| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 9/12 | 3 medium flags | 1 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 11/12 | 3 medium, 6 low flags | 6 | 0 | Call sheet → |
| Q4'25 | February 17, 2026 | 10/12 | 4 medium, 2 low flags | 4 | 1 | Call sheet → |
| Q3'25 | November 6, 2025 | 11/12 | 4 medium, 2 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Desert Southwest: file formal FERC certificate application in Q4 2026 Not specifically re-addressed this quarter beyond general progress commentary ('a little ahead of our expectations on survey permission'); the FERC filing timeline itself was not reconfirmed or denied. |
| Q2'26 | Pending | Mustang Draw 2 (275 MMcf/d) in service Q4 2026 Reaffirmed this quarter for Q4 2026 in-service, period has not yet ended. |
| Q2'26 | Pending | FGT South Florida project: ~90%+ chance customers exercise options within 30-60 days of the Q1 call, enabling full FID The 30-60 day window from the Q1 call should have resolved before this call, but the project was not mentioned at all this quarter; actual not stated on the call. |
| Q2'26 | Pending | DAPL/MLO2: expect to take FID by mid-2026, and separately 'reaching FID later this year' The prior call contained both mid-2026 and later-this-year language. Current cited passages do not announce FID or a new date. Resolve against issuer and partner disclosures before classifying the outcome. |
| Q2'26 | Delivered | Mustang Draw 1 (275 MMcf/d) in full service 'next month' Mustang Draw 1 was placed into service in June, consistent with the 'next month' guide given on the Q1 call. |
| Q2'26 | Pending | Hugh Brinson Phase 1 in service Q4 2026, with ability to begin flowing some gas early Q3 2026 if on schedule Commercial service has started, consistent with the prior early-flow possibility. Full Phase 1 capability is now forecast by September 1, but the cited statement does not confirm that final milestone has been delivered. |
| Q1'26 | Delivered | FGT open seasons completion Completed open seasons for Phase 9 and South Florida projects with binding agreements |
| Q1'26 | Delivered | Desert Southwest FERC prefiling process in March 2026 Transwestern initiated FERC prefiling in March as scheduled |
| Q1'26 | Pending | Oracle data center connections by mid-2026 First connection flowing, two more expected mid-2026 as planned |
| Q1'26 | Exceeded | 2026 adjusted EBITDA $17.45-17.85B Raised guidance to $18.2-18.6B based on Q1 outperformance |
| Q1'26 | Delivered | Nederland Flexport NGL export ramp-up Record export volumes achieved in Q1 2026 as promised |
| Q1'26 | Delivered | Mustang Draw I in service Q2 2026 Currently commissioning with full service expected next month - on track |
| Q1'26 | Exceeded | Hugh Brinson Phase 1 in service Q4 2026 with possible early volumes Now expect early Q3 flows ahead of Q4 full service - ahead of schedule |
| Q4'25 | Missed | Lake Charles LNG FID dependent on equity partners and binding offtake Project suspended instead of reaching FID - complete abandonment of timeline |
| Q4'25 | Delivered | Oracle data center first flow by end of year Recently began flowing gas on first pipeline lateral near Abilene, Texas |
| Q4'25 | Exceeded | Hugh Brinson Phase 1 no later than Q4 2026 Now 75% complete and potential for early volumes before Q4 2026 |
| Q4'25 | Exceeded | Desert Southwest 1.5 Bcf/day fully contracted Not only fully contracted but upsized to 2.3 Bcf/day at 48-inch diameter |
| Q4'25 | Pending | Mustang Draw plant in service Q2 2026 Reaffirmed Q2 2026 timeline, no change from prior guidance |
| Q4'25 | Delivered | Flexport NGL export project volumes expected to ramp throughout remainder of 2025 Achieved record exports and first ethylene cargoes in December 2025 |
| Q3'25 | Pending | Badger processing plant to be at full capacity in next few months Plant in service and ramping up as expected from Q2 guidance |
| Q3'25 | Missed | $5 billion organic growth CapEx guidance for 2025 Reduced to $4.6B due to project deferrals into 2026, though not execution issues |
| Q3'25 | Pending | We expect to sell equity in Lake Charles to reduce ET ownership to approximately 25% Now hardened to requirement for 80% equity partners before FID - more stringent than originally indicated |
| Q3'25 | Exceeded | Flexport NGL Export project to provide ethylene export services in Q4 2024 Facility now ready for ethylene export service ahead of original timeline |
| Q3'25 | Pending | Hugh Brinson Phase 1 expected to be in service no later than Q4 2026 Still on track, 100% right-of-way acquired, 85%+ pipe delivered, construction underway on all spreads |
| Q3'25 | Delivered | Desert Southwest capacity to be completely sold out upon completion of open season Project now 100% contracted under 25-year commitments as promised |
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