{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA (Q2'26)",
      "prediction": "BEAT",
      "answer": "pred ~$1.56B vs. cons ~$1.50B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Permian inlet volumes",
      "prediction": "BEAT",
      "answer": "pred ~7,000 MMcf/d vs. cons ~6,850 MMcf/d",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "LPG export volumes",
      "prediction": "BEAT",
      "answer": "pred ~465 MBbl/d vs. cons ~445 MBbl/d",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY2026 Adjusted EBITDA guidance",
      "prediction": "BETTER",
      "answer": "guide ~$5.95B (raised, high end/above) vs. cons ~$5.85B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "FY2026 growth capex",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.5B vs. cons ~$4.5B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Waha marketing/optimization margin durability commentary",
      "prediction": "BETTER",
      "answer": "pred ~$150M+ incremental H2 upside vs. cons ~$50M modeled (H2'26)",
      "confidence": "LOW"
    },
    {
      "kpi": "Capital returns (buyback pace)",
      "prediction": "UNKNOWN",
      "answer": "pred ~$100M repurchased vs. cons ~$150M (Q2'26)",
      "confidence": "LOW"
    }
  ],
  "day1_residual_pct": 2.5,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.0,
  "day5_path": "STABILIZE",
  "day5_rationale": "A beat-and-raise print into a stock already down ~9% from its late-July peak (~$286 to ~$260) means expectations have partially reset, supporting a positive but not euphoric day-1 pop. Follow-through is capped because the debate shifts to how much of the 2026 Waha marketing/export windfall is repeatable into 2027 as Blackcomb/GCX egress relieves basis; out-period math (implicit fade of optimization margin) offsets the near-term beat, so the residual holds rather than compounds. Elevated 2026-2028 capex is also a FCF overhang limiting sustained multiple expansion.",
  "day5_confidence": "LOW"
}