| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 22, 2026 | 10/12 | 1 high, 4 medium, 3 low flags | 2 | 0 | Call sheet → |
| Q1'26 | April 22, 2026 | 5/12 | 1 high, 3 medium, 3 low flags | 3 | 2 | Call sheet → |
| Q4'25 | February 18, 2026 | 9/12 | 1 high, 3 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q3'25 | October 22, 2025 | 10/12 | 2 medium, 4 low flags | 4 | 0 | Call sheet → |
| Q2'25 | July 23, 2025 | 7/12 | 1 high, 3 medium, 3 low flags | 3 | 0 | Call sheet → |
| Q1'25 | April 23, 2025 | 9/12 | 3 medium, 4 low flags | 3 | 0 | Call sheet → |
| Q4'24 | February 19, 2025 | 10/12 | 1 medium, 5 low flags | 4 | 0 | Call sheet → |
| Q3'24 | 2024-10-30 | 10/12 | 1 high, 3 medium, 2 low flags | 4 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Delivered | Position business for robust growth opportunities CPV deal signed, LNG offtake executed, multiple projects in negotiation |
| Q2'26 | Pending | Reach $5B net debt target Currently at ~$5.7B, on track for year-end target |
| Q2'26 | Pending | Build on track record of base dividend growth No dividend increase announced this quarter |
| Q2'26 | Delivered | Continue investing in high-return growth projects MVP Southgate acceleration, BlackLine acquisition, multiple demand deals signed |
| Q2'26 | Pending | Deliver sales volumes within Q2 guidance despite curtailments Q2 just started, embedded 10-15 Bcf curtailments in guidance |
| Q1'26 | Missed | Homer City and shipping port progress updates Explicitly declined to provide updates, deferred to developers |
| Q1'26 | Pending | Strategic transformation complete Declared complete but still need demand projects to materialize |
| Q1'26 | Delivered | Maintain operational uptime above 98% 97.2% during extreme weather event, 2x better than peers |
| Q1'26 | Exceeded | Rapidly delever below 1x by end of Q1 Achieved <1x net debt/EBITDA as promised |
| Q1'26 | Delivered | Continue tactical curtailments to optimize pricing 10-15 Bcf curtailments embedded in Q2 guide |
| Q1'26 | Missed | Data center agreements to land in second half of 2026 Pushed to '28-29 timeframe for negotiations, no deals announced |
| Q4'25 | Delivered | Continue base dividend growth 5% increase announced, maintaining 8% CAGR |
| Q4'25 | Pending | M2 basis to improve by 2029-2030 Basis has tightened $0.20 but still years away from verification |
| Q4'25 | Exceeded | Maintain lowest cost structure in basin LOE 50% below peer average, 15% below own forecast |
| Q4'25 | Delivered | MVP Boost expansion to be upsized if demand warranted Increased from 500k to 600k Dth/day, still oversubscribed |
| Q4'25 | Delivered | Olympus integration to deliver operational improvements 30% faster Deep Utica drilling, $2M/well savings achieved |
| Q4'25 | Exceeded | Generate meaningful free cash flow at sub-$3 gas prices $2.5B FCF at $3.40 gas, beat by ~25% |
| Q3'25 | Delivered | Q2: Maintain full year capital guidance of $2.3-2.45 billion Q3 came in $70M below midpoint, maintaining full year guidance |
| Q3'25 | Exceeded | Q2: Complete bulk of Olympus integration within 30 days Completed full integration in 34 days, fastest in company history |
| Q3'25 | Pending | Q2: Achieve year-end 2025 net debt target of $7.5 billion Currently just under $8B, on track but not yet achieved |
| Q3'25 | Pending | Q2: Finalize Shippingport and Homer City agreements Still 'working to finalize' both agreements, no closure announced |
| Q3'25 | Exceeded | Q2: MVP Boost open season conclusion Not only concluded but upsized 20% due to demand, 100% utility-backed |
| Q3'25 | Delivered | Q2: Close Olympus acquisition July 1 Closed exactly on schedule, July 1 |
| Q2'25 | Delivered | Q1: 'Olympus transaction to close in early Q3' Closed July 1, 2025 as promised |
| Q2'25 | Exceeded | Q1: Capital spending guidance $2.3-2.45B Lowered midpoint by $25M despite Olympus addition |
| Q2'25 | Pending | Q1: Full year production guidance 2,300-2,400 Bcfe Q2 at high end, raised guidance by 25 Bcfe |
| Q2'25 | Pending | Q1: 'We see 6 to 7 Bcf/day of in-basin demand growth by 2030' Captured 1.5+ Bcf/d so far, tracking ahead of pro-rata timeline |
| Q2'25 | Pending | Q1: 'Continue to target $5 billion net debt on medium-term basis' Now forecasting mid-2026 achievement, pushed from original timeline |
| Q2'25 | Delivered | Q1: 'We're going to have something [data center deal] by this year' Announced two major 20-year power deals plus smaller project |
| Q1'25 | Delivered | Q4: Drop to 2 frac crews in April Confirmed dropping from 3 to 2 crews |
| Q1'25 | Pending | Q4: Announce in-basin demand deal in 2025 Language softening but still targeting this year |
| Q1'25 | Exceeded | Q4: 2025 production of 2150-2250 Bcfe preliminary Raised to 2175-2275 Bcfe |
| Q1'25 | Exceeded | Q4: Capture remaining Equitrans synergies Already at 85% capture versus expected timeline |
| Q1'25 | Pending | Q4: Exit 2025 with ~$7B net debt On track with Q1 at $8.1B, down $1B already |
| Q1'25 | Pending | Q4: Generate $2.6B free cash flow in 2025 at strip Q1 run rate of $4B+ annually suggests overdelivery likely |
| Q4'24 | Pending | Reduce absolute debt toward $5B medium-term Still committed, timeline unchanged |
| Q4'24 | Pending | Complete 50% more footage per day in 2025 Already at 35% improvement, on track |
| Q4'24 | Exceeded | Exit 2025 with net debt below $7.5B target Now targeting $7B exit |
| Q4'24 | Delivered | $3-5B asset sale target Achieved $4.7B by December 2024 |
| Q4'24 | Exceeded | Maintain flat 2025 production around 2,100 Bcfe Raised to 2,175-2,275 Bcfe midpoint |
| Q4'24 | Exceeded | 60% Equitrans integration complete, base synergies by mid-2025 Now 90% complete with 85% of synergies already captured |
| Q3'24 | Exceeded | Achieve net zero Scope 1&2 emissions by 2025 Achieved in 2024, one year early |
| Q3'24 | Pending | Reduce net debt to $5-7B long term Pro forma at $13.5B, but clear path with asset sales underway |
| Q3'24 | Pending | Complete minority sale of regulated assets by H1 2025 Now targeting year-end 2024, actually ahead of schedule |
| Q3'24 | Delivered | Maintain 2024 production at 2,200-2,300 Bcfe normalized Tracking above high end when normalized for curtailments |
| Q3'24 | Exceeded | Achieve $250M base synergies starting mid-2025 Already at $145M run-rate, 6+ months ahead of schedule |
| Q3'24 | Exceeded | Close Equitrans acquisition in Q4 2024 Closed July 22, 2024, a full quarter early, saving $150M |
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