| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 4, 2026 | 6/12 | No flags | 0 | 0 | Call sheet → |
| Q1'26 | May 5, 2026 | 10/12 | 6 low flags | 6 | 1 | Call sheet → |
| Q4'25 | February 24, 2026 | 12/12 | 1 medium, 5 low flags | 5 | 0 | Call sheet → |
| Q3'25 | November 4, 2025 | 10/12 | 1 medium, 5 low flags | 2 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'26 | Missed | Take advantage of consolidation opportunities Now saying M&A 'likely fairly quiet' due to market volatility |
| Q1'26 | Exceeded | Maintain capital efficiency focus Reinvestment rate dropped from 44% planned to 34%, major efficiency gains |
| Q1'26 | Delivered | Continue inventory expansion organically Added acreage in Q1, continuing trades and bolt-on acquisitions in backyard |
| Q1'26 | Delivered | Power/data center project progress Confirmed meaningful progress and framed as gas monetization solution |
| Q1'26 | Delivered | Hold production relatively flat while maximizing free cash Beat Q1 production while maintaining capital discipline, now shifting to growth mode |
| Q1'26 | Delivered | Continue testing surfactants and refining process Completed 60-well test, seeing 100 bopd average uplift, optimizing for best performers |
| Q1'26 | Exceeded | Net debt target of $10B in 12-18 months Now expecting to hit target in 'couple months' due to stronger commodity environment |
| Q1'26 | Pending | Barnett well costs down to $800/foot to be competitive Still at $1,000/foot, but outlined specific path via development mode and extended laterals |
| Q4'25 | Delivered | Power generation progress updates Announced specific Basin Ranch commitment, more concrete than expected |
| Q4'25 | Delivered | Production maintained in 500s range Held 510 Mbo/d baseline as committed, managed transition well |
| Q4'25 | Delivered | More detail on deeper zone development Major Barnett disclosure exceeded expectations for 'full asset update' |
| Q4'25 | Exceeded | Efficiency gains to continue driving down well costs Achieved further cost reductions to $510-520/ft despite steel tariff headwinds |
| Q4'25 | Delivered | Continuous pumping deployment across additional fleets Deployed on 2 fleets, expanding to 4 full-time as promised |
| Q4'25 | Pending | Waha gas exposure down to 40% by year-end 2026 Reconfirmed same timeline and percentage - consistent commitment maintained |
| Q3'25 | Delivered | Q2: 'Maintain flexibility later in the year' Maintaining 250-300 DUC inventory, built activity flexibility as promised |
| Q3'25 | Pending | Q2: 'Very fulsome update on hitting that [$1.5B] target in next quarter or 2' Still working on binding documents for EPIC and water assets, timeline extended |
| Q3'25 | Pending | Q2: 'Continue to slowly build' 2026 hedge position Still 'rather exposed on oil side' for 2026, waiting for cheaper puts |
| Q3'25 | Missed | Q2: 'Sub-$900M quarterly maintenance CapEx' Now guiding $925M Q4 baseline, multiply by four - costs drifting higher |
| Q3'25 | Delivered | Q2: 'Hit numbers and make what looks easy on the outside' Beat production guidance at 510k vs ~490k expected, maintained consistency |
| Q3'25 | Pending | Q2: '$1.5B noncore asset sales target with Double Eagle' Only $250-260M closed YTD, still working on EPIC stake and Endeavor Water drop to Deep Blue |
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