Dwayne. to to for and call. morning Thanks, Good everyone, thank listening you the
of interest We an have generating for our well as number equity seen income investors. increasing last calls our fixed as is the quarters, steady over that earnings registered a and from we're both number in increase few encouraged the participants story of
earnings As third financial expectations of this we in and internal of power businesses. ahead our our again diversified market-leading mentioned our earnings release the morning, results quarter demonstrated the once resilient our for were
the Argos our existing across and BP's continued from While to volumes footprint steady in Transportation from our facility. volumes Offshore benefit Pipeline segment increase
also saw Mexico, limit weather-related our of uplift result some quarter. X million of downtime would caused an Gulf any during million their $X a with the shippers activities in We the of as otherwise events production to to associated have that $XX
performed our to coverage ratio senior exceed strong common segment a equipment. Act our calculated and for resulted expectations, Marine quarter leverage performance as continued ending distribution This our and X.XXx. driven segment Transportation with our financial unitholders ratio in Services the X.XXx at and Our in by lenders at tightness Jones to part for line large secured current Sulfur soda continued the in our by expectations, our
million.While in in results marginally some strong to operations, this consist soda discussed of remainder both somewhat by of the our pipeline large we marine and As ash segments, year weaker morning's the in being transportation driven our by from performance offshore release, transportation performance expect part offset $XXX year above EBITDA should to nonetheless to soda adjusted full of markets. primarily deliver our of prices, the allow guidance of in our export expectations full if These not the year million we or the ash our us important at prices end of top still our $XXX midpoint, approaching ash limited weakness to the Offshore segment EBITDA Transportation back record half our in ash or it in to term, of contribution cropping to record segment segment in from the up near in margin year. at our short it record along here for somewhat is ash Transportation macro soda challenging prices soda still business Marine a remember the Pipeline record adjusted near are and margin are is spite conditions soda the disappointing affecting deliver annual with that that going partnership for segment the weakness from
EBITDA ratio, will current distribution lenders of in we more leverage also the year long-term of a or secured target our ratio by and ratio as of with exit senior continue Xx periods. to X.Xx, a Importantly, visibility our increasing to at leverage with near future calculated coverage clear to all our expect than
expect combined marginally next Argos, volumes we offshore see ahead to from continued look Marine with our additional subsea drilling, we year, from infill performance new growth with and As to tiebacks increasing along from continued segment. Transportation
uncertainty will Grainger at my our had of the outlook it with important by for XXX,XXX that in contracts strong exist today, additional operating and makeup XXXX new coming is remember have remains for company. pricing cost any and reduction it be Genesis our per I've customers ton. have sodas intact as Regardless conversations that long-term tenure limited are expansion the to tons any partially seen average that during the we results might and weakness corresponding open as of the the offset soda from ash XXXX project under in we we our continuing likely believe the online prices in While
and events are come a to XXXX should our accelerating flexibility late continue structure our capital Shenandoah step corresponding online. transition capital year advance the offshore these complete to to continue capital The generate of our late viewed cash and obligations the to to for flow business structure, stakeholders years XXXX In provide simplify return increasing as developments ongoing fact, the in value into with segment mid- combination cash of significant amounts beginning really as allow expect long-term build to of increased to in XXXX expenditures in expected ahead.Now Genesis touch everyone ultimately we volumes many be contributions changes for on for growth as after XXXX us Salamanca our in to us financial margin nd will in of and individual our all capital briefly I'll segments. and
downtime ahead as any a of robust our saw impacted and production that the weather Pipeline Offshore would the result performed by of Our have our across segment hurricane during our event quarter driven customers. of volumes system where large we no part Transportation in our expectations, otherwise season
volumes Argos We barrels facility, from continue which and per approaching and volumes strong fields XX,XXX steady see fast in is to host a platform. from day BP's increase our
balance to steady nameplate and further over from wells volumes day. brings towards on barrels the facility the of expect see XXXX to increasing into capacity as of BP XXX,XXX its additional Argos per and continue We year optimizes the and
North or examples Mexico. are volumes In quarter leases tiebacks be in to which such the and addition a in Sense production near additional Woodside of the are additional and online fields subsea new Gulf we third of project of Argos, XXXX. multiple North as also again valid commenced in project, Quarter opportunities active both development These Catman existing from volumes year the and will developments subsea yet from discovered and/or that for full on at were seeing
the million administration an August, After inhibit Mexico.As the the of decades or But in few existing on might late in infrastructure order. due of passed news District the and blocked long-standing Department endangered scheduled of Gulf would remains to active activity leases wanted sell occur U.S. touch announced stayed caused and perceived Interior months, over these direct the there to seen the current Department it earlier lawsuits, to opportunities I species. laws some Interior's and originally While some on acres multiple leasing and near November order in by acres the efforts Court decades in cell gas to and have by of briefly risk to shrink until the the not valid on #XXX Louisiana Congress of in some a types of District indirect question. in Gulf to lease incremental the to attempting order the of before to October, the to X XX. September of million to or on cell of on the around X. delay reaches of Western Then you follow the for oil was of lease many it area in include push Mexico. last U.S. X such decision The restriction Appeals appeal Fifth in Circuit Court the
the In lease cell X through in historical is the that versus addition sales limit are trying lease to to semiannual to challenges the around the decade Gulf of Congress in administration #XXX, in passed end XXXX. Continental land back cells the lease future sales Mexico by also Outer required of the sales
outlook federal impact to not in any Gulf they of leasing unfortunate, Gulf Mexico. Genesis the will role in long-term of to believe short- efforts are medium these the for in the to do significant While Mexico play we impacting
this of royalty waters. X.X in offshore remaining under X by term extension sheer already through those, of size approximately of landowner States. leases, hydrocarbon Mexico acres, valid deepwater. Gulf of million way over lease acres active only has wells is last more Permian Coast under in industry-leading size averaged important recent yet unitization, coastal to should is refinery percentage drilling our of were complexes them resource Given Gulf The size Energy or the primary find valid from inventory post with the resource a by future under volumes, and in interesting more undoubtedly small put the existing production held and of explored of of X either Of a under and Pioneer.Suffice EIA, leases, to the the provide over production has a is say, to Mexico XXX,XXX leases which primary scale held or it of being the and be of tremendous ExxonMobil's located leased of are Ocean production and are And We total the to footprint XX% and that decades which industry-leading basin. XX.X footprint. of from world-class impressive According federal the in production and and and leases existing term. decades relatively held being to held production but the perspective, it should Gulf of To the Davis the a gas been in there published large production Gulf according decades. for acres agreed tremendous the offshore yet, and than wells around owner commonplace the only than valid of X.X existing the Mexico University under Management, State at Central researchers conducted valid the acres already acreage the in California over approximately on drilled is XX-year such U.S. million and the produced in Mexico. an existing these and the infrastructure XX% sensors Gulf us. acreage of to and its our and a the X.Xx million that in total its is established industry-leading leases University Gulf only that undeveloped of acquisition XXXX, under amount of have greenhouse think May in been of position the of acres in have scale under it Gulf by million Louisiana understand yet to of its Bureau the X.X a acreage or sheer oil in United of low these as gross proximity study is lease is Mexico X.X wells Basin XX.X Of million extraordinarily to our found located fascinating gas percentage Furthermore, and with the million
over well And point have an basin infrastructure this been working of us years. view some XX for of from
provide additive the expansion with ready which Shenandoah of CHOPS service Gulf of barrels lines, expect on increasing. per vast is a incremental for schedule developments, sanctioned we countless contracted in of turning sync focus remain peak started on and yet swath this be undeveloped will in these volumes day based XXXX. be the X of operators combined Salamanca of the their lateral and and XXXX. margin Mexico, project study and evidence these starting importantly visibility as seen why of basins our further have from the soon number large-scale XXX,XXX and with on budget our to they and year seen to our provides in then new away see be volumes The north remain All There have successfully on inventory basins half segment and where with laid sanctioned have focus capacity of schedule in and a production, of $XXX on instead These handling identified developments subsea new as tiebacks base or these of to to and of both combined oil projects, miles per attributes generate we to XXXX. onshore XXX of and both us to their million acreage increase second horizon.Along the project, will shale the of production have is we production
say, and many to positioned from Transportation segment Offshore come. to flows years we well our cash is this steady, of growing remain to for stable deliver Pipeline All
to now segment. Services Turning soda and Sulfur our
soda an during downward pressure new continued markets in contributing is economic performed in our quarter, Our production data China, to from soda increase ash weak on The natural in ash in export continued from turn which line prices InterMongolia. generally and of the with the factors in apparent business of increase export these combination expectations China despite applying out these Asia. is in volumes
industry. data addition U.S., see data, In container economic in the Asia, slowing weaker in have to notably and started Europe in to the both glass most economic in we
to lowest over thus supply to of important XX periods have during to about months of competitive could help to to a become of be than from historical with cost expect reasonably demand. lower tight again, advantage in ramped, some combination have Furthermore, approximately only once but both lithium combined the costs footprint exposure in growing enjoy producers soda balanced a all green a operations production Increasing of timing it the it undoubtedly oversupply. demand excess other focus the see investment natural of in which from level months.The half operating quicker last likely will. more of the central and help the be solution of curve from levels roughly cost at to synthetic synthetic economic capacity total Given than Europe additional and producers periods is XX% and to market going also recovery seen return solution production Accordingly, market price at ash continue a in absolute ash customers to it Alternatively, market the to the end Etch, growth low-cost somewhat XX a prices. of and/or what in project. producers. will sooner lower that today's becomes when these solar our smaller a thesis later we've production panel remains conceivably of soda of X could of prior producers volumes during significantly much supply might a with global global balance advantage All our a supply synthetic of Granger anticipation those of supply one producers It higher-cost supply in cost soda recovery and was which as mining ultimate to XX% rationalization -- responses and demand activity on this remain natural of market our with increasingly in to than is global be of return factors China increasingly the And periods rather the to and take uncertainty. will uncertain, uneconomic half domestic expansion a general, China, from and the demand fully with mining. shoots and China solution the the relative environmental
every pricing can provides cost Our and this our both ore run year industry-leading mining will economic and us a for combination dry the of utilization to U.S. optimize ton to environment. many us solution in continue sell mining fixed that and at broader regardless ahead we of cost with produce structure full years allow safely and to
ash recently XXXX. earnings operating continue to early this Despite the tons adding soda of our we Starting annual a expansion, cost million the at over provide ash capacity our cycles. fully fundamentals throughout per ultimately expect we Grainger XXXX, exceed business X.X million well XXX,XXX as volatility future.Our successful the to demand positioned attractive all Pro tons ash us expectations we soda in project the meet release, a we the believe our soda with market continues operations. or year ton Marine volumes will to marginal with prices, ton in work for continue continue near-term cost expect we online soda expansion be Grainger across long-term approximately very our to both conditions entire soda remain expansion in economic stated steady. to in our the the on structure supply the to Transportation per increase capabilities operating commissioning to and expected extremely our scale That and cost bullish some of lower and will of segment our ash be for Granger are our remain sales activities forma production As and believe fundamentals of X.X XXXX. have started to and and remainder and with
additional tonnage X effectively day we new of spot strong As that levels. rates demand day drive we, market change been demand, both by enough vessels marine to has to continue of To equipment Jones tight. are fleets of provide rates believe continued and of lack at with tanker and demand robust mentioned along This in marine of that of contracted driven a construction in the continues new steady still of participants of continue rates marine the near current in or combination supply some and justify structurally dynamics other rates industry tonnage remains classes new construction older to structural retirements record operate of vessels. This capacity all types yet of available our with to and for XXX% equipment. to the high outlook utilization release, supply our for longer-term the context, combined our with as Act not
is all to the American shipyards with need period, of In broader new be Phoenix remain me X addition the termed starts our the deliver keep period years, including X-plus rates the a we contract lack announced contracted cases, to combined These available market out and construction to the positioned vessels, well some which day that all point of last quarter lead January, and tight for our new over through the new to to cost build significant of construction vessel, a in period to can for to believe to transportation a vessel X.X-year the the once the should the for elevated larger prolonged long portfolio, water the fundamentals, justify construction for a structurally and on future. foreseeable next few that growing marine steady years. increasingly earnings in time
months, continue completing focus look we not losing our program we next the XX leverage growth capital on our to all ratio. on ahead, within As focused while remain
and we'll story been earlier, mentioned has remains I the brighter intact. for again, and Genesis reiterate As long-term never
call tremendous significant additional into of of further return which accelerating this to XXXX of at our of at the capital optimize advance all with of as us flows XXX,XXX equity Series of stakeholders.In the liquidity have to a per end we and purchased million starting opportunistically $XX flexibility portion of an positioned to our repurchase discount this generate price flow, provide available and at our XXXX, capital to cash premium as units average unit. our $X.XX the a our to We common well contracted structure year preferred comfortably are cash A will utilized
mispriced acquiring stated the to capital As security have past, remain structure in will to market. in be continue any across we feel the our extent in we they we the opportunistic
to cash we $XXX roughly line flow generating increasingly per starting $XXX in million year an million clear sight or more of XXXX. free have clear As of to
continue capital continuing to of of additional securities, We appropriate we common raising course, including amounts our our distribution, stakeholders, unit preferred a and evaluate long-term various corporate common maintaining our security our maintaining level the to pull to could are down debt will repurchasing an or purchase levers of return focus to ratio. our leverage all mispriced on liquidity paying while debt,
remain I'd making to commitment confidence Finally, of this and management our recognize with like team decisions proud I'll forward. to safe every their commitment you. would say believe be each in all long-term our building reflect our Directors like the moderator we steadfast once back stakeholders, that, individual the and efforts to the we in it and of for for the are and value Genesis moving I'm I and commitment unwavering entire to responsible turn for our workforce With extremely operations. to one questions. again of associated and to Board
