What the desk actually did.

Q1 cash flow exceeded guide by 18% and the buyback pace doubled.

Mexico royalty proposal advanced in legislature; thesis sensitivity revisited.

FY 2025 print and 26th consecutive raise reread against the succession question.

Q1 AISC printed inside guide and the producer-of-the-decade case held.

Westinghouse contribution disclosed at investor day; integration ahead of plan.

Public writeup refreshed against the FY 2025 release and the buyback pace.

Mainline apportionment normalised; the turnpike read remains intact.

Attachie Phase 1 in service; the condensate strip moved per-share value the right way.

53rd consecutive raise telegraphed in the annual; the rate-base compounding still works.

Foster Creek turnaround scope widened; full-year capex creeping above plan.

Free cash flow trajectory below sustaining capex through cycle on the revised price deck.

Potash netbacks back inside the historical band; retail margin still doing the work.

South Bow spin-off operating metrics diverging; rereading the remainco maturity ladder.

Operating ratio held inside 58–60% range; the franchise is still earning the multiple.

Buffett stake disclosure unchanged at 28%; Berkshire signalling, not buying.

Refining utilization at 97% and unit cost down for a fourth quarter running.

QB2 ramp curve still flattening; revised through-cycle ROIC walks closer to cost of capital.

Cedar LNG sanctioned with the strip locked; long-dated take-or-pay book extended.

Permian gas backlog conversion accelerating; coverage 2.3× on the distribution.

Indonesian smelter delay added six months to the export licence overhang.

BC mill curtailment offset by the U.S. South capacity additions; through-cycle FCF intact.

Detour Lake throughput at a new high; the producer-of-the-decade case keeps holding.

Term book signings ran double the 2024 pace at a higher floor price.

Dominion utility rate cases closed inside the requested band; the take-or-pay base reads cleanly.

Post-South-Bow remainco capex pulled back to the regulated base; balance sheet looks lighter.