{
  "report_rows": [
    {
      "kpi": "Royalty Production (BOE/d)",
      "prediction": "IN-LINE",
      "answer": "pred ~38,200 vs. cons 38,530",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EBITDA ($M)",
      "prediction": "BEAT",
      "answer": "pred ~$215M vs. cons $210.6M",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Water Sales Revenue ($M)",
      "prediction": "MISS",
      "answer": "pred ~$49M vs. cons $51.6M",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Permian Activity Tone (Q2 2026 call)",
      "prediction": "BETTER",
      "answer": "guide 'meaningful uptick' vs. Q1 'marginal uptick'",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Data Center Pipeline (Q2 2026 call)",
      "prediction": "UNCHANGED",
      "answer": "guide no new deal vs. market hoping for 2nd deal",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Desalination Phase 2b (Q2 2026 call)",
      "prediction": "BETTER",
      "answer": "guide first flow confirmed vs. 'nearly complete'",
      "confidence": "HIGH"
    }
  ],
  "day1_residual_pct": 1.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": -1.5,
  "day5_path": "FADE",
  "day5_rationale": "FADE \u2014 EBITDA beat fades as water estimate cuts and no new data center deal remove the catalyst for multiple expansion; sell-side trims water segment",
  "day5_confidence": "MEDIUM"
}