Financial PerformanceA surprising 6% cut to 2025 EBITDA guidance that hurts an investment thesis predicated on defensive stability.
Growth Expectations2025 guidance fell short of expectations, with a 5% EBITDA miss to consensus.
Leverage ConcernsAt 4.8x targeted 2025 year-end normalized net leverage, SOBO sits solidly above midstream peers, which limits near-term capital allocation flexibility and shareholder return upside.