37.3 Mboe/d (Q3 2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 2026 sourced-water sales-volume outlook",
      "prediction": "BETTER",
      "answer": "guide ~920 Mbbl/d vs. cons 875 Mbbl/d (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Phase 2B desalination operating-throughput commentary",
      "prediction": "BETTER",
      "answer": "guide ~7.0 Mbbl/d vs. cons 5.0 Mbbl/d (Q3 2026)",
      "confidence": "LOW"
    },
    {
      "kpi": "Project Kilby recurring-water-revenue timing commentary",
      "prediction": "UNCHANGED",
      "answer": "guide ~$0M vs. cons $0M (Q3 2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 4.0,
  "day5_path": "FOLLOW-THROUGH",
  "day5_rationale": "A royalty and produced-water beat, coupled with ~38.0 Mboe/d Q3 production commentary versus 37.3 Mboe/d expected, should lift out-period royalty and EBITDA estimates; the key risk is limited near-term Project Kilby revenue of ~$0M versus ~$0M expected.",
  "day5_confidence": "MEDIUM"
}