| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'26 | August 6, 2026 | 8/12 | 3 medium, 3 low flags | 1 | 1 | Call sheet → |
| Q1'26 | May 7, 2026 | 11/12 | 6 low flags | 3 | 0 | Call sheet → |
| Q4'25 | February 26, 2026 | 11/12 | 2 medium, 4 low flags | 3 | 0 | Call sheet → |
| Q3'25 | November 5, 2025 | 11/12 | 2 medium, 4 low flags | 3 | 0 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q2'26 | Pending | Anticipate Moody's/rating agency threshold improvement 'closer to the end of the year... or early 2027' Restated as 'probably early next year,' a roughly consistent but still unresolved timeline; outlook remains negative as of this call. |
| Q2'26 | Delivered | Expect to provide more visibility on the $10 billion incremental capital bucket, 'perhaps on the Q2 call' Management confirmed the bucket firmed from $9B to $10B and detailed the $4B DFW and $3B non-Permian components on this call. |
| Q2'26 | Pending | Ecogas sale on track to close in Q2 or Q3 2026 On track per critical regulatory approval received, targeted to close 'later this month' (August); not yet confirmed closed on this call. |
| Q2'26 | Pending | Expect to close the SI Partners transaction in 2026 Now narrowed to 'later in the quarter' (Q3 2026), consistent with but more specific than the prior 2026 target; full-year period has not ended. |
| Q2'26 | Missed | ECA LNG Phase 1 targeting substantial completion 'this summer' Substantial completion now targeted for Q4 2026 following discovery of compressor equipment damage; the summer target was not met. |
| Q1'26 | Delivered | No common equity needed for base capital plan Reaffirmed through improved operating cash flows and transaction proceeds |
| Q1'26 | Exceeded | Move incremental capital opportunities into base plan Moved $3B+ from $12B incremental bucket into $65B base plan, identified new $9B upside |
| Q1'26 | Pending | ECA LNG first production in 2026 Now specific: first LNG next month, substantial completion this summer |
| Q1'26 | Pending | Complete Ecogas sale in 2026 Reaffirmed Q2-Q3 close timeline, described as 'on track' |
| Q1'26 | Delivered | Oncor to earn closer to authorized ROE across plan period Settlement approved with 9.75% ROE and 43.5% equity layer, expects to earn 'very close' to authorized |
| Q1'26 | Pending | Close SI Partners transaction in 2026 Now targeting Q2-Q3 2026, secured major approvals but awaiting Cameron/Japanese ECA consents |
| Q4'25 | Pending | Oncor base rate review completion by Q2 2026 Settlement reached, final order expected first half 2026 |
| Q4'25 | Pending | Port Arthur LNG Phase 1 to reach COD in 2027 Reaffirmed Train 1 COD 'at or near 2027' |
| Q4'25 | Delivered | Ecogas sale to receive final bids by end of 2025 Signed agreement to sell for $500M in December 2025 |
| Q4'25 | Delivered | Deploy approximately $13B in CapEx for 2025 Successfully deployed nearly $9B through Q3, on track for $13B |
| Q4'25 | Exceeded | Oncor capital plan increase of at least 30% Delivered 32% increase from $36B to $47.5B base plan |
| Q4'25 | Pending | Sempra Infrastructure Partners transaction to close in 2026 Reaffirmed closing by mid-2026, subject to conditions |
| Q3'25 | Delivered | Affirm 2025 adjusted EPS guidance of $4.30-4.70 Guidance affirmed, management expects 'upper half of range' |
| Q3'25 | Exceeded | Oncor to be at 'high end of $12B upside or more' Now forecasting 30%+ increase to base plan, well above prior guidance |
| Q3'25 | Pending | Close SIP and Ecogas transactions by middle of 2026 SIP now definitive agreement, Ecogas final bids expected by end 2025 |
| Q3'25 | Pending | ECA LNG mechanical completion by end of 2025 Reaffirmed timeline, project 95%+ complete |
| Q3'25 | Pending | Deploy approximately $13 billion capital in 2025 On track with $9B deployed through Q3, targeting $13B by year-end |
| Q3'25 | Delivered | Take FID on Port Arthur Phase 2 in 2025 (Q2 2025 guidance) Completed in Q3 2025 with full notice to proceed to Bechtel |
Get free previews of our earnings-call research: the key changes, management scores, and questions worth investigating. Subscribe for full call sheets and deeper analysis.
Subscriptions are managed by Substack. If the form does not load, subscribe directly. Or follow the RSS feed.