morning, joining Thanks, for busy everyone. it’s a thanks and us. right know good now. everybody time John Great. I Well,
areas performance As the some hit, we quarter have and in going been investor key base. investor the we’ve we second past, to discussed areas we’re hearing from as that the the our questioned, we’ve financial focus of
move and at of take quarter second a results. let’s right presentation our XXXX into look So the
Here a X, we of view year-over-year performance. Slide clear financial on our provided
to healthy As it want we measures. continue we can enjoy in reduce, by double metrics to up key we’ve went you of working all went to those our In very been the see, all up, general, growth we go and digits down.
guidance. flows margin. direct we been line quarter a a or X% at commodity growth in only is row consensus is own our so direct fee-based you. very that margin little remind this in in reflect cash making from to exposure, be this XXth XX% very have coming that I’ll in Street fact, date our least gross So with commodity line been XXXX and continues we to And with predictable remind year And set versus you of
XX% increased cash our take which from XX% year to and So date. flow top operations, for the it the with from GAAP quarter let’s
can to see $XXX $XXX date free continues to year significant business over exceeded Our million CFFO demonstrate quarter and our and you for and the periods. CapEx as by cash flow million
On the is significant the affecting in show of to I’ll drove of we the have X% here asset EBITDA, in the impressive line the say growth XX% about which couple face period. adjusted performance sales for adjusted next And and next slides. more EBITDA what
And you XX% growth continued our can see excellent adjusted strong XX% EPS posting increases. and metrics and
to substantial look power these I cash charges. appendix be EPS take to the Our with a appreciate and at Slide non-cash the XX burdened flows And continues you true earnings. underlying to encourage our of
by up item boosted strong Our DCF about cash and being per the with growth share dividend the coverage X.Xx that in second calculation XX% quarter ratio XX% disclosed. we moving with and above up was the tax related a
making We’re progress leverage great bringing on down.
line with Our leverage finish original projects than And capital and spending guidance year our keeping on we’ll our in and our at crisp execution guidance in finally, X.XXx, continues the sit moment. a X.XXx currently revised discuss was at less our to expectations. we
cash despite nice really significant metrics earnings the So sales. our of improvement and asset in various flow impact
for move quarter just XX%, comparison. the transactions for increased over we year-over-year to the As the XX% you EBITDA Slide affect here adjusted if on or that adjust X, bigger
growing addition item favorable items out reflecting XX incremental months you UEOM unfavorable interest. transactions an and adjusted sale million the EBITDA about see asset slide $XX the from ownership the removing which of side the XX% the those then The normalizing EBITDA left in during you the includes $XX of taking adjustment, million XX%. the the comparability for gray, adjusted last On can see completed various
led the projects, a Transco and the first the new to in Gulf to adjusted expansion year, Atlantic-Gulf growth continuing business. at Atlantic revenue the over of Similar increase financial at top XX% EBITDA by look driven including with from Sunrise line the moving performance increase this Now quarter Connector.
in Next higher area, and at year-over-year gathering EBITDA, gathering adjusted increase up, changes Susquehanna by had XX%. the expansion the grew Hub we fees area, Volume volumes driven Supply looking were a by But XX% XX% Chevron. higher Northeast projects. associated about other G&P with Mountain had led Laurel have which that increases we franchise Probably up was the of Utica there more rates also volumes our we one about in the Northeast XX%. saw of double all with that smaller digit growth JV operated the except impactful we
the the volumes the turn we really really very us, a so has start Utica now to the been And past, incline. previously in around had important healthy as what been to from in Encino there out transaction declined see mentioned to to
margins fee-based continued and pretty year we drop overall we to nice start a finally, the to which is flat the in was So nice by prior West, offset service NGL And very the growth have year where sharp Northeast. in revenues. a the
as excited we’re see the quickly Fort quarter And fill well DJ new plant in a Basin. this at up Lupton to
exceeded into a now plant. inlet day that we’ve about new XXX – million we of As volumes coming
train told that around up. started into there has just So up and you, quarter the the second and right first quarter the that already we end as of new filled
the there Basin. growth in DJ going great So on
unfavorable interest then the the and second left see to looking various story an comparability XX% sell favorable date in million year on Pretty the for you asset at $XX can slide again item adjustment transactions to of of $XX from of million Once reflecting X pickup a side UEOM you again. the grey, the incremental and heard year-over-year the on similar quarter. Moving Slide as results. the
adjusted you first six see for comparison. for so And growing the month those EBITDA about items normalizing XX%
XQ reflecting from the XX% severe the comparison, and much despite the this XXXX. broad-based very up we across revenue weather same of just on growth performance, slide, is the and to previous overall up namely this margins NGL XX% decline in tracks The winter very Year that the of the lower continue West of NGL growth our and strong X% see and date, we’ve All by on discussed pricing. Atlantic-Gulf driven well Northeast seen about year. quarter happy fall volume we Northeast. factors down in on Transco to business our half we last natural And which here growth last gas in all, with positioned second in are well this volumes the year with plan effect
on key things. want Next areas. few a I let’s dig the before And just focus revisit of items to slide, the remind into few a you I this investor
of other right on initiatives have going that all, recently reduction we some the and reorganization First the cost company we just now. announced at
have by to to non-regulated recent X-K focused than in our on will led December two, this Scheel business focus more being leads reduce gas from on operating leaving Gathering we’re one our Bennett, after service, of XX Hallam FERC of our pipeline be years regulated may the other areas taking And As by business our West our opportunity further business noted you the Jim who company primarily led and Walt the Scott year. today.
infrastructure we be toward say done I to to third have becoming But in more call. operating fine as areas another very and step Williams best of the I’ll has represents business. now, the the two quarter for say operator work reorganization seek simplified further to centralized the just for natural in the gas on recognition Jim
we drive and moves in have So are scale our the basically to across continuing similar processes systems and of advantage these that very operations. these businesses common taking common
provide that But disclosures any we provide business, assist of we the supplemental non-regulated transparency losing in to of about will the but continue today. worry to our modeling don’t
Our highlight supplemental disclosures will EBITDA much provide as continue visibility growth Northeast to the volume and at have to that you continues as will least occur. and today
to down Beyond to are of the being the full allowing advantage at cost gas we’ve operating the tell management can $X-plus that is a entire infrastructure over natural billion opportunities on having team margin focused of us years. given very And And – initiated very also reduction the us I the really sales our last separation scale. the have program narrowing you consolidation, had best the we operating and three other areas in space business. asset looking is ratio the focus voluntary the take
really hard we and in that to on best the measure. And industry that ought these efforts closer be point. to continue this that closer we very scale the the as we on given to so – And push and are believe us we have a team taking
let’s So progress be and the first at item deleveraging. on discussing, we’ll look financial our now which guidance is
in leverage for a our year First and off, XXXX our target. we improvement further current financial are end guiding reaffirming now guidance XXXX to
You can find various of appendix our this in presentation. guidance the XXXX elements of financial the
Additionally, X% per we affirming rate to our growth of are year. EBITDA longer-term also X%
announced the we X.XXx us significantly less of ratio the be our end original recall, effects EBITDA Turning quarter to the as recently XXXX. has expectations expenditure to than guidance for forecast now improve of and our allowed achieved second you’ll XXXX EBITDA EBITDA same capital for our our than leverage. to transactions XXXX along was adjusted debt debt of our our X.Xx, We at year end the lower X.XXx with to adjusted to adjusted period. that to be debt less The to
by X.Xx There the plan at could to to faster potentially transactions to continue reach long-term of that XXXX target is allow we the X.Xx of evaluate our we us hit and a to no rate. change that end
actions, front, are us we saw on we an leverage Positive. favorable rating some to put making BBB its agency that on Watch moves S&P where a improved affirmation Rating flat As right Fitch and the stable outlook rating recently the
emphasize gas the that in demand Shifting G&P growth half strategy. We’ve like the year. Northeast to first of were our half in strong of still all to of in growth we to on an we’re going now startup LNG the even see the to come delays discuss stronger continued online in that that seen back business, planned this believe in fundamentals but natural the nearly our pool expected the terminals of XXXX, natural just underpin we’d means gas that first
by is really cost industrial to to growth, take strong come gas generation cost trying power growth continue of U.S. It export major demand NGL see very remains and the and of driven U.S. low LNG low that online, to natural continued easy prices. natural advantage outlook gas investments that
call there stronger cost natural natural in growth supply over long natural community. a the as term. continue to demand growth ever focused on being that areas have gas the reserves by gas discipline than we to believe strong low capital gas drive natural given And producer demand result, a in demonstrated be continuous the and Components U.S. the gas will will
on focused market term, Our hope would capital the supply. forecasts. to near price matching the to also higher are only appropriately and we and closely see commodity responding or headwinds continuing prices that in current And producers for customers area with length these we are exacerbate for plan very our we producer latest programs conditions, our continue to believe around the
Our it term Northeast up we the for XXXX, significant capital disciplined XXXX back we’re going approach. this from of reduce reductions the what half to producers realizing also to near while as that as was transaction, growth in us as the capital synergies well due respond ends probably being in continue UEOM about making to to XXXX
being built our XXXX, for result through can of with So of billion. for gathering backs with forecasting which $X.X about current a of should most expectations business XX% our that at growth total the said, look customer are closer XXXX, adjusted see of currently EBITDA in about volume that you we take XX%, on feedback. growth Starting the let’s producer Northeast G&P a
growth, quarter, rapidly volume mostly the volumes Year-to-date, the in up because quarter that on we grew gathering we’ve after comparison fourth generated came our Sunrise annual fourth about overall quarter since against that moderate do be XX% of just fourth in Atlantic to XXXX. but growth will expect
assuming I XXXX, about EBITDA Looking that volume adjusted latest for slowing our more with that note CAGR folks missed rates. to thought in in we was CAGR. or the XX% always instead impact forecast growth maybe XXXX forward to the XX% might XXXX, prior seems versus of to get present annual growth our we an $X.XX to respect equal expected very frontend about billion. annual It and that the XXXX rate a XX% growth generating had were over growth about volumes shows gathering just X.X% gathering
unequal growth were That XXXX was and that have XXXX been are to growth given we expecting strong the timeframe we seeing case and the the in XXXX. never across rates indicated the
dependent gas see an natural rates resume balance but growth we for do market. on of XXXX, stronger XXXX, in will Beyond be in that better opportunity it course, the
than our pricing environment they I’d constraining were still also reduce that timeframe, that we think mentioned net and important the today’s pricing just to XXXX is commodity as even about and if environment, are Northeast production in incremental of backs prices, better with XXXX become the the capacity remember during more region it disciplined was when since the a and than online this Hub our timeframe. has producers prices the improving Henry and takeaway more were then come in basis differential realized function prices have efficient significantly capital the gas
overall, of So level the EBITDA we encouraged growth. are to see
Our experiencing as cost Northeast continue and even focused natural can long currently reduction gas and we await the to we’re G&P capital very in fundamentals balance. to environment on price business generate discipline we remain term weak
Now discuss let’s move our onto projects. our – growth Transco
the First, not along me a new rate Transco here. let although on lot information a to give quick case, update of pass
settlement customers. our conferences the and quarter, resolution in up we many months, that and competence like the year. were continue set will to and they stated for process As them have had could we our work now next extend the negotiations that issues continue with our five ROE likely to Last We’ve done continues.
a can that from Eastern litigation our the are cautiously need ultimately allow settlement reduce compression Transco reduction be and the significantly will without emissions We along to existing optimistic $X.X that settlement billion tracker Seaboard. the fleet include reached emissions the for would
reflected that remind as case the from don’t guidance. in you upside any I’ll we have And our always, financial rate
So projects project. Supply Northeast growth status on starting the let’s Transco’s the with Enhancement major touch of
we re-filing very indicated of both quarter, that received by our states. that New quality for water in This notice taking and Jersey and of important reapplied the and Jersey the New from in complete. raised of application administratively These some has York XXX New complete certification technical and New York quickly are issues this on application milestones the of were is those promptly
certifications Airshed is in and order needed critical to York this folks and these much Obtaining service in is enhancement infrastructure and the New to while meet of York The the supplies project system fall essential in construction connecting reliability both natural the XXX date. Jersey. begin and of New gas existing and to improving New
to from customer in our service that peaks. additional May, come fully for This they service clear and political service process Local, in in NESE us new In will residential ahead the National will Brooklyn, any had that Long support on and environmental connections able of in means provide and economic be move basis certainty will commercial, Queens, decision until as the not and need the for gas announce ahead. project time Island. positive to they Grid gas improvement and strong a is it’s project is not can our to both carry requests for We XXXX/XXXX end expect the just winter compelling. maintain service there date
FERC recently for couple our recently milestones a Next, of touch Transco on to I for applied a key were of couple a want met projects. We that project. South certificate our Leidy for
demand gas season. day Atlantic heating South feet of Seaboard the Leidy reminder, with in time further per that Appalachian a will growing connect expansion cubic for XXX existing As XXXX/XXXX is along centers million Williams Pennsylvania infrastructure proposed the a
approval Transco certificate FERC pending project day pipeline our million of is Trail Southeastern project markets the Trail system designed additional the expansion feet and pipeline, per November to by growing in of cubic serve capacity states Also mid-Atlantic XXX Southeastern to and Southeastern a XXXX. provide the is
York cubic date, service. early remaining place expansion we have schedule completed of ahead two per facility project schedule. XXX per required targeting are months day service June facilities additional to the to the feet September cubic XXX already in South been The New received and permission of Rivervale in-service and Jersey of to million provide the to is This additionally, into City. feet ahead Market And Transco is a customers portion in of day project New million
Transco Also, our open project Access concluded finalizing with this Regional customer most and recently its negotiations Energy team is announced season our base.
so a of performance amount tremendous our great terms capital in got engineering like of also Phase continued on existing construction we great the the phase, all-in-all, of projects that is the X, Transco, and have teams schedule, continued on and on projects ahead the permitting we’ve effort of which and both going efforts of here. that So with lots execution underway activity list permitting by Hillabee construction in long both completing and
our XXXX, onto our move seeing in from deepwater a activity and contributions that system and quarter pickup Mexico, has us let’s significant in we’re the Gulf Norphlet investment. lastly, seeing free for assets you’ll new discoveries And in come. deepwater of significant gathering for growth where around flow position third of years to cash the start Beginning
platforms delivers Mexico our Mobile system be Bay our located to facility. will recently gas of into on Norphlet gas there of transported processing one from Williams and the Gulf expanded Transco
on the system of well July. pipeline in growth in today. for began positioned late $XXX XX% production is early even than for the produced times existing with system extremely Norphlet million The contractual deepwater the existing system in area acquired gas we of discoveries capacity available gathering the remaining June First more future and that Appomattox gas approximately pipeline Norphlet
So Hadrian also on our ultimately flows tiebacks, is volumes in during from Buckskin discovery which to rich projects the system to the production productions opportunities high the Hadrian Buckskin our Paradis and systems Connector discovery are liquids first North our achieved come and in processing tieback new of via seeing fractionator. quarter. our to second North The and These in return system example deepwater. our plant our Larose the many more Canyon Keathley and
to could Blind track as as our very well discussing on to in Western our for us prospects system continue quarter deepwater is we Tower, be about right year. near forward, XXXX, where and production for active in prospect Looking around platform dedication fast FID of tieback Total facility here could we excited the Golf planning now the fourth Chevron could expansion first production Shell’s we the on where early see begin a value multiple as this Faith, XXXX are very Devils active more and and early and be seen as
for seeing So the deepwater we see our incremental operations. and given to network. really growth significant we’re from that are dedicated to to that excited very And expenses cash that’s it confident about acres both already we’re to opportunities flow very able timeframe pick the continue we’re that new XXXX XXXX up in we on substantial going our as well be to acreage
for Q&A again our will So to your you, Thank with that, we time transition today. session.
We’re continued and the performance very opportunities. strong made you growth we’ve deleveraging progress pleased our and focus our with second on to quarter share on many
And that so it I’ll turn operator, to with over you.
