Hello, these Thanks, quarter million, through hope families well and everyone. and EBITDA This first our we $XXX exceeded are adjusted expectations. safe reported and we of joining that afternoon, solid you us challenging which your Roy. times. very you for Thank
in results recognized S&L the These opportunities expected second contract a benefit $XX margin million from be in additional quarter. segment, based the include of our benefit a previously and efficiency to payment
billion approximately our the a aggregate a global GAAP to following that loss impairments, $X.X downturn emerged call. February in On reflecting basis, reported impact market we non-cash due earnings the of net
it coronavirus, and a the result we uncertain significantly, the changed time. very a know, as all As dynamic remains and world has of
exposure remotely. to control than and a executing PAA on staff group procedures and working of our commitment minimizing XX% our responded who the world, for rooms, amended operating in socially acknowledge, first and of challenges staff of have our large our office including field team and the colleagues, distant me Let quickly more
and during our our to evolving adapted, customers dynamics closely maintained has and unprecedented operations, responding this market Our team refining with working disruption. and while producer
conditions, updated we furnish Acknowledging dynamic financial and operating uncertain market the and this guidance. afternoon XXXX
of benefits guidance earnings plus million, is approximately previous from XX% of guidance offsetting fee a business of billion highlights lower Our based $X.X estimate. certain X% our or of minus a model, billion, market conditions. and guidance earnings $XXX where the adjusted in a integrated based generate can reflects and pre-coronavirus of our portion reduction XXXX we EBITDA S&L This S&L guidance stronger February earnings volatile below additional fee $X.XXX
said, combination regarding transportation our and demand liquidity, impact of current desire financial in that actions early further of our our our we to April be announced balance in the That sheet, our strengthen the really long-term flexibility. on segment, the proactive visibility to drove our recovery limited pace
As show collectively, benefit three XXXX. of these to to our we approximately on billion positioning changes slide expect $X result cash in in
significant well As on our distributions. slide including actions, as both specific common capital program, four, equity reductions making as outlined to our our
and organization and as We and non-core sales. supply our cost well asset the continue reductions to pursue additional capital throughout as also capture chain,
sales pending transactions, or asset closing - under target agreement. Regarding in or our $XXX pending million have either $XXX million closed representing definitive approximately of
environment difficult that XXXX. into the $XXX We asset million XXXX, this to current a acknowledge we to but in in and target do could of achieve slip number could continue total in non-core more sales be
today. We've world changed our Now earnings significantly. call, observations let changes me included X, underpin that charts after share Shortly the a on slide the fundamental that few a February our five few illustrate XXXX outlook. experienced
including the pace an into destruction magnitude. the shelter-in-place and accelerated associated mitigation societal unprecedented escalated pandemic, and coronavirus at the demand orders, As resulting actions, a global energy
near significant a This is demand decrease industry. challenges term our facing
the of only also not the around timing impact, recovery. the duration and the extent Specifically but is of and scale uncertainty
majority reputable destruction XX% to second range of the minus for XX% from the and year. the quarter of global context, XX% demand year-over-year for estimates full For plus or
curtail these of demand to offset the efforts have help cuts since to process The destruction, not and of longer global extent certainly duration well OPEC the enough term are although and as level as the followed on ultimate alone demand they depend will the a term production near plus-plus which market, will rebalancing near term of surplus. heavily recovery,
metropolitan their chain, driving basins. shelter-in-place to sector causing value resulted U.S. of oil levels widespread the an the most and impacting refining chain to in in the crude lows, destruction markets, response cause American and to we is which significant requirements most by completion quickly runs. activity, the very prices production reducing wellhead historic voluntary near immediate key causing levels Demand drilling areas decline and supply in will North approach inventories all if peaks, In entire to ins, the expect for future not shut producer reduce gasoline
inventory coupled crude of and refined with both The may extended a suggests the overhang be XXXX. gradual into price products, more a for recovery for potential that oil recovery
Permian and demand, down XXXX be half dependent to the of oil trough reaching a to producers production exit-to-exit we now production, duration continue willingness crude flattening to could the on However, curtail second June XX% on in year-over-year with we're this out year. this forecasting, XX% the the impact in of basis at levels backdrop of the
of Permian to forecast to and internally It remains expected too growth be early for what beginning we the but we year trajectory pre-coronavirus. lower at XXXX, the call
have XXXX, approximately in approximately $X.XX factoring or of the as program million or six, a to capital our reflected of the total dynamics $XXX year over as by project billion XX% financing As two anticipated JV and from $X.XX these result previously previously and billion XXXX period. we announced, slide on reduced
we XXXX years. the first of billion in in $XXX timing was currently Our investments some $XXX shifts between two the and expect potential million estimate investment XXXX an million quarter total approximately and $X.X with for
the to challenge the investment continue we in That vast investments working to environment, the these are cost savings. and of all majority additional highly considering projects. expect nature current We said, to capture of proceed, this contracted
below to $XXX we be expect level. million Beyond annual the CapEx expansion XXXX,
the turn me call let that to Al. over With
