| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | July 22, 2026 | 8/12 | 1 high, 5 medium, 2 low flags | 2 | 0 | Call sheet → |
| Q1'26 | April 22, 2026 | 8/12 | 2 medium, 4 low flags | 6 | 0 | Call sheet → |
| Q4'25 | January 21, 2026 | 10/12 | 6 low flags | 6 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Year-end 2026 leverage at 3.7x Currently at 3.6x, expects to end at 3.6x, beating prior guidance |
| Q2'26 | Pending | Trident on schedule for Q1 2027 first phase Now 60% complete, appears on track |
| Q2'26 | Pending | Meaningful shadow backlog conversion during 2026 Now saying 'back half' specifically, still tracking but timeline narrowed |
| Q2'26 | Pending | Western Gateway FID expected 'in the next few months' Pushed out again to 'next month or 2', timeline keeps slipping |
| Q2'26 | Exceeded | Expect to be more than 3% favorable to budgeted EBITDA for full year Raised to 5%+ favorable in Q2, exceeded prior guidance |
| Q2'26 | Delivered | Monument acquisition to close by end of April after HSR clearance HSR terminated April 21, on track for month-end close as promised |
| Q1'26 | Delivered | Western Gateway open season completion Completed successful open season but JV terms still undefined |
| Q1'26 | Exceeded | Leverage below 4.0x by end of 2025 Achieved 3.8x, now at 3.6x in Q1 |
| Q1'26 | Exceeded | 2025 adjusted EBITDA growth of 4% with EPS growth of 10% Delivered 6% EBITDA growth and 13% EPS growth |
| Q1'26 | Exceeded | $10 billion project backlog target Reached $10.1B vs $10.0B target, net growth despite $265M placed in service |
| Q1'26 | Delivered | Trident construction start by end of 2025 Started construction last week of Q4 2025 as promised |
| Q1'26 | Delivered | MSX and South System 4 FERC certificate by July 31, 2025 Received FERC scheduling order ahead of original expectations |
| Q4'25 | Delivered | We look for favorable resolution of S&P and Moody's positive outlook in near term S&P upgraded to BBB+ in Q4, Moody's still on positive outlook |
| Q4'25 | Exceeded | We expect to exceed our 2025 budget due to Outrigger contributions Beat budget by MORE than Outrigger contribution - organic outperformance |
| Q4'25 | Delivered | Full year 2025 oil volumes are forecasted to be 4% below 2024 and 1% below budget Oil volumes about 2% below 2024 but finished above plan for the year |
| Q4'25 | Delivered | Refined products volumes are forecasted to be about 1% higher than 2024 Full year 2025 refined products about equal to 2024, within range |
| Q4'25 | Delivered | For the full year, we now expect gathering volumes to average 5% above 2024 Full year 2025 gathering volumes were up 4%, close to the 5% expectation |
| Q4'25 | Exceeded | We budgeted to grow adjusted EBITDA by 4% and adjusted EPS by 10% from 2024 Actually delivered 6% EBITDA growth and 13% EPS growth |
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