{
  "report_rows": [
    {
      "kpi": "Adjusted EBITDA",
      "prediction": "BEAT",
      "answer": "pred ~$1.535B vs. cons $1.485B",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Permian inlet volumes",
      "prediction": "IN-LINE",
      "answer": "pred ~6.99 Bcf/d vs. cons 6.97 Bcf/d",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "LPG export volumes",
      "prediction": "BEAT",
      "answer": "pred ~485 Mbbl/d vs. cons 475 Mbbl/d",
      "confidence": "MEDIUM"
    }
  ],
  "guide_rows": [
    {
      "kpi": "Adjusted EBITDA guidance",
      "prediction": "BETTER",
      "answer": "guide ~$6.0B midpoint vs. cons $5.834B (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Net growth capital expenditures",
      "prediction": "UNCHANGED",
      "answer": "guide ~$4.5B vs. cons $4.5B (FY2026)",
      "confidence": "HIGH"
    },
    {
      "kpi": "Permian inlet-volume growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~11% vs. cons 11% (FY2026)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 3.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 2.4,
  "day5_path": "FADE",
  "day5_rationale": "The initial ~+3.8% day-1 residual should fade to ~+2.4% cumulatively by day 5: a beat and FY2026 raise support estimates, but the raise is likely partly Waha-marketing driven, while normalization of optimization margins limits out-period revisions despite stronger core volumes and project execution.",
  "day5_confidence": "MEDIUM"
}