morning, focus Thanks, full-year and quarter and you our for we and the investor areas. great. as Brett. our thank joining discuss us Okay, key fourth performance XXXX financial Good
right the look let’s So take strong year-end a our at into performance. move presentation and
circle continuously execution, discipline capital and many on reliable a by customers, the value following. improving on project strategy performance, in execution of metrics. by Slide This predictable third on our financial deliberate long-term XXXX the range strong environmental reliable of stewardship, shareholder operating efforts highly result have now is solid year year growth our fronts: guidance another and on-time performance these our capital around row the predictable operating is to midpoint teams execution. we key exceeded of accomplishing Here and all safety services deliver the of This for a efficiency, was X.
source. providing superior being for the First an gas services is infrastructure energy economically natural and our very best as on at environmentally focus
largely third reduction. terms is exposure balance sheet accomplish much Second the is unquestioned And is one. highly become to to what that to to and on fee-based that that predictable provide direct And focus we’d the revenues. on achieved of so hoped flexibility reason our certainly, predictable And in margin focused we’ve very has and basis business to commodity risk reduce stability. deliver financial
These growth XXXX performance metrics. efforts and over annual across grow The the of billion adjusted XXXX company of record of X% in EBITDA $X.XX $X.XX billion. record results predictable produced performance key record
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volume Northeast. of and day While XX% XX.X record a average was in X% the a gathering of for Bcf full-year overall, daily our XXXX the was it growth
whole in In on over that of Northeast gathering – the whole fourth per the gas fact, day up Bcf gas that and growth we G&P for XX.X the XX% saw segment. to against and portfolio XX%, the a – in comparison, quarter, volume growth
So nation’s growth the the contract fastest-growing company Transco, largest firm transmission, growth by the and pipeline gas on capacity long-term also XX% continued a realize driven in the in system. interstate to
a take continuous brief to efforts. are the manage improvement performance and we to key moment metrics business X. to our to measure Slide some now the want to acknowledge Turning I of using
guided – and is under X.X our originally company’s approach ratio under which leverage with inside of performance, assets, significantly financial disciplined to to leverage our investment all, of along monetize X.XX First our times. ratio the capital efforts brought times, successful was
times well are our on So XXXX. of target reaching in we to way certainly our X.X
is the a keeps employed But investment. large very on long-term compounded improving on focused precious capital we continued rate a focused enterprise, company year-to-year snapshot returns, perfect our around of it’s us are ROCE, improvement and capital employed, a and our on an capital measuring Also, our it discipline with is as our annual growth not while or the return only certainly has to on continue measure we strong improvement. capital base great up ROCE look bringing XX% preserving the very
ratio to and administrative gross how margin have the much margin scale gross improve after to utilize that, of operating line gets Our our cost. bottom to on our than to our shows costs. operating faster margin we grow And unit
environment management a have We even margins in and both cost here growth. this and target commodity metric improved through growth slowing and improvement continued dwindling
of several over total improvement monitor. employees protect the the the workplace among great And safety rate improve we operating eliminate safety recordable and finally, incident as our our several years, culture safety our rate been to last a our metrics hazards continues our measure is incident recordable our find There public, and while in a assets. has performance total and from
full employee they Work – to they Every has are the and issue Stop and Authority safety when make recognize empowered right. it and
here. and responsible for I’m that came this our of TRIR in improvement improvement, toughest own are X.XX, benchmarks. is metric pleased And, which employees in fact, in well on Our the group’s this at to industry report below XXXX, great and
drive has CAGR this finally, culminated and And discipline on an through our XX% all XXXX. EPS impressive to focus from XXXX
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share operations cash with XX% XX% on and annual on metrics, perspective, with performance again EPS, is growth per up DCF and metrics flow XX% adjusted adjusted or growth the We we’ve equal up with year. this EPS that the stronger share just some discussed I’ll from showed covered But the both slide, from already that this per in our point out in adjusted annual an DCF line DCF slide. share of EBITDA performance per previous key right in and GAAP
in improvement is an the XXXX ratio. already Another performance strong key coverage piece of
XXXX This is one growing here coverage healthy $X.X key by by raised of Our in our X.XX items we DCF or Board X%. evaluated, the and management dividends team exceeded our and the times, nearly billion. dividend as
was a impressive result investment. that discussed, a performance capital but to on already also Our strong operating importantly, we’ve performance disciplined of approach leverage
In and think, that this from guidance our billion $X.X of XXXX, reduction that for the great is fact, well the $X.X and and both growth on maintenance. and and a the one for or in total below capital, here original billion, quarter came under highlights year our I XXXX growth XX% maintenance both for was
the market alone, the in our laid responded And, our came shaping had we created to we $XXX capital spin budget the plans under customers in total capital growth were challenge would the moderating We in an XXXX, by environmental sorry, XXXX. up fact, million saw some that during out. seeing we budget. spin quickly in late that realities in an approximately our the producer environment versus have saw original Northeast So – of we
in efforts against in company metrics various over backdrop grew portfolio while strong proceeds net a So our much our lowering realizing earnings and from lower also growth we in and leverage. coverage, the XXXX, of $X that operating the commodity environment produced optimization billion had price and dividend
many across full-year. very the certainly that are these saw pleased we for facets of with We performance the
EBITDA the and on business to basis. Slide drivers XQ move over XQ our of main XXXX discuss X let’s on an So XXXX
to X%, on And X EBITDA fourth quarter now, comparison. bigger about Adjusted X% the XXXX. increased fourth for affect if XXXX we compare or you transactions the quarter Slide so that year-over-year here adjust
commodity This and talk XQ growth concerns. price came about plans G&P year at in begun already when moderated the growth to a point customers had
the Our business showed comp, quarter dramatically year growth the Sunrise that contribution and gathering against where from tough the prior associated a in Atlantic the fourth included already volumes project XXXX. period of grew
addition $X comparability which of a includes EBITDA adjustment in Normalizing net growing for those On asset can XX% X%. of interest. items, transactions see UEOM the from unfavorable netted the the the removing million adjusted bars, the you left the you side against EBITDA various adjusted see slide, gray favorable
fourth focus Now right continuing projects. quarter the Atlantic to moving the to performance our by of increased X% the from the revenue XXXX, of of growth million, the by financial Gulf South the Rivervale $XX and business, to Market Gulf Transco from on Connector or driven over chart side expansion
revenues appears in here issue results due settlement. gas volumes this fourth And up while deepwater XX%, decrease in volumes seen quarter include to be XXXX, temporary case from saw to And platform. total strong increased producer were EBITDA on now, our Additionally, lastly, operational Gulfstar deepwater Transco the a we corrected we’ve back very the as rate of issues for first come quarter.
the serves volumes The see G&P increases volume Also flowing Shell’s pipeline continues next, East, on the in first projects escalators were the an increase by of area day, on quarter XX% fees million in higher and Northeast performance feet Norphlet that contracts. third to led gathering gas pipeline, XX% and which are fourth Gulf quarter about a driven deepwater those gathering the field per the expansion after with or XXXX. the cubic increase, into in with Appomattox of built XXX higher that associated
Hub per overall, Board. Volume over but grew about cubic areas, million period assets strong the the growth growth Bradford our time by see Supply this in day, saw Northeast operated Susquehanna operated very and continue which led increases So our were feet XXX all franchises Northeast to volume across
was million fourth Finally, gathering we relatively gathering Barnett during West on decrease in revenues due our the business. our enjoyed to increase remaining $XX quarter total XX% in volumes the impressive an even EBITDA assets primarily flat, though comparison, for
in was end minimum step and As down Barnett a quarter results, reminder amortization. this deferred a MVC with from of the volume associated revenue commitment a our third or related decrease
And received, revenue levels. volumes rate the end than of Barnett to payments The rather reflect actual June of fixed once the XXXX. previously the we that expired at that MVCs MVC happened, began recognition
of million XX% the We decrease lower about from a also year in margins overcame quarter. was West, fourth NGL which prior $XX the
see adjust increased of this full-year the occurred moving factors time from Now XX% XX% previous these at unfavorable on bars, an Atlantic out, over driven transactions was X%, the increased and which the Slide Northeast the adjusted left or gray $XXX comparability period. in the look to by We’ll transactions that XX%, drivers comparison. this asset the slide. if you net you up million discussed Once if side, various affect you’ll EBITDA, full-year Gulf adjustment on XXXX, same In that bigger for the the during on about again, X.
basin. so of the production NGL Eagle the that much that’s full-year fee that’s of a Conway to of revenue again, areas. our Sunrise our and and talked to lower is of revenue offset down by both October of in see the in growth about services the addition X%, coming the NGL to DJ been XXXX, business, we NGL the frac project the online back West impact and Also, step Atlantic revenue down strong Ford continues came With prices, Barnett early about, storage on Haynesville, business, the growth DJ Bakken out reflecting
growth Our revenue year, team’s in continue execution Gulf this the the in an we X% one-time EBITDA, adjusted sales, NGL show drove Barnett leading the margins the despite down to significant growth to the lower and much overall the in asset crisp in step Atlantic Northeast recognition.
Slide investor let’s move now the So areas. to X focus key to address on
So first, set XXXX. let’s a for bit scene the
reported January & and our Mexico. managed will XXXX, Northwest As in Transmission we Gulf interstate of call X, regulated our other Pipeline will be transmission a systems segment business of gas with
of The assets. cash in generation growth the EBITDA segment and business businesses important single and well as advantaged picture This back performance management as predictable operations business, move to segment flow regulated strong. of will our in ROCE these more will combine basin the coming improvement, is these clear very and competitively streamline deepwater become this and remain this reportable transmission of solid gas a and providing a into the
wellhead the Pipeline services midstream Northwest of storage will the producers is West and way logistics, NGL from a to business, placed out as providing all full the year. NGL processing suite services fractionation through Bluestem West later Moving NGL this and the NGL a position service segment project gathering, of after especially gathering in
production gas G&P midstream services segment and will prolific North And continue all the the Marcellus provide largest Shale, source the Utica in to of America. to Northeast
margin to separately but Northeast operating to segments, continue will combined will advantage business. better this management West our tremendous us report scale producer-facing our take continue G&P of and We to the and in allow grow
continued near-term continued for So in customers, XXXX have how this business, positioned to G&P by and the I’d of growth our gathering great we production longer-term about like saw record the volumes We our in talk both business. moment the see by gas teams. how successes we in because and demand natural and execution a upstream
grown investment a in significantly domestic grown demand G&P healthy robust most in be production faster. outpaced imbalance and volumes demand will fact, very This support But prices the drilling don’t over but over production gas three current XX% in the near-term headwind EBITDA growth as business, last years, growth has cases. even year, to has has and, in the last
of slowing investment capital rationally, producers, acting production are and growth. So their course, reducing
production While investment are on still keeping production growth, while declines will flat, the areas. in from some producers upstream recent are and focused lack other forecasting of cause others
are producer Some sheets stressed. balance
some bankruptcy seen already have We filings.
disrupted While a various customer is the affects contracts midstream course filing business, normal to services often differently. bankruptcy and of very it
a get experienced stress market realized, and the wellhead to and not essential that very far many by have not absolutely a long very produced. most to gathering any time even flow wellhead I gathering. be cannot protected going are in available. After it’s be service to midstream gas could and cash gathering business, is bankruptcy, and if instance is producers’ reserves this Gas me of Wellhead clear to seen is that that
physical even average. above the service credit is five-year a XXX week’s is of counterparty While important, near-term as security. Bcf believe last better supply storage nature was demand We a only only this the concern, the is imbalance
demand natural and supply its we’ve environmental see and – is of both in back benefits and as on gas supply demand We grow well-positioned sorry, of and told belief bringing balance. long-term the strategy support And is before, to supply growth well. that that demand times continued our predicated you U.S. demand economic many demand continued long-term is, share domestically the internationally and will growth, domestic as global
In the demand. or gas this And to is, that importantly, meet long-term, we decline meet demand. expect majority of be to basins supply whatever grow that will to will low-cost demand continue the supply
important, gas Associated gas of domestic of the today’s doubt. But will source remain gas-directed gas no of drilling, approximately be supply will the bedrock production. XX%
navigate built of and a that growth environments, our the the in the producing the we years a succeed of in the three customers. we long-term strength have environment assets currently near-term, and position in environment feel through challenging strategy. we’ve very last price can market the our market resilient confident price G&P So the of that business But current our will range wide reality a is seen over and for dramatic here
have We and basis profit. built exposure moved intentionally, been on very at from a accident. direct commodity business And not away from this We’ve and by for this time. reliance marketing long we spread
We with EBITDA, G&P wide both to served broadly of we variety XX of different strategic provide areas, the sources have diversify action taken supply in our contract those services. businesses our to very and the customers
dramatically tremendous that out Another – of work Capital demonstrate free produced thing driving flow activity by with me, improvement and onshore to to is businesses pulls growth. I to want our ability continues flow wide significantly, stakeholders our a point the declined G&P drilling excuse cash free range grows cash when is spend ROCE near-term that back.
drilling side, pullback we free flow growth we’ve on in business. the cash when we the investment continued increase do in as G&P see said see So, before, tremendous
a that. of example is great West Our
our guidance we And December. XXXX the we guidance, at Analyst to in with Day reaffirming are provided regard
our activity, While comfortable largest feel near-term guidance. we the uncertainty XXXX producer is with
EBITDA our will keep long-term look generated which focus in as evolves. CapEx company And We X.X dividends to reaching spending benefits we are with debt-to-adjusted we capital and toward keen the leverage flow, or internally net as of expecting cost on of a the management a importantly, cash lower. fund year goal ratio
comment just here so the for a on And little bit I want more guidance XXXX. to
and year, pretty in in XXXX, as the that February for along in the of volumes we all, us we well cuts today. of guidance enjoyed significant out cost as confidence some that’s volume, give made the the the to compiled fourth late quarter of continue that seeing the that in what there, here of and the in rates January we’re certainly XXXX, all price we environment challenging to our there with despite terms Northeast last-half First saw on
So around to of & key some Mexico issues the now, our let’s Gulf Transmission of move on business. discuss
had December we rate XX. we FERC we reached shippers last with FERC, supporting case we’re are Since EBITDA filed $XX in was First, Transco to FERC. impact. with comments versus settlement have expect the settlement We with our rate that XXXX have on that XXXX, last full-year benefit – to adjusted to this was only pleased the our settlement filed time a case pleased period million we to provide which rate of from the had no
we’re service on build Jersey two were rigorous these project Gateway are both vocal the These areas and having we portfolio point Rivervale New to processes of to with Northwest commenced in challenging out want and service, South transmission our also in natural and Seattle opposing placed short, minority gas of places Pipeline active successes in expansion expansion. on Since projects. the pipelines. I Lateral permitting our gas politically North infrastructure the extremely a September,
to of our to built. milestones community a achieving to are wide still expansions over regulatory, record each Williams continues pipeline infrastructure projects a to expansion that work and while mode, of currently $X range plan on stakeholders the of political on billion these and We we that manner projects. these in key concerns, continue demonstrate constructive execution with and address are track permitted getting important ability in
and XXXX end now, step VI certificate scheduled both the of by and a end by the expansion Leidy The all, XXXX. which by year, of this of Phase January for year-end. Gulfstream’s track mechanically project Phase Southeastern received South process, all in each Gulfstream, Hillabee began Trail targeted is First on the Leidy expansion and permits remained in-service, FERC Gulf and project Stream The is complete its an sixth favorable environmental of key II in of the construction ready assessments, with in-service. has South and for in-service federal
is Access goes more project as attractive looking Energy Regional on. time Our
We between day. to have the we’ll that certificate. feet will cubic project, X move a work XXX for the on size appropriate project And million once to apply be of per the settled we’ve complete billion to FERC
the there project have a tidying that size of project. a customers. with at the So of stages do contracts we’re up in point, our of we But final it’s this matter
to for the and assess confident forward serving needs. National Enhancements we and of growing the conclusion process to Grid’s Northeast about also for alternatives Island’s Supply Brooklyn feel prospects to look We continue energy very Long completion,
most this fuel would see friendly to reliable, taking natural most an up We for cars continue off most the substitution load, that’s XXX,XXX oil to this gas as to At project full equivalent the beneficial, alternative. economically reduction environmentally emissions enable and project the road. –
So that, minority along this we think that solution noisy with project areas, we for And those certainly the the and the around in are the know area. by far that is to despite customers powerful motors the that. the savings very residents getting for approved, best
progress good of Beyond in of and these year. mode we expect projects our a make continue large to move and continue several well-established these U.S. of well-positioned a and serving our backlog growing we the contracted on is this portion execution, to corridor projects to execution volumes development Transco into population.
geographies The demand the all continue demand today unmatched. power, industrial, and sectors, you growing prices advantages commercial along access forces residential, many and to market our is in incent increasing of only Transco. working competitive in all Transco. are the see types LNG, of to are Low
existing expanding run, along its way, the in also will terms capacity positioned as proximity which of are uniquely demand Transco meet to rights and by their demand. projects to long in has pipeline Greenfield by seen Difficulties irreplaceable Transco benefit of unmatched new
opportunity. XXXX. made of on the investment are project Discovery’s is positioned assets Mexico final December our Chevron rich to of Anchor and of near Gulf Anchor finalizing a positive the decision very against a agreements their Our Connector, market to growing similarly project. by we be for produced be to excited full Canyon provide range services definitive the are gas Keathley Anchor this in
the volumes deepwater investment, Anchor Canyon prospects. that nearby represents Connector continued significant new realization supported of the capturing from strategy original Keathley
we to have business. this Given not capital and significant new our pre-planning, will its invest proximity for any
and project Shenandoah, to continue moved including production, similar services towards and well. And importantly, processing, opportunity nearby Total-operated to gas field connections North first provide prospects will Williams and transportation, the the include The an oil Whale crude Moccasin; the is transportation expect other LLOG-operated Shell-operated us. the Yucatan, Platte. as and Equinor-operated for as Leon even this gas Monument; larger pursue the FID we to dedicated
this decision the FID year. very the of in large-scale to fact, Shell floater. Singapore’s And, Sembcorp continues project to build make XXXX, November make expects Shell Marine their and progress this in awarded to well on contract
agreement Williams the and commitments lead keep a will Williams for engineering production. addition, line with secure and owners ongoing items, fittings installation schedule on to project long cover In has first the several to in the valves well and contract XXXX executed including the costs. pipe reimbursement
and market. to two as currently assets in on increase are handling would represent our development with the opportunities producers to are consolidated these looking align assets. Whale Anchor new our are decrease win, volumes just many competitively are But existing a of and significant the time cost positioned deepwater area to infrastructure we to lower the in
for We that’s well-positioned in position gas the believe demand ourselves is And positioning ahead. strong the model us natural the resilient our that with financial competitive conservative market, business near-term continued long-term. a the from growth growth can strong that to our while business benefit and over deal challenges makes very in
So And time with for you, session. Q&A let’s thank our that, transition go again, your ahead and today. to
