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Sentiment · FY2026 Q1
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Jeremy Tonet | JPMorgan | 12 | 0% |
| Keith Stanley | Wolfe Research | 12 | 0% |
| Manav Gupta | UBS | 12 | 0% |
| Mike Blum | Wells Fargo | 10 | 30% |
| Sunil Sibal | Seaport Research Partners | 9 | 0% |
| Theresa Chen | Barclays | 8 | 13% |
| Brandon Bingham | Scotiabank | 8 | 0% |
| AJ O'Donnell | Tudor, Pickering, Holt | 8 | 0% |
| Spiro Dounis | Citigroup | 6 | 0% |
| Jason Gabelman | TD Cowen | 6 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| UBS | 1 | 12 | 0% |
| Wolfe Research | 1 | 12 | 0% |
| Goldman Sachs | 2 | 12 | 0% |
| JPMorgan | 1 |
| 12 |
| 0% |
| Barclays | 2 | 10 | 10% |
| Wells Fargo | 1 | 10 | 30% |
| Seaport Research Partners | 1 | 9 | 0% |
| Scotiabank | 1 | 8 | 0% |
Adjusted EBITDA reached $1.4 billion despite Waha gas price weakness and producer shut-ins, as LPG export demand surged from global trade dynamics. Permian volumes were more than 250 million cubic feet per day above the first quarter average, and natural gas marketing optimization provided upside. Management raised full-year 2026 EBITDA guidance by $300 million to $5.7-5.9 billion, a 5.5% increase at the midpoint, reflecting confidence in the integrated capital program execution.
Demand | Capex Investment | Competitive Dynamics | Margin | Revenue Growth | Macroeconomic | Capital Allocation | Guidance Reliability | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 6 | 2 | 3 | 6 | 6 | 1 | |
| 2025Q1 | 9 | 5 | 4 | 4 | 1 | 5 | 2 | 1 |
| 2025Q2 | 3 | 4 | 6 | 2 | 4 | 1 | 1 | 1 |
| 2025Q3 | 11 | 9 | 4 | 6 | 3 | 1 | 2 | 2 |
| 2025Q4 | 9 | 4 | 7 | 5 | 3 | 5 | 3 | |
| 2026Q1 | 7 | 2 | 2 | 2 | 3 | 2 | 3 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 6 | 9 | 3 | 11 | 9 | 7 |
| Capex Investment | 6 | 5 | 4 | 9 | 4 | 2 |
| Competitive Dynamics | 2 | 4 | 6 | 4 | 7 | 2 |
| Margin | 3 | 4 | 2 | 6 | 5 | |
| Revenue Growth | 6 | 1 | 4 | 3 | 3 | 2 |
| Macroeconomic | 5 | 1 | 1 | 5 | 3 | |
| Capital Allocation | 6 | 2 | 1 | 2 | 2 | |
| Guidance Reliability | 1 | 1 | 1 | 2 | 3 | 3 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TRGP Targa Resources | 5 | -15.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| OKE ONEOK | 9 | +19.6% | |
| WMB Williams Companies | 6 | -0.6% |