us and Hey. to all joining Thanks, for operator thanks today. morning. Good you of
third quarter We on quarter the into are remainder certainly here provide and to insight report pleased our year XXXX some provide the update XXXX, great another of you very to for of an want the outlook. our preliminary also in with expectations
all highlight Crestwood, XXXX. I an time at to the have four certainly expectations that in exciting and we want our come one, we exceed year-to-date things operate. mind great internal to my market momentum that to got continues It's business areas Number as Company a quarter-after-quarter.
proven can think this I management goals have set and on goals. team we those deliver lockey
being got people project in the active been the great always areas with performance. two, performance but space. safety of our lot of you kind expected as field performance to has in completed midstream top where have you is going safety and have exemplary Safety campaign priority, when in an the have a construction our deliver Number multiple are we
a want to operator. from down team under operating the Number six about three, our there period has last I previous away are year costs transitioning unit this our similar operating decrease highlight in William of in operations month improve. year, costs calculation last by continue job margins PRB done six April XX% that compared to great starting our operations to the per months as
decrease improved margins assets. our to all costs operating across of continue So and
the Delaware the to are financial and and and metrics. volume think multiples leading cash and delivering great most up finally ramp in we and four, is number Bakken, see investment flow And beginning real we importantly group Powder up ramp peer that
the year-to-date is that bottom-line XXXX. So for
call, with last announce year-over-year going we that trajectory million of in year-over-year we was this quarter increase. a and pleased to the EBITDA milestone quarter and be quarter very key third flow inflection On a said $XX point cash I'm that flow that of important that that the Crestwood distributable $XXX adjusted represents achieved XX% million cash XX% a and increased of is to
have of in and it as XXXX. times flow would levels, three about cash that but more coverage times healthy had. At target we result to direct below out year remains a talk our will that I point program X.X times X.X We the four respectively and delivering this at these we in detail, of capital very are leverage you
is the portfolio EBITDA revision a highlight think year about of midstream midpoint million with a supply million a slight $XXX logistics leads $XXX our the the quarter of that great also assets results, full-year to from all million. Our and upward $XXX.X of have guidance, to in segments our our I and to adjusted us previous revised increase marketing and gathering with third quarters of and diversified as that value they again processing long, having and our XXXX X% range of
quarter, So we and close we the push us will revising pleased that guidance into momentum a and that so good year, to with very we expect into that give the XXXX. throughout are visibility upwards continue upward have fourth solid
early in the with doing guardrails this so to - us bit, things. credit budget. set little Let's finance our keeping far Robert year job credit balance one, a I so the team this want on XXXX the our a far with and within performance Number continued four discipline year, year, really back look on that financial the great we sheet,
Number first commercially important that all you and to of remain that we the success remember solid is operate we that in positioning use our part been industry joint and were our the partnerships and so. competitive regions one finance think to of will two, in expand help the I partners, joint venture with our venture partnerships an
key and Number as working three, strong projects safety great these operations projects to the teams by our execution on the all we field them services, our in capital together XXXX commercial our deliver technical budget. team team, expect our
and customers refinery four, it our of little on or downstream I _____ midstream and number give a finally, our we storage sides G&P, week then MS&L as well the is have relationships last it value that will color with you this Group. the on that collaborative I both a whether and And and with witnessed is chain, transportation,
into We had very customers know have efficient going capital XXXX. and I customers. make efficient I We with And by that are on really use to impressed was our between teams of jointly a in and our all capital. last Customer guys great period North that use we we in recent our relationships of witnessed our collaboration Meeting all was I week, where that impressed just in we constrained focused the with capital. Arrow that Dakota
making State coordinate production the regulatory we on that spent and time Dakota. I impressed below flaring our sure our Fort of compliance. very capture that that. with also joint to the focused the that keep in environment And a Reservation commitment We was the gas sure gas best we minimums to all the and on Berthold Indian of to make North program represents efforts lot
to we we repeat provides best-in-class our these that very guys, with with relationships business I get flow is customers think reliability assurance, to important service producers. that collaborative going we customer ensures provide great are have
netbacks basin. is of true the particularly for in and we are that showing improving long-term plenty all got We capacity have growth three in and Bakken future
and are their be developer room towards over know systems So, so we to the Bakken, they couple grow that built of and and plenty have in the with the to they the Delaware plans out got have working Powder the and next backbone years. that they of going
include proud where ESG environmental important sustainability increasing and also footprint developing reducing of initiatives investment culture the employees live. contractor impact, that our our our on the where vitally we communities and operate we focused in those employee and minimizing I'm health social the and safety, Crestwood the are here,
We make have made progress great progress on in XXXX better and in even we that will XXXX.
talking XXXX, capital years. we as of for three-year the So, this have end on several about near our a status program you me report, let been expansion we give
the the will and. be have and spending of are spending where are capital and what been We projects in impact articulating we it amount we
this we beginning, years you being after three will have recall can't project-management if been years I about with four Company a this us within from but we program one the and of M&A, which around tell organization, that finished with you you organic transitioned how I'm team. pleased I to say and ago, that the built proud we great are built of quarter am
We I have them the have designed built own done think team all great negotiated our managed a job. has projects, these we and have on them, we and
contributions We projects are we capital basis net-net JV on where nearing billion net the the end with $X on the about have ownership. the JV areas in of we and a growth stood
clear Delaware and long-term vital the the large acreage dedicated these assets infrastructure are building midstream development building core out and we are the we of visible have shelf we positions the have, out assets in critical the basins And very of productive areas plans Powder very and Bakken, the in most our that supply most some place industry. long-term in customers in of support economic
and River normalized Southern Bakken that turn bigger bigger on is the those Powder and each FBR, as by, And core and Basin a are goes the better producers. play for prolific we the wells where [indiscernible] and basis on quarter economics again, the deep and better see and
absolutely of the to XXX got the big end pipeline Delaware have and systems either then inch that near And course richest gathering of part XX on mile Delaware. system we with where is
are assets that gathering XX years. to longer building than years for there production we XX to there are going going So for be is be
we are a So in with program. year three great we spot build think out this
that the will by that producers XXXX undrilled develop in yet capacity around are and believe three years on to backbone we the this clearly record you you as the volumes believe work years. basis are producers great past see of three that having we Our our if inventory and posting have a have they over do reflected it, we also all built
pipe you our give some to production your NGLs. three end context been to since and high ground. infrastructure capacity of has increased the guest of by Just XX% our increased pipeline a in XXXX, of our to significant day, has BCF miles by X.X the expansion XXXX pressure program XX% up processing low capital
and and the plants quarter markets this best job assurance netback is into our and netbacks think on margin marketing flow MS&L our has producers to an improving fourth some the And incredible and to the of team throughout continue XXXX. year available providing going cases actually our done to of improvement we in
compression pressure gas processing are largely it pipeline takes capacity. and a we Our little Company gas and that the gathering into capacity, Nation's compresses
by up horsepower XX% XXX,XXX over to is capacities compression. compression Our of
in a the of sense are We Company large every gathering word.
of gas BCF third increased to a day. by As a that, system X.X about a our all result gathering have capacities
up has to is barrels gathering and day. oil water and dramatically XXX% capacity disposal to our a up produced XXX,XXX crude XX% Our over barrels XXX,XXX a capacity day grown gathering
years partners any Crestwood increasing customers measure This and and our positions ample with expected volumes. expansion only handle for connect by program of to growth is required capital with a that monumental and maintenance modest well it capacity our and
demonstrates achieved we in we that three think whole, a as Taken the last has the Crestwood meaningful the that scale years areas in operate. again program
grow significant investments and at customers our we our in made areas, prudent discipline good balance the been to history We Crestwood. with to of and spot have really provides are the future current capacity our sheet able in right a maintain it we have
lowering by operate. that from systems Our and road joint the reducing the emissions trucks are number Crestwood significant taking seriously leaders expanded among we off customers our flaring areas in reducing to in and we areas this a operate. industry the and the in significantly sustainability support also reduced emissions commitment take flaring of We and we
impressive each our a net to to you MLP and very pretty billion criteria flow here with invested we cash a to [ah, year, provides to return (Ph) is XXXX DCF as returns the XXXX over and to of that investors strict grow a expect we that on flow investors, driven dollar ah] think by followed million in expansion multiples investment, per and big capital is This by today. X.X very to cash invested unit times. approximately world this deliver $XXX Importantly, the four maximize dollar program way that
than the as we but is insignificant, signaling it are couple program, has XXXX our the the not that now budget build lower of have major is out last of been. So we quarters completion it been significantly nearing capital for
right We $XXX now XXXX. to million capital expecting are million in $XXX XXXX, year range spending compares million to to $XXX about that of a a of to decrease in $XXX million
little a production competitive opportunities, program. color there, additional our we working XXXX are capital looking see These projects business today. but is of third-party hard currently for these bit very are identified that development we that hard, team a on the projects. have out Just expansion Obviously, and identified
processing We II which quarter XXXX Horse finished will with will be that time. focus the of first in for be in a capital processing and on gas the will finished PRB the largely Bucking completing long plant,
in excess capacity program a areas we is Chesapeake producers their acreage region number our We XXXX a core increase to there of that of lot surrounding got use that delineation in have dedication. and
will We year. be expand expansions to system Jackalope the with throughout gathering compression the and continuing also
to got but that capacity times throughout various we underway completed are have there. have will be processed those effective and XXXX complete, add almost the gas stations and will at projects three We compressor gathered are
has the call quarter, to which and been day capacity additional produced the close we And water add very, we might a point that expansion [indiscernible] will are XX,XXX what should spent. are out Bakken fourth and largely in going gathering the capital continue that of program I XX,XXX barrels disposal complete on to water system our we with just wells, Arrow very and
of it bringing off lot of a next be is XXXX. weeks, should will reservation service drive we couple we road. capital system, water within the complete, in produced amount that get and water the and There trucks those on almost expansion need into is significant project the That to still of a
Arrow emphasizing to expansion XXXX. going are water we produced So, in
going investors we Most our limits agreements producer XXXX. well importantly, is remind meaningfully that connect really and want I our us have the in with to amount customers benefit exceptional It reimbursed that Bakken, of by in capital the are the let to you, that to our online wells new areas, three just have we spend in those bring connects and producer. well XXX% remind to me
tap we longer just we is is really downstream the the River the largely venture that XXX there the from JV able CP contract is for structure be capacity. basically now predicted large in have that XXXX hot our built marketing reimbursed to more that advantage in joint systems remind process Basin, to Delaware run. I requirements out interconnections connections gathered kicked you system to capital feet want In And sheet to processing a are competitive quite balance are advantage in Crestwood’s what NGL gas given I in to meter Powder third-party CP our that gives and an basin, and for and than us compete buffers
and forecasts our and three well we all connect contributes capital the for capitals much to have protected in largely are XXXX. lower that that So basins from we
out get supports point XXXX. $XXX flow the early year metric financial cash primary our spending to free leverage very in to sub our four going us is Robert the allows $XXX of getting and to times million in As
and the the contractors, entire I me how let I business venture hand our organization over thank to employees, to of partners and another joint produce our partners, Before Crestwood. just year efforts call you of and tell standout a our their for Robert, am all the proud to Crestwood take moment
to not but and amount We number we have the in we costs this XX% and improved of so are really just has and and operating only the operating team they operate provide, capital focused absolutely teams of that come proud demolish spend the challenged results side. operating we on year, in our how lower that on we far our way services dollars the productivity efficiency with
delivering we in that, to to industry are inflection the where we key a in these we producer talked point going that teams about to have kind in in provide begin as talking are that as and We projects, lot but volumes we leading and quarter, expected our customers going the budget to management about XXXX, cash project these are third significantly from expected of up benefit flow the see ramp continue XXXX. metrics
And to I see XXXX positive attractive about think to stock. objectives to primary detail in our flow to think will highlight and investors want of will free in half be Robert be to it the financial our in the more will that again, in and be reflected you talk that become year. do We first going cash is able that
is be If of us we lot strategy. and at we operating capital like the over the coverage a certainly stage to do we times leverage think to give sets in or four These that a with sub we financial two times will the for pursue capital are milestones have are at going above and flexibility. milestones going years. us to we last execute us, It XXXX best-in-class those aggressively three allocation plan that for
and have leverage this We have fund you when will overtime, thinking to our projects we it reduce we buybacks. important that and will have still as We start categories it will different about for common have. about continue is stakeholders is know capital preferred growth is our permanent cash and we stable excess unit distribution long of creatively, that many the to we of talked each to flow, as potential those
holders. unit very we of going goal most each are maximizing returns opportunistically for one But to of opportunities those with our a importantly evaluate
will being as we think small, We small setting still there be are of platform don't it. into XXXX. but best we I an to and MLP proud a XXXX the We are MLP and want great out mind we
review and our he quarter maybe happy that, the the Robert, us it can transition financial two Robert. for CFO comment Q&A. into sheet, on over a and with balance now or third to turn So to
